Revenue Journal: Management and Entrepreneurship, vol. 1 (1), pp. 01–10, 2023
Received 15 August 2023 / published 30 August 2023
https://doi.org/10.61650/rjme.v1i1.174

Internal audit and its role in achieving
financial sustainability in selffinancing units /case study
Abdalsalam H.M. Alhabow1*, Kobra M. T. Hamoudi2, and Saja Akram Abdulrazzaq Alshaikhli3
1Directorate of Municipalities of Nineveh, Iraq
2Mosul University. College of Administration and Economics. Accounting Department, Iraq
3Aliraqia University College of Administration and Economics. Accounting Department, Iraq
*Corresponding author: abdalsalamalhabow@gmail.com

KEYWORDS
Financial sustainability
Internal audit
self-financing units

ABSTRACT This research aims to demonstrate internal audit activity's role in achieving
financial sustainability in self-financing units. To achieve the research objectives and test its
hypotheses, we conducted a case study in municipal institutions in Nineveh Governorate.
One of the most important findings of the study that the researchers reached was the weak
role of internal audit in achieving financial sustainability, the need for more adoption of
modern internal audit objectives, and a straightforward program for internal audit
prepared according to sustainability. The study concluded with several recommendations,
the most important of which are Activating the internal audit advisory services about the
financial sustainability of the unit, directing its expenditures, and maximizing its revenues, and
the internal audit should measure the economic sustainability of the financial reporting
information through specific quantitative measures.
© The Author(s) 2023

1. INTRODUCTION
The result of the financial crises facing the selffinancing units in the Iraqi environment (Cincera,
2018), such as a significant deficit in their financial
position and their inability to continue their work or
fulfill their financial obligations (Gaikar & Cherian,
2020; Schaefer, 2015; Schaltegger, 2018). Some
stopped working, such as factories and laboratories
affiliated with the Ministry of Industry or
pharmaceutical factories (Aschemann-Witzel, 2019;
Badawi, 2013). As well as engineering companies
affiliated with the Ministry of Construction.

And housing (Muralidharan, 2018), municipalities
(Mas, 2020), and public works (Langemeyer, 2021),
given the vital role that municipal institutions enjoy in
providing essential services to citizens on the one
hand (Bonnett, 2017; Sanyé-Mengual, 2019).
Developing the infrastructure of cities and economic
and social development on the other hand (Aguiar,
2022), and the size of the enormous deficit and the
financial risks of these units may affect the provision
of public services and its capacity (Kurnia, 2022;
Manaf, 2018).
5

The unit is committed to fulfilling its obligations
(George, 2021) and given internal audit as one of the
essential pillars of successful management because
it represents a source of information for
management and a point of examination for
procedures and transactions related to those units
(Kartadjumena, 2019). Sometimes, self-financing
units face the risks of a lack of cash liquidity and an
inability to fulfill their obligations.
The multiplicity and complexity of the variables
(Yanto, 2020), factors (Yamin, 2016), and economic
crises that affect the self-financing units and in
response (Ningrum, 2018). Thus, these units moved
towards developing their structures (Thejas, 2019),
re-engineering their operations (Sari, 2019), and
improving their tools and methods to provide more
reliability (Mulili, 2020; Trisnaningtias, 2021).
Appropriate information is necessary to achieve
their objectives (Dahliani et al., 2023; Yuniwati,
Darmayanti, et al., 2023). Internal auditing is a
modern, systematic, and practical approach. It aims
to focus its attention on any risks that may prevent
the achievement of the set objectives, and this
research sheds light on internal audit procedures
and their role in achieving financial sustainability in
self-financing units.

2. RESEARCH METHODOLOGY
The descriptive approach was followed to present
the theoretical side of the research through official
documents (Yuniwati et al., 2024a), theses,
university dissertations (Aryaseta et al., 2023; Sah
et al., 2022), periodicals, conferences, symposiums,
and books related to the research subject. The
analytical approach and case study were also relied
upon through observations, reservations, and
meetings conducted by the researchers in the Audit
Division and with the internal auditors. The
employees of the institution are the research
sample.

3. RESULT AND DISCUSSION
Internal Audit
The concept and nature of internal auditing
There are many definitions o f the concept of
auditing in general and internal auditing in
particular (Darmayanti et al., 2023; van
Wassenhove, 2007), as it is meant by auditing
verbally (Audit) (Bhaskar, 2019; Trotman, 2018),
which is derived from a Latin word (Audrie)
(DeSimone, 2021), which means "listening or
listener” (Lennox, 2022). The accounts were read
to the auditors. Profes-sectionalism means the
regular examination of the financial-social and
2

accounting data recorded in the records (Jothr et al.,
2023), books, and financial statements of the
institution (Aziz, 2012), or it is the continuous
verification of accounting operations, documents,
and books within the institution to achieve the
element of protection for assets (Al-Zubaidi et al.,
2020).
International Auditing Standard No. 610, issued by
the International Federation of Accountants, defines
internal auditing as: “An evaluation activity that
arises within the establishment to serve it and
includes the functions of evaluating, testing and
monitoring the efficiency and effectiveness of the
accounting system and the unit system of internal
control” (Dahdouh & Murad, 2014, page number).
The Iraqi Council for Accounting and Oversight
Standards has defined it as a corrective device
within the formations of the unit (Boskou, 2019; Li,
2018). It is considered one of the practical internal
control tools that the administration establishes to
ensure that the means of control that have been
developed are sufficient and applied through a set of
procedures (Cohen, 2020; Oussii, 2018). Controls
are needed to accomplish the restrictions and
operations diligently and continuously to ensure
accuracy in statistical and accounting data (AlSukker, 2018; Lisic, 2019). Ensure the protection of
the assets and funds of the unit and ensure that the
employees of the unit follow the administrative
plans (Christensen, 2019; Dias, 2018), policies (AlHiyari, 2019), and procedures drawn for it (Iraqi
Accounting and Supervisory Standards Board, 2000,
Guide No. 4, 2-3).
The importance of internal audit
The importance of internal auditing appears through
the following (Muhammad, 2019):
1. Internal audit is considered an internal guarantee

mechanism in the financial control of the public
sector and a tool for evaluation and control that
precedes external evaluation by external auditors
(Hendarto et al., 2023).
2. Internal audit is considered the cornerstone of

good public sector governance through its
independent (Haanurat et al., 2024), objective
assessment of whether public resources are
correctly and effectively used and managed to
achieve the desired and targeted results (Khalaf &
Hamad, 2023).
3. Internal

audit
supports
accountability,
transparency, achieving justice, and preventing
and detecting corruption in the public sector (Jothr
& Jummaa, 2023). Therefore, internal audit activity
is considered an essential part of the public money
management system (Yuniwati et al., 2024b), as it
Alhabow / Internal Audit and its role

ensures that public spending is within limits
permitted in the budget and is consistent with
procedures and regulations (Dahliani et al.,
2024a) in addition to verifying the accuracy and
integrity of asset accounts and the effectiveness of
in- internal control systems (Yuniwati, Novitasari,
et al., 2023a).
4. Internal audit is an integral part of government

public sector units, attention must be paid to
performance auditing, environmental auditing
(AlQadasi, 2018; Namakavarani, 2021; Susanti, 2021),
and aspects that keep pace with the developments of
the internal auditing function to help achieve
sustainable development.

The roles that the internal audit should play

financial management and a tool for improving
performance through its role in reviewing the
economy (Suseno & Hidayat, 2023), efficiency, and
effectiveness,
strengthening
disclosure,
accountability, and transparency (Awad et al.,
2023) and enhancing citizens' confidence in
protecting and preserving public resources and
property (Sudiantini et al., 2023), and
rationalizing and controlling public spending.

The auditor has several roles that he must play, which
are: (Khoury, 2011; Ahmed & Kumalasari, 2023; Anisur
Rahman, 2023a)

5. Internal audit is a mechanism of control and

2. Support role: This role focuses on improving

internal discipline, through its supervisory and
evaluative role to control all activities of the
organization and improve decision-making
processes (Hendarto et al., 2024), in addition to
setting practical performance measures by the
economic climate, evaluating internal control
systems and previous and post review, and then
improving resource management and avoiding
wasting money in general.
Types of Internal Audit
The guideline for the internal audit units in the
ministries, which was issued by the Federal Office of
Financial Supervision in Iraq, classified internal audit
into three types (The Office of Financial Supervision,
2007):
1. Financial audit: It is the auditor's analysis of the

economic activity of the institution, evaluation of
counting systems and information, examination of
financial statements and reports, and the extent to
which they can be relied upon (Nursaid et al.,
2024).
2. Compliance audit:

This is an audit of the
regulatory, financial, operational, and operational
controls to judge the efficiency (Nursaid et al.,
2023a), effectiveness, and suitability of the
systems that have been developed to confirm
compliance with the policies, regulations, and
instructions that the management has created.

3. Operational audit: It is the process of auditing all

the various activities and functions within the
organization,
such
as
sales,
purchases,
production, accounts, maintenance, etc., to ensure
the efficiency, effectiveness, and suitability of
these functions in achieving the organization's
goals (Yuniwati, Novitasari, et al., 2023b).
In addition to the recent trend of internal auditing in
REVENUE JOURNAL: MANAGEMENT AND ENTREPRENEURSHIP 1(1): 1–10

1. The role of supervision: The supervision of the

internal audit activity in the public sector focuses
on the departments and units of the public sector to
ensure the extent of their compliance with the laws
and regulations established to ensure the
protection of state assets (Sungkawati et al., 2023).
internal control systems in public sector units,
strengthening and supporting unit management
(Dahliani et al., 2024b), and improving economic
benefits and performance.
3. The role of prevention and protection: This role

focuses on protecting the assets of public sector
units by strengthening transparency (Dullah et al.,
2024), accountability, and risk management and
improving governance processes in a way that
contributes to preventing and testing violations and
cases of fraud and corruption.
4. Evaluation role: This role is based on evaluation

and ensuring the soundness of the unit’s
administrative (Nursaid et al., 2023b), financial,
and operational operations.
5. The advisory role focuses on providing sufficient,

accurate, and timely information to the
management
to
assist
decision-making
(Mohammed, 2019).
The researchers believe that the internal auditors
working in the municipal sector should develop their
skills and performance according to the modern
dimensions of internal auditing and provide
assurance and advisory services that are among the
contemporary services of internal auditing activity
that can help the administration achieve its goals, and
liberation from the traditional role of internal auditing
that characterizes Stagnation and stagnation.

financial sustainability
The concept
Sustainability is defined as a financial situation in which
the state can continue its spending policies and current
revenues in the long term without reducing its financial
solvency or being exposed to the risk of bankruptcy or
the ability to meet its future financial obligations
3

(Kazem et al., 2018; Abed et al., 2022; Anisur Rahman,
2023; Silva et al., 2023).
As the International Monetary Fund clarified, the
concept of financial sustainability is a situation in
which the borrower can continue to service his
debts without his need to make a significant and
fundamental change in his public expenditures and
revenues in the future (Muhammad, 2018).
IPSAS-RPGs1 also defines sustainability as the ability
of the unit to pay and fulfill the financial obligations
that it owes and to provide services at present and in
the future by analyzing the expected incoming and outgoing flows related to the provision of services, goods,
and programs, by using the assumptions of the present
policy over a specific period taking into account the
decisions taken by the unit on the reporting date or
before that date, and this leads to the occurrence of
financial outflows in the future that do not meet the
criteria for recognizing obligations, or future financial
inflows that do not meet the requirements for
recognizing assets at the reporting date (International
Federation For Accoun- tenants, 2015).

The financial sustainability of government
units
Sustainability is one of the concepts commonly used
at present, and it has developed and circulated
widely since 1978. It was initially associated with
economic development and focused on the social,
environmental, and economic dimensions more
than others due to the significant contributions
presented in this field and adopted by the United
Nations and its affiliated institutions. In the half of
the eighties of the previous century, the concept of
financial sustainability began to circulate to
describe future problems and challenges that could
be met by financial management as a result of the
increasing level of deficit and debt arising from the
increase in public spending, which means the
growing financial burdens that the next generation
can bear, and related to decisions that were not They
take it or participate in it, and perhaps in the first
place they did not benefit from it (Al-Shalal, 2013).
Financial sustainability is the government's
financial ability to continue to pay the burdens of its
public debt at present and in the future with the
least possible amount of damage and to be able to
create and generate wealth, and this leads to an
increase in the general revenues of society
(Abouessouror, 2020; Oradi, 2021). Sustainability
also means that the government's financial
resources are vital and can cover the burdens of
future debts without their need to be rescheduled or
without the accumulation and accumulation of those
debts (Abdullah & Al-Shammari, 2020).
4

The researchers believe that financial sustainability
is the ability of the unit to manage its financial
resources in the short and long term in a way that
enables it to carry out its current activity as well as
secure its needs of financial resources for long
periods and in a way that guarantees the rights of
future generations.

Dimensions of financial sustainability
IPSAS-RPGs1 focused on long-term financial
sustainability and identified three dimensions that
help measure it: (IP- SAS RPGs1; Al-Filali et al., 2023;
Dharmayanti et al., 2023)
1. Service: It focuses on the ability of the unit to

maintain the size and quality of the services or
programs it provides or to enable it to change
them and the extent of its exposure to specific
factors, such as the extent of the beneficiary’s
desire to agree and accept any reductions in
dues and services, or whether they are
vulnerable to being affected. Because it cannot
set or change service levels, for example, when
another level of government determines the
level of service provided.
2. Revenue: It focuses on the ability of the unit to

change the current tax levels or other sources
of revenue or to create new sources of income
beyond its power and control.
3. Debt: It focuses on the ability of the unit to

fulfill the financial obligations it owes when it
is due to be paid or to refinance the debt or
raise it as necessary. It also focuses on the
unit’s exposure to risks in the market, trust in
lenders, and risks in the interest rate.

Measuring financial sustainability
1.

Sustainability of services: The sustainability
of services depends on how much the
government unit can use human and
material resources to continue providing
services with the required high quality and
the planned size and by the government's
drawn policies.

2.

Sustainability
of
revenues:
The
sustainability of revenues depends on how
much the government unit can use or
change its revenue sources or create new
ones.

3.

Debt sustainability: It focuses on the ability of
the government unit to fulfill its financial
obligations and manage debts (Al-Saqa and AlSindi; Ahmad et al., 2024a, 2024b; Soana,
2024).

Alhabow / Internal Audit and its role

The relationship of internal auditing to financial
sustainability
The relationship of internal auditing with
sustainability will be clarified through the
following:
1. Developing

sustainable financial reporting:
Internal audit plays a vital role in developing
long-term performance reporting systems at the
operational and strategic levels, as internal
auditors ensure long-term reporting and systems
design with all necessary internal controls in
place, as well as the accuracy of non-financial
data. Produced and prepared by these systems,
it is reliable and accurate information, such as
financial statements. Internal auditors must
have a strategic view that helps management
prepare reports and focus on the long term
(Gibassier et al., 2019).

2. Identify and understand risks and opportunities:

Internal audit helps to identify and understand the
risks and opportunities that arise as a result of the
sustainability process and to determine the
impact of these risks and opportunities on the unit
to evaluate the sustainability indicators, changes,
and results reported in the sustainability reports
(Al-Ajili, 2022).
3. Providing advisory services:

These are the
consulting operations provided to organizational
units inside or outside the institution, and the
nature of the scope of these operations is
determined in agreement with those institutions.
They aim to add value to the unit and improve its
operations. In addition, it provides a range of
advisory services in the field of sustainability,
depending on the size of the report.

4. Adding value to the unit: The contributions of

internal auditing to the process of sustainable
development help to improve the unit's
performance and thus ensure its long-term
continuity, which enhances its ability to provide
services and sustain revenues.

Types of Internal Audit in Light of
Sustainability
There are several types of internal auditing in light of
sustainability, namely (Quoted from Al-Ajili, 2022):
1. Sustainable environmental auditing: The US

Environmental Protection Agency defines
ecological auditing as: “A credible, periodic,
systematic, and objective critical examination by
an independent organization or body that has the
legal authority to produce operations and
associated branch activities to determine their
impact on the environment.” (Uyen, 2018) The
REVENUE JOURNAL: MANAGEMENT AND ENTREPRENEURSHIP 1(1): 1–10

European Union Commission defines it as: “an examination process aimed at ensuring compliance
with financial regulations and ensuring the
reliability of the information contained in the
financial statement, and providing details of all
production processes and activities of related
branches to determine their impact on the
environment and the variables in it. (Nour & Alwan:
213).
2. Sustainable social auditing:

Sustainable social
auditing has also been defined as a method for
measuring, understanding, reporting, and
ultimately improving the social and ethical
performance of a unit. Moreover, it improves
social unit performance (Pujara, 2019). The
operations of the unit affect the surrounding
community in which it operates. A sustainable
social audit leads to the cohesion and cohesion of
the unit in the market and improves its image by
correcting operational procedures and rules of
conduct (Rahmawati, 2018).

3. Sustainable economic audit: Auditing sustainable

economic performance is a process that occurs
after the officials in the economic unit make their
decisions (after preparing the financial
statements). To determine the current economic
performance, financial statements with a high
degree of transparency help audit the economic
performance. The more the internal audit report
indicates that the performance of the economic
unit, in the long run, is high and sound, the easier
it will be to obtain funds, track investors, and
improve its position in the market. (Fuentes &
Porcuna, 2022).

Practical Side
1. The Municipalities: The municipal sector is one of

the critical sectors concerned with the state's
general structure, as it bears administrative and
service responsibilities and burdens that affect
various aspects of community life (Sulub, 2020).
Based on the reality of the internal audit
procedures in the research sample and
determining the procedures that the internal audit
is supposed to follow in the municipal institutions.
2. Internal Audit Division. This division consists of

units (auditing records, documentary auditing,
financial control), and one of its most important
tasks is that of internal control in auditing all the
work of the divisions of the directorate
(Fitzgerald, 2018), especially the mathematical
aspects, and discovering errors, and following up
the municipal directorates through field visits, and
reviewing the work of these institutions And make
recommendations and directives regarding the
work of these institutions, in addition to auditing
5

the calculation tables, monthly grants, auditing
the accounts of the plan, the grant, and the
salaries of employees of municipal institutions.
The audit divisions of municipal institutions in
the districts and sub-districts also exercise the
same tasks in auditing all the work of the
divisions of the municipal institution, as well as
Auditing property records, land transactions, and
allocation. The number of employees working in
auditing and holding a Bachelor of Accounting
(Prats, 2018) is thirty-seven, seven of whom are
at the department's headquarters, and the rest are
distributed to municipal institutions, with one
auditor in each.
3. the accounting system and the type of financing.
The type of accounting system adopted by the
government unit is determined according to the
nature of the administrative and financial
divisions of the government unit in terms of the
nature of its activity and the method of financing
it, as the municipal institutions in Nineveh
governorate are considered among the units of
the mining sector with an economic and
commercial activity aimed at achieving profit,
and are self-financed from their capital and
resources.

affects independence and objectivity—absence of
legislation, instructions, and guidelines related to
internal auditing of sustainability activities.

A profit or loss has been achieved, but its goal is
profit, in addition to providing public services. The
accounting system that is applied in municipal
institutions of all kinds is the unified accounting
system for municipalities, which is a system that
takes commercial accounting principles and adopts
the accrual basis. The unified accounting system
for municipalities generally represents a system or
plan. It is represented by procedures for recording
accounting data at the unit level and preparing
financial statements and final accounts within a
unified framework of foundations, rules, terms,
definitions and accounting treatments to serve
specific goals.

5. REFERENCES

4. CONCLUSION
The following conclusions were reached through
the results presented in the body of the research: 1)
The concept of internal auditing has evolved from
its traditional role of examining and searching for
errors to a confirmatory advisory role that helps the
administration achieve its future goals; 2) The role
of internal audit has evolved to include mining and
evaluating
sustainability
and
providing
recommendations and consultations that help
achieve goals; 3) There need to be more internal
audits about auditing the works and the reports
prepared by the bodies responsible for aspects of
sustainable development; 4) The internal auditor
should provide advisory services only about financial
sustainability and avoid any executive role, which
6

Based on the conclusions reached by the research, the
following recommendations can contribute to
improving internal auditing in the research sample: It
is necessary to pay attention to the internal audit in
the municipality sector and give it more attention and
power to enable it to perform its duties. An internal
audit program needs to be prepared according to the
concept of sustainability. I am activating internal
audit advisory services about financial sustainability,
directing expenditures, and maximizing revenues. It is
preferable to involve the internal audit in setting
strategic plans and objectives and determining the
changes that occur. The internal audit should direct
the unit to prepare ports and data related to
sustainability in general and financial sustainability in
particular. The internal audit must measure the
economic sustainability of the financial reporting
information through specific quantitative measures.
There is a need to issue legislation or guidelines
related to sustainability from the concerned
authorities and professional organizations for
internal auditing.

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