Internal Audit Roles and its Challenges in Public Sector Governance
Keywords:
Internal Audit, Public Sector, Independence
Abstract
The internal audit function plays a crucial role in public sector governance by providing independent assurance, risk management, and effective governance practices. However, this function faces various challenges that need to be addressed to ensure its effectiveness. This paper explores the challenges faced by the internal audit function in public sector governance, including issues such as independence, resource limitations, complex regulatory environments, political influence, and resistance to change. Additionally, challenges related to skills and expertise, data management, stakeholder expectations, and organizational culture are discussed. To overcome these challenges, several recommendations are provided, including enhancing independence, allocating sufficient resources, promoting continuous professional development, strengthening regulatory awareness, fostering a culture of accountability, enhancing collaboration, promoting awareness and understanding, embracing technology, strengthening communication, and monitoring the implementation of recommendations. By implementing these recommendations, public sector organizations can enhance the effectiveness of their internal audit function, leading to improved governance, risk management, and accountability in the public sector.
References
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DeZoort, F. T., & Harrison, P. D. (2016). Internal auditing: Assurance and consulting services. Cengage Learning.
Egbunike, P. A., & Egbunike, F. C. (2017). An empirical examination of challenges faced by internal auditors in public sector audit of south-eastern Nigeria. Asian Journal of Economics, Business and Accounting, 3(2), 1-13. doi: 10.9734/AJEBA/2017/33944
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Elmagrhi, M. H., Hussein, A. M., & Aris, N. M. (2019). Challenges faced by internal auditors in Libyan public organizations. International Journal of Business and Society, 20(S1), 150-167.
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Halper, F. (2017). The Role of Internal Audit in Cybersecurity. Journal of Corporate Accounting & Finance, 28(5), 48-57. doi: 10.1002/jcaf.22242
Hammersley, J. S., & Myers, L. A. (2012). Improving communication between the audit committee and internal audit. The CPA Journal, 82(5), 32-38.
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Institute of Internal Auditors. (2021). History of The IIA. Retrieved from https://www.iia.org/about-us/history
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360. doi: 10.1016/0304-405X(76)90026-X.
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Knauer, T., Matsumura, E. M., & Tucker, R. R. (2008). The market for corporate assets: Who engages in mergers and asset sales and are there efficiency gains? Journal of Accounting and Economics, 45(1), 2-25. doi: 10.1016/j.jacceco.2007.07.002
Knechel, W. R. (2016). The roles and responsibilities of the audit committee: A research synthesis. Auditing: A Journal of Practice & Theory, 35(Supplement 1), 183-198. doi: 10.2308/ajpt-51427
Kporsu, A. K. D., & Sam, D. D. (2021). Internal audit and good governance in public sector institutions in Ghana. Journal of Accounting, Finance and Auditing Studies, 7(1), 11-24. doi: 10.32602/jafas.2021.0102
Kpurugbara, N., Akpos, Y. E., Nwiduuduu, V. G., & Tams-Wariboko, I. (2016). Examination of auditing
practices and procedures in the Nigerian local government system-A study of selected LGAs in Rivers State. International Journal of Research, 3(1), 967-973.
Martin, S. (2013). A Brief History of the Internal Audit Function. In R. R. Moeller (Ed.), Brink's Modern Internal Auditing: A Common Body of Knowledge (8th ed., pp. 1-14). John Wiley & Sons.
Mazengia, D. W. (2015). The role of internal audit in the Ethiopian public sector: Challenges and prospects. Journal of Modern Accounting and Auditing, 11(7), 330-338.
Mihret, D. G., & Woldeyohannis, G. B. (2009). The role of internal auditing in risk management: The case of commercial banks in Ethiopia. Managerial Auditing Journal, 24(8), 822-838. doi: 10.1108/02686900910993557
Moeller, R. R., & Embrechts, M. J. (2018). Auditing and GRC automation in a compliance environment. ISACA Journal, 4, 1-9.
Murray, S. J., & Patterson, M. G. (2014). Internal audit and assurance in the context of quality improvement: An ethnographic study. Critical Perspectives on Accounting, 25(6), 495-512. doi: 10.1016/j.cpa.2013.07.005
OECD. (2005). OECD Principles of Corporate Governance. Retrieved from https://www.oecd.org/daf/ca/corporategovernanceprinciples/31557724.pdf
Ogundele, O. J., & Fatokun, O. R. (2017). The role of internal audit in the achievement of good governance in Nigeria: Challenges and prospects. Journal of Business and Management Sciences, 5(3), 84-93. doi: 10.12691/jbms-5-3-2
Okee, C. F. & Fred, I. S. (2021). A review of the challenges with internal audit functions in public institutions in Nigeria. International Journal of Business & Law Research, 9(1), 195-207.
Okolie, M. I., & Anao, A. R. (2019). The role of internal auditing in public sector accountability in Nigeria: An empirical investigation. International Journal of Public Administration, Finance and Law, 16, 1-18.
Olabode, B. O., & Okolie, M. I. (2019). Influence of regulatory framework on internal audit quality in Nigeria. Research Journal of Finance and Accounting, 10(4), 92-101.
Osagioduwa, L. O. (2019). The effectiveness of the whistle blowing policy in combating corruption in the Nigerian public sector. Global Journal of Arts Humanities and Social Science. 7 (10), 77-98.
Osagioduwa, L. O. (2022). Assessment of challenges of public auditor’s independence and report in the public sector of Nigeria. Amity Journal of management research. 5(1), 70-87.
Osagioduwa, L. O.& Ogbonwan, E. (2022). Professional accountant code of ethics and the public sector experience. Journal of Accounting and Management, 12(3), 59-76.
Osagioduwa, L. O., Ese, T. E., & Ogudo, O. S. (2022). Post employment benefit: a comparative assessment of the central bank and the police force retirees. London Journal of Research in Management and Business. 22(5), 1-27.
Osagioduwa, L. O., Mozie, E. P., Ogudo, O. S., & Uyi. N. (2022). Government anti-corrupt instruments unity and prosecution of corrupt public officers. The accounting practitioners’ perspective. Nigerian Journal of Management Science. 23(2), 29-45.
Osagioduwa, L. O., Ogudo, O. S., & Oloye, F. (2022). Central bank of Nigeria and the Nigerian economy in the 21st century. Journal of Accounting and Management, 12(2), 59-76.
Osagioduwa, L. O., Ojiakor, I., Esenobor. E. T., & Odiachi. L. (2022). Fraud scheme and fraudulent accountant prosecution. International Journal of Academic Research in Business and Social Science.12(1), 1143-1169.
Osagioduwa, L. O., Rahmon, T. A., Bidemi, K. A., Izedonmi, F. O. I., Ukarin, I. (2022). Internal control: a review of Edo, Delta, Anambra and Enugu States. London Journal of Research in Management and Business, 22(5), 1-27.
Osagioduwa, L. O., Uyi. N., Ogudo, O. S., & Mozie, E. P. (2022). Effective auditors, systematic corruption and the EGAD report: the way forward. Gusau journal of accounting and finance. 3(2), 1-31.
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Published
2024-01-20
How to Cite
Osagioduwa, L. O., & N, A. E. (2024). Internal Audit Roles and its Challenges in Public Sector Governance. Global Journal of Accounting, 9(2), 10-20. Retrieved from http://gja.unilag.edu.ng/article/view/2031
Section
Articles
