Internal audit can assist management by facilitating a fraud risk assessment. Management should make the decision both on the level of risk and whether it is acceptable. Internal audit can provide their opinion and advice on both.
A recent US survey finds that "Business losses due to fraud increased 20% in the last 12 months, from $1.4 million to $1.7 million per billion dollars of sales. … 88% of the respondents reported being victims of corporate fraud over the past 12 months." Does this worry you?
Established in 1995, First Reference provides organizations with practical and authoritative resources to help ensure compliance with constantly changing Canadian legislation and best practice