New Study Reveals Insights into Iraqi Public Banks’ Internal Audit Functions

A recent survey conducted by a team of researchers has shed light on the inner workings of internal audit functions in Iraq’s public banks. The study, published in the International Journal of Studies in Business Management, Economics and Strategies, aimed to gather opinions and perceptions from bank employees about various aspects of internal auditing.

Background

The study surveyed 20 questions related to internal auditing in Iraqi public banks using a Likert scale with five points ranging from “Strongly Agree” to “Strongly Disagree”. The aim was to gather opinions and perceptions about various aspects of the internal audit function in the bank, including independence, qualifications, skills, importance of following auditing standards, and the role of internal auditors in ensuring compliance.

Demographics

Education: Accounting specialization held the highest percentage among respondents at 45%, followed by business administration at 15%. Economics, finance, and banking specializations shared the lowest percentage at 8% each. A quarter (24%) of participants did not have a university degree or were from other specializations.
Years of Service: The study found that 40% of respondents had less than five years of experience, while 34% had between 6-25 years of service. Only 8% had more than 36 years of experience, indicating that most employees are relatively new to their roles.

Job Positions

Manager: Held the highest percentage at 19%, followed by financial supervisor and senior auditor at 13% each.
Accountant: Had the lowest percentage at 3%.

Training Participation

Specialized Courses: 18% of respondents did not participate in any specialized courses related to banking or auditing, while a significant majority (82%) participated in several sessions.

Audit and Accounting Standards Training

Participation: 25% of participants received audit and accounting standards training, while 44% participated in other banking activities. The remaining 31% did not participate in any training courses.

Conclusion

The findings of this study provide valuable insights into the internal audit functions of Iraqi public banks, highlighting areas for improvement and suggesting strategies for enhancing the effectiveness of internal auditing.