Article2020

An examination of factors associated with investment in internal auditing technology

25 citations0/0 files storedManagerial Auditing Journal

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Auditing, Earnings Management, Governance Accounting and Organizational Management Information Technology Governance and Strategy

Abstract

Purpose The purpose of this study is to explore whether various organizational, internal audit function and audit committee factors are associated with internal audit investment in audit technology. Design/methodology/approach The responses from 213 public and private company chief audit executives (CAEs) from seven Anglo-culture countries are analyzed from the Common Body of Knowledge (CBOK) 2015 Global Internal Auditor Practitioner Survey on specific questions addressing internal audit use of audit technology. Findings The results indicate that several of the studied factors are associated with investment in internal auditing technology, and taken together, suggest that CAE power may be the key driver in the technology investment decision. Furthermore, the data show that internal audit functions are not fully embracing the use of information technology (IT) tools and techniques, with average usage of ten of the eleven tools and techniques examined below moderate levels. Practical implications The results have implications for CAEs, boards and management when making resource allocation decisions. For example, the findings can be used in benchmarking an appropriate investment in internal audit technology, as well as identifying specific internal audit technology areas where further investment may be warranted. Additionally, insights provided by this study can facilitate a discussion about the value internal audit can add by increasing its investment in audit technology. Originality/value This study contributes to prior literature on internal auditing by filling a gap related to internal audit investment in audit technology, examining countries that are similar in culture rather than limiting the study to one country, and using several factors that have not been previously examined in prior internal audit investment-related literature. Additionally, the findings pointing to the important role CAE power appears to play in the internal audit technology investment decision provide several interesting new research avenues.

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References

2005Factors Associated with U.S. Public Companies' Investment in Internal Auditing 2006The use of internal audit by Australian companies 2010Monitoring Effects of the Internal Audit Function: Agency Theory versus other Explanatory Variables 2005Changes in Internal Auditing During the Time of the Major US Accounting Scandals 2011The Effects of Governance on the Accuracy of Charitable Expenses Reported by Nonprofit Organizations*2010Audit committee characteristics and investment in internal auditing 2006Internal audit outsourcing in Australia 2012A Post-SOX Examination of Factors Associated with the Size of Internal Audit Functions

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