Information technology audit

Joint audit

Accounting

Audit plan

Business

Control environment

Psychology

Political science

Audit

Internal audit

Accountability

Accounting Perspectives

This structured literature review adopts a multimethod and multitheoretical approach to identify current knowledge about internal audit as well as related knowledge gaps. To that end, it provides an overview of post‐Sarbanes‐Oxley Act literature, organizing it under three themes: the multiple roles of internal audit, internal audit quality (IAQ), and the practice of internal audit. Despite the volume of literature published during the period covered by this review (2005 to mid‐2017), the first two themes are still in development, while the third is emergent. We suggest research avenues to fill the following main gaps: (i) Given differing opinions about the expected or actual roles of internal audit, prior literature infers that the internal audit function has become the “jack of all trades” of governance, but does not clearly capture its actual roles. (ii) The viewpoint of external auditors has dominated IAQ research, leading to a misunderstanding of how actors with greater stakes in the practice of internal audit conceptualize and evaluate IAQ. (iii) Knowledge of the actual practice of internal audit and its accountability and ethical issues is fragmentary, therefore the literature's current picture of internal audit is far from comprehensive.

New Perspectives in Internal Audit Research: A Structured Literature Review