Originally Posted by Unregistered

You are missing the whole idea of audit/IA. Whether or not fraud is detected doesn't matter. The main reason this profession exists and why it won't die is because of risk transfer. It exists so directors and senior management can transfer/share the responsibilities of due diligence to another "profession" party. Imagine if the directors cannot name a single independent monitoring framework? They will be surely charged with non due-diligence.