New survey highlights internal audit’s vital role in fraud risk management
A new survey published by Kroll, the Institute of Internal Auditors (IIA) and the Internal Audit Foundation puts a spotlight on how internal audit plays a role in the effectiveness of a company’s fraud risk management processes. The purpose of the survey “Fraud Risk Management in Internal Audit” was trying to understand what internal auditors’ views are regarding their own role at their own organisations in assessing fraud risk and preventing, detecting, and investigating fraud. The authors of the survey concluded that there will be a serious increase in pressure from all organisations to demonstrate results while protecting revenue centers.
According to the findings, most respondents expressed confidence overall in the effectiveness of their fraud risk management programs, with 54% stating they felt their organisation’s fraud risk management was good (35%), very good (16.5%), or even excellent (2.5%). A summary of the survey’s results is available in a newly published article of Compliance Week.