This Framework guides the OAG in implementing best practices to identify, address, and manage its fraud risks. The Office of the Auditor General (OAG) developed a comprehensive Fraud Risk Management Framework inspired by Managing the Business Risk of Fraud: A Practical Guide, issued by the Institute of Internal Auditors, the American Institute of Certified Public Accountants, and the Association of Certified Fraud Examiners. The combination of effective fraud risk governance, a thorough fraud risk assessment, and strong fraud prevention and detection measures, along with coordinated and timely investigations and corrective actions, can significantly mitigate fraud risks. Although it is most likely not possible or economical to completely eliminate all fraud risk, organizations can take proactive and constructive steps to reduce their exposure. Therefore, federal organizations must manage their fraud risks.Ī proactive approach to managing fraud risk is one of the best steps organizations can take to mitigate exposure to fraudulent activities. Fraud in a federal government organization can cause the loss of public money or property, hurt employee morale, and undermine Canadians’ confidence in public services. Annex C2: Fraud Prevention and Detection Scorecardįraud can happen in any organization.Annex C1: Detailed Cumulative Fraud Risk Assessment.Annex C: Annual Certification on the Adequacy of the Office’s Fraud Risk Assessment.Annex B: Monitoring work plan for the Internal Specialist for Fraud.Continuous improvement of the Fraud Risk Management Framework 4.2.5 Reporting on the allegations of fraud.4.2.3 Monitoring of the allegations of fraud.4.2.2 Investigation of the allegations of fraud.4.2.1 Assessment of the allegations of fraud.4.2 Formal approach to address allegations of fraud.3.2.2 Controls designed to detect fraudulent activities.3.1.3 Controls designed to prevent fraudulent activities.3.1.2.3 Service standards to respond to declared conflicts of interest.
2.1.4 Evaluate whether controls are working effectively.2.1.3 Map controls that mitigate the identified risks (preventive/detective).2.1.2 Assess likelihood and impact of identified fraud risks.2.1.1 Identify fraud risks without considering controls (that is, inherent).2.1 Conduct a Fraud Risk Assessment that includes best practices.1.6 Process to investigate fraud allegations.1.4 Conflict of interest and post-employment guidance.1.2 Internal Specialist, Values and Ethics.Fraud Risk Management Framework at the Office of the Auditor General of Canada.
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