Fraud Control: Audit and Risk Management

Internal auditors should be alert to the possibility of intentional wrongdoing, errors and omissions, inefficiency, waste, ineffectiveness, and conflicts of interest. They should also be alert to those conditions and activities where irregularities are most likely to occur.

However, fraud auditing is not a standard audit project. To the contrary, internal auditors are first responsible for performing financial audits to provide management with assurances that the institution's financial statements are accurate. Financial audits involve testing IT systems and evaluating internal controls and efficiencies

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