Article2018

The role of the internal audit function in integrated reporting: a developing economy perspective

Lindie Engelbrecht · Yaeesh Yasseen · Irfaan Omarjee

54 citations0/0 files storedMeditari Accountancy Research

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Auditing, Earnings Management, Governance Corporate Social Responsibility Reporting Corporate Governance and Financial Management

Abstract

Purpose The purpose of this paper is to explore the roles of the initial perceptions of chief audit executives (CAEs) on the role of internal audit function (IAF) in integrated reporting (IR) in South Africa. This paper draws attention to possible challenges and barriers to internal audit’s (IAs) involvement in the integrated reporting process (IRP). Design/methodology/approach Detailed interviews were carried out in 2016 with 10 CAEs from the EY Excellence in Integrated Reporting Awards for South Africa. An interpretive approach involving thematic content analysis was used to construct key themes which provided the CAE’s initial perception of the IAF’s role in IRP. Findings Despite the current role being limited, the findings suggest that the IAF has unexploited potential to improve the IRP. These roles include: providing assurance on data integrity; reviewing risks and opportunities; evaluating the adequacy of governance and risk management controls and giving assurance on the IRP. A benefit to the IAFs involvement in the IRP relates to their extensive knowledge of the business. The lack of skills in the IA profession is an area of concern, as there is a shortage of capacity and specialist skills. Research limitations/implications The interpretive style will assist IAFs to understand and define their role in the IRP, as well as to follow best practice in the IRP. Originality/value This paper is the first to explore the views and make recommendations on the role of the IAF in the IRP. This paper can be seen as an important contribution to academic research as the role of IAF in the IRP is exploratory in a global context.

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References

2011The qualitative research interview 2009Assurance on Sustainability Reports: An International Comparison 2003Beyond Neopositivists, Romantics, and Localists: A Reflexive Approach to Interviews in Organizational Research 2012Conducting research interviews 2014Integrated Reporting: Insights, gaps and an agenda for future research 2013Sustainability reports as simulacra? A counter-account of A and A+ GRI reports 2003Auditing and the production of legitimacy 2016Integrated reporting: A structured literature review

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