April 26, 2004

Internal audit’s role in fraud prevention

By Steve Stanek KnowledgeLeader contributing writer

In the rush to prepare for Sarbanes-Oxley compliance, organizations sometimes lose site of the purpose of the legislation -- to prevent massive financial frauds. This article provides specific recommendations for internal auditors about deterring and detecting fraud, and includes a discussion of the key elements of SAS-99 - the fraud-related procedures required for financial statement audits.