APPLICATION OF GLOBAL INTERNAL AUDIT STANDARDS FOR SUSTAINABLE FINANCIAL REPORTING
Abstract: This paper explores the application of Global Internal Audit Standards, focusing on the challenges and opportunities associated with their implementation. By examining the current landscape of internal audit regulations, this study aims to identify key issues and propose guidelines for successfully adopting global standards in support of sustainable financial reporting. The primary issue under investigation is the interplay between legal regulations governing internal auditing and the perspectives of internal auditors regarding the integration of these new global standards. The hypothesis posits that the adoption of global internal audit standards will lead to significant improvements in business performance; however, there is also a concern that these standards may be too broadly defined. To substantiate this hypothesis, the paper presents empirical evidence derived from a survey conducted via a structured questionnaire. While the survey provided valuable insights, it also faced limitations, particularly in terms of participant recruitment. Many potential respondents exhibited a lack of interest, leading to a lower response rate, which may have impacted the representativeness and reliability of the findings.
Keywords: internal audit, internal controls, international standard, sustainability