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 provides organizations with practical and authoritative resources to help ensure compliance with constantly changing Canadian legislation and best practice