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?
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