The effectiveness and value of internal audit in financial institutions: Evidence from qualitative research.
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Author/sRound, Jill Natalie
Discipline/sAdministración y Dirección de Empresas
Subject/sAnálisis Cualitativo de Contenidos
Effective and value generating internal audit activities have long been contested because they play a key part in the achievement of a financial institution’s objectives. Internal audit’s systematic risk‐orientated approach to evaluate and improve a financial institution’s risk management and governance processes pro‐ vides theoretical and methodological room for discussion. The Three Lines of Defense (3‐LoD) model is found in financial institutions. This calls for interaction and cooperation to enhance the overall risk management in order to create effective and value generating internal audit activities. An analysis is undertaken on the current state, the state of the art, and the future state of the internal audit discipline to determine how it can evolve to achieve the desired state of providing effective and value generating activities. By making use of grounded theory and conducting qualitative content analyses, key concepts and categories surrounding the internal audit discip...