Limiting Fraud Losses
{"Image DocumentName": "Limiting Fraud Losses", "Image ImageDescription": "In addition, external auditors are responsible only for frauds that may have a material impact on the financial statements as a whole. Nevertheless, the discrepancies between the two disciplines suggest a need for greater fraud training for external auditors, particularly given the enhanced fraud detection responsibilities imposed on them by auditing standard SAS No. 99. The impact on fraud losses associated with internal audits was much greater than the impact associated with external audits (see below). Additionally, the data presented earlier on Initial Detection of Occupational Frauds shows that schemes were identified by internal audits at over twice the rate of external audits, despite the fact that victim organizations in our study were more likely to have external audits. The discrepancy between internal and external audits may be largely due to the fact that internal auditors generally are full-time employees of the victim organization, whereas external auditors spend a limited amount of time in a number of different organizations. In addition, external auditors are responsible only for frauds that may have a material impact on the financial statements as a whole. Nevertheless, the discrepancies between the two disciplines suggest a need for greater fraud training for external auditors, particularly given the enhanced fraud detection responsibilities imposed on them by auditing standard SAS No. 99.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}