Internal auditors provide constructive insights on governance, risks, and internal controls that help organizations manage risks, including identifying and mitigating fraud. However, while internal audit is an effective part of fraud detection and deterrence, finding fraud is not the job of the internal auditor. A Certified Fraud Examiner (CFE), on the other hand, is specifically tasked with identifying and investigating fraud. The CFE brings specialized skills to the battle against fraud. As a result, it makes sense for the two types of professionals to collaborate in a partnership that serves the organization’s best interests.
This Global Knowledge Brief, the second in a three-part series on fraud, examines the benefits of building a symbiotic relationship between internal auditors and Certified Fraud Examiners in the battle to detect and deter fraud.
Fraud is a serious and pervasive risk for organizations. The consequences can range from disruptive to dire, including financial losses; inefficiencies that damage operations, revenues, or profits; the cancellation of projects; and potentially the failure of the organization.