Every year billions of dollars are lost to fraud and corruption resulting in inefficiencies, aborted projects, financial challenges, organizational failure, and, in extreme cases, humanitarian disaster. Often fraud occurs because of poorly designed controls and weak governance undermining the organization’s processes.

Organizations should have robust internal control procedures to limit the risk of fraud, and internal audit’s role is to assess these Controls. Read the IIA Position Paper: Assurance Over Fraud Controls Fundamental to Success.