The findings describe the state of the profession of internal audit, its position in organisations and the services it provides.
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https://doi.org/10.1108/02686901011034162 Download as .
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The Chartered IIA's position is set out in this paper.
Internal audit has an important role to play in ensuring that management has effective systems in place to detect and prevent corrupt practices.
Scope of work and performance of audit work significantly influences the information and communication aspect of the internal control system while performance of audit work, professional proficiency and objectivity significantly influence the control environment aspect of the internal control system.
The study also shows that management of internal audit department, performance of audit work, audit program and audit reporting significantly influences the risk assessment aspect of the internal control system.
Internal auditors are therefore employees of the organization as opposed to external employers who are external parties and are not answerable to the company management Hightower, 2009.
Operational audits, compliance audit, financial audit and information systems audit are some of the examples of internal audit that is carried out by internal auditors.