Our Services for Auditors
It is a central function of an internal audit department to investigate any cases of suspected fraud and to proactively detect fraudulent activity within their company. Indications that a forensic audit may be required can, for example, arise during a due diligence audit. Furthermore, an effective risk management system can and must be used to determine when the internal audit department needs to become active. This is done by identifying risk zones and areas where there is risk potential, i.e. where the threat of fraud is particularly high.
Internal audit departments are also closely involved in fraud prevention. But this is far less simple and straightforward than some people think. In addition to methodic skills, extensive experience of dealing with cases of fraud is also necessary in order to be successful in this critical area of combating economic criminality. In-house internal auditors are only occasionally confronted with the topic of economic criminality, therefore companies need to consider whether they should take advantage of external sources of experience and expertise.
One measure of the quality and know-how of external specialists is their qualifications. It is a good idea to look for specific professional qualifications such as Certified Fraud Examiner and Certified Internal Auditor, with a law education as a further advantage. Just as important is the ability to present evidence of practical experience.
If a company decides to have its own internal audit department investigate suspicion of fraud or cases of fraud, the auditors should at least have had the opportunity to prepare themselves by studying current methods of combating economic criminality. This may be achieved by consulting relevant literature, attending seminars, obtaining professional qualifications, etc.
Engaging external specialists in a partnership arrangement can also be a good way to access external experience and knowledge for a specific project. What must be avoided at all costs is for auditors to have to deal with real-world cases of fraud (i.e. under time pressure) while having to deal with the theory of forensic auditing for the first time.
We can provide you with support for your internal audit department with these and other fraud-specific tasks. You can outsource the following projects to us or engage us to work on them with you in a partnership arrangement:
- Implementing a fraud management system
- Preparing a fraud prevention plan
- Conducting a fraud due diligence audit
Further support provided by us for internal audit departments includes:
- Provision of manpower and expert know-how
- Joint audit coaching
- Forensic audit project management
- Seminars and training