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Auditing Corporate Governance Statements in Greece – the role of internal auditors

Andreas Koutoupis (Department of Accounting and Finance, Technological Educational Institute of Thessaly , Larisa, Greece, Greece)
Michail Pazarskis (Department of Accounting and Finance, Technological Educational Institute of Central Macedonia , Serres, Greece)
George Drogalas (Department of Business Administration, University of Macedonia , Thessaloniki, Greece)

Corporate Governance

ISSN: 1472-0701

Article publication date: 5 October 2018

Issue publication date: 22 October 2018

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Abstract

Purpose

The purpose of this paper is to examine the role of internal audit with respect to Auditing Corporate Governance Statements based on a practical approach. Moreover, it examines the application of internal control best practices in the Athens publicly listed firms based on a series of related statements.

Design/methodology/approach

The authors conducted all large and medium capitalization publicly listed companies via a research questionnaire which forms a basis of a descriptive research analysis. The methodology is based on the best worldwide acceptable practices as represented by the Committee of Sponsoring Organizations internal control – integrated framework, as well as the relevant laws and regulations and best practices with respect to Corporate Governance Statements.

Findings

The research concludes that internal auditors limit their role in verifying compliance with the relevant laws and regulations rather than adopt a consulting role toward the improvement of the content and quality of Corporate Governance Statements information. Also, it contributes to the corporate governance research by verifying that the effectiveness of internal controls contributes to sound corporate governance practices.

Practical implications

Internal auditors depending on the organization they serve may adopt different roles regarding Corporate Governance Statements preparation, review and audit such as consultative which may add value to the quality of Corporate Governance Statements.

Originality/value

It is the first research regarding quality characteristics of the Corporate Governance Statements and the role of internal audit in Greece, and it provides the basis for further research among European Union countries.

Keywords

Citation

Koutoupis, A., Pazarskis, M. and Drogalas, G. (2018), "Auditing Corporate Governance Statements in Greece – the role of internal auditors", Corporate Governance, Vol. 18 No. 5, pp. 1007-1020. https://doi.org/10.1108/CG-02-2018-0095

Publisher

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Emerald Publishing Limited

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