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COSO Releases Fraud Risk Management Guide: 2nd Edition

2 May 2023 - the Institute of Internal Auditors (IIA) and the Association of Certified Fraud Examiners (ACFE) released the 2nd version of the leading fraud risk guidance. Update your knowledge of fraud risk management and ensure you have the latest insights from the leading experts and associations.

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COSO fraud risk management guide 2nd edition

Key updates in the Second Edition include:

  • Fraud risk management and deterrence: Explains how fraud risk management relates to and supports fraud deterrence — a key theme in COSO’s mission.

  • Relationships among COSO’s two frameworks and fraud risk management: Explains how the COSO 2013 Internal Control — Integrated Framework, the COSO 2017 Enterprise Risk Management — Integrating with Strategy and Performance Framework and the Fraud Risk Management Guide are related and support each other.

  • Expanded information on data analytics: Includes expanded and updated information on data analytics, while continuing to emphasize the importance of interviewing and whistleblower systems.

  • Internal control and fraud risk management: Explains how internal control and fraud risk management are related and support each other but are different in some important respects.

  • Changes in the legal and regulatory environment: Includes updated information with respect to recent legal and regulatory developments in the U.S. pertaining to fraud and fraud risk management.

As managing fraud becomes more complex, ensure you approach fraud risk management in an effective and efficient manner. The COSO fraud risk management guide 2nd edition will enable you to develop and refine your approach to managing fraud in a highly defendable and experienced approach.

If you need more information or a discussion on how to implement fraud risk management into your organisation, please feel free to contact us here


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