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Title: | Recent trends in internal auditing standards and their application in Malta |
Authors: | Portelli, Rebecca |
Keywords: | Auditing, Internal -- Malta Quality assurance -- Malta |
Issue Date: | 2014 |
Abstract: | Purpose: Locally, a study on the IIA Standards has not been conducted since 2002, where the application of the Standards for the Professional Practice of Internal Auditing (Standards) within Maltese internal audit departments was analysed by Sharon Tanti. Therefore, this research study will analyse how the Standards have developed since then, and whether the recent trends in these Standards are being applied by Maltese internal audit departments. This study will also examine if the Standards are providing the appropriate guidance to Maltese internal auditors. Design: The objectives of this research study were attained by conducting in-depth structured interviews with organisations that have an internal audit department, as well as with the Chairman of the Malta Forum for Internal Auditors. Findings: The majority of internal auditors were aware of what changes were being made to the Standards, however the extent of application of the new and revised Standards varied across the selected Maltese internal audit departments. It is worth noting that the size of the internal audit department and cost incurred to carry out certain functions proved to be the main factors that limited a few internal auditors from complying with certain Standards. On the other hand, with regards to the guidance provided by the Standards, the findings indicate that the Standards do provide the appropriate guidance, especially in a country like Malta where the internal audit auditing profession is still rather new. Conclusion: The recent trends in the Standards reflect the changing and evolving role of the internal auditing activity. Its importance has definitely increased drastically over the past couple of years. This study concludes that, even though the majority of internal audit departments are applying the Standards, a more intense effort has to be made to increase compliance with the Standards in their totality, especially if the profession of internal auditing is to continue to develop in Malta. Value: This study suggests a number of recommendations, which it is hoped will further increase compliance with the Standards in Malta. These include: monitoring the application of the Standards, more training and education to internal auditors, the consideration of the co-sourcing option, and, perhaps establishing other Standards for small- and medium-sized internal audit departments. |
Description: | M.ACCTY. |
URI: | https://www.um.edu.mt/library/oar//handle/123456789/10455 |
Appears in Collections: | Dissertations - FacEma - 2014 Dissertations - FacEMAAcc - 2014 |
Files in This Item:
File | Description | Size | Format | |
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14MACC067.pdf Restricted Access | 1.44 MB | Adobe PDF | View/Open Request a copy |
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