Internal audit function, audit committee effectiveness and accountability in the Ugandan statutory corporations
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Date
2018
Journal Title
Journal ISSN
Volume Title
Publisher
Journal of Financial Reporting and Accounting
Abstract
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.
Description
Keywords
Public sector, Uganda, Accountability, Internal audit, Audit committees, Statutory corporations
Citation
Bananuka, J., Nkundabanyanga, S. K., Nalukenge, I., & Kaawaase, T. (2018). Internal audit function, audit committee effectiveness and accountability in the Ugandan statutory corporations. Journal of Financial Reporting and Accounting. DOI 10.1108/JFRA-07-2016-0062