Internal auditors have always had a role to play in the detection and prevention of fraud. A recent paper from the Institute of Internal Auditors (IIA) looks to shed some more light on just what that role is and how internal audit teams can do a better job at fighting fraud.
The new paper, “Fraud and Internal Audit: Assurance Over Fraud Controls Fundamental to Success,” describes specific internal audit responsibilities regarding fraud prevention and detection. “Internal auditors must have sufficient knowledge of fraud to evaluate fraud risk and the manner in which it is managed by the organization,” says the IIA. However, the paper also points out that, while some internal auditors may investigate fraud, organizations should not expect an internal auditor to have the expertise of a person whose primary responsibility is fraud investigation.
Fraud investigations are best carried out by those experienced to undertake such assignments. It is essential that any investigation is undertaken by qualified individuals to reduce the risk of compromising evidence, accusing wrongfully, or undermining prospective legal actions.
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