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A Descriptive Study of Factors Associated with the Internal Audit Function Policies Having an Impact: Comparisons Between Organizations in a Developed and an Emerging Economy

Abstract An internal audit function (IAF) should positively impact financial reporting and governance, and add value to its organization. The study provides evidence on IAF factors (i.e. characteristics, activities, and work areas) associated with these types of impact and whether these factors, and their influence on various impacts, differ between a developed and an emerging economy (i.e. the USA and Turkey). Factors positively associated with financial reporting in the USA are assurance activities, control work, and competence; in Turkey, significant factors are governance work and competence. For governance, it is found that the factors positively associated with it in the USA include assurance activities, governance work, and competence; in Turkey, the significant factors are governance work and competence. In the USA, assurance activities are negatively associated with adding value, while consulting activities, risk work, and control work are positively associated with this measure. In Turkey, only risk work and control work are positively associated with adding value. Finally, several measures of IAF objectivity are not associated with any of the impact measures.