An assessment of the newly defined internal audit function

An assessment of the newly defined internal audit function The new definition of internal auditing defines the function as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. The purpose of this paper is to summarize an assessment of this new definition obtained through structured interviews from 11 internal audit directors of large publicly traded companies. The responses from the directors indicate that there are wide differences in viewpoints and objectives; but a definite shift has occurred in the overall scope of internal audit towards operational activities. While most of the interviewees are in conceptual agreement with the new internal audit definition, an underlying warning is vocalized: "Don't throw out the franchise". That is, the traditional role of the internal auditor should not be completely abandoned. These, along with other responses pertaining to related issues and suggestions for future research, are summarized throughout the paper. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Managerial Auditing Journal Emerald Publishing

An assessment of the newly defined internal audit function

Managerial Auditing Journal, Volume 17 (3): 8 – Apr 1, 2002

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Publisher
Emerald Publishing
Copyright
Copyright © 2002 MCB UP Ltd. All rights reserved.
ISSN
0268-6902
DOI
10.1108/02686900210419912
Publisher site
See Article on Publisher Site

Abstract

The new definition of internal auditing defines the function as an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. The purpose of this paper is to summarize an assessment of this new definition obtained through structured interviews from 11 internal audit directors of large publicly traded companies. The responses from the directors indicate that there are wide differences in viewpoints and objectives; but a definite shift has occurred in the overall scope of internal audit towards operational activities. While most of the interviewees are in conceptual agreement with the new internal audit definition, an underlying warning is vocalized: "Don't throw out the franchise". That is, the traditional role of the internal auditor should not be completely abandoned. These, along with other responses pertaining to related issues and suggestions for future research, are summarized throughout the paper.

Journal

Managerial Auditing JournalEmerald Publishing

Published: Apr 1, 2002

Keywords: Committees; Risk management; Corporate governance; Competences

References

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