Fraud risk assessments are a critical component of antifraud programs and controls - how can a company develop antifraud controls without first identifying its fraud risks? Internal Audit conducted the fraud risk assessment separately from the Sarbanes 404 readiness process, although it leveraged upon output of the Sarbanes team. The project, which remains in process, will require approximately 1,000 hours. The team developed a spreadsheet to use throughout the process. The team then requested the Sarbanes-Oxley team to link controls identified during the Sarbanes-Oxley process to the frauds identified in the spreadsheet. Approximately 20% of the schemes received a "red" mark from the Sarbanes-Oxley team.
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