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. FRAUD , and INTERNAL AUDIT 's role is to assess these controls. Fundamental FRAUD Facts The organization should have a suitable FRAUD prevention and FRAUD can be defined as any illegal act characterized by deceit, concealment, response plan in place allowing or violation of trust.
Where electronic evidence is collected, internal audit should provide assurance on whether necessary access rights and legislative requirements are being met. Where fraud has occurred, internal audit should understand how the cont rols failed and identify opportunities for improvement. It …
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