The relationship between the new IIA Standards and the internal auditing profession

Coetzee, G.P.; Bruyn, Rudrik Du

doi:10.1108/10222529200100003

Cited by 5 publications

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“…In South Africa, Coetzee and du Bruyn (2001) investigated the limitations of the previous Standards and compared them to the changes in the new IIA Standards. They concluded that the changes to the Standards successfully address the challenges faced by the internal audit profession in South Africa.…”

Section: Literature Reviewmentioning

confidence: 99%

Usage of Internal Auditing Standards and internal auditing activities in South Africa and all respondents

Marais

Burnaby

Hass

et al. 2009

Managerial Auditing Journal

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PurposeThe purpose of this paper is to compare the responses of South African respondents with all Common Body of Knowledge (CBOK) 2006 respondents in the areas of compliance with the Institute of Internal Auditors' (IIA) International Standards for the Professional Practice of Internal Auditing (Standards) and several areas of the internal audit activity's (IAA) operations.Design/methodology/approachThis paper summarises and discusses the survey results from questionnaires sent to the IIA members as of September 2006. For selected topics, the CBOK 2006 database is compared for South African respondents and non‐South African respondents.FindingsThe paper finds that South Africans have a higher level of compliance with the Standards than those respondents residing in other parts of the world. Since the internal auditing profession is so young in South Africa, compliance with the Standards gives structure and support to the new IAAs and internal auditors.Originality/valueThis is the first study comparing the status of the South African internal auditing profession with the global state of internal auditing, activities performed by internal auditors and the perception of the IAAs in their organizations.

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Section: Literature Reviewmentioning

confidence: 99%

Usage of Internal Auditing Standards and internal auditing activities in South Africa and all respondents

Marais

Burnaby

Hass

et al. 2009

Managerial Auditing Journal

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“…In 1947, the IIA focused the IAF's role on checking accounting records, detecting financial irregularities, and assisting external auditors (Swinkels, 2012;Moeller, 2009). In a further evolution, the internal audit profession is required to articulate modern developments (Coetzee and Bruyn, 2001;Hass et al, 2006), so that since 1999 until now IAF has been defined as "an independent, objective assurance and consulting activity designed to add value. and improve an organization's operations.…”

Section: The Role Of the Internal Audit Functionmentioning

confidence: 99%

“…and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes (Coetzee and Bruyn, 2001;Pickett, 2010).…”

Section: The Role Of the Internal Audit Functionmentioning

confidence: 99%

“…Referring to the definition of The IIA in 1999, basically IAF is expected to be able to carry out assurance tasks independently and objectively in evaluating and improving governance processes so as to provide added value and help companies achieve corporate goals (see Coetzee and Bruyn, 2001;Pickett, 2010). The quality of financial reporting itself is closely related to the intention and behavior of management in presenting accurate operational performance reports that make it easier for investors to predict cash flows.…”

Section: The Influence Of the Iaf's Role On The Quality Of Financial ...mentioning

confidence: 99%

See 1 more Smart Citation

Financial Reporting Quality: How to Optimize the Role of Internal Audit

Iriyadi¹,

Fettry²,

Anzib³

et al. 2021

IJAR

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The purpose of the study is to investigate the role of the internal audit function (IAF) in improving the quality of financial reporting. This is because the effectiveness of the FAIs role is often questioned considering its status as an employee who must serve two masters namely the board of directors and the audit committee as representatives of the board of commissioners. On the other hand, financial statements represent reports on the performance and quality of the companys management. The research method uses quantitative methods with multiple linear regression analysis. The research data is based on a questionnaire survey with purposively selected respondents from accounting, finance, auditing, and audit committee practitioners. The research findings indicate that the competence and objectivity of the IAF have a positive effect on the quality of financial reporting. Thus, to enhance the quality of financial reporting, internal auditors must be able to improve their competence and objectivity. Meanwhile, the most important quality of financial statements is the fundamental qualitative characteristics of faithful or honest representation by management. The results of this study answer doubt about the unique role of the IAF as a servant of the two masters, and implicitly the partnership with the audit committee enhances the check and balance function through the role of the IAF. The limitation of the study is that the low determinant coefficient which indicates that there are many other factors that affect the quality of financial reporting. For further research, it is recommended to add other factors and increase the number of sample respondents.

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“…Global corporate scandals and breakdowns in the financial services sector have also increased the role of internal audit in providing assurance and consulting services on risk management, governance and internal control. This progress and awareness also brought with it a renewed focus not only on the technical skills but also on the soft skills required of those practising as internal auditors (Barac et al , 2013; Plant et al , 2013; IIARF, 2016; Steyn et al , 2013; Coetzee et al , 2014; Cowan et al , 2013; Jackson, 2020). Gopinath (in Piper, 2020), chief economist at the International Monetary Fund, stated in an interview that “[t]his [the COVID-19 pandemic] is much stronger than the global financial crisis” which means that the role of internal audit, in reinforcing risk management, governance and internal control, will be more important than ever before during and post the COVID-19 crisis (Piper, 2020; Wright, 2020).…”

Section: Introductionmentioning

confidence: 99%

Soft skills development in entry-level internal auditors: perspectives from practising internal auditors, students and facilitators in South Africa

Steyn

2020

HESWBL

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Purposeliterature and research internationally indicate a lack of sufficient facilitation of soft skills development in entry-level internal auditors (internal audit graduates upon entering the workplace), although it is essential for entry-level internal auditors to be able to apply soft skills effectively. The purpose of this paper is to determine the extent to which these international views and findings on soft skills development are evident in South Africa according to practising internal auditors, students and facilitators. Comparisons are also drawn between the perceptions of practising internal auditors, students and facilitators.Design/methodology/approachPurposive sampling was used, and data were collected using a structured questionnaire and an interview survey with quantitative analysis.FindingsIn general, the results concur with the literature in terms of the lack of sufficient facilitation and the importance of soft skills development in entry-level internal auditors in South Africa for all three groups. Significant differences were also found between some of the perceptions of practising internal auditors, students and facilitators.Practical implicationsThis study benefits internal audit employers, students and facilitators because soft skills are an in-demand graduate attribute and the application of alternative teaching–learning activities to develop students' soft skills also promotes deep learning through student engagement.Originality/valueThe identification of the 21 soft skills categories from the literature, which should be developed in entry-level internal auditors, has not been researched before as well as the perspectives of students and facilitators in South Africa on soft skills development.

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The relationship between the new IIA Standards and the internal auditing profession

Cited by 5 publications

References 0 publications

Usage of Internal Auditing Standards and internal auditing activities in South Africa and all respondents

Usage of Internal Auditing Standards and internal auditing activities in South Africa and all respondents

Financial Reporting Quality: How to Optimize the Role of Internal Audit

Soft skills development in entry-level internal auditors: perspectives from practising internal auditors, students and facilitators in South Africa

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