Internal audit as an effective tool in Corporate Governance in Omani shipping companies (asyad)

AUTHOR(S)

Dr. Badriya Nasser Said Al Shammakhi, Jumana Ali Abdullah Al Raisi, Salema Harib Saif Al Maqrashi, Saif Salim Harib Al Shuaaili, Salim Hilal Salim Al Toubi

DOI: https://doi.org/10.46647/ijetms.2023.v07i05.053

ABSTRACT
The report purpose is to evaluate how internal audits are handled in the shipping companies in the logistic transportation field. A majority of quality, independence, competence, and effectiveness of internal auditors have been examined and checked. Material out of both primary and secondary data sources were utilized in the research. Internal auditors and employees of Omani shipping enterprise were the area of focus. The demography inquiry and assessment of internal auditors were both detailed using correlation and frequencies analysis. The SPSS 29 version was utilized for the analysis of data. The Pearson correlation and significance improved a meaningful description. Correlation analysis findings revealed that internal audit effectiveness in Omani shipping companies was subpar, but also that internal audit quality, independence, and competence were all determined to be good. When internal auditors are competent and independent, as well as management is much more dedicated, quality of internal auditing within the enterprise will improve. The study is significant for investigators since it enhances knowledge of the variables that influence internal audit quality. Likewise, managers could use the study finding to address the actual issue impacting Omani shipping companies. Finally, future study might be done to evaluate how external auditors, for instance, evaluate the quality internal audits.
Page No: 435 - 443

References:

Abomaye-Nimenibo, P.P., Samuel, W.A., Timothy, G.M. and Nkanor, W.N., (2021). Impact of internal Audit Control System Onoperational Efficiency (A Study of a Transport Company). Global Journal of Management And Business Research.

Abrar, A., 2020. Assessment of internal audit effectiveness in Ethiopian shipping and logistics service enterprise (Doctoral dissertation, St. Mary's University).

Al-Matari, E. M., Al-Swidi, A., & Fadzil, F. H. B. (2014). The effect of the internal audit and firm performance: A proposed research framework. International Review of Management and Marketing, 4(1), 34.

Alqudah, H.M., Amran, N.A. and Hassan, H., (2019). Extrinsic Factors Influencing Internal Auditors' Effectiveness in Jordanian Public Sector. Rev. Eur. Stud., 11, p.67.

Bame-Aldred, C. W., Brandon, D. M., Messier Jr, W. F., Rittenberg, L. E., & Stefaniak, C. M. (2013). A summary of research on external auditor reliance on the internal audit function. Auditing: A Journal of Practice & Theory, 32(Supplement 1), 251-286.

Beck, C.T., (2005). Benefits of participating in Internet interviews: Women helping women. Qualitative health research, 15(3), pp.411-422. https://journals.sagepub.com/doi/abs/10.1177/1049732304270837

Christ, M.H., Eulerich, M., Krane, R. and Wood, D.A., (2021). New frontiers for internal audit research. Accounting Perspectives, 20(4), pp.449-475. https://www.sciencedirect.com/science/article/abs/pii/S1045235402001582

Coetzee, P., & Lubbe, D. (2014). Improving the efficiency and effectiveness of risk‐based internal audit engagements. International Journal of Auditing, 18(2), 115-125. https://onlinelibrary.wiley.com/doi/abs/10.1111/ijau.12016

Drogalas, G., Arampatzis, K., & Anagnostopoulou, E. (2016). The relationship between corporate governance, internal audit and audit committee: Empirical evidence from Greece. Corporate Ownership and Control, 14(1), 569-577.,

Elbardan, H., Ali, M. and Ghoneim, A., (2015). The dilemma of internal audit function adaptation: The impact of ERP and corporate governance pressures. Journal of Enterprise Information Management. https://www.emerald.com/insight/content/doi/10.1108/JEIM-10-2013-0074/full/html

Endaya, K.A. and Hanefah, M.M., (2013). Internal audit effectiveness: An approach proposition to develop the theoretical framework. Research Journal of Finance and Accounting, 4(10), pp.92-102. https://core.ac.uk/download/pdf/234629587.pdf

Sunnari, N. and Rasyid, S., (2021). The effect of competence. Objectivity, independence on the effectiveness of internal audit with management support as moderating variable. Int. J. Innov. Sci. Res. Technol, 6(3), pp.993-1000. https://ijisrt.com/assets/upload/files/IJISRT21MAR563.pdf

Jarah, B., Jarrah, M. and Al-Zaqeba, M., (2022). The role of internal audit in improving supply chain management in shipping companies. Uncertain Supply Chain Management, 10(3), pp.1023-1028.

Kanduza, A.O.D.B.S., 2022. The effects of blockchain technology on logistics industry. Blockchain in finance, marketing and others, Pp.163.

Karagiorgos, T., Drogalas, G., Gotzamanis, E. and Tampakoudis, I., (2010). Internal auditing as an effective tool for corporate governance. Journal of business Management, 2(1), pp.15-23.

Maria, R.A.D.U., (2012). Corporate governance, internal audit and environmental audit-the performance tools in Romanian companies. Accounting and Management Information Systems, 11(1), p.112.

Nkwasibw N (2022), Internal audit function and financial accountability in non government organization, a case study of TASO Mbarara Branch, ARJHSS. Available at: https://www.arjhss.com/wp-content/uploads/2022/09/I597481.pdf  (Accessed: October 26, 2022).

Pilcher, R., (2014). Role of internal audit in Australian local government governance: a qstep in the right direction. Financial Accountability & Management, 30(2), pp.206-237.

Ul-Hameed, W., Mohammad, H., Shahar, H., Aljumah, A., & Azizan, S. (2019). The effect of integration between audit and leadership on supply chain performance: Evidence from UK based supply chain companies. Uncertain Supply Chain Management, 7(2), 311-328.

Wekke, I.S. (2017) The effect of management support to effectiveness of internal audit for ..., ResearchGate Logo. Available at: https://www.researchgate.net/profile/Ismail-Wekke/publication/317974167_The_effect_of_management_support_to_effectiveness_of_internal_audit_for_public_universities/links/5d31aa4e458515c11c3cc15a/The-effect-of- management-support-to-effectiveness-of-internal-audit-for-public-universities.pdf  (Accessed: October 29, 2022).

Zaidan, A.M. and Neamah, I.S., (2022). The Effect Of The Quality Of Internal Audit Function To Improve The Operational Efficiency Of Companies: An Empirical Study. Webology (ISSN: 1735-188X), 19(1). https://www.webology.org/data-cms/articles/20220212022323pmwebology%2019%20(1)%20-%2083.pdf

How to Cite This Article:
Dr. Badriya Nasser Said Al Shammakhi, Jumana Ali Abdullah Al Raisi, Salema Harib Saif Al Maqrashi, Saif Salim Harib Al Shuaaili, Salim Hilal Salim Al Toubi. Internal audit as an effective tool in Corporate Governance in Omani shipping companies (asyad) . ijetms;7(5):435-443. DOI: 10.46647/ijetms.2023.v07i05.053