A study on the specific factors associated with the success of internal audit in the Greek business environment

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
businessThe 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