The Role of the internal audit function in fraud risk management

This exploratory study provides insights into the current roles and responsibilities of the Internal Audit Function (IAF) in managing fraud risks within organisations as well as the factors affecting the IAF’s performance. Using an online questionnaire distributed to members of the Institute of Internal Auditors (IIA) Australia, results indicate that the IAF has expanded its role to all aspects of fraud risk management including fraud risk identification, prevention, detection and investigation with its main focus being fraud prevention. However, results also suggest that the IAF does not always have adequate resources, tools and support to be able to effectively perform its duties.