Keywords
international standards on accounting
statistical analysis
external auditing compared to internal auditing
How to Cite
Abstract
In the exercise of their duties, internal auditors are responsible for the detection of fraud, an aspect to
be taken into account both into planning and at the moment of carrying out their auditing work. Still, there are no rules or regulations guiding the internal auditor at the moment of performing these duties in a precise manner. It is precisely the lack of guidance on this matter which has led us to study the effect of the International Standards on Auditing (ISA), applied by external auditors, on internal auditing procedures. In this way, we designed an instrument to measure the variables affecting fraud detection using ISA 240, The auditor's responsibilities relating to fraud in an audit of financial statements. From this document, 96 statements related with global fraud risk indicators in financial statements and errors caused by embezzlement were used and subject to assessment by 617 internal auditors using a survey which evaluates their perception of fraud, taking into account the aforementioned statements. Using exploratory, and later confirmatory, factorial analysis (Structural Equations Model, SEM), we have scientific evidence to prove that by means of the assessment of merely 17 out of 96 of the variables previously defined in the ISA 240 document –and with a degree of certainty above 87%)– internal auditors should be able to minimize the probability of fraud in companies.
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