The extent of application of international internal auditing standards in Libyan industrial companies

Case study: National Cement Joint Stock Company

Abstract

This study aims at identifying the extent of applying international internal auditing standards in Libyan industrial companies, and to examine the extent of affecting several demographic factors in the extent of applying international internal auditing standards. In addition to investigating any obstacles that may affect applying these standards .To achieve these objectives, a questionnaire has been developed and distributed to internal auditors in Cement Al-Ahlya company. The results of study show that in the extent of applying internal auditing standards in Libyan industrial companies was good, where its degree was . 73 % The results of study also demonstrate existing variance in an appliance, where risk management developing standard was highest, while independence and objectiveness standard was lowest . Moreover, the results of study reveal that absentness of legal mandatory legislations for applying international internal auditing standards, and the lack of awareness of high management to the importance of implementing these standards were the main obstacles of applying international internal auditing standards in Libyan industrial companies . Finally, there is no significant effect of demographic factors of the sample on applying international internal auditing standards in Libyan industrial companies.