Wed, Jul 29, 2020

Kroll/IIA Report - Internal Audit’s Role in Fraud Risk Management

In this report, Kroll, the Institute of Internal Auditors (IIA) and the Internal Audit Foundation identify that greater empowerment of and increased investment in internal audit can have a significant impact on the effectiveness of fraud risk management programs. 

Key highlights include:

  • Empowering and investing in internal audit teams improves effectiveness of fraud risk management
  • 80% of internal auditors say they face barriers to involvement in fraud risk management 
  • Nearly half of respondents said internal audit isn’t involved in strategic decision making
  • 60% of internal auditors who said they were “extremely involved” in enterprise-wide fraud risk management reported that the fraud risk management process was very effective or excellent, compared with 31% of those who were “very involved”

The report, based on a survey of over 700 internal audit professionals across the globe and across industries, reveals that the vast majority (80%) of internal auditors are facing barriers to being involved in managing fraud risk, despite almost two thirds (62%) saying they had seen an increase in fraud incidents over the past five years.

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