Internal Auditor as Accounting Fraud Buster

Gopal Krishna Agarwal and Yajulu Medury

The IUP Journal of Accounting Research and Audit Practices, 2014, vol. XIII, issue 1, 7-29

Abstract: Fraud is a major cause of poverty in various parts of the world. Economic resources are being swindled by powerful politicians, bureaucrats and industrialists in one form or the other, leaving the economies of countries poorer. The corporate sector is not far behind. World over, accounting fraud in corporate balance sheets is continuously increasing in numbers and magnitude. This has also brought great burden on public resources and on the economy of the world and ultimately on public at large. The government and regulatory authorities are continuously revisiting this area to modify and introduce new legislation to check this menace. This paper discusses the effectiveness of internal auditor to contain, detect and prevent the accounting frauds and thus fight this plague in the corporate sector. The paper introduces the concept of appointment of internal auditor by outside stakeholders to strengthen his independence and consequently his effectiveness to detect and prevent fraud.

Date: 2014
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