Journal of
Accounting and Taxation

  • Abbreviation: J. Account. Taxation
  • Language: English
  • ISSN: 2141-6664
  • DOI: 10.5897/JAT
  • Start Year: 2009
  • Published Articles: 113

Full Length Research Paper

Factors associated with Internal Audit Effectiveness: Evidence from Greece

Drogalas George
  • Drogalas George
  • University of Macedonia, Thessaloniki, Greece.
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Karagiorgos Theofanis
  • Karagiorgos Theofanis
  • Department of Business Administration, University of Macedonia, Greece. 156, Egnatia Str., Thessaloniki, Greece Zip Code: GR-546 36, Greece.
  • Google Scholar
Arampatzis Konstantinos
  • Arampatzis Konstantinos
  • Department of Business Administration, University of Macedonia, Greece. 156, Egnatia Str., Thessaloniki, Greece Zip Code: GR-546 36, Greece.
  • Google Scholar


  •  Received: 02 May 2015
  •  Accepted: 16 July 2015
  •  Published: 31 July 2015

Abstract

The current study investigates the specific factors associated with internal audit effectiveness in the Greek business environment. Empirical evidence was collected by means of a mailed survey. Factor Analysis and regression analysis are used in order to illustrate the gathered information. The findings indicate that the main factors affecting internal audit effectiveness are: (1) quality of internal audit, (2) competence of internal audit team, (3) independence of internal audit and (4) management support. The results also reveal that independence of internal audit is the foundation of internal audit effectiveness, as it is the most crucial factor in our model. Finally, the paper concludes that internal audit is of major importance for Greek business.

Key words: Internal audit, Auditing, effectiveness of internal audit, Accounting, Greece.