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Article
Publication date: 8 February 2021

Risk-based internal audit: factors related to its implementation

Petros Lois, George Drogalas, Michail Nerantzidis, Ifigenia Georgiou and Eleni Gkampeta

This study aims to investigate the factors associated with the implementation of risk-based internal audit (RBIA).

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Abstract

Purpose

This study aims to investigate the factors associated with the implementation of risk-based internal audit (RBIA).

Design/methodology/approach

As a first step, a literature review of the relevant literature is performed and five potential factors related to the implementation of RBIA are identified. Based on that, this paper constructs a questionnaire survey sent out to 185 internal auditors, executives and accountants in Greece to receive 90 responses during the period of November 2019–January 2020. Multiple regression analysis is conducted to identify the factors related to the implementation of RBIA.

Findings

This paper shows that there is a statistically significant positive relationship between the implementation of RBIA and: the provision of risk management training, an active audit committee role and the establishment of a formalized risk management system.

Practical implications

The results have important implications for internal auditors, chief executive officers and accountants who wish to enhance internal audit effectiveness and the accuracy and quality of financial information.

Originality/value

Empirical studies on the factors related to the implementation of RBIA are rare. This is the first study to create empirical variables based on a thorough review of the relevant literature to empirically investigate the factors that are related to the implementation of RBIA in an emerging economy. By focusing on the Greek context, this study also sheds light to other countries with similar corporate governance systems, thus providing insights to settings where the Type II agency problem exists (La Porta et al., 1999).

Details

Corporate Governance: The International Journal of Business in Society, vol. ahead-of-print no. ahead-of-print
Type: Research Article
DOI: https://doi.org/10.1108/CG-08-2020-0316
ISSN: 1472-0701

Keywords

  • Risk-based internal audit
  • Internal audit
  • Greece
  • Risk management
  • Auditing

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Article
Publication date: 18 March 2020

Internal audits in the digital era: opportunities risks and challenges

Petros Lois, George Drogalas, Alkiviadis Karagiorgos and Kostantinos Tsikalakis

The aim of this study is to examine continuous auditing in the digital age from the perspective of audit firm employees. It also investigates contemporary factors…

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Abstract

Purpose

The aim of this study is to examine continuous auditing in the digital age from the perspective of audit firm employees. It also investigates contemporary factors affecting continuous auditing, as well as the techniques that could be utilised for its implementation.

Design/methodology/approach

Internal audit departments of private companies were contacted via email and given a questionnaire developed based on the extant literature. The sample consisted of 105 individuals employed in the largest audit institutions in Greece. Data were analysed using multiple regression.

Findings

As expected, technological advances are indispensable for the establishment of an effective digital auditing system. The impact of data protection measures against cyber-attacks as well as employees' skills and training were found to be significant. Particular attention should be given to the preparation and building of virtual auditing teams.

Research limitations/implications

The fact that the digital era is still nascent with its final outcomes not yet visible makes it difficult to produce accurate predictions and draw conclusions. Further, there is a need to survey salient stakeholders in other country contexts beyond Greece pursuant of producing generalisable results.

Practical implications

The actions taken by companies to ensure cyber security and the formation of virtual teams were found to be highly significant for the implementation of a real-time auditing process. Traditionally, factors such as cost and time play an important role in optimising internal continuous auditing. Technological advancements combined with careful, strategic and case-specific implementation have the potential to enhance the efficacy of older methods.

Social implications

The positive propensity of staff to adopt technology and modern techniques illustrates how implementation difficulties can be overcome through the redefinition and scheduling of an organisation's objectives and training of its personnel.

Originality/value

Audit firm employees highlighted the protection of personal data, the avoidance of cyber-attacks and training as major continuous internal auditing goals. The results indicate acceptance towards technology and modern techniques, provided companies ensure adequate preparation and staff training conditions.

Details

EuroMed Journal of Business, vol. 15 no. 2
Type: Research Article
DOI: https://doi.org/10.1108/EMJB-07-2019-0097
ISSN: 1450-2194

Keywords

  • Digitisation
  • Internal audit
  • Continuous audit
  • Accounting
  • Information systems
  • Virtual teams

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Article
Publication date: 7 October 2019

Tax compliance during fiscal depression periods: the case of Greece

Petros Lois, George Drogalas, Alkiviadis Karagiorgos and Aikaterini Chlorou

Governments count on tax revenues in order to finance their fiscal and social activities. The purpose of this paper is to analyse the citizens’ conception of tax…

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Abstract

Purpose

Governments count on tax revenues in order to finance their fiscal and social activities. The purpose of this paper is to analyse the citizens’ conception of tax compliance and examine the factors affecting tax behaviour.

Design/methodology/approach

This survey was conducted through a stratified sample and questionnaires consisted of closed-ended questions. A linear regression and a series of reliability tests including an analysis of variance were conducted with IBM Statistical Package for Social Sciences.

Findings

The majority of the respondents demonstrate a positive perspective towards tax compliance and tax administration employees that inspire it. However, while the fairness of the tax system is evident, findings indicate a deeper issue of social and behavioural influences, including the characteristics of tax administrative employees and tax morality.

Research limitations/implications

The findings are subject to over- or sub-representation, since the sample derived from groups whose occupations feature strong tax compliance. The study was conducted in Greece, and it is possible that the results can be generalised to developing countries with similar economic environments and fiscal circumstances.

Practical implications

Non-economic factors affect tax behaviour and the formation of modern tax strategies. This survey enables governments to improve tax compliance rates and increase tax revenues. Fiscal depression tends to decrease state revenues. Tax compliance factors should be taken into account through tax decision-making processes and ensure efficient tax collection.

Originality/value

This paper furthers the existent literature and deepens in non-economic factors of morality, revealing tax behaviours instigated by reasons beyond tax unfairness.

Details

EuroMed Journal of Business, vol. 14 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/EMJB-02-2019-0028
ISSN: 1450-2194

Keywords

  • Tax evasion
  • Tax compliance
  • Tax administration
  • Tax morality
  • Tax system

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Article
Publication date: 7 January 2019

An investigation of the fraud risk and fraud scheme methods in Greek commercial banks

Spyridon Repousis, Petros Lois and Varvara Veli

The purpose of this study is to examine types of fraud risk and fraud scheme methods in Greek commercial banks.

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Abstract

Purpose

The purpose of this study is to examine types of fraud risk and fraud scheme methods in Greek commercial banks.

Design/methodology/approach

Data used for this study were obtained from primary source through questionnaires. This method of data collection was followed and was considered appropriate because the information sought is not publicly available and middle management and internal auditors are in a good position to know the answers to the questions asked. Questionnaires were sent to a sample of 230 persons, all bank branch employees (internal auditors were excluded), in the city of Athens (capital city of Greece), in five banks, National Bank of Greece, Piraeus Bank, Alpha Bank, Eurobank and Postal Bank, during February 2017-March 2017. Finally, of the 230 questionnaires distributed, 225 completed and returned but only 203 of them were usable questionnaires. Cronbach’s alpha was used to test the reliability of variables.

Findings

Results showed that forgeries, bribery and money laundering are the most important types of fraud risk, and the best fraud scheme methods are using dormant accounts and checks. Based on the empirical findings, the study recommends that there is a need for banks to implement a code of conduct and a code of ethics for staff, staff training, signature verification, control over dormant accounts, asking employees about their opinions and the way they feel about their bank, conducting surprise audits and using a hot line for whistleblowing.

Practical implications

The study will help banks in fraud risk management and in the development of policies to reduce risk within the banking sector. Also, will be useful to all categories of potential bank clients and users of financial services including shareholders, creditors, debtors and fund providers.

Originality/value

To the best of the authors’ knowledge, this is the first study examining middle management and staff opinions about fraud risk and fraud scheme methods in Greek commercial banks.

Details

Journal of Money Laundering Control, vol. 22 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/JMLC-11-2017-0065
ISSN: 1368-5201

Keywords

  • Fraud risk
  • Cronbach’s alpha
  • Fraud schemes
  • Greek banks

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Article
Publication date: 4 September 2017

Accounting Information Systems course: perceptions of accounting and non-accounting students

Petros Lois, Efthalia Tabouratzi and Georgios Makrygiannakis

The purpose of this paper is to explore how the delivery of an accounting information system (AIS) course affects the perceptions of accounting and non-accounting…

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Abstract

Purpose

The purpose of this paper is to explore how the delivery of an accounting information system (AIS) course affects the perceptions of accounting and non-accounting students, and whether these differences are important enough to suggest the separate the delivery of this course.

Design/methodology/approach

A questionnaire was distributed during the last teaching weeks of the AIS course in a Cypriot University. A comparative analysis between the two study groups, i.e. accounting and non-accounting students, followed.

Findings

The findings suggest that the successful delivery of the course reinforces the positive perceptions of the accounting group, and increases the interests and the positive perceptions of the non-accountants.

Originality/value

Following the development of the enterprise resource planning and the hybridization of the accountants’ role, non-accountants are increasingly engaged in practices traditionally performed by financial or management accountants. That market development may motivate business schools to offer AIS courses to non-accounting students. This study addresses this unexplored topic.

Details

EuroMed Journal of Business, vol. 12 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/EMJB-11-2016-0032
ISSN: 1450-2194

Keywords

  • Accounting education
  • Accounting Information Systems
  • Accounting students
  • Non-accounting students

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Article
Publication date: 2 July 2019

Foreign direct investments and round tripping between Cyprus and Russia

Spyridon Repousis, Petros Lois and Pavlos Kougioumtsidis

This paper aims to look at the linkage of foreign direct investments (FDIs) and round-tripping in the Cyprus–Russia corridor.

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Abstract

Purpose

This paper aims to look at the linkage of foreign direct investments (FDIs) and round-tripping in the Cyprus–Russia corridor.

Design/methodology/approach

The paper is divided into two chapters. The first chapter looks at the relationship between FDIs and round-tripping in Cyprus and Russia. The second chapter discusses and combines statistical data from different sources about illiciting financial flows from Russia and the linkage of FDIs and round-tripping with Cyprus.

Findings

Evidence suggests that, despite the obviously numerous and varied legislative provisions and initiatives, the movement of vast amounts of capital to or through the Cypriot financial system is a phenomenon, which has absolutely not been removed. The illegal outflow of money seems to grow rapidly over the years instead of decreasing. What actually happens is that after a dramatic decline in the years 2013-2015, the FDIs of the Russians to and from Cyprus in 2016 returned to pre-crisis levels of 2013, and so far, it seems the inflows–outflows system returned to “normal” levels. Cyprus ranks first in inward FDI and outward FDI with almost 35 per cent of total flows from Russia. An element that demonstrates the presence of round-tripping, is the sharp and rapid parallel increase of inward FDI and outward FDI, and that the category of total deposits in Cyprus by nonresidents, including special-purpose entity, recorded significant fluctuations caused by not only the large size of deposits but also the short time remaining in the banking sector. Russia ranked second among the countries with the largest average illegal capital outflows in the years 2004-2013. Movement of capital to exploit the particularly beneficial Cyprus tax system is still a tax backdoor for Europe and worldwide (hence the neologisms like Cyp-Rus), especially after the “de-offshorization” law in Russia in practice since January 1, 2015.

Originality/value

Evidence presented in this paper is important for national and supernational supervisory anti-money laundering bodies and compliance authorities to understand bad practices in financial transactions between Russia and Cyprus.

Details

Journal of Money Laundering Control, vol. 22 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/JMLC-08-2018-0054
ISSN: 1368-5201

Keywords

  • Russia
  • Cyprus
  • Foreign direct investments
  • Round-tripping

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Article
Publication date: 16 May 2008

Editorial

Demetris Vrontis and Petros Lois

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Details

EuroMed Journal of Business, vol. 3 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/emjb.2008.34603aaa.001
ISSN: 1450-2194

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Article
Publication date: 1 September 2007

Editorial

Demetris Vrontis and Petros Lois

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Abstract

Details

EuroMed Journal of Business, vol. 2 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/emjb.2007.34602aaa.001
ISSN: 1450-2194

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Article
Publication date: 16 May 2008

Key Issues Internationally – A Multidisciplinary Approach

Petros Lois

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Abstract

Details

EuroMed Journal of Business, vol. 3 no. 1
Type: Research Article
DOI: https://doi.org/10.1108/14502190810873858
ISSN: 1450-2194

Keywords

  • International relations
  • International law
  • Globalization
  • Europe

Content available
Article
Publication date: 21 September 2010

Guest editorial

Maria Krambia Kapardis

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Abstract

Details

EuroMed Journal of Business, vol. 5 no. 3
Type: Research Article
DOI: https://doi.org/10.1108/emjb.2010.34605caa.001
ISSN: 1450-2194

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