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Research indicates that Australian
organisations may experience a higher incidence
of fraud than the global average. It also shows that fraud is
increasing in Australia, with 63 per cent of Australian
organisations experiencing economic crime. The Australian Institute
of Criminology estimates that fraud costs the Australian economy
around $6 billion a year.
The initial audit objective of examining
whether agencies’ systems, policies and procedures were robust and
discouraged fraud was broadened to include agency governance
arrangements after the audit found that some boards and management
were not complying with agency policies and procedures.
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