The changing role of Internal Audit in dealing with financial fraudThe inside story |
The economic downturn of the last two years has brought a number of high profile frauds to the surface and in doing so has created a heightened awareness of fraud risk. This has focused the minds of senior executives on how their businesses might be vulnerable to fraud and whether or not they are sufficiently protected.
In Ireland and globally, we see the mandate and role of Internal Audit continuing to evolve and grow. Management are increasingly depending on Internal Audit functions to monitor, detect and investigate incidences of fraud as and when they arise.
Has the recent recession had an impact on organisations' approach to fraud risk management? Do management increasingly expect that Internal Audit have a wider role to play in this area? Are today's Internal Auditors suitably equipped to respond to these increased expectations and assess incidences of suspected fraud which occur?
Deloitte's inaugural Internal Audit Fraud Survey sought to ascertain how businesses are being impacted by fraud and explore how the position of Internal Auditors may have changed over the past 18 months. We examine the role of the Internal Audit function in preventing and detecting fraud, as well as their appetite and ability to fulfill this role.
The results of this global cross-industry survey are based on responses to a number of quantitative questions answered by 75 Heads of Internal Audit during May and June 2010.
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