Fraudulent financial reporting is the international misrepresentation of a firm's financial statements with the aim to give investors a mistaken impression about the firm's operating performance and profitability. Such reporting takes place in the context of earnings management. The management changes the accounting policies, or the way estimates are calculated with the intention to improve the firm's results. In order to reduce the possibility of the fraudulent financial reporting, Treadway Commission recommended several actions.

What are the actions recommended by the Treadway Commission? List and Explain them.