Factors that influence the perceived use of the internal audit function's work by executive management and audit committee |
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| Institution: | 1. University Duisburg-Essen, Germany;2. Portland State University, United States;3. Brigham Young University, United States;1. School of Accounting, College of Business Administration, Florida International University, USA;2. Accounting Department, College of Business, San Francisco State University, USA;3. Department of Accounting, Finance and Economics, College of Business and Public Policy, California State University, Dominguez Hills, USA;1. Department of Accounting, College of Business Administration, University of Texas at San Antonio, San Antonio, TX 78249, United States;2. Gerald W. Schlief School of Accountancy, Stephen F. Austin State University, Nacogdoches, TX 75962, United States;1. Florida International University, United States of America;2. University at Albany – SUNY, United States of AmericaThis article was accepted by Roger Graham;1. Accounting Department, College of Business, Frostburg State University, 101 Braddock Rd, Frostburg, MD 21532, United States of America;2. Department of Accounting & Finance, School of Business & Management, Morgan State University, 1700 Cold Spring Lane, Baltimore, MD 21251, United States of America;1. Nova Southeastern University, 3301 College Avenue, Davie 33314, United States;2. University of Waterloo, Waterloo, ON N2L 3G1, Canada;3. University of Kansas, 1300 Sunnyside Av, Lawrence, KS 66045, United States;1. E.J. Ourso College of Business, Louisiana State University, Baton Rouge, LA 70803, United States of America;2. Department of Accounting, University of New Orleans, New Orleans, LA 70148, United States of America |
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| Abstract: | The internal audit function (IAF) is an important component of high-quality corporate governance. We study how the head of internal audit perceives the executive management team and the audit committee to rely on the IAF's work. It is not obvious from prior work or professional anecdotes whether the IAF satisfies the needs of both groups. If multiple factors influence the IAF's work, chief audit executives (CAEs) may find themselves in a situation with competing demands, which could then compromise quality for all stakeholders. Based on a unique dataset from CAEs, two logistic regression models identify factors that influence the degree to which IAF's results are perceived as being used by both executive management and the audit committee. The results show the existence of various factors that are relevant either to both groups (e.g., strategic project reports and IAF quality) or to only one (e.g., only audit committees are interested in risk management reports while only executive management teams are interested in internal control reports), depending on whether the IAF focuses on assurance or consulting work. |
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