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Undeniably, mixing of files coupled with restriction of employees to work stations will cause
substantial disorganization and even loss of documents. As a result of the increase in accounting
scandals in recent years, the internal audit function has received impressive attention as an important
contributor to effective public sector financial management and governance. Moreover the audit may
not efficiently do this job accurately and can present an incorrect audit report. Likewise, Theofanis,
et al (2011) examine the relationship between element of internal control system and internal audit
effectiveness and the result of the study reveal positive relationship between the two relationships.
Internal controls are processes and records that ensure the integrity of financial and accounting
information and prevent fraud. However, in order to achieve this goal, the Internal Audit process
must itself be an effective one. The non-audit services affect the independence of auditing directly as
they affect how the audit is carried out. However, the aspect of an audit’s timeliness features as the
primary concern of clients. The European literature review on internal auditing - ProQuest. Internal
auditors usually work with a timetable where inception and termination of procedures are definitely
stated. How does employee’s perception and attitudes towards internal auditors affect internal audit
effectiveness in the public sector financial management and governance? 2. The audit statements
should be selective in terms of the statement's type, not just only with the objects of the specific
schema where the company operates but the options must be broad in terms of the use of auditing
and the consideration with the options of related actions. It can also be used by researchers for
further research as this is a new area to be studied. A correlation coefficient of 0 indicates absence of
relationship between variables. They are employed to ensure that companies follow proper
procedures and function efficiently. The research’s population comprised of employees from 5
different organizations. Non-audit services and auditing independence are somehow related. On the
contrary, disruption of workplace environments is the dependent variable. The objective of this study
was to assess the extent to which organizations communicate their business strategy with the Internal
Audit. There is also no assurance that the respondents would return all the questionnaires duly
completed, neither is there a guarantee that the subjects would respond to all the questions put
forward to them comprehensively. By continuing, you agree to our Terms and Conditions. Major
patterns are identified in the existing literature, and the paper complements the work of Gramling et
al. (2004), who examined the literature related to IA quality, largely from the viewpoint of external
auditors. At organizational level, the findings show that companies that are considered as “hidden
champions” demand and benefit from effective IA practices. David, C. (2009). Internal audit:
Efficiencies through automation. This dissertation builds on an exhaustive literature review, provides
a mix of different methods and perspectives and offers innovative and complementary insights that
open the door for further research. Their findings are then reported back to shareholders, rather than
management. It is limited to the attitude and employees’ perception. Sometimes the role of internal
and external auditors can be confused. This paper was published in the Journal of Applied
Accounting Research (JAAR 2012). In this situation, internal audit effectiveness means the ability of
the internal auditor to achieve the established objective within the public sector institution.
Richard, C. (2007). Internal auditing: An integrated approach. An untimely internal audit is the
independent variable. Similarly, the audit department is involved in making optimal recommendations
on the improvements that should be established to the senior management and audit committee. By
continuing, you agree to our Terms and Conditions. Robust internal audits are viewed as a key way
to correct issues quickly, maintain a good reputation, and prevent money from being wasted.
Therefore, looking at the above studies, they consider the effectiveness of internal audit at company’s
level, hotels and banks ignoring such effectiveness at local level. All information and respondents
targeted to participate in the study are expected to be easily accessible in the offices situated in these
places. According to the Association of Certified Fraud Examiners, the role of the external auditor is
to: “inspect clients’ accounting records and express an opinion as to whether financial statements are
presented fairly in accordance with the applicable accounting standards of the entity, such as
Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards
(IFRS). To sum up Auditor independence as a whole as said by Mutchler (2003) it refers to the
internal assessor independence or of the external assessor from parties who have a monetary interest
in the business being assessor. Moreover, CAEs typically adjust to expectations, upward and
downward. Non-audit services largely affect the auditor’s independence. The “outside-in”
perspective is regarded as particularly valuable. Let us write or edit the literature review on your
topic. Many companies choose to employ an internal auditor, despite not being legally obligated to
do so. Equally, it is interesting to focus on the model that will lead to the strength of internal audit
effectiveness (Aguolu, 2009). Simunic Business, Law 1984 The question of whether an auditor
should also provide management advisory services (MAS) to an audit client has been extensively
debated. This promotes effectiveness in the role of internal audit functions in the public sector
financial management and governance by addressing the employee’s attitude and perception. The
respondents will be selected from different departments within the branch; this includes; managers,
Internal Audit, Human Resource, Information technology staff, Finance and Accounts staff of NSSF.
Literatures on other independent variables are not to be studied as this research is to be narrowed
down to employee’s perceptions and attitudes only. Vaasa, Univ. Wasaensis.Reckers, P. (2003).
Advances in Accounting, Volume 20. They are responsible for reviewing financial statements to
ensure that they are accurate and conform to GAAP. Based on a dataset of 550 responses from U.S.
internal auditors, our study explores empirically the IAF's contribution to good corporate governance.
Capital investment decisions encompass two aspects of long-range profitability: first, estimating the
future net increases in cash inflows or net savings in cash outlays which will result from the
investment; and second, calculating the total cash outlays required to effect the investment. In this
context, the hitch of workplace restriction experienced by employees causes substantial inefficiencies
that can negatively impact on an organization’s practices. Apparently, two sets of data will be
obtained, one from the primary collection method and the other from secondary sources. Paper 4 is
an empirical survey that clarifies the discriminatory power of characteristics suggested by
practitioners and academic research that may indicate IA effectiveness. Paper 5 is a qualitative
research paper that breaks new ground in applying role theory (Kahn et al. 1964) in combination with
the theory of relational coordination (Gittell 2006) to the research context of IA effectiveness. These
corporate governance mechanisms include the internal control function (IAF) and the audit
committee (AC). He has said that the auditor’s independence that internally takes place refers to the
independence from the parties who are associated directly with the business and whose interests
might be harmed by the result of audit. In this vein, measurement of internal audit effectiveness
should be considered because it has a role to play in achieving public sector objectives.
Non-audit services increase the quality of auditing in any organization (Reckers, 2003). In most
cases, adherence to professional regulations governs internal audits. A correlation coefficient of 0
indicates absence of relationship between variables. To determine the effect of perception and
attitudes on the effectiveness of internal audit in the public sector financial management and
governance. Chapter Two outlines the various schools of thought on what constitutes internal audit
effectiveness and factors affecting it, as expounded in various literatures available. For precision and
focus, the purpose of this study shall be restricted to public sector institutions formed under an Act
of Parliament and case study is NSSF. Data will be collected from the chosen sample through
structured questionnaires and semi-structured interviews as well as review of available documents
and records targeting members of the Internal Audit. One of the roles of the SEC is to regulate how
companies report their financial statements to help ensure that investors have access to all of the
necessary information before investing. The auditor checks whether the statements have been
influenced by other parties or not, especially by the managers or directors for their own interests.
Investopedia requires writers to use primary sources to support their work. A report by the Auditor
General tabled in Parliament in June, 2013 indicated savers could have lost billions of shillings in
dubious transactions and shady land deals (SNP, June 6, 2013). Since the year of 2000, an upsurge
of high-profile scandals and frauds in accounting have been witnessed that cast the profession into
the limelight, negatively impacting the public perception of auditor’s independence. In order to
execute this task, auditors must access documents and related files containing information regarding
to individual workflows. On the contrary, disruption of workplace environments is the dependent
variable. In addition, it helps the senior management and audit committee in ensuring there is
efficient, adequate and effective internal control systems in the company. They are tasked with
ensuring that companies comply with laws and regulations, follow proper procedures, and function as
efficiently as possible. The particular issues that are attached with the in internal audit process are
inadequate internal controls, inadequate risk management and poor governance within the
organisation ( Roy 2015). There are the Audit Charter and the reporting committee who are generally
the body in the organisation who provides the independence to the auditors from the company’s
management, there is also the code of ethics within the organization that guides the auditor
independence from the third parties. Based on a dataset of 550 responses from U.S. internal auditors,
our study explores empirically the IAF's contribution to good corporate governance. We use cookies
to create the best experience for you. Traditionally, internal auditing in the public sector served as a
simple administrative procedure to ensure compliance and it comprised mainly of checking for
accuracy of transactions, pre-payment verification and control, counting assets and reporting on past
events to various levels of management. The European literature review on internal auditing -
ProQuest. These include white papers, government data, original reporting, and interviews with
industry experts. Give us your email address and we’ll send this sample there. Equally, it is interesting
to focus on the model that will lead to the strength of internal audit effectiveness (Aguolu, 2009).
These corporate governance mechanisms include the internal control function (IAF) and the audit
committee (AC). Audit services providethe shareholders of a company with professional information
and opinion on whether their company financial statements reflect the actual state of affair as they
are on the ground (Lehman, 2010). Non-audit services largely affect the auditor’s independence.
Download Free PDF View PDF INTERNAL AUDITOR'S CONTRIBUTION TO GOOD
CORPORATE GOVERNANCE AN EMPIRICAL ANALYSIS FOR THE ONE-TIER
GOVERNANCE SYSTEM WITH A FOCUS ON THE RELATIONSHIP BETWEEN INTERNAL
AUDIT FUNCTION AND AUDIT COMMITTEE Patrick Velte The effectiveness and efficiency of
the corporate governance structure depends on different governance bodies within the organization.
The non-audit services affect the independence of auditing directly as they affect how the audit is
carried out.