INTERNAL AUDIT AND COMPANY PERFORMANCE IN THE REPUBLIC OF SERBIA
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
Full Text:
PDFReferences
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.
© University of Niš, Serbia
Creative Commons licence CC BY-NC-ND
Print ISSN: 0353-7919
Online ISSN: 1820-7804