Article2015

Influence of audit committees on internal audit conformance with internal audit standards

63 citations0/0 files storedManagerial Auditing Journal

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Auditing, Earnings Management, Governance Accounting and Organizational Management Corporate Governance and Financial Management

Abstract

Purpose – This study aims to provide empirical evidence of the association between audit committee characteristics and internal audit conformance with the International Standards for the Professional Practice of Internal Auditing (ISPPIA). Design/methodology/approach – Seventy-four usable responses were received from a survey of chief internal auditors (CIAs) from Saudi companies listed on the Saudi Stock Exchange. Findings – The results indicate that audit committee characteristics (the presence of independent members on the committee, members’ expertise in auditing and accounting and meeting with the CIA) influence internal audit conformance with the ISPPIA. Additionally, they demonstrate that such conformance is also influenced by CIA tenure. Practical implications – The findings of this study also have significant implications for audit committees wishing to improve their overall effectiveness, by identifying the impact of the committee’s characteristics on internal audit conformance with the ISPPIA. Originality/value – The results add to the literature on internal audit standards by introducing a Middle Eastern perspective and simultaneously providing insights for companies in their attempts to adhere to the international standards, hence, supporting efforts towards good corporate governance.

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References

2004Audit Committee Characteristics and Restatements 2004The Effect of Audit Committee Expertise, Independence, and Activity on Aggressive Earnings Management 2000Audit Committee Composition and Auditor Reporting 2009The Audit Committee Oversight Process*2006Audit Committee Quality, Auditor Independence, and Internal Control Weaknesses 2005Enterprise risk management: An empirical analysis of factors associated with the extent of implementation 2002Audit Committee Effectiveness: A Synthesis of the Empirical Audit Committee Literature 2003The Association between Audit Committee Characteristics and Audit Fees

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