Strategy of internal audit function based on the IIA under COSO and COBIT : A proposed framework

The research problem of this study is the obvious deficient of internal audit work within the Iraqi institutes and firms, and that deficient is the result of the absence of the sponsor organizations for this function and the absent of regulations and laws that identify the responsibilities and authorities and the scope of internal audit work as well as the type of management which is tending to focus on the financial and accounting matters only, so that its required to rebuild this internal audit work in line with the current developments in internal audit activities. In addition to that there is a lack of a framework that defines internal audit strategy. The aim of this research is to find an organizing method to rebuild the internal audit strategy and functions base on the international standards of internal auditors institutes, the study consider the framework of COSO and COBIT, and discussing the views of academics, professionals, accountants and auditors who are currently working in governmental and private sectors in Iraq, and developing a proposed framework of internal audit function based on these views viewed.