Risk management: The reinvention of internal control and the changing role of internal audit

Spira, Laura F.; Page, Michael

doi:10.1108/09513570310492335

Cited by 399 publications

(297 citation statements)

References 12 publications

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“…Spira and M. Page, researchers from the UK, highlight the problems associated with determining the expertise of internal auditing and the professionalization of this function (Spira and Page, 2003). Such problems occur, for example, with regard to the competence of internal auditors in the fi eld of risk management, which is one of the areas of their activity according to the current defi nition of internal auditing.…”

Section: Internal Auditing As An Independent Profession -A Selectiomentioning

confidence: 99%

The Professionalization of Internal Auditing

Gacoń¹

2013

MBA. CE

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Purpose: This paper attempts to examine the meaning of professionalization, the conditions required for professionalization and whether internal auditing can be recognized as a profession. The paper makes use of study results in the fi eld of internal auditing conducted in Europe and the USA, as well as Andrew Abbott's theory on the system of professions. Professions have common characteristics which differentiate them from other occupations. These characteristics were used to determine the criteria for evaluating the professionalism of internal auditing. The conducted analysis indicates that presently internal auditing cannot be regarded as an independent profession. Methodology:Study results (quantitative and qualitative) in the fi eld of internal auditing were used in the analysis. Findings:The conducted analysis indicates that presently internal auditing cannot be regarded as an independent profession.Research limitations: Only a selection of research studies conducted in the USA and a few European countries were used, which limits the cognitive value of the analysis. Originality:The paper presents an overview of conducted research studies and gives an evaluation of the current state of professionalization of internal auditing.

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Section: Internal Auditing As An Independent Profession -A Selectiomentioning

confidence: 99%

The Professionalization of Internal Auditing

Gacoń¹

2013

MBA. CE

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“…New models of governance, privatization of public services, and collaborations in networks have all pushed the growth of public sector auditing forward (Pentland, 2000, p. 307). This also signals a fundamental transition from external regulation, where external bodies exert control over organizations, to internal regulation and accountability by freestanding units within governmental organizations (Hood, Peters, & Scott, 2004;Spira & Page, 2003).…”

Section: Internal Audit In Governmentmentioning

confidence: 99%

Coping with Complexity: Internal Audit and Complex Governance

Schillemans

Twist

2016

Public Performance & Management Review

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Complexity, a key issue in accountability research, is almost coterminous with modern governance. Increased complexity is a key external contingency driving analyses of public administration. Scholars often conclude that "traditional" forms of centralized accountability and control are no longer feasible in the face of complexity, but at the same time, internal audit in government, as a form of centralized accountability and control, is expanding its scope. This apparent paradox is addressed by means of mixed research methods focusing on how internal auditors in government understand and cope with complexity. The article demonstrates that auditors do so by hybridizing values and through professional and relational anchoring of practices. The results suggest that public administration scholars should not write off centralized control in complex systems of governance. The article also suggests that new accountability issues arise, relating to professional autonomy and influence inside government.

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“…In analyzing the relationship between risk management and internal audit, Selim and McNamee (1999) reveal that risk management principles are better integrated into overall management processes when risks are highlighted in top management corporate reports. Furthermore, Spira and Page (2003), by using a sociological perspective on risk, find that increased corporate governance positively contributes to effective risk management. Their findings also reveal that risks are more effectively managed when they are incorporated within the mainstream corporate governance framework.…”

Section: Management Support and Risk Managementmentioning

confidence: 99%

Perceptions about effective risk management. The crucial role of internal audit and management. Evidence from Greece

Drogalas

Eleftheriadis

Pazarskis

et al. 2017

Investment Management and Financial Innovations

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In the aftermath of the financial crisis, many companies have implemented extensive risk management procedures. Additionally, internal audit has increasingly attracted the attention of managers as it constitutes the core of modern corporate governance. However, regarding Greek companies, there is a lack of empirical research on factors that affect risk management. Therefore, the purpose of the present paper is to analyze specific factors associated with effective risk management. Primary data were collected using questionnaires distributed to employees in companies that are listed on the Athens Exchange. Multiple regression analysis was conducted in order to examine the relationship between effective risk management, risk based internal audit, internal auditors’ involvement in risk management and top management support. Our findings demonstrate that the above factors contribute positively to effective risk management.

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Risk management: The reinvention of internal control and the changing role of internal audit

Cited by 399 publications

References 12 publications

The Professionalization of Internal Auditing

The Professionalization of Internal Auditing

Coping with Complexity: Internal Audit and Complex Governance

Perceptions about effective risk management. The crucial role of internal audit and management. Evidence from Greece

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