Dear Expert, Kindly give me your views on how one can deal with the following internal audit situation:
During the review of the company bank reconciliation an internal auditor discovers that the reconciliations are not up to date for more than a year which of course increases the risk of fraud. So the auditor decides to review the system of receipting , recording and depositing cash sales. A lot of frauds are discovered relating to posting of payments to debtors and understating of bank deposits.
Some months later the finance manager writes …