Evaluation of Internal Audit Standards as a Foundation for Carrying out and Promoting a Wide Variety of Value-Added Tasks-Evidence from Emerging Market

Osama Samih Shaban () and Abdallah Izzat Barakat
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Osama Samih Shaban: Accounting Department, Faculty of Business, Al-Zaytoonah University of Jordan, P.O. Box 130, Amman 11733, Jordan
Abdallah Izzat Barakat: Finance and Investment Department, Faculty of Business Administration, University of Tabuk, Tabuk 71491, Saudi Arabia

JRFM, 2023, vol. 16, issue 3, 1-13

Abstract: This research paper aims to evaluate the effectiveness of internal audit standards as a foundation for carrying out and promoting a wide variety of value-added tasks in emerging markets. Three Jordanian telecommunications firms were the subject of the study. In each firm, the non-executive directors, who serve on the Audit Committee, also received a questionnaire that was designed for this objective. In total 85 questionnaires were accepted and analyzed using traditional statistical methods such as descriptive statistics, arithmetic means, standard deviations, and percentages, and resolution data were examined using the statistical application SPSS. According to the annual report for the year 2021, telecommunication businesses generally followed IIA International Internal Audit Standards. Application Standards were employed to a high degree in second place, after Attribute Standards, which were used primarily in the first place. In those firms, performance standards were not used. The study also found that this form of application is moderately constrained by a few challenges and barriers. The study recommended that these organizations broaden the scope and scale of internal auditing standards, particularly performance requirements. Finally, the generalization of research findings is limited because the study is limited to three Jordanian telecommunication companies.

Keywords: Attribute Standards; performance standards; International Internal Audit Standards; Audit Committee; telecommunication companies (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2023
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