Insider fraud detection by an auditor is at an all-time low; currently, only 15 percent is uncovered by an internal audit (Source: 2018 Report to the Nations). The audit professional is now up against the ropes, as technology has played a significant role in how these occupational frauds are committed. Therefore, auditors must shift their mindset to create a significant increase in that figure.
Here are some tips to help the auditing profession change and improve the detection of fraud within companies:
Tip #1: Rotate Interviewers
Internal auditors naturally form relationships with those employees they work with in an ongoing manner. Those relationships may contribute to the challenge when bias comes to the forefront. Verification has become more and more important as the relationships are formed.