Role of internal audit function in Libyan universities- Critical

Analytical Reading of Legislation in Light of International Standards and Experiences

Abstract

The research aimed at identifying the role played by the internal audit at Libyan universities in evaluating the effective governance, risk management and the adequacy and effectiveness of its internal control systems. It was examined through   the international internal audit standards and internal audit experiences in the World universities accredited by the Libyan Ministry of Education. The results of this study revealed that there is a significant lack of legislations and regulations for managing and executing this process properly and effectively. Therefore, the internal audit function has been traditionally conceptualized matching the traditional concept of internal audit on the documentary review of financial operations and verification of compliance with laws and financial regulations. It is therefore difficult for the internal audit offices in Libyan universities to add a real value to the operations of the universities without improving the effectiveness of governance processes, risk management, efficiency and effectiveness of internal control systems.

Keywords: Internal Audit in Libyan legislations, International Standards for the Professional Practice of Internal Auditing, Internal Audit Office.