This study investigates the influence of internal audit team composition and diversity on the internal audit performance and scope of work of listed companies in Ghana. An explanatory research design was employed, utilising ANOVA analysis to understand the causality between the variables. A sample size of 140 was used, with a response rate of 89.3%. The respondents were Internal Auditors, Finance Officers, Audit Committee Chairmen, CEOs, and External Auditors. The study demonstrates that including technical expertise alongside traditional accounting backgrounds significantly enhances audit performance and widens the scope of audit coverage across various critical areas. It was also revealed that a team with only an accounting background has a negative effect on internal audit performance. It is recommended that organizations prioritise recruiting and retaining staff with diverse skill sets, including both accounting and technical expertise, within internal audit teams. This multidisciplinary approach ensures comprehensive coverage and effective risk management across various audit areas. Regulators should consider incorporating guidelines or recommendations regarding the composition and diversity of internal audit teams into corporate governance frameworks.

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The Impact of Internal Audit Team Composition and Diversity on Internal Audit Performance of Listed Companies in Ghana

  • Abudu Dawuda,
  • Syed Ahmed Salman

摘要

This study investigates the influence of internal audit team composition and diversity on the internal audit performance and scope of work of listed companies in Ghana. An explanatory research design was employed, utilising ANOVA analysis to understand the causality between the variables. A sample size of 140 was used, with a response rate of 89.3%. The respondents were Internal Auditors, Finance Officers, Audit Committee Chairmen, CEOs, and External Auditors. The study demonstrates that including technical expertise alongside traditional accounting backgrounds significantly enhances audit performance and widens the scope of audit coverage across various critical areas. It was also revealed that a team with only an accounting background has a negative effect on internal audit performance. It is recommended that organizations prioritise recruiting and retaining staff with diverse skill sets, including both accounting and technical expertise, within internal audit teams. This multidisciplinary approach ensures comprehensive coverage and effective risk management across various audit areas. Regulators should consider incorporating guidelines or recommendations regarding the composition and diversity of internal audit teams into corporate governance frameworks.