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 “typical” business can lose five percent of its revenue to fraud according to a recent global fraud study. And organizations are lucky if they detect the fraud at all. Most businesses find out about fraud from a tip, not from strong internal controls.
Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.