Abstract

Houdini Fourie* and Lourens Erasmus

This study was conducted to determine the perception of the chief audit executive as head of the internal audit function, on the internal audit activities that should be performed (current and future) within South African companies after which the findings were compared with the international perception in this regard. Data was also obtained on whether internal audit activities were performed in-house or were outsourced; the importance of the internal audit activities, senior management’s rating of the value added, the internal audit approach followed, and whether the internal audit standards were being complied with. A statistical analysis was performed on data that was obtained from questionnaires and interviews. This study targeted 30 chief audit executives, and to a lesser extent 30 Chief Executive Officers/Chief Financial Officers/Chief Operating Officers, of large South African listed companies. The results prove that chief audit executives perceive themselves as performing their internal audit activities according to the internal audit Standards and that they satisfy the needs and expectations of their companies. The internal audit profession, its clients and internal audit educators may benefit from the study in the planning of future internal audit activities and educational programmes respectively.