INTERNAL AUDIT AND COMPANY PERFORMANCE IN THE REPUBLIC OF SERBIA

Milica Đorđević, Tadija Đukić

DOI Number
-
First page
585
Last page
599

Abstract


The aim of the present study is to examine whether and to what extent internal audit affects performance of companies operating on the territory of the Republic of Serbia. More specifically, it tests differences in business performance of companies with established internal audit system and those without it, and the extent to which their performance is affected by this function. Empirical research focuses on a sample of 113 companies. Research results indicate that companies with established internal audit function achieve greater business performance over the two comparative years, compared to those companies in which the function has not been established. Also, research indicates that the achieved performance is affected by the achieved level of internal audit effectiveness.

.

Keywords

internal audit, company performance, the Republic of Serbia.

Full Text:

PDF

References


Aghili, S. (2009). The Six Sigma Approach to Internal Audits, Strategic Finance, Vol. 90, Issue 8

Alzeban, A., Gwilliam, D. (2012).Perceptions of managers and internal auditors as to factors affecting the effectiveness of internal audit in the public sector context.10th European Academic Conference on Internal Audit and Corporate Governance. Verona: University of Verona, Available at: http://www.iacmaster.it/iacgconference2012/wp-content/uploads/2012/04/aziz-gwilliam.pdf

Arena, M., Azzone, G. (2009). Internal Audit Effectiveness: Relevant Drivers of Auditees Satisfaction, Working paper, Available at: https://www.cass.city.ac.uk/__data/assets/pdf_file/0003/37335/Marika-Arena.pdf

Arens, A., Loebbecke, K. (2000). Auditing– an Integrated Approach, New Jersey: Prentice Hall International

Bogićević, V. (2012). Uloga i značaj revizije poslova u privatnom i javnom sektoru. [Role and Importance of Performance Audit in Private and Public Sector], Zbornik radova Ekonomskog fakulteta, 365–375,

Chambers, A., Rand G., (2000).The Operational Auditing Handbook. Chichester: John Wiley & Sons.,

Fadzil, F., Haron, H., Jantan, M. (2005).Internal auditing practices and internal control system, Managerial Auditing Journal, Vol. 20, No.8, 844-866

Hall, J. (2007). Internal Auditing and ERM: Fitting in and Adding Value, Research Foundation, The Institute of Internal Auditors

Joan, C. (2009). How Internal Audit Can Be Effective in Combating Occupational Fraud, Internal Auditing, Vol. 24, No3, 22-32

Liu, J. (2012).The Enterprise Risk Management and the Risk Oriented Internal Audit, iBusiness, No.4, Available at: http://dx.doi.org/10.4236/ib.2012.43036

Nestor, S. (2004). The impact of changing corporate governance norms on economic crime, Journal of Financial Crime 11 (4), 347-352

Nićin, N., Bogavac, М., (2013), Operativna revizija – alat i korektor menadžmenta. [Operational audit - tool and corrector of management], FBIM Transactions Vol.1 No.1, 27–32,

Mihret, D., Yismaw, A. (2007). Internal audit effectiveness: an Ethiopian public sector case study, Managerial Auditing Journal, Vol. 22 Iss: 5, 470-484

Olson, D., Wu Dash, D. (2007).Enterprise Risk Management, Chapter 1 in Financial Engineering and Risk Management, Vol. 1, Chicago

Position statement: The Role of Internal Auditing in Enterprise-wide Risk Management. (2004). The Institute of Internal auditors and The Institute of internal auditors UK and Ireland

Priručnik za internu reviziju sa standardima interne revizije, [Internal Audit Manual with Internal Audit Standards], Available at: http://www.mft.gov.ba/bos/images/stories/chj/Registri/PRIRUCNIK%20ZA%20INTERNU%20REVIZIJU%20bos.pdf

Ramamoorti, S. (2003).Internal Auditing: History, evaluation, and Prospects, in: Research Opportunities in Internal Auditing, The Institute of Internal Auditors Research Foundation, Altamonte Springs, Florida

Richards, D., Melancon, B., Ratley, J. (2009). Managing the Business Risk of Fraud: Practical Guide, Sponsored by: The Institute of Internal Auditors (IIA), The American Institute of Certified Public Accountants (AICPA), Association of Certified Fraud Examiners (ACFE)

Risk Based Auditing for Financial Institutions. (2004). AlexInformation, Alex eSolutions, Inc

Simkins, B, Ramirez, S. (2008).Enterprise Wide Risk Management and Corporate Governance, Loyola University Chicago Law Journal, Vol. 39, No. 3

Susmanschi, G. (2012). Internal Audit as an Attribute of Management during the Economic Crisis, CES Working Papers, 419-428

Thompson, R. (2013). A Conceptual Framework of Potential Conflicts with the Role of the Internal Auditor in Enterprise Risk Management, Accounting and Finance Research, Vol.2, No.3, 65-77

The Institute of Internal Auditors, (2009), Internal Auditing and Fraud, IPPF - Practice Guide

The Institute of Internal Auditors, (2012), International Professional Practices Framework (IPPF)

Walker, P., Shenkir, W., Barton, T. (2003). ERM in practice, Internal Auditor, Vol. 60, No. 4, 51-55

Тurner, B., Internal Audit and Partnering with Senior Management, Available at: http://www.financepractitioner.com/contentFiles/QF02/g1xtn5q6/12/1/internal-audit-and-partnering-with-senior-management.pdf

Wayne, A. (2010). Anti-Fraud control, What Internal Auditors Need to Know, Internal Auditing, Vol. 25, No.1, 10-26

Zarkasyi, S. (2006). Internal Audit Techniques Traditional Versus Progressive Approach, Jurnal Edonomi Dan Bisnis Terapan, Vol. 2, 1-10


Refbacks

  • There are currently no refbacks.


Print ISSN: 0353-7919
Online ISSN: 1820-7804