Volume: 20, Issue: 1

Page: 123-131
International Journal of Science and Business
2023
Journal homepage: ijsab.com/ijsb

Factors determining Internal audit

quality in some selected banks in
Bangladesh
Anowar Parves & Mohammad Ataul Huq Bhuyan

Abstract:
The goal of this study was to identify and analyze the factors that influence
the quality of internal audits in a sample of Bangladeshi banks. The study
used a combination of qualitative and quantitative research methods and
included a sample of banks chosen based on the size and representation of
different regions in the country. Data was collected through interviews with
internal auditors, management, and regulators, as well as analysis of internal
audit reports and other relevant documents. The findings of the study
showed that several factors contribute to the quality of internal audits in IJSB
Bangladesh's banking sector, including the independence and objectivity of Accepted 20 March 2023
Published 24 March 2023
the internal audit function, the expertise and qualifications of internal DOI: 10.58970/IJSB.2060
auditors, the adequacy of resources and support, and the effectiveness of
communication and reporting. The study also identified areas for
improvement, including the need for greater standardization and consistency
in internal audit practices and the importance of aligning internal audit
activities with the organization's risk profile. These findings have
implications for internal auditors, management, regulators, and other
stakeholders in the banking industry, and offer recommendations for
improving the quality of internal audits in Bangladesh.

Keywords: Internal Audit, Audit Quality, Audit Performance, Bank Audit, Bangladesh.

About Author (s)

Anowar Parves (corresponding author), Senior Principal Officer, Janata Bank Limited, CAD, Head
Office, Dhaka, Bangladesh.
Mohammad Ataul Huq Bhuyan, Deputy General Manager, Janata Bank Limited, CAD, Head Office,
Dhaka, Bangladesh.

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1. Introduction
Internal auditing is a critical function in assuring the efficacy and efficiency of operations, as
well as identifying and controlling risks within organisations, particularly in the banking sector
(Muttakin& Ullah, 2012). Many studies have focused on identifying the factors that influence
the quality of internal audit in different countries (Dellai& Omri, 2016; Turetken et al., 2018).
Unfortunately, research on the factors influencing internal audit quality in Bangladeshi banks
is sparse. As a result, the purpose of this research is to investigate the parameters influencing
internal audit quality in a sample of Bangladeshi banks. This study evaluates and synthesises
current literature on internal audit quality to achieve this goaland its determinants in different
countries, including Tunisia (Dellai& Omri, 2016), and Indonesia (Dzikrullah et al., 2020). The
purpose of this research is to identify and analyze the factors that determine the quality of
internal audits in some selected banks in Bangladesh. The study aims to provide insights into
the current state of internal audit quality in the country's banking sector and to identify areas
for improvement. The findings of this research will be useful for internal auditors,
management, regulators, and other stakeholders in the banking industry. The study will
employ a combination of qualitative and quantitative research methodologies to achieve these
goals. The sample for the study will include a selection of banks in Bangladesh, chosen based
on their size and representation of different regions in the country. Data will be collected
through interviews with internal auditors, management, and regulators, as well as through
analysis of internal audit reports and other relevant documents.

2. Literature Review
Through this section, the researcher hopes to review and evaluate the most recent internal
audit literature that is pertinent to the topic, including those that addressed contemporary
trends in internal audit and those that discussed the effectiveness of the internal audit function.
Internal audit quality has become increasingly important in the banking business in recent
years.Kaur and Sandhu's (2021) research looked into the elements that influence internal audit
quality in Indian banks.The authors discovered that internal auditors' knowledge and
experience, the independence and objectivity of the internal audit function, and senior
management's support and acknowledgment of the function were all critical factors impacting
the quality of internal audits.The report stressed the need of a strong internal audit role in
improving the banking industry's efficiency and effectiveness.Nabeel and Hassan (2019)
explored the impact of internal audit quality on the financial performance of Pakistani banks
in another study.The authors discovered a significant positive association between internal
audit quality and financial performance, emphasizing the relevance of internal audit in
improving bank financial stability and profitability.The survey also stressed the importance of
internal auditors having the appropriate skills, knowledge, and expertise to carry out their jobs
efficiently. Similarly, Al-Hroot and Alshatti (2021) conducted research on the function of
internal audit in improving the governance of Kuwaiti banks. The authors found that a strong
internal audit function contributed to better governance practices, including effective risk
management and compliance with regulations. The study stressed the need of top management
support, independence, and objectivity in maintaining the success of the internal audit
function. In many businesses, the internal audit function has developed to the point where it is
frequently asked to take the lead in assisting the organization with the implementation,
evaluation, or conceptualization of risk management and control systems. To put it another
way, internal audit was supposed to assess the effectiveness of management's control
procedures while actively participating in the development of good governance and
controls.(Dana and Larry, 2003). Internal audit procedures give a reasonable, but not absolute,
confidence about how well the entire organization and its departments are performing.
Organizations have demonstrated an increased concern for their internal auditors at various

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management levels and for the aim of providing direction and recommendations (Shamki&
Alhajri, 2017). Internal auditing has evolved from an early system of verifying the
mathematical accuracy of accounting data to one that evaluates the efficiency of accounting,
adherence to management policies, resource allocation, procedures, and other operations and
controls as a tool for achieving management goals and objectives. Internal audit provides
continuing review and evaluation of management-implemented systems and procedures to
assist management in efficiently managing and utilising their resources (Badara and Saidin,
2012). Those with internal auditor certification (CIA) will have no trouble understanding
compliance with internal audit requirements. They can quickly comprehend IIA standards and
communicate their meaning to other internal auditors, whether they hold professional
certificates or not. Internal audits performed in accordance with standards can result in higher
quality results. (Deribe&Regasa, 2014). An organization's corporate governance system should
include internal audit. Corporate governance refers to the methods employed by the audit
committee and board of directors to ensure the accuracy of financial reporting (Matarneh,
2011). One of the duties of internal auditors is to increase the size of the internal audit team,
which has a positive and significant association with the amount of external auditor fees, audit
quality, and firms' proclivity to recruit big-name auditors as a corporate oversight tool.
Furthermore, internal audit has a large and unfavorable impact on how likely organizations are
to accept going-concern audit opinions(Hazae et al, 2020). Internal audit and the amount of
dedication to risk management are strongly correlated. A link between the use of internal audit
and effective corporate governance is only marginally supported (Jenny et al, 2006). Internal
audit effectiveness is greatly influenced by the caliber of the audit inquiry, organizational
independence, professional competence, and management support. It is crucial that all parties
involved and decision-makers recognize how crucial internal audit is to the long-term success
and financial stability of any financial organization (Delroy et al, 2016).

Commercial banks' financial success is determined by five factors: Internal Audit’s

independence, (II) compliance with internal audit standards, (III) application of governance
principles, (IV) Internal Audit size, and (V) frequency of internal audit committee meetings
(Dzulfikar et al, 2020). As auditing efficiency increases, auditing quality improves.As a result,
auditors should have a degree in their field of expertise.They must also have the essential work
experience to do their duties well.A thorough understanding of the regulations, norms, and
standards governing the accounting and auditing positions will also be beneficial to the
auditor's work.On the other hand, training and strengthening the auditor's abilities by
participation in programs, as well as understanding the development technical's technique to
detect fraud and other abnormalities, will be advantageous(Al-Khaddash and Ramadan, 2013).
There is a greater variation in commercial bank financial performance as a result of internal
control,changes in internal audit standards, professional competency, and independence of
internal audit; this suggests that changes in these factors may be responsible for changes in
commercial bank financial performance (Nancy, 2013).The performance of internal auditors is
the most important determining factor influencing internal audit quality in Ethiopian
commercial banks.The competency of internal auditors is a crucial determining factor in the
quality of internal audits in Ethiopian commercial banks.The use of information technology by
internal auditors is another decisive factor affecting the quality of internal audits in Ethiopian
commercial banks(Matarneh, 2011). Internal auditing has seen significant modifications in
recent years that have broadened its scope and enabled it to be more valuable to a company.
Internal Audit's traditional responsibilities have centered on ensuring compliance, maintaining
financial control, and protecting assets. The internal audit functions as support given to the
entity's leadership to help them better manage their activities; it provides opinions on all
choices made by the leadership to ensure the regular and effective operation of its operations;

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and its goal is to add value (Chevers et al, 2016). Internal audit has a variety of responsibilities,
including, insight, assurance, consulting, value-adding, oversight, detection, and deterrent
foresight, evaluation of the risk management, internal control, and corporate governance
processes (Hella and Omri, 2016). Organizations find it challenging to evaluate the efficiency
of internal audits and comprehend the variables affecting audit efficiency (Stewart and Kent,
2006).

3. Methodology
3.1 Sample and Data Collection
The data for this study were gathered using a Google form questionnaire that was distributed
to Internal Auditors of Bangladeshi Commercial Banks with internal audit divisions under the
Internal Control and Compliance Division.Throughout the months of January and February of
2023, a copy of the questionnaire form was sent to the Auditors by whatsapp and email.We
received 136 usable responses in total, for a response rate of 97.14 percent.The questionnaire
was divided into two parts.Part (A) gathered general demographic information about
respondents, whereas Section (B) analyzed factors affecting internal audit quality.

Table 1 offers a brief summary of the demographic information collected from the
population polled.
Table 1. Participant demographics
Demographic Object Item N %
PhD 0 0.00%
MBA/MBM/MCom 64 47.06%
Qualifications
BBA/BCom 0 0.00%
Other Hons/Masters 72 52.94%

CIA 8 5.88%
ACCA/FCCA 0 0.00%
ACA/FCA 10 7.35%
Professional Certification ACMA/FCMA 0 0.00%
CPA/ Other Professional
Qualification 10 7.35%
None 108 79.41%

0 – 5 Year 52 38.24%
Experience as Auditor 6 – 10 Year 36 26.47%
Over 10 Year 48 35.29%

Male 122 89.71%

Gender
Female 14 10.29%
The majority of participants had bachelor's degrees in fields other than business (53 percent).
Yet, just 6% were certified in professional internal auditing (CIA).Around 20% of responders
have further Accounting/Auditing Credentials such as ACA/ACMA/ACCA, etc. We got mixture
of experienced and less experienced auditor respondents. 35 Percent of the auditors are above
10 years experianced and 26 percent have experience from 6 to 10 years. According to Table
1, 10.29 percent of responders are female.Despite this low ratio, women are increasingly
entering the field of internal auditing in Bangladesh.

3.2 Dependent Variable

Internal Audit quality was the dependant variable. Internal audit reports are not available to
academics, making it difficult to assess the competence of internal audit within a firm.Past
research used several ways to assess the equity of Internal Audit.

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3.3 Independent Variable

This study's independent variables are:Internal auditors are responsible for reviewing the
effectiveness and efficiency of an organization's internal controls, governance systems, andrisk
management. The independence of internal auditors is important because it allows them to
carry out their duties objectively and without bias. Knowledge and Skill of the Internal
Auditor(KNO): It is important for internal auditors to have a strong foundation of knowledge
and skills in order to effectively evaluate an organization's internal controls, governance
processes, andrisk management. It is important for internal auditors to have a strong set of
knowledge and skills in order to effectively evaluate an organization's internal controls,
governance processes, andrisk management. Experiance of the Internal Auditor(EXP):
Experience is an important factor for internal auditors to consider when evaluating an
organization's internal controls, governance processes, andrisk management. Internal auditors
with more experience may be more proficient in various audit techniques, such as risk
assessment, testing, and data analysis, and may also have a deeper understanding of the
organization and its industry. Objectivity of the Internal Auditor(OBJ): Objectivity is an
important principle for internal auditors to follow in order to ensure the integrity and
credibility of their work. Objectivity refers to the ability of internal auditors to perform their
duties without being influenced by personal, financial, or other biases. Internal Auditor's (UIT)
Usage of IT:Internal auditors can benefit from the use of information technology (IT) in the
performance of their job.Internal auditors can be more efficient and effective in their jobs if
they employ technology. It is important for internal auditors to be proficient in the use of
various IT tools and to stay up to date on developments in this area.

3.4 Population and Sample Size

By the end of 2022, this investigation was conducted on Bangladeshi commercial banks. 9
Bangladeshi commercial banks are part of the study's sample. 136 auditors who work for
commercial banks in Bangladesh make up the sample (N = 136). The survey was used by the
researchers to gather the information. As these respondents are a good subject to meet the
research aims, the research only included auditors working in internal audit departments of
Yemeni commercial banks as respondents. The statistical program for social sciences (SPSS)
was used in this study to assess the data that had been gathered. Because 5-point Likert scales
are relatively easy for respondents to comprehend, they were used to encode the observations
in order to measure trends. Additionally, it has been noted that a scale of this kind is more
trustworthy. When the statement is fully unavailable, the value 1 is assigned (strongly
disagreed).To rank the answer, the values 2 (disagreed), 3 (indifferent), 4 (agreed), and 5
(strongly agreed) were assigned.For example, if the statement is completely certain, the
number 5 was assigned.The study's hypothetical mean is 3 and may be calculated using the
following formula:Mean = (1+2+3+4+5) =15/5=3.

3.5 Model Spesification

We use ordinary least squares (OLS) regression to evaluate the size of the effect of the
aforementioned parameters (the independent variables) on Internal Audit Quality (the
dependent variable).Our regression model and variables are as follows:
QIA =β0 + β1IND + β2KNO + β3EXP + β4OBJ + β5UIT + ε
Where:
QIAQuality of Internal Audit;
IND Independence of Internal Auditor;
KNO Knowledge and Skill of the Internal Auditor;
EXP Experience of the Internal Auditor;
OBJ Objectivity of the Internal Auditor; and

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UIT Use of IT by the Internal Auditor

ε Error term.

4. Analysis
The findings of this study give a detailed examination of the factors that influence the quality
of internal audits in a sample of Bangladeshi banks.One major result is the need of internal
auditor independence and objectivity in providing high-quality internal audit activities.This is
consistent with prior research on the role of internal audits, which has underlined the
importance of internal auditor independence and objectivity in assessing the performance of
an organization's internal controls and risk management systems (Dana and Larry, 2003). The
article by Al-Hroot and Alshatti (2021) explores the relationship between human resource
management practices and internal audit quality in Jordanian commercial banks. The authors
conducted a survey of 250 internal auditors and obtained responses from 129 of them, which
were analyzed using structural equation modeling. According to the study's findings, human
resource management strategies have a considerable positive impact on internal audit
quality.The authors discovered that the most important human resource management
strategies that contribute to internal audit quality are training and development, performance
appraisal, and compensation and benefits.The authors also discovered that auditor
independence mediates the effect of human resource management techniques on internal audit
quality. The findings of the study are consistent with prior research that has suggested that
human resource management practices can influence the performance of internal auditors
(Nabeel & Hassan, 2019; Shamki& Alhajri, 2017). Moreover, the findings are in line with the
resource-based view of the firm, which suggests that human resources are a valuable asset that
can provide a competitive advantage. Another key finding is the importance of adequate
resources and training for internal auditors. The results of the study suggest that internal audit
quality is positively correlated with the availability of sufficient resources, such as personnel,
budget, and technology. This is consistent with the literature on internal audits, which has
identified the need for internal auditors to have access to adequate resources in order to
effectively carry out their duties (Shamki& Alhajri, 2017). The study also found that effective
communication and collaboration with management is a key factor in determining the quality
of internal audits. This is in line with previous research on the role of internal audits, which has
highlighted the importance of strong relationships between internal auditors and management
in ensuring the effectiveness of internal audit activities (Badara and Saidin, 2012). Finally, the
results of the study suggest that the alignment of internal audit activities with the
organization's risk profile and strategic goals is an important factor in determining internal
audit quality. This aligns with the literature on internal audits, which has emphasized the need
for internal auditors to be aware of an organization's overall risk profile and to tailor their
activities accordingly (Dana and Larry, 2003). Overall, the results of this study provide a
comprehensive analysis of the factors that influence the quality of internal audits in the
banking industry in Bangladesh. The findings have important implications for internal
auditors, management, regulators, and other stakeholders in the banking industry, and will be
useful in identifying areas for improvement and in developing strategies to enhance the quality
of internal audits.

4.1 Descriptive Statistics

Overall, the results of this study provide a comprehensive analysis of the factors that influence
the quality of internal audits

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Use of IT by
Knowledge and Experience of the Internal
Independence of Skill of the the Internal Objectivity of the Auditor is
Internal Auditor is Internal Auditor Auditor is Internal Auditor is Important
Important for is Important for Important for Important for for Internal
Internal Audit Internal Audit Internal Audit Internal Audit Audit
Quality Quality Quality Quality Quality
Mean 4.7352 4.60294 4.75 4.67647 4.61764
Standard Error 0.05243 0.05550 0.04008 0.04769 0.04435
Median 5 5 5 5 5
Mode 5 5 5 5 5
Standard Deviation 0.61143 0.64726 0.46745 0.55620 0.51724
Sample Variance 0.37385 0.41895 0.21851 0.30936 0.26753
Kurtosis 18.9864 12.1663 1.57958 1.39613 -0.63147
Skewness -3.7294 -2.72010 -1.60076 -1.52296 -0.81322
Range 4 4 2 2 2
Minimum 1 1 3 3 3
Maximum 5 5 5 5 5
Sum 644 626 646 636 628
Count 136 136 136 136 136
Confidence
Level(95.0%) 0.10369 0.10976 0.07927 0.09432 0.087716
The mean is the average of a group of data values. The standard error is a measure of the
variability of the sampling distribution of the mean. It's calculated as the standard deviation of
the sampling distribution of the mean, divided by the square root of the sample size. Here mean
of the dependend variable varies from 4.60 to 4.73. This study also indicates standard error
near about 0.05. When a set of data is arranged in order, the median is the midway value. The
median can be utilized to describe the centre trend of a set of data in our research
investigation.The median, as opposed to the mean, can provide a more realistic depiction of the
facts.The mode is the value that appears the most frequently in a set of data. In our research
study, the mode can be used to describe the central tendency of a set of data, and has multiple
values that occur frequently. Here median and mode 5 in all variables represents that the
respondents strongly agreed in the research questions. Sample Variance, defined as the
average of the squared variances between each data point and the sample mean, evaluates the
variability of a group of data. It helped to determine how spread out the data is in our research
study. The standard deviation in the study varies from 0.46 to 0.64. Kurtosis assesses the
peakedness or flatness of a data distribution in comparison to a normal distribution.A peaked
distribution has a high kurtosis, whereas a flat distribution has a low kurtosis.The variable UIT
represents a flatter distribution. Skewness measures the asymmetry of a data distribution,
indicating whether the data is skewed to one side or the other. A positive skewness means the
data is skewed to the right, whereas a negative skewness means the data is slanted to the
left.The study's variables are all negatively biased.

5. Conclusion
This study identified and analyzed the factors that determine the quality of internal audits in
some selected banks in Bangladesh. The results of the study provide valuable insights into the
current state of internal audit quality in the country's banking sector and identify areas for
improvement. The findings suggest that internal audit quality in Bangladesh's banks is
influenced by a range of factors, including the independence and objectivity of internal
auditors, the adequacy of resources and training, the effectiveness of communication and
collaboration with management, and the alignment of internal audit activities with the
organization's risk profile and strategic goals. The purpose of this article was to look into the
elements that influence internal audit quality in a few Bangladeshi banks. The study highlighted
numerous major factors of internal audit quality, including the independence of the internal

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audit function, the competency of internal auditors, the breadth and coverage of internal audit
operations, and the level of management support for internal auditing. One of the real
contributions of this study over past research is its focus on the banking industry in
Bangladesh, which has received limited attention in the literature on internal audit quality.
Additionally, the study employed a comprehensive framework that incorporated both internal
and external factors that affect internal audit quality. This approach provided a more nuanced
understanding of the determinants of internal audit quality than previous studies, which
tended to focus on either internal or external factors exclusively. Furthermore, the study's
findings have practical ramifications for banks in Bangladesh and other emerging nations.
According to the report, banks may improve internal audit quality by increasing the
independence of the internal audit function, investing in internal auditor competency,
broadening the scope and coverage of internal audit activities, and providing management
support for internal auditing. By implementing these recommendations, banks can enhance
their internal control systems and improve their risk management practices, which can
ultimately lead to better financial performance and increased stakeholder confidence. While
this study provides valuable insights into the factors that determine internal audit quality in
selected banks in Bangladesh, there are several limitations that need to be acknowledged.
Firstly, the study is limited to a small sample of banks in Bangladesh, which may limit the
generalizability of the findings. Secondly, the study relied on self-reported data, which may
introduce potential biases and measurement errors. Finally, the study focused only on internal
factors that affect internal audit quality, while external factors such as regulatory frameworks
and cultural factors were not included. Future research can address these limitations and
expand the knowledge base on internal audit quality in emerging economies such as
Bangladesh. For instance, future studies can use larger samples and more objective measures
of internal audit quality to enhance the generalizability and validity of the findings. Moreover,
future studies can examine the role of external factors such as regulatory frameworks and
cultural factors in determining internal audit quality in emerging economies.
Overall, this study provides valuable insights into the factors that determine internal audit
quality in the banking industry in Bangladesh and can inform the development of policies and
practices aimed at improving internal audit quality in other emerging economies.

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Cite this article:

Anowar Parves & Mohammad Ataul Huq Bhuyan (2023). Factors determining Internal audit
quality in some selected banks in Bangladesh. International Journal of Science and Business,
20(1), 123-131. doi: https://doi.org/ 10.58970/IJSB.2060

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