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Internal Auditor Perceptions on Audit Committee Interactions: a qualitative study in Malaysian public corporations

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  • Mazlina Mat Zain
  • Nava Subramaniam

Abstract

Audit committees (AC) and the internal audit function (IAF) are two key corporate governance mechanisms. The primary objective of this study is to provide insights into internal auditors' perceptions of their interactions with AC members in Malaysia. The paper thus contributes to the extant literature by providing additional evidence from a South‐east Asian country which is recognised as being characterised with a high power distance culture and a developing capital market. The findings are based on in‐depth interviews of the heads of the internal audit function (HIAFs) from 11 publicly listed companies. The results indicate infrequent informal communications and limited private meetings between the HIAFs and ACs, and a need for clear reporting lines. Further, ACs are seen to be held in high esteem for their authority and are expected to take on greater leadership in the inquiry of management's decision‐making. These findings highlight the importance of the leadership role of ACs in supporting the IAF.

Suggested Citation

  • Mazlina Mat Zain & Nava Subramaniam, 2007. "Internal Auditor Perceptions on Audit Committee Interactions: a qualitative study in Malaysian public corporations," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(5), pages 894-908, September.
    • Handle: RePEc:bla:corgov:v:15:y:2007:i:5:p:894-908
    DOI: 10.1111/j.1467-8683.2007.00620.x
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    Cited by:

    1. Fawzi A. Al Sawalqa & Atala Qtish, 2021. "Internal Audit Function Quality and Audit Committees' Practices: Survey Evidence from Jordan," Business and Economic Research, Macrothink Institute, vol. 11(2), pages 20-43, June.
    2. Dominic S.B. Soh & Nonna Martinov-Bennie, 2011. "The internal audit function: Perceptions of internal audit roles, effectiveness and evaluation," Managerial Auditing Journal, Emerald Group Publishing, vol. 26(7), pages 605-622, July.
    3. Dessalegn Getie Mihret & Joseph M. Mula & Kieran James, 2012. "The development of internal auditing in Ethiopia: the role of institutional norms," Journal of Financial Reporting and Accounting, Emerald Group Publishing Limited, vol. 10(2), pages 153-170, October.
    4. Ines Maraghni & Mehdi Nekhili & Tawhid Chtioui, 2016. "Caractéristiques du comité d'audit et étendue du reporting sur le contrôle interne : cas des entreprises françaises," Post-Print hal-01901185, HAL.
    5. Emilia VASILE & Daniela MITRAN, 2016. "The relationship between the audit committee," The Audit Financiar journal, Chamber of Financial Auditors of Romania, vol. 14(137), pages 518-518, April.
    6. Younes Belfellah & David Carassus, 2016. "L'Accountability dans l'entreprise publique : Revue de littérature et proposition d'un cadre d'analyse," Post-Print hal-01902221, HAL.
    7. Roussy, Mélanie, 2013. "Internal auditors’ roles: From watchdogs to helpers and protectors of the top manager," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 24(7), pages 550-571.
    8. Wu, Huiying & Patel, Chris & Perera, Hector, 2015. "Implementation of “audit committee” and “independent director” for financial reporting in China," Advances in accounting, Elsevier, vol. 31(2), pages 247-262.
    9. C. Piot & L. Kermiche, 2009. "A quoi servent les comités d'audit ? Un regard sur la recherche empirique," Post-Print halshs-00537952, HAL.
    10. Thiéry, Stéphanie & Lhuillery, Stephane & Tellechea, Marion, 2023. "How can governance, human capital, and communication practices enhance internal audit quality?," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 52(C).
    11. Philomena Leung & Barry J. Cooper & Luckmika Perera, 2011. "Accountability structures and management relationships of internal audit: An Australian study," Managerial Auditing Journal, Emerald Group Publishing, vol. 26(9), pages 794-816, October.
    12. Achraf Haddad & Anis El Ammari & Abdelfattah Bouri, 2021. "Impact of Audit Committee Quality on the Financial Performance of Conventional and Islamic Banks," JRFM, MDPI, vol. 14(4), pages 1-24, April.
    13. Cristina Boţa-Avram, 2012. "Perceptions Over the Audit Committee Practices in the Context of Corporate Governance: Evidence From Romania," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 2(5), pages 1-11, October.
    14. Mélanie Roussy & Alexandre Perron, 2018. "New Perspectives in Internal Audit Research: A Structured Literature Review," Accounting Perspectives, John Wiley & Sons, vol. 17(3), pages 345-385, September.
    15. Wan-Hussin, Wan Nordin & Fitri, Hadiati & Salim, Basariah, 2021. "Audit committee chair overlap, chair expertise, and internal auditing practices: Evidence from Malaysia," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 44(C).
    16. Ikhlas Hentati-Klila & Saida Dammak-Barkallah & Habib Affes, 2017. "Do auditors’ perceptions actually help fight against fraudulent practices? Evidence from Tunisia," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(3), pages 715-735, September.
    17. Aggelia Xanthopoulou & Andreas Delegos & Petros Kalantonis & Panagiotis Arsenos, 2021. "Exploring the Effect of Corporate Governance on the Audit Effort: The Case of Greek Port Authorities," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 111-129.
    18. Jenny Stewart & Nava Subramaniam, 2010. "Internal audit independence and objectivity: emerging research opportunities," Managerial Auditing Journal, Emerald Group Publishing, vol. 25(4), pages 328-360, April.
    19. Isabel Z. Wang & Neil Fargher, 2017. "The effects of tone at the top and coordination with external auditors on internal auditors’ fraud risk assessments," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(4), pages 1177-1202, December.

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