The Strategic Role Of The Internal Audit In Assisting Firms Achieve Competitive Advantage: An Empirical Study Of Organisations In Sekondi-Takoradi, Ghana
Author(s)
John N. E. Baiden , Yaa Pokuaa Baiden , Charles Ayariga ,
Download Full PDF Pages: 30-47 | Views: 779 | Downloads: 178 | DOI: 10.5281/zenodo.3441730
Abstract
Every organisation seeks prosperity and survival and the key to this is to be competitive in every aspect of an organisations value-chain and value-network system. In a current business landscape that is characterized by”cataclysmic” events and trends whose impact could wipe out the very existence of organisations in seconds, organisations must employ all strategic tools, initiatives and capabilities to confront and defeat their nemesis within their environment. One secret weapon possess by organisations is the internal audit department. Organisations expect the department to rise up from its shell and equip itself with lethal modern strategic armory and warfare to lead and drive organisations to conquer all adversaries. Is the internal audit strategically positioned and equipped for this new paradigm? This study seeks answers to these questions by studying the strategic contribution of internal audit department to the competitive drive of organisations. The study employed factor analysis which is a multivariate data analysis tool to model the internal audit’s strategic role that exists in organizations in the Western Region, Ghana. The study revealed that the internal audit department within the organisations under study are well positioned and capable of leading their organisations competitive drive if given the necessary resources and support from management
Keywords
Strategy, internal audit, competitive advantage, factor analysis, principal component-factoring, sekondi-takoradi.
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