Overview
There are certain regulations and professional standards that should be considered by fraud examiners in an engagement. This discussion addresses the importance of these regulations and professional standards in a fraud examination. While there could be different guidelines for this type of engagement, your posts for this discussion should focus on COSO’s framework for internal controls.
Create one initial post and respond to at least two of your classmates.
For your initial post, address the following:
Why is it important for you to follow professional standards during a fraud examination?
What potential challenges might you experience when implementing professional standards during a fraud examination?
How do you think implementing internal controls using COSO’s framework for internal controls can strengthen an organization’s ability to mitigate fraud risks?