Fraud Risk

“Internal audit professionals should play an integral role in their organization's fraud-fighting efforts. In fact, evidence shows that organizations fare better in terms of fraud when internal auditors are present. in its 2004 report to the nation, the association of certified fraud examiners states that the median loss for organizations with an internal audit department was $50,000 less than in organizations without an audit department. The report also indicates that fraud schemes were identified by internal audits at more than twice the rate of external audits, despite the fact that victim organizations in the study were more likely to have external audits.”

Extract from “A proactive approach to combating fraud: seven preemptive measures can help internal auditors deliver a first-round knockout to fraudulent activity” - Institute of Internal Auditors, Inc./ Gale Group)

Fraud is a possibility in organizations of various sizes and types. Fraud risk, although with a small probability of happening, results in significant damage to reputation as well as financial loss. Multiple occurrences also affect the integrity of the organization and its employees.

ERM Consulting Solutions
ERM Consulting provides comprehensive internal audit solutions that include fraud review procedures and establishing an effective fraud prevention system. If you suspect a fraud and would like to have an external firm to investigate and report on the findings, please contact ERM Consulting.

We also provide fraud consulting on a stand alone basis for those clients that have an established internal audit department. For such clients, we will work closely with the internal audit department to establish and strengthen the fraud procedures.