The importance of adopting principles of corporate governance for the quality of internal audit

Sabbar Fedaa Abd Almajid (), Al-Dulaimi Zaid Yaseen Saud (), Alalawi Talib Ghadhban Yaseen () and Rashid Arshed Makki ()
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Sabbar Fedaa Abd Almajid: Al-Mustansiriyah University_ presidency university Department of control and internal audit Craiova University, Faculty of Economics and Administration, Craiova, Romania
Al-Dulaimi Zaid Yaseen Saud: The Bucharest University of Economic Studies, Bucharest, Romania
Alalawi Talib Ghadhban Yaseen: University ALMustansiriya, Baghdad, Iraq
Rashid Arshed Makki: Al-Qadiseya University, Al Diwaniyah, Iraq

Proceedings of the International Conference on Business Excellence, 2018, vol. 12, issue 1, 1089-1101

Abstract: The topic of corporate governance and the quality of internal auditing have increased the importance in the light of fast economic changes. The financial systems of many of the world's largest companies face decreasing trust of the company's stakeholders and beneficiaries in the financial information they present. Iraq is considered one of the emerging countries in which the private sector suffers from the same problems as other international companies. At the same time, the indicators of financial and administrative corruption are increasing in the Iraqi economic and financial environments. The Iraqi environment requires the implementation of the principles of corporate governance, quality control and internal auditing. The aim of current study is to analyze the relationship and effects between the principles of corporate governance and the quality of the function of internal auditing in private companies in Iraq through statistical analysis of the survey data from a sample of internal audit managers and accountants. The recommendations presented aim to improve the quality of internal audit and support corporate governance to ensure the credibility of financial information disclosed in the financial statements by the executive departments in those companies, contributing to the decision-making process. The study reached several conclusions. The most important of these is that the effective and proper implementation of the principles of corporate governance in the private sector companies in Iraq will contribute to the improvement and development of the internal audit function in the company reflected positively on the performance, survival and continuity of corporate activity while safeguarding the interests of those involved.

Keywords: governance; principles; internal audit; quality; impact and relationship; control; accountability (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:12:y:2018:i:1:p:1089-1101:n:98

DOI: 10.2478/picbe-2018-0098

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