Publication

Fraud risk remains a persistent concern for audit committees despite decades of advances in fraud prevention and detection. Some audit chairs worry that fraud does not receive sufficient attention amid increasingly crowded audit committee agendas; others wonder if discussions have kept pace with evolving fraud risks in a world rife with novel technology vectors.

From February to June 2024, Tapestry Networks convened six in-person meetings of its regional US audit committee networks, bringing together audit committee chairs of large US public companies to discuss the challenges of modern fraud risk oversight.

This ViewPoints covers key themes that emerged from the meetings and related conversations:

• Traditional and modern fraud schemes are part of an evolving risk landscape
• The rising incidence of cyber fraud has prompted enhanced security and training
• Leading audit committees are taking a proactive approach to oversight