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The role of internal audit function in deducting and preventing the fraud - Research Paper Example
Finance & Accounting
Pages 25 (6275 words)
Table of Contents Introduction 3 Some cases that describe how the internal audit (IA) detect and prevent the fraud 14 Cases of relevance # 1 14 Cases of relevance # 2 16 Cases of relevance # 3 18 Analysis the problems of the cases and give some solution 20 Cases of relevance # 1 20 Cases of relevance # 2 20 Cases of relevance # 3 21 Conclusion 21 WorksReferences cited 25 Responsibility of Internal Audit in the Detection and Prevention of Fraud Introduction Audit is generally defined as the evaluation of a material be it a person, a system, an organization or a project…
Auditing is mostly of two types: Internal and external audit. Internal audit team is a team appointed by the management of the company which aims at ensuring that the company is acting according to the rules and operations are in compliance to all type of internal and external rules. Internal audit prepares a company for external audit by evaluating the operations and checking for fraud within management levels. External audit on the other hand is conducted by independent authorities who have no personal concern or take in the company and are appointed by the SEC or legal authorities to check the company’s operations. When an internal audit team audits, the company does not face any fine or legislation in case of fraud detection but in case of external audit team, companies face legislations, fine and other legal processes in case of any fraud in their operations. Fraud in operations is one of the most occurring and costly issues faced by organizations. ...
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