In the UK, internal audit is the most common means of discovering fraud. This was a key finding in a recent survey by Kroll with 48% of UK respondents in agreement. It also found that 97% of UK respondents had been affected by fraud in the past 12 months. Both of these figures were higher than the global averages of 44% and 84%. This survey is not the only one to have found these issues.
Watchdog not bloodhound
The Association of Certified Fraud Examiners’ (ACFE) annual report published in 2016 found that internal audit was the second most effective method of identifying fraud in an organisation.
Is it the role of the internal auditor to look for fraud in an organisation? Not exactly but it is an important part of the role. Internal audit is the area of audit where the role of the auditor is most closely aligned to that of the bloodhound. Research by the ACFE has shown that the typical organisation loses 5% of revenue each year as a result of fraud, which can be a significant amount of money.
The Chartered Institute of Internal Auditors (CIAA) states that the role of internal audit is ‘to provide independent assurance that an organisation's risk management, governance and internal control processes are operating effectively.’ The internal audit and control processes implemented are essential for a good corporate governance structure in any organisation. Good internal control processes reduce the risk of fraudulent activity and have the added advantage of ensuring that any frauds will be picked up very quickly.
Go to Finding fraud through internal audit at icaew.com/corporategovernanceevents
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