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The Chartered Institute of Public Finance and Accountancy (CIPFA) has today launched a consultation on a new counter fraud code of practice. The consultation was announced by CIPFA Chief Executive Rob Whiteman at CIPFA’s Audit Conference.
The voluntary CIPFA Code of Practice on Managing the Risk of Fraud and Corruption will form a statement of high level principles that sets out counter fraud good practice across the public sector. The code will build on CIPFA’s current guidance, Managing the Risk of Fraud, commonly known as the ‘Red Book’, and with supporting guidance will replace this existing recommended practice.
CIPFA has long been a champion of good practice in counter fraud and this announcement reinforces CIPFA’s commitment to supporting and improving good governance and counter fraud arrangements. CIPFA has recently announced that it is also launching a Counter Fraud Centre, with tools inherited from the Audit Commission, to support public services in effectively tackling fraud.
CIPFA CEO Rob Whiteman said:
“Tackling fraud and reinforcing good governance in the public sector is an essential part of increasing confidence in the way we spend public money.
“CIPFA is committed to helping the sector to be as effective as possible and we hope that this new code will help public officials ensure that the resources they control are used in the most effective way and protected from fraud and misuse.”
Managing the Risk of Fraud, Actions to Counter Fraud and Corruption was published in 2006 and updated in 2008. It is commonly known as the Red Book. It has been recommended by the Department for Communities and Local Government and the Fighting Fraud Locally Board.
The five elements of the Code are to:
Details of the Code are available on the CIPFA website, together with a response form for the consultation. The consultation closes on 18 July. For more information visit: http://www.cipfa.org/policy-and-guidance/consultations