Standard
UPDATE AVAILABLE

AS 8001-2008

[Superseded]

Fraud and corruption control

Provides an outline for a suggested approach to controlling the risk of fraud and corruption within a wide range of entities in all industry sectors and in government.
Published: 06/03/2008
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Table of contents
Cited references
Content history
Table of contents
Header
About this publication
PREFACE
INTRODUCTION
1 SCOPE AND GENERAL
1.1 SCOPE
1.2 APPLICATION
1.3 MINIMUM ACCEPTABLE COMPLIANCE AND GUIDANCE PROVISIONS
1.4 OBJECTIVE
1.5 REFERENCED DOCUMENTS
1.6 REFERENCES TO OTHER ANTI-FRAUD AND ANTI-CORRUPTION PRONOUNCEMENTS
1.7 DEFINITIONS
1.8 APPLICATION OF RISK MANAGEMENT PRINCIPLES TO FRAUD AND CORRUPTION RISK
1.9 STRUCTURE OF THIS STANDARD
2 PLANNING AND RESOURCING
2.1 APPLICATION
2.2 FRAUD AND CORRUPTION CONTROL PLANNING
2.2.1 Implementing a Fraud and Corruption Control Plan
2.2.2 Developing a Fraud and Corruption Control Plan
2.2.3 Monitoring the operation of a Fraud and Corruption Control Plan
2.2.4 Communicating the Fraud and Corruption Control Plan
2.3 REVIEW OF THE FRAUD AND CORRUPTION CONTROL PLAN
2.3.1 Frequency of review
2.3.2 Process of continuous improvement
2.3.3 Factors to be considered in reviewing a Fraud and Corruption Control Plan
2.4 FRAUD AND CORRUPTION CONTROL RESOURCES
2.4.1 Allocation of resources
2.4.2 Appointment of a Fraud and Corruption Control Officer
2.4.3 Other fraud and corruption control resources
2.5 INTERNAL AUDIT ACTIVITY IN THE CONTROL OF FRAUD AND CORRUPTION
2.5.1 Application of internal audit resource in controlling fraud and corruption
2.5.2 Application of The Professional Practices Framework of the Institute of Internal Auditors
2.5.3 Internal auditor’s role in deterring fraud
2.5.4 Internal auditor’s role in responding to fraud detected or suspected
2.5.5 Internal auditor’s role in detecting fraud
3 PREVENTION
3.1 APPLICATION
3.2 IMPLEMENTING AND MAINTAINING AN INTEGRITY FRAMEWORK
3.2.1 Building an ethical culture
3.2.2 The elements of an integrity framework
3.2.3 Ongoing monitoring of an entity’s ethical culture
3.2.4 Other guidance
3.3 SENIOR MANAGEMENT COMMITMENT TO CONTROLLING THE RISKS OF FRAUD AND CORRUPTION
3.3.1 Risk consciousness
3.3.2 Consideration of fraud and corruption as a serious risk
3.3.3 Senior management awareness of fraud and corruption issues
3.4 LINE MANAGEMENT ACCOUNTABILITY
3.4.1 Accountability for prevention and detection of fraud
3.4.2 The need for a ‘whole of business’ approach to controlling fraud and corruption
3.4.3 Achieving line management awareness of their accountability for controlling fraud and corruption
3.5 INTERNAL CONTROL
3.5.1 Implementing an effective system of internal control
3.5.2 The role of the internal control system in preventing fraud and corruption
3.5.3 Issues for consideration in developing an internal control system that will be effective in preventing fraud
3.6 ASSESSING FRAUD AND CORRUPTION RISK
3.6.1 Implementing a policy for assessing the risk of fraud and corruption
3.6.2 Application of risk management principles to assessment of fraud and corruption risk
3.6.3 Fraud and corruption risk assessment process
3.6.3.1 Methodologies for assessing fraud and corruption risk
3.6.3.2 Steps of the risk assessment process
3.6.4 Monitoring and review
3.7 COMMUNICATION AND AWARENESS
3.7.1 Awareness of fraud and corruption issues
3.7.2 The need for fraud and corruption awareness
3.7.3 Fostering fraud and corruption awareness within an entity
3.8 EMPLOYMENT SCREENING
3.8.1 Implementing a robust employment screening program
3.8.2 Developing an employment screening policy
3.8.3 Enquiries to be undertaken
3.9 SUPPLIER AND CUSTOMER VETTING
3.9.1 Verification of suppliers and customers
3.9.2 The case for vetting of suppliers and customers
3.9.3 Enquiries to be undertaken
3.10 CONTROLLING THE RISK OF CORRUPTION
3.10.1 Specific measures for countering the risk of corruption
3.10.2 Other guidance
4 DETECTION
4.1 APPLICATION
4.2 IMPLEMENTING A FRAUD AND CORRUPTION DETECTION PROGRAM
4.2.1 Detection systems
4.2.2 Responsibility for the fraud and corruption detection program
4.2.3 Post-transactional review
4.2.4 Data mining and real-time computer system analysis
4.2.5 Analysis of management accounting reports to identify trends
4.3 ROLE OF THE EXTERNAL AUDITOR IN THE DETECTION OF FRAUD
4.3.1 Working with the external auditor in the detection of fraud
4.3.2 Recent changes to the auditor’s accountability for detecting fraud
4.3.3 Leveraging from the external auditor fraud detection program
4.4 AVENUES FOR REPORTING SUSPECTED INCIDENTS
4.4.1 Implementation of a program for alternative reporting channels
4.4.2 The need for a formalized system of reporting
4.4.3 Alternative avenues for reporting
4.5 WHISTLEBLOWER PROTECTION PROGRAM
4.5.1 Implementing a whistleblower protection policy
4.5.2 Further guidance on implementing a whistleblower protection program
5 RESPONSE
5.1 APPLICATION
5.2 POLICIES AND PROCEDURES
5.3 INVESTIGATION62
5.3.1 The need for qualified investigation resources
5.3.2 External investigation resources
5.4 INTERNAL REPORTING AND ESCALATION
5.4.1 Collating information in relation to fraud and corruption incidents
5.4.2 Fraud and corruption incident register
5.4.3 Analysis and reporting program of fraud and corruption incidents
5.5 DISCIPLINARY PROCEDURES
5.5.1 Disciplinary procedures
5.5.2 Implementing a disciplinary procedures policy
5.5.3 Separation of investigation and determination processes
5.6 EXTERNAL REPORTING
5.6.1 Implementing a policy dealing with external reporting of fraud and corruption
5.6.2 Format for reports to law enforcement agencies
5.6.3 Commitment to assist law enforcement
5.7 CIVIL ACTION FOR RECOVERY OF LOSSES—POLICY FOR RECOVERY ACTION
5.8 REVIEW OF INTERNAL CONTROLS
5.8.1 Internal control review following detection of a fraud or corruption incident
5.8.2 Accountability for undertaking internal control review
5.9 INSURANCE—CONSIDERATION OF THE NEED FOR FIDELITY GUARANTEE INSURANCE
APPENDIX A
APPENDIX B
Cited references in this standard
AS 8000—2003
Good governance principles
AS 8002—2003
Organizational codes of conduct
AS 8003—2003
Corporate social responsibility
[Superseded]
Risk management
HB 158—2006
Delivering assurance based on AS/NZS 4360:2004 Risk Management
Content history
[Current]
[Superseded]
DR 06651