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IFAC Global Knowledge Gateway

Global Knowledge Gateway

Your Portal to Global Accountancy Knowledge, Resources, and News


An Abundance of Resources to Fight Financial Reporting Fraud
by Cindy Fornelli, Executive Director, Center for Audit Quality | April 21, 2015

Financial reporting fraud is relatively rare, but it remains a serious challenge. Research from the Committee of Sponsoring Organizations of the Treadway Commission (COSO) has indicated that the median cumulative monetary loss resulting from instances of this type of fraud is around $12 million.

The bad news: Financial reporting fraud, like most crimes, will always be a threat. The good news is that accountants and auditors, financial executives, boards of directors, and other key stakeholders across the financial reporting supply chain now have more resources and knowledge than ever to aid them in deterring and detecting fraud. What's more, we know that careful and comprehensive application of resources makes a huge difference to detecting fraud at companies of all sizes.

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Recent Viewpoints

The Complexity and Urgency of Water: Time for the Accountancy Profession to Step Up
by Dr. Martin Keulertz, Researcher, Humboldt University of Berlin and Texas A&M University, Dr. Tony Colman, Honorary Visiting Research Fellow, Dept. of Environmental and Geographical Science, University of Cape Town and Prof. Tony Allan, Professor Emeritus, King’s College London and School of Oriental and African Studies, University of London | April 7, 2015

In the run-up to its 2015 annual meeting in Davos, Switzerland, the World Economic Forum published a report on key economic risks that captured and highlighted the opinion of experts and global decision

Integrated Reporting Needs a US Strategy
by Jeffrey C. Thomson, CMA, CAE, IMA President and CEO | March 24, 2015

With the release of the International Integrated Reporting Council (IIRC)’s Framework in December 2013, many global organizations are realizing the value of integrated reporting. Yet, many corporations in...

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