Evaluating the Effectiveness of Internal Audit Procedures in Libyan Commercial Banks under the International Standards for Internal Auditing

Abstract

This study aims to evaluate the effectiveness of internal auditing procedures applied in Libyan banks in light of international internal auditing standards. The descriptive approach was adopted in designing the theoretical framework and methodological procedures of the study. For data collection, a survey strategy was employed, targeting employees of internal audit departments in commercial banks operating in the city of Sirte, using a questionnaire designed to measure the study variables. The results of the study concluded that the internal audit procedures in commercial banks are characterized by an acceptable level of effectiveness and are considered - to a moderate extent - compatible with international internal auditing standards. The study recommended that the Central Bank should develop legislation and controls that ensure the establishment of local standards for internal auditing, guided by the generally accepted international internal auditing standards.