Transcription of FRAUD AND INTERNAL AUDIT
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FRAUD AND INTERNAL AUDIT
IIA POSITION PAPER. FRAUD AND INTERNAL AUDIT . Assurance Over FRAUD Controls Fundamental to Success Introduction KEY TAKEAWAYS. Every year billions of dollars are lost to FRAUD and corruption resulting in inefficiencies, aborted projects, financial challenges, organizational failure, and, in Organizations should have extreme cases, humanitarian disaster. Often FRAUD occurs because of poorly robust INTERNAL control designed controls and weak governance undermining the organization's processes. procedures to limit the risk of FRAUD , and INTERNAL AUDIT 's role is Organizations should have robust INTERNAL control procedures to limit the risk of to assess these controls.
International Standards for the Professional Practice of Internal Auditingon proficiency (1210.A2), internal auditors must have sufficient knowledge to evaluate the risk of fraud and the manner in which it is managed by the organization. KEY TAKEAWAYS Organizations should have robust internal control procedures to limit the risk of
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