CUT Hosts a Discussion Sponsored By The Institute Of Internal Auditors SA Central Region

CUT Hosts a Discussion Sponsored By The Institute Of Internal Auditors SA Central Region.The Institute of Internal Auditors South Africa (IIA SA) plays a crucial role in supporting internal auditors by providing technical guidance, training, certification programs, and professional development opportunities. Internal auditors in South Africa are integral in preventing and detecting fraud within organizations.

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Panel CUT Hosts a Discussion Sponsored

Hosted by the Central University of Technology, the panel discussion, sponsored by the IIA SA, focused on the theme of the role of internal audit in fraud matters. The panel consisted of Ms. Arlene-Lynn Volmink, CEO of IIA SA, Mr. Gerhard Geldenhuys, Director/Partner at PricewaterhouseCoopers, and Ms. Masechaba Sesing, Head of Department at the Free State Provincial Treasury.

Key Points : CUT Hosts a Discussion Sponsored

1. Fraud Definition: Mr. Geldenhuys emphasized that fraud encompasses theft, corruption, and dishonesty. Internal auditors must understand the nature of fraud and consider fraud risk in their work.
2. Role of Internal Auditors: Ms. Sesing noted that while detecting fraud is not the primary role of internal auditors, they should be aware of red flags. She advocated for centralizing internal audit functions to enhance independence and effectiveness.
3. Fraud Risk Assessment: Ms. Volmink highlighted the importance of internal auditors assessing an organization’s fraud risk, designing prevention and detection controls, and investigating suspected fraud to mitigate risk and protect assets.

Conclusion

Internal auditors play a vital role in preventing and detecting fraud within organizations. By understanding fraud, recognizing red flags, and implementing effective controls, internal auditors contribute significantly to reducing fraud risk and safeguarding assets.