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The current arrangements for local audit, whereby a single organisation - the Audit Commission - is the regulator, commissioner and provider of local audit services are inefficient and unnecessarily centralised. The Audit Commission has increased the professionalism and the quality of local government audit, but, it has also become too focused on reporting to central Government and supporting the previous era of a target driven Government. We are clear that centralised inspection and supervision have no part in localism and that they can be an unnecessary burden on frontline services at a time when they must be tightening their belts and. | WJj Griffith Business School Discussion Papers Accounting Internal audit independence and objectivity a review of current literature and opportunities for future research Jenny Stewart and Nava Subramaniam No. 2009-01 Series Editor Dr. Dawne Lamminmaki Copyright 2009 by author s . No part of this paper may be reproduced in any form or stored in a retrieval system without prior permission of the author s . INTERNAL AUDIT INDEPENDENCE AND OBJECTIVITY A REVIEW OF CURRENT LITERATURE AND OPPORTUNITIES FOR FUTURE RESEARCH Jenny Stewart Griffith Business School Griffith University Queensland Australia and Nava Subramaniam Faculty of Business and Law Deakin University Victoria Australia ABSTRACT This paper reviews the recent European and international literature on internal audit independence and objectivity. We focus on studies involving internal auditors that have been undertaken since the Institute of Internal Auditors revised definition of internal audit in 1999. The topics we examine are the internal auditor s dual role as a provider of both assurance and consulting activities the organizational status of internal audit internal audit s involvement in risk management outsourcing and cosourcing of internal audit activities and the use of internal audit as a training ground for managers. Following our review of each of these topics we discuss opportunities for further research. March 2008 INTERNAL AUDIT INDEPENDENCE AND OBJECTIVITY A REVIEW OF CURRENT LITERATURE AND OPPORTUNITIES FOR FUTURE RESEARCH Introduction Auditor independence and objectivity are the cornerstones of the profession. The assurance services provided by auditors derive their value and credibility from the fundamental assumptions of independence of mind and independence in appearance. Prior research on auditor independence and objectivity has been undertaken predominantly in the context of external audit. However in more recent years there has been heightened interest in issues associated with the .
