Enhance and Upgrade Existing Annual Risk Assessment and Audit Plan
George W Mullins, Jr CFE, MBA suggests enhancing existing annual risk assessments by incorporating or upgrading fraud risk sections, emphasizing education, scenarios, and audits to better detect and mitigate fraud. It also recommends regular and unscheduled reviews of high-risk areas and controls to ensure effectiveness, which helps build management dialogue and improves fraud prevention and referral processes.
George W Mullins, Jr CFE, MBA suggests enhancing existing annual risk assessments by incorporating or upgrading fraud risk sections, emphasizing education, scenarios, and audits to better detect and mitigate fraud. It also recommends regular and unscheduled reviews of high-risk areas and controls to ensure effectiveness, which helps build management dialogue and improves fraud prevention and referral processes.
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