Title: The Challenge of Crafting a Thesis on Internal Audit
Embarking on the journey of writing a thesis on internal audit can be an arduous task, demanding
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The influence of managerial ownership,institutional ownership and voluntaryd. The second part of
the paper undertakes a customer, internal industry audit. New York, NY: Mcgraw-Hill Pomeroy, B.
2010. Audit Committee Member Investigation of Significant Accounting Decisions. However, this
person was trained as an accountant and in Page 77. The most common measurement technique was
a Likert scale, with Erasmus and Coetzee’s ( 2018 ) study providing a scale from 1 to 5, the lowest
being “never implemented the recommendation” while the highest being “always implemented all
recommendations.” Bednarek ( 2018 ) assumes that the recommendation implementation rate should
be at least 80%, therefore utilising a two-item scale, being a rate below 80% and one above 80%.
This thesis revealed an other reason for IA’s low involvement. Overall, all of the above factors are
influential for IA effectiveness. 6. Conclusions This paper summarized the influential factors of IA
effectiveness based on an extensive literature review and argued that the body of knowledge needs a
model that provides a holistic view and shows the relationship between the influential factors and IA
effectiveness. Chapter 4 presents the findings and discussion for RQ1 and RQ2. Andreas Schleicher
- 20 Feb 2024 - How pop music, podcasts, and Tik Tok are i. Working Paper Boston College and
Northeastern University. Cohen, J., G. Krishnamoorthy, and A. M. Wright. 2008. Form Versus
Substance: The Implications for Auditing Practice and Research of Alternative Perspectives on
Corporate Governance. IAF quality studies have not captured this aspect. Page 233. Upload Read
for free FAQ and support Language (EN) Sign in Skip carousel Carousel Previous Carousel Next
What is Scribd. These approaches helps to build trustworthiness of the interviewee (Tremblay and
Gendron, 2011) and limit response bias (Gendron, 2002). New York, NY: IFAC. International
Federation of Accountants (IFAC). 2009b. International Standard on Auditing ISA 315: Identifying
and Assessing the Risks of Material Misstatement through Understanding the Entity and Its
Environment. RQ2: What are the main information cues used by IAF stakeholders to judge IAF
quality. Sometimes it is used to record the discussions in an oral presentation. Stakeholders were
expected to judge IAF quality differently as quality is contingent on stakeholder needs and
objectives which differ across stakeholders (Aguilera et al., 2008; Cohen et al., 2004). Therefore, it is
not surprising to find differences between the AC group and the SM group, and between these two
user groups and the providers. Margheim, L. L., and W. Label. 1990. External Auditor Reliance on
Internal Auditors When Audit Risk Is High: Some Empirical Findings Advances in Accounting
8:293-311. From the 402 total responses, 61 filled in the text field with 38 providing suitable material
other than words of appreciation or well-wishing. This thesis is a first step towards a more
comprehensive understanding of IAF quality beyond a single governance stakeholder, and beyond
understanding IAF quality in relation to activities only associated with external financial reporting.
Discussions draftDiscussions draftDiscussions draftDiscussions draft. So, for example, if an
organisation has a strategy that is based on significant growth, the audit focus should be on saying
okay what processes do we need to have in place to facilitate that growth. (IA Partner) This IA
Partner indicates the necessity of understanding the business to be able to align the audit and
recommendations from the audit to help give a positive and valuable outcome. Cheng, and Wuchun
Chi. 2019. The Impact of Internal Audit Attributes on the Effectiveness of Internal Control over
Operations and Compliance. Many of these statements are used to also support the findings. The
discussion on international external audit standards in this thesis has been on the 2009 standards as
these were the current standards at the time of data collection and are consistent with recent IAF
quality research. 53 A revised international audit standard, ISA610 (IFAC 2012) takes effect for
audits for the period ending on or after 15 Dec 2013. The internal auditor has to not only possess
adequate knowledge of theadequate knowledge of theadequate knowledge of theadequate
knowledge of the. Use a heading that would accuratelyheading that would accuratelyheading that
would accuratelyheading that would accurately summarisesummarisesummarisesummarise the
report’sthe report’sthe report’sthe report’s. The fact that IA Partners see quality as the value for the
client and whether the client is happy at the end of the audit, is consistent with findings by
McCracken et al. (2008) where external audit partners see their role as keeping the external audit
client happy and being an advisor to management rather than a police officer. British Accounting
Review 36 (4):345-368. Francis, J. R. 2011. A Framework for Understanding and Researching Audit
Quality. This section contains the status of corrective action taken or proposed correctivecorrective
action taken or proposed correctivecorrective action taken or proposed correctivecorrective action
taken or proposed corrective.
Thus, two mechanisms are identified to curb this behaviour: contractual mechanisms to align
management goals with the principal; and information systems introduced to reduce information
asymmetry between owners and management which can also restrict opportunistic behaviour through
the realization by management that they cannot deceive the monitors (Cohen et al., 2008; Eisenhardt,
1989a). The latter study ( Dellai and Omri 2016 ) used questions to assess whether IA staff is free
from any interference when performing obligations, whether they assess work which they were
previously responsible for, if they also perform non-IA functions (such as providing consultancy
services), and if they have free access to all resources required. Recording also allows the researcher
to return to the original recording for any clarification (Silverman, 2010, p. 210) and as such can
reduce the chance of misinterpretation by keeping data in context (Patton, 2002). Upon review of
such changes by the auditorthe exit meeting and other discussions. Hoang Hung Dau Insourcing
Basics Insourcing Basics Thomas F. RQ1 and RQ2 consider the first perspective; RQ3 considers the
second perspective. This essay explains what the ISO 9000 is and the difference between the three
models of quality assurance comprising the ISO 9000 series. Fifth, a salient feature of this research is
that attributes of quality are identified by users and preparers of internal audit based on their
experiences, in contrast to factors prescribed by a set of mandatory standards. One IA Head provides
a viewpoint that objectivity is important to maintain but independence should be carefully structured:
Page 148. Don't just say they didn't follow the policy to the letter of the law, as a policy might be
fundamentally flawed or out-dated, or processes or technology might have moved on since then. (IA
Partner) These quotes all identify that without a bigger picture understanding, many important issues
may not be picked up or may even be dismissed, or the IAF will fail to question the systemic issues.
These methodological factors included the necessity of using analytical tools such as Data Analytics;
procedural guidance to follow, such as the COSO process which was suggested to make an IAF look
at the audit more holistically, both at a high level and a more detailed level; and the sampling sizes
used by the IAF. Strand Norman, C., A. M. Rose, and J. M. Rose. 2010. Internal Audit Reporting
Lines, Fraud Risk Decomposition, and Assessments of Fraud Risk. S24 Senior management fully
supports IA to fulfil its tasks. As an explanatory example, an understaffed IA department should
result in lower effectiveness regardless of the jurisdiction in which it operates. Source expertise is the
perceived ability of the source to provide information of an actual or true nature, and source bias
refers to motivating influences on the source to misreport or distort 11 Bonner and Lewis (1990)
state that experience and competence should not be confused with expertise. Onay ( 2021 ) lists
seven key questions similar to the above using a 5-point scale. The IIA considers a high quality audit
as an audit that conforms to IIA standards and one that meets stakeholder Page 168. RQ3: What
input, process, output, and contextual factors are considered by IAF stakeholders as determinants to
the quality of an IAF. Transcripts were sent to the participant within one week of the interview. The
final section leaves an open-ended question for the qualitative portion, accepting any form of
feedback. These multiple dimensions and determinant factors are included in both models and
frameworks of quality (Brady and Cronin, 2001). In summary, two themes regarding contextual
factors that can affect IAF quality were discussed consistently among participants. IA Partners argue
that client expectations must be taken into consideration when making judgments on quality. Specify
location (generally the city where report is signed).location (generally the city where report is
signed).location (generally the city where report is signed).location (generally the city where report is
signed). So if people haven't told you everything, or even maybe not intentionally not told you
everything, then you won't know what questions to ask, or you may not necessarily ask the right
questions. How do they plan on using the report?How do they plan on using the report? Badara and
Saidin ( 2013, 2014 ) found positive statistical significance with regard to this factor, with similar
results obtained by Dejnaronk et al. ( 2016 ) and Arena and Azzone ( 2009 ) (however only partial
confirmation). Source: Authors’ computation outputted from SPSS software version 26. Key
Questions: Q1 I would like you to think of an internal audit engagement you have been associated
with that you perceived to be of high quality or was of lower quality. But don't drive the
independence to the point where it becomes actually a barrier. (IA Head) Overall, participants were
very concerned with the individual objectivity of an auditor, in that the auditor will conduct their
responsibilities impartially and with an unbiased attitude, and that they will be seen to be objective by
the auditees.
The stock physically verified was short by 2 units as against the balanceThe stock physically verified
was short by 2 units as against the balanceThe stock physically verified was short by 2 units as
against the balanceThe stock physically verified was short by 2 units as against the balance. But that
is still a model that I think works well and works effectively. (AC) People with commercial nous
often get snapped up in the business. Regardless, you know you've got to be practical but you've also
got to stand your ground. When asked to describe their current role the Internal Auditors. Under IIA
prescriptions of IAF quality, this would indicate that the majority of IAFs are not of high quality, but
the more telling message is that within practice, if IAFs are not conforming to IIA standards, the
standards are not a strong guidance to assess quality. The literature analysis revealed that IA
organizational characteristics are part of the organization’s context, where the IA status is shaped,
and their independence gained by reporting to the level with the organization allows it to perform
without obstacles and assist it in communicating IA results objectively without influence from the
auditee and management. On the other hand, lack of management support adversely affects the
auditee’s level of cooperation with IA and creates an unfavorable attitude towards the IA by the
auditee as well as the perception of the auditee by the IA as unimportant because it is recognized to
be unimportant by senior management ( Mihret and Yismaw 2007 ). Another crucial point explains
that development of controls should never be carried out by IA despite being highly qualified to do
so, as it would severely hinder independence and objectivity. The evidence relating to H2 (IA Size)
also concurs with the literature discussed that more internal auditors do increase effectiveness
accordingly. While this thesis does not develop a specific measurement instrument, this framework
may be used for IAF quality measurement. Each participant was offered to be provided a copy of the
transcript to verify accuracy and ensure, after the fact, they were comfortable with what they had
said in the interview and had the opportunity to either add to or delete from the transcript where
they felt necessary to achieve comfort with their response (Gendron and Bedard, 2006; McCracken
et al., 2008; Tremblay and Gendron, 2011).36 Recording provided one further benefit to the research
process. The counterargument would likely be valid that private entities are heavily pressured into
functioning effectively due to the large competition the private sector poses. All recommendations
should be followed by the auditee'sauditee'sauditee'sauditee's response.response.response.response.
Technical skills are seen as the foundation of an internal auditor and their potential to perform quality
audits. Internal audit is not an isolated technical exercise but is an integral part of the. Efficiency can
be improved as external audit work can be reduced (Messier et al., 2011) through, for example, lower
substantiative testing, and is evident through a reduction in audit fees (Abbott et al., 2012; Felix et
al., 2001) and audit delays (Pizzini et al., 2012). Audit effectiveness can be improved as the work of
the IAF can provide higher levels of assurance over the integrity of financial statements. Combined
assurance is a new concept implemented by organizations. Kaplan and Schulz (2007) formulated an
experiment to test whether intentions of employees to use the IAF as a miscellaneous reporting
(whistle blowing) channel is influenced by the quality of the IAF. Although as explained before
objective measures remove most bias, they are never straightforward indicators of IAE, unlike
perceived effectiveness, which directly tackles the question at hand. Risk Management, IA size,
competency, management support, External Audit (EA) and Audit Committee (AC) cooperation,
follow-up process, and control environment were all deemed to positively influence IA effectiveness.
Companies Frequently Conduct Internal Audits Of Their. And what’s that report look like, what sort
of value does it give the client? (IA Partner) A noticeable feature of this quote is the emergence of
the concept of value, and the value that a client receives from an audit report. The findings
substantiate the idea that independence should be viewed from two different aspects, being
independence from management (as explained in F3) and independence arising from unimpaired
influence and unrestricted access placed on the IAU at all levels of the organisation, allowing them
to carry out their duties effectively. However, given the finding that the judgements of the corporate
governance actors are consistent with predictions of multiple theories suggests a pertinent area for
future research. Accounting Horizons 21 (2):165-187. Cohen, J., G. Krishnamoorthy, and A. Wright.
2004. The Corporate Governance Mosaic and Financial Reporting Quality. That is, the expert would
be used to see if they (the expert) would have come up with the same output from the information
available. Another IA Head suggested that reports need to contain more than just findings: It is also
not good enough to just come up with issues. It appears that most internal auditors do not consider
conforming to standards as important for IAF quality. Dispence information on Scheduling The
Audit, Planning The Audit, Conducting Fieldwork, using this template. The regression weights of
the predictor variables and the regression coefficients were then checked to identify the significance
of the independent variables as predictors of effectiveness.
