Abstract:
This article explores the standing of and demand for internal auditing within South African companies. Central to the paper is a study of the changing profile of the internal auditor as well as the expanded roles of internal audit functions (IAFs). Key areas investigated include current academic and professional literature; the Chief
Audit Executives’ (CAEs’) perceptions regarding the functions and activities of the Institute of Internal Auditors (IIA) in South Africa; the composition of the IAF’s staff complement and the demand for the services of the IAF; the IAF’s structure, standing, functions and roles in corporate governance, and risk assessment and risk
management within the company. Data was gathered from the CAEs as well as the main users of internal audit services, namely the Chairperson of the Audit Committee (CAC), the Chief Executive Officer (CEO), the Chief Financial Officer (CFO), and/or the Chief Operating Officer (COO) of 30 large, listed South African companies. The findings of the study reported in this article indicate that IAFs have a high standing within
South African companies and that there is a demand for all levels of internal auditors.
