The lived experiences of internal auditors in Frontier Markets: A Hermeneutic Phenomenological Study

Muyinda P. Muyanga, Jason Mwanza and Austin Mwange
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Muyinda P. Muyanga: Institute of Distance Education, University of Zambia
Jason Mwanza: University of Zambia
Austin Mwange: University of Zambia

East African Finance Journal, 2025, vol. 4, issue 4

Abstract: This study explored internal auditors’ lived experiences in frontier markets using a hermeneutic phenomenological approach. Semi-structured interviews with Chief Audit Executives and supervisory executives examined how corporate governance structures, organizational culture, and power dynamics shape independence and delivery of objective assurance. Findings indicate a persistent gap between formal internal audit independence provisions and operational realities characterized by management dominance, weak audit committee oversight, limited resources, and high-power distance cultures. Independence was described as situational or negotiated, stronger after scandals but weakened during routine operations. Audit committees were often under-resourced and lacked technical expertise, while budgets and reporting channels remained under executive influence. The study concludes that governance reforms must be context-sensitive, and that adapting global best practices requires commitment and localized strategies to strengthen internal audit independence.

Keywords: Internal Auditors; Independence; CAE; Phenomenology; Lived Experiences; Governance; Emotional Intelligence; Integrity; Objectivity; Internal Audit Function (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:cwk:eafjke:2025-31

DOI: 10.59413/eafj/v4.i4.2

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