Ethics & Governance

AS8001: Fraud and Corruption Control

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The AS8001 standard was created to provide guidance on corporate governance around fraud and corruption issues due to some large global corporate collapses at the time. AS8001 was one of five standards released to guide boards and senior management in minimising fraud and corruption risks.

Standards Australia ensures standards are revised within 10 years or withdrawn. As a result, all of the five standards (excluding AS8001) were withdrawn. In 2008, AS8001 was revised but has not been revisited until now, undergoing a much-needed refresh. BDO participated in the revision process.

As a priority, the revision brings the 2008 standard up-to-date, especially when it comes to the impact of technology in modern business operations. In today's world of integrated technology and greater interconnectivity, businesses and organisations are at a much greater risk of external attacks such as cyber attacks. As the 2008 version and its predecessors were heavily focused on internal activities, the revised standard recognises the significant rise of external threats.

Since the COVID-19 pandemic, there has been a marked change in the profile of fraud and corruption across all sectors, with the rationalisation to commit financial crime reaching alarming levels. The release of the revised standard is timely in a COVID-19 world and will offer some useful insight and, in some cases a reminder, about fraud and corruption risk across organisations.