JEFMS Journal

Google Scholar

Article Pdf

---

ABSTRACT:

This scoping review highlights the importance of Quality Assurance and Improvement Programs (QAIP) in enhancing the quality of internal audit functions. It emphasizes the need for effective QAIP implementation to ensure that internal audits adhere to professional standards and provide significant value to organizations. The study population includes academic literature on QAIP implementation and its impact on internal audit quality assessment. The data were sourced from electronic databases such as Emerald, Science Direct, Taylor & Francis, and Wiley Library. The findings emphasize the crucial role of QAIP in improving internal audit functions and the necessity of effective QAIP implementation to ensure adherence to professional standards and provide significant organizational value. Further empirical research is needed to enhance the theoretical understanding of QAIP implementation and its implications for internal audit quality assessment.

KEYWORDS:

Quality Assurance, Improvement Program; Audit Quality

REFERENCES:

1) Abdolmohammadi, M., D’Onza, G., & Sarens, G. (2016). Benchmarking Internal Audit Maturity. The Global Internal Audit Common Body of Knowledge (CBOK), 1–44.

2) Abbott, L.J., Daugherty, B., Parker, S. and Peters, G.F. (2016), “Internal audit quality and financial reporting quality: the joint importance of independence and competence”, Journal of Accounting Research, Vol. 54 No. 1, pp. 3-40.

3) Adams, M.B. (1994), “Agency theory and the internal audit”, Managerial Auditing Journal, Vol. 9 No. 8, pp. 8-12.

4) Arksey, H., & O'Malley, L. (2005). Scoping studies: towards a methodological framework. International Journal of Social Research Methodology, 8(1), 19-32. doi:10.1080/1364557032000119616

5) Breger, D., Edmonds, M., & Ortegren, M. (2020). Internal audit standard compliance, potentially competing duties, and external auditors’ reliance decision. Journal of Corporate Accounting and Finance, 31(1), 112–124. https://doi.org/10.1002/jcaf.22434

6) Burnaby, P. A., & Hass, S. (2011). Internal auditing in the Americas. Managerial Auditing Journal, 26(8), 734–756. https://doi.org/10.1108/02686901111161359

7) DeSimone, S. M., & Abdolmohammadi, M. (2016). Correlates of External Quality Assessment and Improvement Programs in Internal Auditing: A Study of 68 Countries. Journal of International Accounting Research, 15(2), 53–71. https://doi.org/10.2308/jiar-51422

8) Dey, A. (2008), “Corporate governance and agency conflicts”, Journal of Accounting Research, Vol. 46 No. 5, pp. 1143-1181.

9) Eulerich, M., Kremin, J., & Wood, D. A. (2019). Factors that influence the perceived use of the internal audit function’s work by executive management and audit committee. Advances in Accounting, 45, 100410. https://doi.org/10.1016/j.adiac.2019.01.001

10) Eulerich, M., & Ratzinger-Sakel, N. (2018). The effects of cultural dimensions on the internal audit function – A worldwide comparison of internal audit characteristics. Corporate Ownership and Control, 15(3–1), 217–229. https://doi.org/10.22495/cocv15i3c1p6

11) Fama, E.F. (1980), “Agency problems and the theory of the firm”, Journal of Political Economy, Vol. 88 No. 2, pp. 288-307.

12) Goodhart, C.A.E. (2011), “The changing role of central banks”, Financial History Review, Vol. 18 No. 2, pp. 135-154.

13) Hodson, D. (2013), “The eurozone in 2012: ‘whatever it takes’ to preserve the euro?”, Journal of Common Market Studies, Vol. 51, pp. 183-200.

14) Institute of Internal Auditors (IIA) (2009a), Code of Ethics, Institute of Internal Auditors, Altamonte Springs, FL

15) Institute of Internal Auditors (IIA) (2009b), Internal Audit Capability Model (IA-CM): For the Public Sector, Institute of Internal Auditors, Altamonte Springs, FL.

16) Institute of Internal Auditors (IIA) (2017a), Quality Assessment Manual for the Internal Audit Activity, Institute of Internal Auditors, Altamonte Springs, FL.

17) Institute of Internal Auditors (IIA) (2017b), International Standards for the Professional Practice of Internal Auditing, Institute of Internal Auditors, Altamonte Springs, FL.

18) Institute of Internal Auditors (IIA) (2020), From Conformance to Ambition: Applying the Internal Audit Ambition Model, Institute of Internal Auditors, Altamonte Springs, FL.

19) International Monetary Fund (IMF) (2015), “Safeguards assessments: review of experience”, available at: https://www.imf.org/en/publications/policy-papers/issues/2016/12/31/safeguardsassessments-review-of-experience-pp4991 (accessed 14 January 2021).

20) International Monetary Fund (IMF) (2017), Protecting IMF resources - safeguards assessments of central banks, available at:https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/43/Protecting-IMF-Resources-Safeguards (accessed 14 January 2021)

21) International Monetary Fund (IMF) (2019), “IMF policy paper safeguards assessment - 2019 update”, available at: https://www.imf.org/en/Publications/Policy-Papers/Issues/2019/12/17/SafeguardsAssessment-2019-Update-48881 (accessed 14 January 2021).

22) International Monetary Fund (IMF) (2019), “IMF policy paper safeguards assessment - 2019 update”, available at: https://www.imf.org/en/Publications/Policy-Papers/Issues/2019/12/17/SafeguardsAssessment-2019-Update-48881 (accessed 14 January 2021).

23) Jensen, M. and Meckling, W. (1976), “Theory of the firm: management behavior, agency costs and capital structure”, Journal of Financial Economics, Vol. 3 No. 4, pp. 305-360.

24) Jiang, L., Andr e, P. and Richard, C. (2018), “An international study of Internal Audit function quality”, Accounting and Business Research, Vol. 48 No. 3, pp. 264-298.

25) Lenz, R., Sarens, G., & Jeppesen, K. K. (2018). in Search of a Measure of Effectiveness for Internal Audit Functions: an Institutional Perspective. Edpacs, 58(2), 1–36. https://doi.org/10.1080/07366981.2018.1511324

26) Marks, N. (2016), “How to assess the effectiveness of internal audit”, available at: https://iaonline. Theiia.org/how-toassess-the-effectiveness-of-internal-audit (accessed 21 December 2020).

27) Marais, M., Burnaby, P. A., Hass, S., Sadler, E., & Fourie, H. (2009). Usage of internal auditing standards and internal auditing activities in South Africa and all respondents. Managerial Auditing Journal, 24(9), 883–898. https://doi.org/10.1108/02686900910994818

28) Martino, P., D’Onza, G., & Melville, R. (2019). The Relationship between CAE Leadership and the IAF’s Involvement in Corporate Governance. Journal of Accounting, Auditing and Finance, 36(2), 430–448. https://doi.org/10.1177/0148558X19867539

29) Martino, P., D’Onza, G., & Melville, R. (2021). The Relationship between CAE Leadership and the IAF’s Involvement in Corporate Governance. Journal of Accounting, Auditing and Finance, 36(2), 430–448. https://doi.org/10.1177/0148558X19867539

30) Nedyalkova, P. (2020), Quality of Internal Auditing in the Public Sector: Perspective from the Bulgarian and International Context, Springer, Cham, Switzerland.

31) O'Flaherty, J., & Phillips, C. (2015). The use of flipped classrooms in higher education: A scoping review. The Internet and Higher Education, 25, 85-95.

32) Polizzi, S., Lupo, F., & Testella, S. (2023). Quality assurance and improvement program: some considerations for central banks. TQM Journal, 35(8), 2203–2227. https://doi.org/10.1108/TQM-05-2021-0128

33) Prawitt, D.F., Smith, J.L. and Wood, D.A. (2009), “Internal Audit quality and earnings management”, The Accounting Review, Vol. 84 No. 4, pp. 1255-1280.

34) Sarens, G., Abdolmohammadi, M. J., & Lenz, R. (2012). Factors associated with the internal audit function’s role in corporate governance. Journal of Applied Accounting Research, 13(2), 191–204. https://doi.org/10.1108/09675421211254876

35) Vadasi, C., Bekiaris, M., & Koutoupis, A. G. (2021). The impact of audit committee characteristics on internal audit professionalization: empirical evidence from Greece. Accounting Research Journal, 34(5), 447–470. https://doi.org/10.1108/ARJ-05-2020-0091