Regular audits are primarily used to?

Regular audits play a crucial role in identifying and mitigating fraud risks within an organization. By systematically reviewing financial statements, transactions, and operational processes, audits help detect any anomalies, discrepancies, or irregularities that could indicate fraudulent activities. These assessments are essential for ensuring compliance with regulatory requirements, safeguarding assets, and maintaining the integrity of financial reporting.

Furthermore, audits can significantly contribute to the overall risk management framework by providing management with insights into the effectiveness of internal controls, thereby allowing for timely interventions and adjustments to counter potential fraud threats. Overall, regular audits are an integral part of maintaining a strong ethical environment and protecting the organization from financial harm due to fraud.

In contrast, while customer service enhancement, employee turnover prevention, and product pricing might be important aspects of business operations, they are not the primary focus of regular audits. Audits are specifically designed to scrutinize financial practices and enhance fraud prevention measures, aligning closely with the organization's objectives of integrity and accountability.