Is it Internal Audit’s job to identify fraud?
No. Internal Audit attempts to minimize the risk of fraud by identifying potential weaknesses in control, which might enable fraud to be perpetuated. This work sometimes results in fraud being detected and reported in which case a full investigation will be carried out. However, Internal Audit Services is the main point of contact for concerns regarding fraud or financial non-compliance as outlined in the Fraud Policy – Reporting & Response to Incidents of Fraud or Irregularity.
