With cyber fraud risk on the rise, internal auditors need to take action. Even though cyber fraud internal controls and cyber fraud detection tools may already be used by IT, internal audit leaders can still help with cyber fraud risk management.
Due to increased fraud risks, 36% of internal auditors say they’ve put more resources into internal controls, and 29% have done so for data analytics, according to a global survey by The Internal Audit Foundation, The Institute of Internal Auditors (IIA), and Kroll.
“As companies increase investments in new technologies, it’s clear that when the independent internal audit function is actively providing assurances of internal controls and risk management systems, the impact of fraud is reduced,” notes Anthony Pugliese, president, and CEO of The IIA, in an IIA press release.
In this article, we’ll take a closer look at some of the steps internal audit departments can take to reduce cyber fraud risk. From working with other departments on fraud risk assessment to leveraging data analytics tools that can test full data sets, there’s a lot that internal auditors can do.