The Internal Auditor, Management, and the Forensic Accountant

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In the modern era of Globalization, businesses are facing stringent competition with a constant risk of loosing customers & market shares if their strategic management do not take timely proactive measures to align with the market dynamics and get the best out of their competitive advantages.


These measurements are carried out by continuous auditing mechanisms practiced by Internal Auditors such that timely alerts can be raised against negative trends or non-compliances within the system. Such auditing can continuously evolve quick fixes in the form of corrective actions that can be taken on a fly and also evolve long term effective preventive actions. Moreover, if data integration is carried out effectively by applying effective integrated frameworks like Balanced Score cards and using corporate governance tools like Business Activity Monitoring or Business Performance Monitoring, then continuous monitoring of risks and fraud become a reality. In this paper, we review literature pertaining to roles and responsibilities of Internal Auditors and their responsibilities to consider Fraud in audit of Financial Reports.
First Literature: Understanding Internal Audit by Rickard, Peter, pages 30 to 34; Journal published by Australian Accountant, Melbourne in April 1994. This Journal has been included herewith because it presents a comprehensive discussion on role of Internal Auditors and the expectations from them from a legacy perspective and Peter Rickard is an Accountant specialized in Audit and Fraud Control along with being the member of Performance Management International. ...
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