Organizations that had external audits actually had higher median losses and longer lasting fraud schemes than those organizations that were not audited.

Question

Quizplus · Accepted Answer

This statement is supported by a report from the Association of Certified Fraud Examiners. The report found that organizations with external audits had a median loss of $250,000, compared to $164,000 for those without audits, and fraud schemes lasted an average of 18 months for audited organizations compared to 14 months for those without audits.

Organizations That Had External Audits Actually Had Higher Median Losses