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Background
The information gathered from audits, internal and external helps organizations in determining the accuracy of the financial data, adherence to all regulatory requirements, and identification of any misgivings / misreporting on part of the information owners.
Audits are however useful only in cases when the roles and responsibilities of the audit function and of the individuals governing the function is clear and transparent and there are no constraints hindering the performance of the audit process.
This paper, through research, discusses the role of the relationship(s) that exist between the finance director(s) and the auditors, from different aspects. Relationship dilemmas that exist between the roles and individuals have been identified and the resulting effects on the overall audit process.
Research Methods
Qualitative research has been carried out for this project in an aim to identify behaviors and attitudes that result from the relationship between the two roles, auditor and finance director. For preliminary purposes, secondary research has been resorted for preparing interviews and refinement of research objectives.
Research Methodology
Investigative research, carried out with the purpose of identifying the relationships between individuals or roles, is usually best facilitated through the use of interviews. The initial part of the research was supported through exploratory / preliminary research, highly useful for structuring interviews. Secondly, based on the responses from previous studies, semi-structured interviews were carried out in two phases: the first was relatively controlled, while the other was aimed to be free.
In the first phase post-exploratory research, individuals from both sides, audit and finance function were interviewed. Secondly, in an aim to understand the chemistry of the relationships that exist between the representatives or nominated individuals of both functions, key persons were identified on the basis of convenience sampling and interviewed, in a semi-structured manner. Once this information collection was completed, key stakeholders from both sides were interviewed and the interview session was structured so as to allow them to freewheel and express their overall opinion about the relationship, contingencies and constraints between the two functions. Finally, this research project aimed to propose a new structure of managing this complex set of relationships between the two highly different entities.
Comparison & Contrast
The overall objective of both research projects is similar, to identify and learn from the relationships between two entities of the same nature, investigative and protective. Research methodology employed for both, was qualitative, through interviews, mostly semi-structured to allow respondents to discuss their points of view.
A major difference between the two projects, however, was the method in which research and data collection was actually carried out. In the first project, the research objectives and questions were narrowed using literature reviews, while in second, similar information gathering was done through exploratory research, with interviewing at an initial stage.
Secondly, the amount of time dedicated for interview sessions is different. In the project for internal auditor report’s availability and disclosure, less time was dedicated overall. In the project to learn the relationship between the finance director and the auditor, multiple rounds were conducted, aimed to uncover mistakes / errors in previous sessions.
Conclusion
In my personal view, both of these research projects were of significant importance, but in different circumstances. One research stresses the importance of disclosure and transparency of internal audit process and the auditor’s report to external stakeholders, auditors, shareowners and the importance of information transparency in governing functions responsible for managing financial information of the firm. Interviews were conducted to facilitate the process.
I feel that the duration designated to literature review should have been less and that dedicated to interview sessions should have been higher, since interviews were semi-structured, which could have allowed participants / respondents to share their experiences vividly, as well as thoughts and opinions about the impact of the transparency of the audit findings to external stakeholders.
The second research identifies the relationship an auditor has with financial director of the firm. The beauty of this project has been to identify how the owners of each process control and manage multiple faceted relationships at the same time. This research was more elaborative and directive in that it is more organized. A small amount of time was dedicated to exploratory research, structuring of the interview and the research objectives and questions, arrangement of interviews and finally different sessions for studying different relationships.
These projects differed in their objective of determining the usefulness of interview process and the information available. While the first research project only served the purpose of providing interpretive information, the second one, being more elaborative, ensured that it is both interpretive, for researchers and simultaneously deductive / directive, allowing researchers to suggest new models for improving relationships between the finance directors and the auditors.
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