Fraud

All organizations are open to fraud risks. Fraud — and the lack of fraud detection, mitigation, and recovery plans ― have led to loss of revenue, reputation, and consumer confidence. CAEs must be vigilant in putting processes and policies in place to address every level of potential fraud, including internal and external risks.

Featured Resources

Fraud Investigations Governance

Internal audit should assess whether their organization has established a formal fraud team, and if investigative principles are consistently applied, and outcomes well documented. Open the infographic.

https://dl.theiia.org/AECMember/AEC-Infographic-Fraud-Investigations-Governance.pdf

Risks and Rewards of Investigating Fraud

Reasons to investigate a potential fraud are plentiful: findings from an external or internal audit, employee allegations of fraudulent conduct, vendor or customer complaints, and government subpoena, to name a few. In addition, performance reviews are a source of possible issues, as well as other anomalies discovered through data analysis. Learn more.

https://dl.theiia.org/AECMember/Risks-and-Rewards-of-Investigating-Fraud.pdf

Engagement Planning: Assessing Fraud Risks

While management, with board oversight, holds the primary responsibility for establishing and monitoring effective controls to deter and detect fraud, the internal audit activity is required to evaluate the risk of fraud, according to the Standards. Read more.

https://na.theiia.org/standards-guidance/Member Documents/PG-Engagement-Planning-Assessing-Fraud-Risks.pdf

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