Fighting Fraud from the Inside Through Audit
The estimate that 5% of revenue is lost to fraud is a well-known and accepted number. Organizations are increasingly spending more time and effort on fraud awareness and protection. In the past few years, expectations for internal audit have changed dramatically – no longer is “fraud awareness” sufficient. Today, management and the board expect auditors to actively participate in the prevention and detection of fraud in their organization. Leadership rightfully has those expectations, and no group is better positioned to help fight fraud in an organization than internal audit. Auditors should be the best defense an organization has to fight fraud, if they know how to identify the red flags and actively look for fraud. However, the internal audit industry is still developing fraud fighting skills. This session will cover fraud fighting techniques internal audit can immediately incorporate into their day-to-day auditing approach to catching the Bad Guys and start moving the needle in their own organization to reduce the estimated 5% of revenue lost to fraud.