Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

If fraud detection is auditor responsibility?

user-image
Question added by Aboranat Osman Mohamed Abdelhafith , Senior External Auditor , National Audit Chamber
Date Posted: 2014/08/07
Shabbir Bandukwala
by Shabbir Bandukwala , Financial Controller , Strong Plant for Dewatering & Drainage Services LLC

An Internal Auditor responsibility is to ensure that the internal controls, policies and procedures are designed and implemented in a way that ensures good governance and best practices.

 

Detecting fraud is neither the aim nor the responsibility of an Auditor. In case a fraud is suspected in the company, specialist fraud investigators should be hired to detect and resolve the same. A fraud investigator has the required tools and skills to unearth fraud and even goes as far as to recover the misappropraited assets.