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When it comes to fraud, internal audit needs to protect – not just detect

Spencer Tracy (1900-1967), US actor, on horseback, wearing a white cowboy hat, in a publicity still issued for the film, 'Broken Lance', 1954.
Photo: Silver Screen Collection/Getty Images

Internal audit adds more value in roles where it is seen as wearing a proverbial “white hat” and perceived as a force for good.

There is an old saying that “it is too late to close the barn door once the horse has escaped.” The implication is clear: one must think ahead and take preventive measures to avoid calamity. Metaphorically, when it comes to fraud, internal auditors are often mobilized too late – there

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