DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING?
For about three years now, the COVID-19 pandemic has kept the global economy on tenterhooks. Although the pandemic has now been declared "over", the consequences of this mega-example of disruptive developments are still being felt everywhere, also regarding the work of Internal Audit. In...
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| Format: | Article |
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Faculty of Economics, University of Tuzla
2022-11-01
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| Series: | Economic Review |
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| Online Access: | https://www.er.ef.untz.ba/index.php/er/article/view/43 |
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| _version_ | 1823859547228340224 |
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| author | Hans-Ulrich Westhausen |
| author_facet | Hans-Ulrich Westhausen |
| author_sort | Hans-Ulrich Westhausen |
| collection | DOAJ |
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For about three years now, the COVID-19 pandemic has kept the global economy on tenterhooks. Although the pandemic has now been declared "over", the consequences of this mega-example of disruptive developments are still being felt everywhere, also regarding the work of Internal Audit. In particular, the spatial and personnel distance from operational activities due to lockdown and home office raise the question of whether these serious changes in the audit environment have possibly also changed the audit risk. This paper attempts to address this question using the Audit Risk Model (ARM) and a survey of audit experts to operationalize a comparison of audit risk before and after COVID-19. The results suggest that the pandemic has significantly changed the audit environment and, moreover, is expected to increase audit risk. As a result, Internal Audit needs to react promptly to adapt its effectiveness to the increased requirements and thus be able to fulfill its responsibility as a "third line" of corporate governance in the future.
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| format | Article |
| id | doaj-art-7538a1aae9c04a64a071dbeb86211de1 |
| institution | Kabale University |
| issn | 1512-8962 2303-680X |
| language | English |
| publishDate | 2022-11-01 |
| publisher | Faculty of Economics, University of Tuzla |
| record_format | Article |
| series | Economic Review |
| spelling | doaj-art-7538a1aae9c04a64a071dbeb86211de12025-02-11T00:32:49ZengFaculty of Economics, University of TuzlaEconomic Review1512-89622303-680X2022-11-01202DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING? Hans-Ulrich Westhausen0ANWR GROUP eG, German For about three years now, the COVID-19 pandemic has kept the global economy on tenterhooks. Although the pandemic has now been declared "over", the consequences of this mega-example of disruptive developments are still being felt everywhere, also regarding the work of Internal Audit. In particular, the spatial and personnel distance from operational activities due to lockdown and home office raise the question of whether these serious changes in the audit environment have possibly also changed the audit risk. This paper attempts to address this question using the Audit Risk Model (ARM) and a survey of audit experts to operationalize a comparison of audit risk before and after COVID-19. The results suggest that the pandemic has significantly changed the audit environment and, moreover, is expected to increase audit risk. As a result, Internal Audit needs to react promptly to adapt its effectiveness to the increased requirements and thus be able to fulfill its responsibility as a "third line" of corporate governance in the future. https://www.er.ef.untz.ba/index.php/er/article/view/43Audit RiskInternal AuditCOVID-19 |
| spellingShingle | Hans-Ulrich Westhausen DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING? Economic Review Audit Risk Internal Audit COVID-19 |
| title | DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING? |
| title_full | DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING? |
| title_fullStr | DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING? |
| title_full_unstemmed | DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING? |
| title_short | DID COVID-19 INCREASE THE RISK OF INTERNAL AUDITING? |
| title_sort | did covid 19 increase the risk of internal auditing |
| topic | Audit Risk Internal Audit COVID-19 |
| url | https://www.er.ef.untz.ba/index.php/er/article/view/43 |
| work_keys_str_mv | AT hansulrichwesthausen didcovid19increasetheriskofinternalauditing |