Prevent Fraud at Your Association: A Guide to COSO

Prevent Fraud at Your Association: A Guide to COSO

Finance By: Christian Spencer

The COSO framework gives associations a straightforward method for assessing and monitoring risks to prevent internal fraud.

Association executives need to recognize the impact a down economy may have on an association, particularly on its risk-management profile and related responses. Imagine the scenario of a program manager who's earning a fraction of his previous salary yet performing more tasks, due to staff reductions. Those staff reductions may have affected the association's ability to adequately monitor credit-card expenditures. The circumstance is the perfect storm for the staff member to commit fraud. The three elements of the fraud triangle are there: pressure, rationalization, and opportunity. ...