The Effect of Internal Audit on Universities’ Reliability and Performance

Aggelia Xanthopoulou, Michalis Skordoulis (), Panagiotis Arsenos and Petros Kalantonis
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Aggelia Xanthopoulou: University of West Attica
Michalis Skordoulis: University of West Attica
Panagiotis Arsenos: University of West Attica
Petros Kalantonis: University of West Attica

A chapter in Strategic Innovative Marketing and Tourism, 2024, pp 987-994 from Springer

Abstract: Abstract The aim of this paper is to present a theoretical analysis on how internal audit can influence universities’ reliability and performance. The paper’s methodological approach refers to the study and evaluation of the relevant literature. In recent years, governments are demonstrating a growing interest and willingness to use public money to fund public organizations through several measures, procedures, and incentives that are closely in line with the principles of corporate governance. The goal is to create a coherent public administrative system of accountability, integrity, and transparency of public resources. A decisive factor in creating strong public governance is the universal implementation of an effective internal control system, including audit and risk management activities, since, in most of the cases, every organization has a different control system. Efficient university governance ensures financial sufficiency for the promotion of research and scientific programs, for the upgrading of infrastructures, and for the implementation of new innovative teaching methods. University performance is tied to the organization’s funding as it is allowed to fulfill several concrete objectives. Fundings initially stabilize the financial sustainability of organizations, particularly those that face great fiscal risk, and, by extension, the sustainability of universities. The paper’s analysis includes the presentation of university governance and internal audit services cases around the world. The paper’s results indicate that audit activities in universities can ensure their financial quality and the credibility of their administration system and encourage their leadership to demonstrate more consistency about the management of financial and human resources. Thus, it is proposed that every university should develop, promote, and consolidate an audit culture that will ensure fiscal discipline.

Keywords: Internal audit; Governance; Universities; Performance (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-51038-0_106

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DOI: 10.1007/978-3-031-51038-0_106

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