Review Of Literature Review On Corporate Governance

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LITERATURE REVIEW Given the developing role of internal auditing in contemporary corporate administration, independence has increased renewed consideration. The Institute of Internal Auditors (IIA) has advanced the internal review function as a self-directed function that gives esteem included certification and counseling services. Through this amplified role, the function has been advanced as the foundation whereupon viable corporate governance is built (IIA Professional Guidance, 2002). This perspective has been reinforced by academic and professional research. Ramamoorthi (2003), in his exploration on the history and development on the internal review function, demonstrated that, after some time, there has been an enormous shift in focus to one that advances and supports effective organizational governance. This has been upheld by Ruud (2003) who noticed that, in today 's business surroundings, the internal review function has turned into a noteworthy support function for management, the audit committee, the governing body, and different partners. The expanded significance of the internal audit function in upgrading corporate governance additionally has been strengthened by implication through legislation, for example, the Sarbanes Oxley Act (2002) in the USA and the CLERP Act (2004) in Australia. Despite the fact that this legislation does not particularly address the corporate governance role of the internal audit function, it accommodates the extended accountability

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