Internal auditors are facing heightened risks and fraud threats after the difficulties of the pandemic which is changing their role and influence, says Matthew Weitz, associate managing director, Kroll
Since Covid-19 took hold back in early 2020, organisations around the world have been shaken up in several ways. Across all industries, they have faced challenges in redefining their ‘business as usual’ and many have faced existential threats. Against this backdrop, many in the internal audit profession have stepped up to take on new roles and responsibilities in response to the challenges of the ‘new normal’ of staff shortages, remote working and a rapidly evolving risk environment.
Changing operating models and a sudden move to remote working created a plethora of new opportunities for fraudsters and cybercriminals which meant that the prevention and detection of fraud required a new approach. A new report from Kroll in collaboration with the Internal Audit Foundation (IAF) and the Institute of Internal Auditors (IIA) found that 54% of internal auditors noticed an increase in cyber and phishing fraud in 2020/21.
