ULOGA INTERNIH REVIZORA U SPREČAVANJU NASTANKA FINANSIJSKIH PREVARA U REPUBLICI SRBIJI
THE ROLE OF INTERNAL AUDITORS IN PREVENTING FINANCIAL FRAUD IN THE REPUBLIC OF SERBIA

Summary/Abstract: Financial fraud poses a significant threat to the stability and integrity of financial systems around theworld. The Republic of Serbia, as an economy in dynamic development, is no exception to this challenge.This research paper investigates the key role of the profession of internal auditors in the fight againstfinancial fraud in the Republic of Serbia. By exploring the practices and challenges faced by internalauditors, this paper aims to provide valuable insights and recommendations to strengthen theeffectiveness of internal audit functions in detecting and preventing financial fraud. The importance ofinternal audit as a vital component of corporate governance and risk management was emphasisedthrough a review of relevant literature and consideration of various activities of internal auditors andtheir role in preventing financial fraud. Internal auditors play a key role in assessing and monitoringinternal controls, identifying vulnerabilities and making recommendations to mitigate fraud risk.Examining the legal and regulatory framework that regulates internal audits in the Republic of Serbia,the importance of implementing a strong control environment and effective monitoring mechanisms inpreventing financial fraud is highlighted. The paper's conclusions highlight the specific challengesinternal auditors face in the Republic of Serbia in preventing financial fraud, such as resource limitations,limited independence and insufficient awareness of fraud. The findings and recommendations presentedin the paper can serve as a valuable resource for policymakers, regulatory bodies and organizationsseeking to strengthen their financial fraud defence mechanisms and their internal audit function.

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