Although COSO 2013 does not have the force of law, the Public Company Accounting Oversight Board has made it clear to the accounting profession that they expect the publicly traded companies that they audit to transition to the new COSO framework. The updated framework has placed an increased emphasis on the need to perform fraud risk assessments and the analysis of risk as it relates to the organization’s ability to meet its objectives and the need to consider the potential for fraud. This increased emphasis on fraud risk has expanded the conversation from fraud controls that are limited to Internal Controls over Financial Reporting to a more holistic examination of fraud risks posed by the company’s operations, employees and officers, customers, third parties and venture partners.
As never before, companies are examining fraud risk, not just those that can affect any organization but also those that may be unique to a particular industry or their company in particular. This requires the type of in-depth examination and coaching that Protiviti Forensic provides to its clients enabling them to consider a wide range of fraud risks better positioning them to detect them early, investigate and report instances of fraud and then address any control vulnerabilities that the fraud may have exposed.
Protiviti Forensic brings both a real world understanding of financial crime and how the control environment was defeated to allow the crime to occur along with many years of experience in the evaluation and remediation of fraud risk frameworks. These two combine in our ability to assist clients to take a strategic view to their risk of fraud that is pragmatic and yet highly effective.
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