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India's Top Auditors Warn Rising Corporate Frauds
BANGALORE: According to PricewaterhouseCoopers (PwC)'s 10th edition of the annual ‘State of the Internal Audit Profession Study, "Around 71 percent of the respondents feel that risks are increasing and they are looking at investing in formal risk management frameworks," the report said.
The PwC survey found more than 50 percent respondents reporting lack of adequate skills in the field of internal audit related to IT, cyber security, business continuity and data privacy.
Though many companies say that internal audits do not provide significant value to the company, they want internal auditors to use more of technology to do the checks more effectively and reduce the risk related to businesses.
According to the study by PwC that covers over 1,900 various auditors, board members, and managers, opportunities are available for internal audit to increase its value with the usage of technology and thus in return prove beneficial for businesses and pave way for the transformation in a major manner.
According to PwC's 2014 Risk in Review study, the three important areas which will impact businesses include technological change and related IT risks (58 percent), increasing regulatory complexity (56 percent), and rapidly changing customer needs (50 percent).
In response to these dynamic shifts in the market, organizations across all sectors are undertaking dramatic business transformations, altering their strategies and driving radical internal change,” said Dean Simone, leader of PwC’s U.S. Risk Assurance Practice.
This, in near future will help curbing the corporate frauds from the business houses with an aim of building a risk-free environment.
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