Question

Do you believe internal audit should have a greater role in fraud detection? why or why not?!

Answer 1

Internal Audit

Internal Audit is an independent and objective assurance that adds value to and improve an organizations operations.The scope of internal audit is very broad.It includes topics such as Governance,Risk Management,Management Controls ,Compliance with laws & regulations,etc.Internal Auditor's Role includes detecting,preventering and monitoring fraud risks.

Internal Audit has a greater role in fraud detection.

Reason

Internal audit helps to identify potential fradulent acts,participating in fraud investigations,conducting fraud audits to identify control breakdowns and establish financial loss.The internal audit function helps the organization address its risk of fraud via a fraud risk assessment.