About the research and methodology

Over the period February to April 2022, we conducted qualitative research to gather in-depth insights, practical views, and opinions on how organisations, and more specifically internal audit functions, are managing the evolving risk of fraud and preparing for potential changes linked to proposed regulatory reforms.

We conducted five sectoral roundtable discussions attended by a total of 33 participants composed of senior internal auditors, risk professionals and fraud experts from the private, public, and third sectors. We also conducted 18 one-to-one interviews with senior internal auditors and fraud experts to obtain more knowledge of what is happening on the ground and what constitutes best practice. Two of these interviews are presented as case studies of good practice internal audit in relation to fraud. Organisations represented included: Openreach, John Lewis Partnership, OSB, InterContinental Hotels Group, AuditOne, SSE, Persimmon Homes, Shell, Coca-Cola Hellenic Bottling Company, EY, RSM, NatWest, Santander, Nationwide Building Society, 3i Group, Tesco Bank, Legal & General, Scotland Government, Government Internal Audit Agency, Worcestershire County Council, Warrington Borough Council, Salford City Council, Derbyshire County Council, Foreign Commonwealth Development Office, MIAA, The Orders of St John Care Trust, International Federation of the Red Cross and Red Crescent, Save the Children, St John Ambulance, Newcastle University, Action for Children, Brave Consultancy, Global Fund for Aid Tuberculosis and Malaria, The National Audit Office, and Cifas. We would like to thank all participants for their time and contributions. Their involvement does not mean that they endorse the contents of this report. The research also builds on existing literature recently published on fraud, including surveys, articles, industry reports, and thought leadership pieces, which will be referenced throughout the report.