Evaluating the Effectiveness of Fraud Risk Assessments in Enhancing Internal Audit Capabilities
Posted: May 02, 2022
Abstract
This research investigates the transformative impact of advanced fraud risk assessment methodologies on internal audit effectiveness within contemporary organizational environments. Traditional fraud risk assessments have often been criticized for their reactive nature and limited predictive capabilities. Our study introduces a novel framework that integrates behavioral analytics, network analysis, and machine learning algorithms to create a more dynamic and proactive approach to fraud risk assessment. We conducted a comprehensive longitudinal analysis across 47 organizations spanning financial services, healthcare, and manufacturing sectors over a 24-month period. The methodology employed a mixed-methods approach combining quantitative assessment of audit outcomes with qualitative analysis of auditor decision-making processes. Our findings reveal that organizations implementing the integrated assessment framework demonstrated a 67
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