Factsheet - Fraud and Corruption

Factsheet

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Author

IIA-Australia

Date

2024

Topics Explored

Risk Management, Fraud and Corruption

Format

Factsheet

Extract/Description

A well-known anti-corruption organisation is Transparency International. Each year Transparency International produces its ‘Corruption Perceptions Index’ ranking nations from least to most corrupt. In 2023, Denmark was ranked least corrupt country (number 1) in the world and Somalia most highly corrupt country (number 180). Australia was ranked number 14.

Key Points

1. There are six behavioural red flags of fraud that have been the most common in every ACFE study dating back to 2008.
2. While the presence of these red flags does not imply fraud is being committed, understanding and recognising behavioural red flags displayed by fraud perpetrators can help organisations detect fraud and mitigate losses.
3. The factsheet suggests 11 Action Steps – What Organisations can do About Fraud and Corruption.

Relevant Industries

All

Level of Assumed Knowledge

Intermediate

Aligned to Global Internal Audit Standards

Yes