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The inside story

The changing role of Internal Audit in dealing with financial fraud

The Inside Story

 

Background

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, along with an increasing pressure to improve the bottom line, has focussed the minds of senior executives on how their businesses might be vulnerable to fraud and whether or not they are sufficiently protected to prevent both the risks of financial loss and reputational damage.

As the mandate and role of Internal Audit continues 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 Auditor’s 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 Audit may have changed over the past 18 months.

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