Detective Auditing: an internal auditor's journey by Frank Josey by Frank Josey - Read Online
Detective Auditing
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A short story - the author shares some true experiences when he worked as an internal auditor.

Published: Frank Josey on
ISBN: 9781466102293
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    Detective Auditing - Frank Josey

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    ***~~~***

    Introduction

    The author was an internal auditor for Maxlan Timber (name changed due to confidentiality requirements), at the time one of the largest forestry companies in Canada, later taken over in the late 1990's by a USA forestry giant. Earlier, the author qualified as a Canadian Chartered Accountant, having worked for Price Waterhouse & Co. (now PriceWaterhouseCoopers). The experiences are true – the year given is the best of the author's recollection.

    Simply stated, fraud is an illegal intentional deception made for personal gain by one or many perpetrators.

    A 2010 survey by a large accounting firm, asserts that losses in New Zealand and Australia amount to $350 million per year. The Australian Institute of Criminology reports that about 100,000 cases are reported to police per year. They allege that approximately 50% of frauds are not reported. Without much imagination, based on population and economy size differences, the losses from fraudulent activity in North America must be staggering.

    In my experience, the major causes of fraud are slow horses and fast women. That is, lavish lifestyle and gambling are the main drivers behind fraudulent behaviors. Another serious contender is an employee deciding the company owes me.

    The primary reasons why frauds go undetected are poor internal controls and managerial