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Volume :10 Issue : 38 1984      Add To Cart                                                                    Download

THE INTERNAL AUDITOR’S INDEPENDENCE IN THE PETROLEUM INDUSTRY OF KUWAIT

Auther : By: Dr. Sadik Al-Bassam and Dr. Ibrahim Shahin

This paper aims at investigating the main aspects of internal auditors’ independence in the petroleum industry of Kuwait, with special emphasis on Kuwait Petroleum Corporation and its four major companies. The methodology adopted in collecting relevant data consisted of: in-depth interviews with Auditing, Accounting and Financial managers, analysis of organizational charts, job descriptions, regulations……etc.

The paper also examined the rank and functions of the top manager to whom the outcome of the internal official examination of accounts is reported and the managerial levels of the auditors whose functions are usually subject to internal examination. The internal auditors’ reporting attitudes, their experience and qualifications were also studied. From an operational viewpoint, the effectiveness of independence of internal auditors relies on his status, qualifications and his impartiality in assessments and judgements.

The findings of the research, indicated that in most cases, the internal auditor is adequately independent, highly qualified and well experienced in a manner that would enable him to perform his functions efficiently. However, certain negative aspects, which encroach on his independence, were observed. Some constructive suggestions and recommendations to alleviate such negative aspects are submitted in the conclusion.

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May 18, 2017

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