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The Committee of Sponsoring Organizations of the Treadway Commission (COSO) Internal Control—Integrated Framework (2013) includes a discussion of expectations related to preventing and detecting fraud.

In 2017, COSO updated its Enterprise Risk Management—Integrated Framework to address the evolving business environment.

The guidance in AU-C 240 is based on the presumption that entity management has both the responsibility and the means to take action to reduce the occurrence of fraud at the entity. To fulfill this responsibility, management should:

 Create and maintain a culture of honesty and high ethics.

 Evaluate the risks of fraud and implement the processes, procedures, and controls needed to mitigate the risks and reduce the opportunities for fraud.

 Develop an appropriate oversight process.