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Internal audit function, audit committee effectiveness and accountability in the Ugandan statutory corporations

Author

Listed:
  • Juma Bananuka
  • Stephen Korutaro Nkundabanyanga
  • Irene Nalukenge
  • Twaha Kaawaase

Abstract

Purpose - The purpose of this study is to investigate the contribution of internal audit function and audit committee effectiveness on accountability in statutory corporations (SCs). Design/methodology/approach - This study is cross sectional and correlational. Data have been collected through a questionnaire survey of 52 SCs in Uganda through their Chief Internal Auditors and Chief Finance Officers. Data have been analysed using Statistical Package for Social Sciences. Findings - The internal audit function significantly contributes to accountability of SCs in Uganda and audit committee effectiveness is not where effective internal audit is present in such organisations. However, audit committee effectiveness significantly contributes to accountability when an internal audit function is not present. Research limitations/implications - The use of hierarchical regression is prone to problems associated with sampling error. However, the likelihood of these problems is mitigated by the interface with data. Originality/value - Whereas hitherto both internal audit function and audit committee effectiveness had been viewed as explanations of accountability, this study only confirms the internal audit function as a significant predictor of SCs’ accountability relative to audit committee effectiveness.

Suggested Citation

  • Juma Bananuka & Stephen Korutaro Nkundabanyanga & Irene Nalukenge & Twaha Kaawaase, 2018. "Internal audit function, audit committee effectiveness and accountability in the Ugandan statutory corporations," Journal of Financial Reporting and Accounting, Emerald Group Publishing Limited, vol. 16(1), pages 138-157, March.
    • Handle: RePEc:eme:jfrapp:jfra-07-2016-0062
    DOI: 10.1108/JFRA-07-2016-0062
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    Citations

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    Cited by:

    1. Ahmad Yuosef Alodat & Zalailah Salleh & Hafiza Aishah Hashim & Farizah Sulong, 2021. "Corporate governance and firm performance: empirical evidence from Jordan," Journal of Financial Reporting and Accounting, Emerald Group Publishing Limited, vol. 20(5), pages 866-896, August.
    2. George Drogalas & Konstantinos Petridis & Nikolaos E. Petridis & Eleni Zografidou, 2020. "Valuation of the internal audit mechanisms in the decision support department of the local government organizations using mathematical programming," Annals of Operations Research, Springer, vol. 294(1), pages 267-280, November.
    3. Marko Milojević & Mariusz Urbański & Ivica Terzić & Valeriy Prasolov, 2020. "Impact of Non-Financial Factors on the Effectiveness of Audits in Energy Companies," Energies, MDPI, vol. 13(23), pages 1-17, November.

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