The fundamentals of fraud and how organisations and internal audit can prevent and detect this

By Sylvester Shamy

Chairman of the Institute of Internal Auditors NZ
and 2016 NZ Internal Auditor of the Year

I remember a moment of bemusement as an undergraduate at university when, during a lecture on auditing, our Professor asserted that fraud in its purest form is almost impossible to prevent and that once perpetrated is very difficult to identify. It followed, then, that audit’s role was less to prevent or detect but instead help the organisation to respond, including as much as possible, reducing its risk of recurrence.

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