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New guidance is available from the Internal Audit Standards Advisory Board on internal audit's role in counter fraud.
Internal audit's primary role is to provide assurance on how the organisation manages the fraud risks to which it is exposed. The guidance draws out the specific aspects within the Public Sector Internal Audit Standards (PSIAS) that the internal auditor will have to consider when undertaking assurance work of this nature. It also highlights useful resources so that the internal auditor can evaluate the adequacy of existing arrangements.
The guidance also considers the requirements of the PSIAS in relation to any advisory or consultancy work on counter fraud and highlights those counter fraud roles where safeguards might be required to protect internal audit independence.
The guidance is available to download from the Internal Audit Standards Advisory Board website.