Factor Structure of the Competency Framework for Internal Auditing (CFIA) Skills for Entering Level Internal Auditors

14 Pages Posted: 13 Oct 2011

See all articles by Inshik Seol

Inshik Seol

Clark University - Graduate School of Management

Joseph Sarkis

Worcester Polytechnic Institute - Foisie Business School

Frank Lefley

affiliation not provided to SSRN

Date Written: November 2011

Abstract

Recently, the Institute of Internal Auditors published a framework that summarized a listing of competency standards, the Competency Framework for Internal Auditing (CFIA), outlining the attributes required by all internal auditors to achieve a high level of professional competence. One of the biggest concerns in the application of this framework is the onerous number of potential factors to be considered. In this paper, using factor analysis, we attempted to reduce the number of skills while maintaining the overall significance of the original framework. The study also sought to obtain the opinions of peer internal auditors on the perceived importance of these various skills. Our findings are important to researchers who can revisit the current internal auditor selection models and reformulate, if necessary, and apply those models to more empirical research using the reduced number of factors introduced in this paper. For organizations and practitioners, these results aid in streamlining their internal auditor selection processes by utilizing a more focused set of factors.

Keywords: Internal audit, auditors, competency, factor analysis, survey, entering level internal auditors, auditor selection, Competency Framework for Internal Auditing

Suggested Citation

Seol, Inshik and Sarkis, Joseph and Lefley, Frank, Factor Structure of the Competency Framework for Internal Auditing (CFIA) Skills for Entering Level Internal Auditors (November 2011). International Journal of Auditing, Vol. 15, Issue 3, pp. 217-230, 2011, Available at SSRN: https://ssrn.com/abstract=1943326 or http://dx.doi.org/10.1111/j.1099-1123.2011.00431.x

Inshik Seol (Contact Author)

Clark University - Graduate School of Management ( email )

950 Main Street
Worcester, MA 01610
United States

Joseph Sarkis

Worcester Polytechnic Institute - Foisie Business School ( email )

100 Institute Rd.
Worcester, MA Massachusetts 01609
United States
5088314831 (Phone)
5088314831 (Fax)

Frank Lefley

affiliation not provided to SSRN

No Address Available

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