NCFFRNational Commission on Fraudulent Financial Reporting
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(1999) analyzed management fraud investigated by the SEC during the period 1987-1997 to identify fraud factors encountered since the Treadway Commission (NCFFR 1987).
National Commission on Fraudulent Financial Reporting (Treadway Commission) (NCFFR).
(11) The Treadway Commission (NCFFR 1987) noted that having an audit committee is not enough; the committee must be informed, vigilant, and proactive to perform effectively.
The Treadway Commission (NCFFR 1987, 159) noted that financial reporting problems have "traditionally been associated with companies experiencing financial difficulties." As noted earlier, financial condition is a control variable in our analysis.
The National Commission on Fraudulent Financial Reporting (NCFFR), the Treadway Report, describes market pressures that include increased competition for services, reduced market fees, and a dynamic product service mix offered by the industry (NCFFR 1987).
The NCFFR (1987, 1), commenting on management fraud, state that "infrequent though its occurrence arguably may be, its consequences can be widespread and significant." Still, research on fraud prediction is limited.
The auditor should also consider the "widespread and significant" (NCFFR 1987) consequences of an undetected fraud, and their obligation to protect the public trust.
There have been frequent references to the "tone-at-the-top," particularly in the Committee of Sponsoring Organizations' report (COSO 1992) and the Report of the National Commission on Fraudulent Financial Reporting (NCFFR 1987).