Specialty Internal Audit
Library of the Faculty of Economics and of the Faculty of Business Administration

2020-07-22

2020

Schoinochoritis Nikolaos

Παναγιώτης Αλεξάκης, Καθηγητής, Τμήμα Οικονομικών Επιστημών, Εθνικό και Καποδιστριακό Πανεπιστήμιο ΑΘηνών

Τhe effects of fraud and corruption and the role of internal audit

English

The effects of fraud and corruption and the role of internal audit

Fraud and corruption exist since the beginning of commercial activity and cost the global economy around 3.6 trillion per annum. Internal audit seeks to mitigate the impact of such phenomena by implementing internal controls and ensuring their adherence. The current study examines the causes and effects of fraud and corruption and the role of internal audit. The collection of primary data was done using a structured questionnaire, distributed to employees of the financial district of Luxembourg City. The questionnaire constructs were measured on the ranking scale and the analysis of data was carried out using descriptive statistics. The study identified that employees perceive poor internal controls, greediness, inadequate fraud policies, insufficient & inadequate resources, as well as improper record keeping as the main causes of fraud and corruption. Additionally, it was found that fraud and corruption have significant negative effects on operations, employment, investments, economic stability and growth of organisations. Regarding the role of internal audit, the study concluded that it is important in establishing and enforcing internal control systems as a means of preventing and detecting fraud. The study also highlighted the role of internal audit as a safeguard of continuous operation of internal controls that mitigate the likelihood and impact of fraud occurrence.

Social, Political and Economic sciences

Internal audit, fraud, corruption, fraud risk assessment, prevention, detection.

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https://pergamos.lib.uoa.gr/uoa/dl/object/2920238