These recommendations are contained in a new document titled Management Anti-fraud Programs and Controls: Guidance to Help Prevent, Deter, and Detect Fraud (PDF).

The organizations sponsoring the document, aside from the AICPA and IMA, are the Association of Certified Fraud Examiners, Financial Executives International, Information Systems Audit and Control Association, Institute of Internal Auditors, and the Society for Human Resource Management. Other organizations that participated in reviewing and offering advice include American Accounting Association, Defense Industry Initiative, and the National Association of Corporate Directors.

The document identifies the measures an organization can take to combat fraud, which can range from falsified financial statements to employee theft. Anti-fraud programs and controls evolve from three fundamental actions, according to the document:

1. Creating a culture of honesty and high ethics. Directors and officers of corporations set "the tone at the top" for ethical behavior within any organization. Senior financial officers hold an important and elevated role in corporate governance. As members of the management team, they are uniquely capable and empowered to ensure that all stakeholders' interests are  appropriately balanced, protected and preserved. 
   
   
2. Evaluating anti-fraud processes and controls. Neither fraudulent financial  reporting nor misappropriation of assets can occur without a perceived opportunity to commit and conceal the act. Organizations should be proactive in reducing fraud opportunities by: identifying and measuring fraud risks; taking steps to mitigate identified risks; and implementing and monitoring effective internal controls.
   
   
3. Developing an appropriate oversight process. To prevent or deter fraud, an organization should have an appropriate oversight function in place. The audit committee should evaluate management's identification of fraud risks, implementation of anti-fraud measures and creation of the right "tone at the top." It should also make sure that senior management, particularly the CEO, has anti-fraud measures in place to protect investors, employees and other stakeholders. The audit committee also plays an important role in helping the board of directors fulfill its responsibilities to oversee the company's financial reporting procedures and system of internal controls. 

The document is available from any of the sponsoring organizations.