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Internal auditors' assessment of their contribution to financial statement audits : the relation with audit committee and internal audit function characteristics

Mat Zain, Mazlina and Subramaniam, Nava 2006, Internal auditors' assessment of their contribution to financial statement audits : the relation with audit committee and internal audit function characteristics, International journal of auditing, vol. 10, no. 1, pp. 1-18.

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Title Internal auditors' assessment of their contribution to financial statement audits : the relation with audit committee and internal audit function characteristics
Author(s) Mat Zain, Mazlina
Subramaniam, Nava
Journal name International journal of auditing
Volume number 10
Issue number 1
Start page 1
End page 18
Publisher Blackwell Publishing
Place of publication Oxford, England
Publication date 2006-03
ISSN 1090-6738
1099-1123
Keyword(s) internal audit
audit committees
financial statement audits
external audit
Malaysia
corporate governance
Summary This paper examines the relation between audit committee characteristics, internal audit function characteristics and internal auditors' assessment of their contribution to financial statement audits. Using survey data from chief internal auditors of 76 Malaysian publicly-listed firms, we provide evidence of a positive relationship between internal auditors' assessment of their contribution to financial statement audits and three audit committee characteristics: the proportion of independent audit committee members, their knowledge and experience of accounting and auditing, and the extent of audit committee review of internal audit programmes, budget and coordination proposals. Further, a positive relationship is found between internal auditors' evaluation of their contribution to the financial statement audit and internal audit function characteristics including size, prior experience of staff in auditing, time availability and the closeness of the function's relationship with the external auditor. The results indicate that more effective audit committees and well-resourced internal audit units tend to be positively associated with the internal auditors' assessment of their contribution to the external audit.
Language eng
Field of Research 150102 Auditing and Accountability
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2006, Blackwell Publishing
Persistent URL http://hdl.handle.net/10536/DRO/DU:30018580

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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