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What is Internal Audit Function

Chapter 12
Handbook of Research on the Significance of Forensic Accounting Techniques in Corporate Governance
Internal audit function (IAF) is an activity available within organization. They should be independent and objective at the same time. IAF work for the improvement of governance, risk, and controls of the organization.
Published in Chapter:
With the Mediation of Internal Audit, Can Artificial Intelligence Eliminate and Mitigate Fraud?
Ali Rehman (A'Sharqiyah University, Oman)
Copyright: © 2022 |Pages: 26
DOI: 10.4018/978-1-7998-8754-6.ch012
Abstract
The purpose of this study is to determine artificial intelligence (AI)-supported Omani publicly listed organisations' attitudes towards fraud elimination and mitigation (FEM) concerns from the lens of agency theory with internal audit (IAF) serving as the mediator. A descriptive cross-sectional survey was conducted by involving Omani publicly listed companies as the unit of analysis. Data were gathered using an internet-based tool and analysed via PLS-SEM and SPSS. For results, AI displayed an insignificant but direct impact on FEM, whereas IAF exhibited a significant and direct effect on FEM. Apparently, AI exerted a significant and direct impact on IAF, while IAF mediated the correlation between AI and FEM. This study serves as a guidance to regulators, professional bodies, and organisations in amending their codes of corporate governance and organisational policies by initiating AI as a governance agent working for the principal, as well as operating towards eradicating fraud and fraudulent practices.
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