Independent audit and detect fraud Essay Example | Topics and Well Written Essays - 250 words

Independent audit and detect fraud - Essay Example All the financial statements will be made in such a way that no statements will show any kind of inconsistency. In order to avoid frauds in a company, the internal control is of pronounced importance; otherwise no independent auditing firm or company will be able to track the frauds taking place inside any company. The internal control system is designed to keep track of the daily transactions of the company. The internal control systems not only contribute to checking the mathematical accuracy but also play part in rectifying the sources of data i.e. reporting systems (Trenerry, 1999). The audit company and controlling system hierarchical leadership will also ensure that they put absolutely honest and hardworking auditors on the job otherwise many a times it happens that the auditors make internal deals with the employees of the addressed company and all the fraud tracking process comes to no