- Organizations should consider the potential for fraud as part of their enterprise-wide risk, assessment process or risk management program.
- Fraud risk assessment expands upon traditional risk assessment. It is scheme and scenario based rather than based on control risk.
- The assessment considers the various ways that fraud and misconduct can occur by and against the company.
- Management's assessment of fraud risk should include the potential for fraudulent financial reporting, misappropriation of assets, and unauthorized or improper receipts and expenditures.
2005 - Federal Transit Administration