The Institute of Internal Auditors is recognized as the authority that establishes the guidelines and standards for the internal audit profession. As the world has rapidly evolved over the past several years, internal auditors have been called on to provide a wide array of services. Yet, management often does not understand the full breadth of the IIA Standards and protocols auditors should follow when performing both Assurance services and Consulting services.

This set of courses on “The Internal Audit Function” was developed by Lynn Fountain, CPA, CGMA, CRMA, MBA, cPIA and past Chief Audit Executive. Lynn authored the book Leading the Internal Audit Function which was released by Taylor & Francis in 2017. In the book she outlines not only the Standards and expectations for internal auditors but the many challenges individuals in the profession face when trying to execute their duties.

This text base course is in several sections. This specific course is dedicated to The Internal Audit Function’s Role in Fraud Risk Assessments.

Course Series

This course is included in the following series:

8 CoursesThe Internal Audit Function

  1. The Internal Audit Function - Purpose and Establishing the Function (Text Based Course)
  2. The Internal Audit Function - The Attribute Standards (Text Based Course)
  3. The Internal Audit Function - The Performance Standards (Text Based Course)
  4. The Internal Audit Function - Internal Audit’s Assurance Role and Risk Based Auditing (Text Based Course)
  5. The Internal Audit Function - Governance Role (Text Based Course)
  6. The Internal Audit Function - Internal Audit’s Role in Fraud Work (Text Based Course)
  7. The Internal Audit Function - Internal Audit’s Role in Fraud Risk Assessments (Text Based Course)
  8. The Internal Audit Function - Fraud Evaluation vs. Fraud Investigation (Text Based Course)
Learning Objectives
  • Discover and evaluate aspects of conducting a fraud risk assessment.
  • Explore and examine concepts of corporate culture to prepare for a fraud risk assessment.
  • Identify Internal Audit’s role in facilitating a proper fraud risk assessment.
  • Identify and discern between a Macro vs. Micro Fraud Risk Assessment.
  • Explore and examine an Enterprise wide (Macro) Fraud Risk Assessment.
  • Discover and examine a Business Process (Micro) Risk Assessment.
  • Identify Steps in Determining Fraud Red Flags.
  • Recognize and examine the process to evaluate impact and likelihood of fraud red flags.
Last updated/reviewed: July 06, 2022
2 Reviews (19 ratings)


Anonymous Author
Great and eye-opening course to the elements of fraud risk assessments. Appreciated the breakdown of the internal audit function's roles.

Anonymous Author
I enjoyed this course, and I found it very informative.

Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
  The Internal Audit Function - Internal Audit’s Role in Fraud Risk Assessments (Text Based Course)PDF