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What is Internal Auditor

Organizational Auditing and Assurance in the Digital Age
An individual or a unit employed by an entity to audit the efficiency and effectiveness of operation including risk assessment and monitoring activities.
Published in Chapter:
Internal Control System in Cooperative Society
Norfaizah Manjah (Akademi Suruhanjaya Koperasi Malaysia (MCSC), Malaysia), Radiah Othman (Massey University, New Zealand), and Haslinda Yusoff (Universiti Teknologi MARA, Malaysia)
Copyright: © 2019 |Pages: 26
DOI: 10.4018/978-1-5225-7356-2.ch014
The increasing number of recent fraud cases involving the board of directors and top management in cooperative societies has raised concerns about the effectiveness of internal control systems (ICS) in these organizations. This chapter aims to examine the relationship between the effectiveness of the ICS and the likelihood of fraud occurrence by focusing on the control environment, risk assessment, and monitoring activities of cooperative societies in Malaysia. The results showed that the effectiveness of the control environment, risk assessment, and monitoring had no significant relationship with the likelihood of fraud occurrence in these organizations. However, this does not necessarily mean that the fraud risk is not an emerging issue. The study proposes that the internal auditors and audit committee oversee a pro-active fraud prevention check-up, as suggested by the Association of Certified Fraud Examiners (ACFE), which is to be implemented in co-operative societies to assess how vulnerable the organizations are to fraud.
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More Results
External vs. Internal Auditors in Prevention and Detection of Fraud: The Perception of Portuguese Tax Auditors
Is a professional responsible for observing the internal regulations of its employer, acting independently, maintaining a high standard of moral and functional behavior, reporting any suggestions on possible improvements on control systems or work, aiming to add value and to improve of existing practices.
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Outsourcing of Internal Audit Services Instead of Traditional Internal Audit Units: A Literature Review on Transition From In-House to Outsourcing
The person who monitors and evaluates whether the risk management and internal functioning processes of private companies or public institutions work effectively.
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