Christian Leadership Alliance

Capital Fundraising

Price: $12.50
Member Price: $10.00

See more …


In which Season does your ministry raise the most financial resources each year?

Take the poll

Fraud Risk Assessment and Policy

Gregory B. Capin, CPA | posted 11/02/2007
This article provided by the Engstrom Institute

Recent developments in the public companies sector have raised significant concern about the role of independent auditors and their responsibility to detect fraud and fraudulent financial reporting practices. Although the Sarbanes Oxley Act and related provisions do not apply directly to the private sector or to not-for-profit organizations and churches, there are implications that are relevant and that will "trickle down" to become applicable. One of the outcomes is the recent acceleration of numerous auditing standards.

In October, 2002, Statement of Auditing Standards (SAS) No. 99 "Consideration of Fraud in a Financial Statement Audit" was issued. SAS No. 99 is effective for financial statements for periods beginning after December 15, 2002, with earlier application encouraged. SAS 99 extends auditor responsibility for the consideration and evaluation of fraud risk in planning and conducting a financial statement audit.

Any fraud risk evaluation must start with an understanding of the ...