Evaluating Internal Audit’s Importance and Value Added in Corporate Governance and Risk Management: An Empirical Investigation

In the present study, the importance of internal audit is examined and its value added, in the Greek PLCs. Having, as its main objective the promotion of the orderly and efficient operation of the organization, the internal audit controls and evaluates all those organizational measures used: (a) to ensure the implementation and compliance of all individual departments of the organization with the objectives and policies established by the management, (b) to safeguard the assets of the organization, by identifying mistakes, waste, fraud, organizational weakness, ineffective use of natural and human resources, (c) to evaluate and ensure the reliability and accuracy of accounting data and financial information in general, (d) to evaluate the effectiveness of internal organization and operations. To conclude with, internal audit contributes to the proper operations and to the efficiency of all processes as well as to the proper management of risks, to the maintenance of a proper corporate governance system and to the achievement of business objectives.