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Volume :12 Issue : 3 2005      Add To Cart                                                                    Download

Independence of Corporate Auditors in the GCC Countries

Auther : Abdulrahman A. M. Al-Twaijry

Thus the aim of this research is to investigate the extent of the independence of internal auditors in the Arabian Gulf region (GCC countries) and to identify factors restricting internal auditors independence in the region.  Findings of this study suggest that in more than half of the surveyed companies, neither the board of directors nor the audit committee were involved in the appointment or removal of the director of an internal audit department. Similarly, the recipient of the internal audit final report in the majority of the companies surveyed was neither audit committees nor the board. This situation is expected to have a strong negative effect on the independence of the internal audit profession. Also the undertaking of non-audit activities by members of the majority of internal audit departments in the region is presumed to impair audit objectivity. The statistical analysis of the data collected showed that in banks, in large internal audit departments, and in the departments whose leaders were members of the IIA or familiar with its standards, independence was significantly higher, and that internal audit departments maintaining professional terms of references were found to achieve significantly better independence.

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