Governance applications in auditing under risk

The study treats the implementation of corporation governing and the skills of accounts verification in face of threats. The problem of the research is in the optimum use of the entity's resources and attaining the interests of the owners and the other parties. The corporation governing of companies makes use of the environment and activities of controlling, ensures the objectives and assesses the ventures that threat the company's survival in the future.the importance of the study is in using auditing as a means to serve the interests of parties inside and outside the entity. The aim of this study is in identifying the steps of acquiring the practical and scientific skills of accounts auditor. Another aim is using corporation governing of companies approach in raising the economic efficiency of institutions. The hypothesis of the study is that the corporation governing approach of companies is a complete and perfect financial and non-financial approach. The study comes to the following results and recommends: Internal auditing decreases the basic mistakes in preparing financial statement. Developing the academic tools to support the governing role of auditing. The auditor should be devoted to raise auditing quality. Professional explanation is to be enacted.

The Role of Internal Audit Function on Performance of Public Higher Learning Institutions in Tanzania: A Case of the Institute of Accountancy Arusha

This study investigated on role of internal audit function on performance of public higher learning institutions in Tanzania using the descriptive correlational design. From 306 staff members, 103 were selected through the simple random sampling and 83 filled and returned the questionnaires. Data was analyzed through descriptive statistics and regression analysis. The organization was found to be doing well in risk management and control mechanism aspects as part of the internal auditing function. There are adequate human and material resources for internal audit function. The internal audit staffs are qualified and the management supports the internal audit initiatives with ICT facilities and adequate budget. While risk management, control mechanism and availability of resources significantly predicted the organizational performance, governance process did not. Availability of resources for internal auditing was the best predictor for the organizational performance. It is therefore recommended that the organization should maintain the existing risk management strategies and regular presentation of risk management reports as such aspects contribute to the organizational performance. Since risk management, control mechanism and availability of resources are significant predictors for the organizational performance, there is need to keep improving the control mechanism and provide required resources for effective internal audit function.

The Impact of Internal Audit on Financial Performance of Deposit Money Banks in Nigeria

The main aim of this seminar paper is to investigate the impact of internal audit on financial performance of money deposit banks in Nigeria. The population of this study was 22 commercial license banks in Nigeria in which 16 money deposit banks were sampled using judgmental sampling technique and hypergeometric formula. Primary data with respect to questionnaires were used to collect data. 15 questionnaires were distributed to each sampled bank but in all the 360 questionnaires distributed, 334 questionnaires were correctly retrieved and found usable. The research tools used were Ordinary Linear Regression (OLS) with correlation, Adjusted R Square and Standard Error using IBM SPSS Statistics 20 software. The result(r=28.9%) showed that there was a relationship between internal audit and the profitability of money deposit banks in Nigeria. Also, internal audit reporting channels have a positive effect (r=25.5%) on financial performance of money deposit banks in Nigeria. The study concluded that there was a positive relationship between internal audit and the financial performance of money deposit banks in Nigeria. Likewise, internal audit reporting channels have an effect on financial performance of banks in Nigeria. The study recommended that money deposit banks in Nigeria should strengthen their internal audit and their internal auditing reporting channels as they were both important to their financial performance.

Internal Audit of Consolidated Financial Statements of Agricultural Holdings According to the International Standards for the Professional Practice of Internal Auditing

This paper reveals the issues of methodology of organizing and conducting of an internal audit of the formation of consolidated financial statements of agricultural holdings. The content of each stage of the proposed algorithm for the implementation of internal audit is presented in detail, new forms of working documentation for the internal auditor are proposed.

Conceptual framework for risk-based internal audit. Risk-oriented terminological and visual apparatus

The article discusses the conceptual foundations of riskbased internal audit, basic terms and definitions. The topic of the article is relevant given the development of corporate governance practices in Russian companies in accordance with the recommendations of the Corporate Governance Code. The International Framework for the Professional Practice of Internal Auditing defines the mission of internal audit as preserving and increasing the value of the organization by conducting objective internal audits based on a risk-based approach, providing advice and sharing knowledge. The material of the article is presented taking into account the current regulatory framework, international auditing standards, the International Foundations for the Professional Practice of Internal Auditing, and expert explanations.

Internal audit’s evolving performance role: lessons from the South African public sector

Purpose The formal adoption of internal auditing within the South African public sector was made compulsory by the Public Finance Management Act, No. 1 of 1999. Despite internal auditing’s primary role of adding value and assisting organisations to accomplish pre-defined strategic objectives, the increasing frequency of service delivery protests in South Africa, suggests that mandatory internal auditing may not have contributed to improving public sector performance and enhancing service delivery, as envisaged. This paper aims to identify the factors preventing internal audits from effectively contributing to improved public sector performance and service delivery. Design/methodology/approach The study adopted a sequential mixed-methods research approach. Firstly, a survey instrument was used to collect empirical data from survey respondents at South African national government departments. Secondly, semi-structured interviews and focus group discussions were held with a purposively selected sample of participants to explore the observations from the first phase. The observations from the first two phases were validated through an analysis of pertinent documents and records. Findings Despite all departments adopting internal auditing, management’s expectations of internal auditing and the services provided by the internal audit function diverged. The results suggest that the emergence of a compliance approach to organisational governance together with poor performance management skills has impaired internal auditing’s ability to effectively contribute to strategic and performance management. Research limitations/implications Despite its South African orientation, as internal auditing is a global association and given that service delivery protests continue to occur in several countries around the world, increases the study’s international relevance. Moreover, the mandate of internal auditing requires it to add value to an organisation irrespective of its geographical location. Originality/value The study contributes to the existing body of knowledge on internal auditing, particularly its adoption and implementation in the South African public sector. In addition to identifying the factors inhibiting effective internal auditing, the study advances a suggested framework for the future of internal auditing.

Research on XBRL Continuous Internal Audit under the Big Data

The development of digital industrialization has promoted the continuous emergence of new industries, new formats and new models, and has also promoted the transformation of the traditional internal audit model to digital and intelligent. Big data, cloud computing, XBRL, artificial intelligence and other digital technologies are important means to achieve full audit coverage, big data audit has become a hot topic in the current audit field, relevant literature mainly focuses on the impact of big data on traditional audit concepts and audit methods, the impact and risks of big data technology on informatization audits, and how the auditing community responds. However, the research on the integration of big data technology and XBRL technology into continuous internal auditing is relatively rare. Based on the introduction of three XBRL continuous internal audit models, this article analyzes the continuous internal audit process of the XBRL information system, and discusses the application of big data technology in XBRL continuous internal audit.