ACCOUNTING: INTERNAL AUDITORS CLAIM KEY ROLE IN FIGHTING FRAUD.

The events that led to the resignation of the European Commission, or the collapse of Barings Bank, are only the tip of an iceberg, suggests the Confederation. "Europe will continue to experience significant fraudulent activity", it says, claiming that it promotes the recognition of fraud as "one of many business risks". It insists that the possibility of fraud should be part of the period corporate risk assessment process undertaken by the board when it reviews strategy. "Internal auditors have a major role to play in this process in providing stakeholders with assurance that this high level process is undertaken with sufficient regularity and the right degree of robustness".It believes internal auditors should receive wider training in fraud prevention and detection and be required to maintain an up-to-date knowledge. But structures need changing too, says ECIIA: information and controls to prevent fraud "will be enhanced where an internal auditing function is in place, properly resourced and reporting at a...