Do the Board and Audit Committee Characteristics Affect Internal Audit Performance?

Abstract

This study aimed to identify the impact of board and audit committee (AC) characteristics on internal audit performance (IAP). Data were obtained from the Securities Depository Center and the annual reports of the banks sampled for the study. The dependent variable in this study was internal audit performance. The study relied on secondary data picked up from the Securities Depository Center and annual reports of sample banks for the period 2018-2022. Consequently, it was found that IAP is influenced by the board and the audit committee characteristics since various characteristics, including board size, board meeting frequency, audit committee independence, audit committee size, and audit committee experience, affect the internal audit performance. The study did not find an effect of board independence and audit committee meeting frequency on internal audit performance. The study focuses on the role of the board and audit committee to ensure that proper resources are provided to support internal audit performance in delivering its tasks effectively.