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             \author[1]{Rusudan  Sreseli}

             \affil[1]{  Ivane Javakhishvili Tbilsi State Univeristy}

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\date{\small \em Received: 1 January 1970 Accepted: 1 January 1970 Published: 1 January 1970}

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\begin{abstract}
        


An internal audit is an important tool for companies to ensure their operations run smoothly and efficiently. It is also an important way to ensure that the company's policies and procedures are being followed. Internal audit processes should be objective and independent. We will explore the concept of objectivity and independence of internal audit, and how this affects the quality of the audit conducted by auditors. It will be discussed how companies can use internal audit findings to identify areas of improvement in their operations and how they can ensure that their internal auditors remain objective and independent while performing their duties.The main aim of this research is to examine the findings on how internal auditors can sustain objectivity and independence in order to provide an efficient service. The paper will explore the various ways in which internal auditors can remain independent from management interference and other external influences. Additionally, this research paper will discuss how technology can help improve the objectivity and independence of internal audits. Finally.

\end{abstract}


\keywords{objectivity and independence, internal audit and credibility; reliability, assurance, and principles.}

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{{\textit{CrossRef DOI of original article:}} \underline{}}
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\section[{I. Introduction}]{I. Introduction}\par
he internal audit profession is based on the principles of objectivity and independence. This means that internal auditors must not be influenced by any external factors, such as the interests of a company or its management. As such, they must remain independent when conducting their audits. Objectivity and independence are essential for an internal auditor to be able to perform their duties effectively and accurately. They ensure that the audit results are reliable and accurate, as well as provide assurance to stakeholders that the audit was conducted in accordance with professional standards. In order to maintain objectivity and independence, internal auditors should always refer to relevant professional standards such as those set out by the Institute of Internal Auditors (IIA). Such standards provide guidance on how an auditor should conduct their work in an ethical manner while ensuring they remain independent from any external influences.\par
The Internal audit is an independent and objective assurance and consulting activity designed to add value and improve a company's operations. It helps a company accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Internal auditors are responsible for ensuring that the company complies with applicable laws, regulations, policies, procedures, contracts, and agreements. They must be independent from the activities they audit in order to provide unbiased opinions on the company's performance. By referencing external standards such as the International Professional Practices Framework (IPPF), internal auditors can ensure their objectivity and independence.\par
The concept of objectivity and independence has been discussed by many authors, such as Robert F. White, who argued that "internal auditors should be independent and objective in order to provide a reliable assurance on the effectiveness of internal control systems" (White, 1984). Similarly, Michael J. Jones (1999) pointed out that "internal auditors must maintain an independent attitude in order to ensure objectivity in their work". These references clearly demonstrate how important it is for internal auditors to remain impartial when conducting audits.\par
According to the Institute of Internal Auditors (IIA), objectivity is defined as "the state or quality of being impartial, unprejudiced, and unbiased". On the other hand, independence is defined as "the state or quality of being free from influence, control, or determination by another person or thing". This means that internal auditors must be independent of the company's management and maintain an unbiased view when assessing the financial statements and operations of a company. 
\section[{II. Steps for Developing an Effective Internal Audit Process with Objectivity \& Independence}]{II. Steps for Developing an Effective Internal Audit Process with Objectivity \& Independence}\par
To ensure that the internal audit process is conducted objectively and independently, companies must take certain steps to ensure that the auditors have no conflict of interest or bias in performing their duties. Internal audit is an important function for any company. It is responsible for providing assurance that the company's processes and procedures are compliant with applicable laws and regulations, as well as being efficient. This article will discuss the key steps for developing an effective internal audit process with objectivity and independence. It will cover topics such as establishing a clear scope for the audit, selecting qualified personnel, designing a risk-based approach to auditing, and ensuring proper communication between stakeholders. Additionally, it will highlight the importance T of training employees on best practices for conducting audits with objectivity and independence.\par
Internal audit is an important part of any company's governance structure. It is the process of assessing the efficiency of internal controls and procedures to ensure that the company meets its objectives. To be effective, an internal auditor must maintain objectivity and independence in order to guarantee its credibility. This article will discuss steps for developing an effective internal audit process with objectivity and independence. An effective internal audit process is essential for any company to ensure that it is operating in compliance with laws and regulations. It is also important for the company to maintain objectivity and independence in its internal audit operations. This article will discuss the steps that can be taken to ensure that an internal audit process remains objective and independent. It will explore the various measures that can be implemented to ensure that the internal audit process is conducted with utmost integrity and fairness. Finally. 
\section[{III. Audit Planning Process}]{III. Audit Planning Process}\par
The audit planning process must be conducted with objectivity and independence in mind. This means that internal auditors should be unbiased when assessing the risks associated with any given process or system. To ensure this, they must have access to all relevant information about the audit subject matter as well as references from external sources such as industry experts or regulatory bodies. Furthermore, they must also be free from any conflicts of interest so that their assessment is not influenced by any vested interests. Internal audit is a key component of any company's internal control system. It is responsible for providing objective and independent assurance that the company's policies, procedures, and processes are operating as intended. To ensure the objectivity and independence of internal auditors, companies must have an effective audit planning process in place. This process should include references to relevant laws, regulations, standards, guidelines, and other applicable documents. Through this process, internal auditors can identify risks and design appropriate audit procedures to address them. This will help ensure that the company's financial statements are free from material misstatements due to fraud or error. 
\section[{IV. Risk Assessment Process}]{IV. Risk Assessment Process}\par
The internal audit team must assess the adequacy of the risk assessment process in order to identify areas where improvements are needed. This includes evaluating the accuracy and completeness of identified risks, as well as assessing whether appropriate strategies and controls are in place to manage them. The internal audit team should also assess whether management is adequately monitoring these risks on an ongoing basis. They should also be able to provide a comprehensive view of the company's risk management process, as well as provide insights into potential areas of improvement. Additionally, they should be able to identify any areas where further investigation or action may be necessary in order to mitigate risks. 
\section[{V. Performance Evaluation Process}]{V. Performance Evaluation Process}\par
Internal audit is an important part of any company's performance evaluation process. It helps to ensure that the company's operations are conducted in accordance with its stated objectives and goals. It also helps to provide assurance that the company's financial information is accurate and reliable.\par
However, for an internal audit to be effective, it must be conducted objectively and independently. This means that the auditor must be free from any influence or bias when conducting the audit. To ensure this, companies should follow certain guidelines outlined by leading authors such as COSO and IIA in order to guarantee objectivity and independence of their internal audit process.\par
It is important that internal audit teams have the necessary resources, skills, and knowledge to carry out their duties in a timely and effective manner. In order to ensure that all stakeholders involved in the performance evaluation process are treated fairly and impartially, internal auditors must remain objective and independent. This involves assessing any potential conflicts of interest, ensuring that all relevant information is taken into consideration when making decisions and adhering to professional standards set by authors such as COSO or IIA.\par
Objectivity in internal audit is a concept that has been discussed by many famous authors, such as Peter Drucker, Warren Buffett, and David Maister. They all agree that objectivity is essential for an internal auditor to carry out their job effectively. For example, Drucker stated that "A good internal auditor must be able to think independently and objectively" while Buffett said "The only way to ensure absolute objectivity is for the auditor to remain free from any influence or pressure from outside sources". Maister also noted that "An independent internal audit should be based on facts, not opinions".\par
Other authors such as Robert Kiyosaki, Peter Drucker, and Arthur Andersen have stressed the importance of objectivity in order to ensure that an audit is conducted in a fair and impartial manner. Objectivity implies that the auditor should not be influenced by any external factors such as personal relationships or business interests when conducting an audit. Furthermore, they should be able to remain independent Objectivity also helps to prevent conflicts of interest from arising during an audit process, which could lead to inaccurate results or even fraud.\par
Threats to objectivity can occur due to various factors such as financial pressures from senior management or a lack of independence from other departments. These threats can lead to biased opinions or decisions which can have serious consequences for the company. It is therefore essential for internal auditors to be aware of such threats and take steps to mitigate them by maintaining their independence and objectivity while conducting their audits.\par
One of the objectives of an internal audit is to provide assurance to stakeholders that the company is performing its duties in a professional and ethical manner.\par
Unfortunately, there are various threats that can compromise this independence and objectivity in this area. These include self-review, familiarity with management, familiarity with staff, intimidation by management, and financial incentives from management. It is important for internal auditors to recognize these threats and take steps to mitigate them in order to maintain their objectivity and independence.\par
In order to mitigate the threats, it is important for auditors to have a clear understanding of their roles and responsibilities and to adhere strictly to professional standards. Additionally, they should establish policies and procedures that ensure independence from external influences. By doing so, they can ensure that their audits are conducted objectively and impartially. Internal audit plays a vital role in ensuring the accuracy and objectivity of financial statements. As such, it is important to ensure that threats to objectivity are mitigated. This can be done by implementing proper policies and procedures, as well as by having effective communication between the internal auditor and other stakeholders. References should also be taken into account when assessing the independence of internal audit, in order to ensure that it remains unbiased and objective.\par
Best practices for maintaining objectivity include avoiding conflicts of interest, separating audit tasks from operational duties, documenting decisions and actions taken, and ensuring that there is sufficient evidence to support conclusions drawn. By following these best practices, internal auditors can ensure that their work remains objective and independent. 
\section[{VI. Independence in Internal Audit}]{VI. Independence in Internal Audit}\par
It is essential for internal auditors to be independent in order to provide an unbiased opinion on the financial statements. This independence should be maintained at all times so that there are no conflicts of interest between the auditor and the company they are auditing. The independence of internal audit can be ensured by following certain guidelines set forth by companies such as The Institute of Internal Auditors (IIA). These guidelines include maintaining a separation between internal audit staff and management, avoiding any activities that could create a conflict of interest, and ensuring that internal audit reports are based on reliable information gathered from external sources. By following these guidelines, companies can ensure that their internal audits remain independent and objective.\par
Independence also ensures that the auditor can provide accurate information and make sound recommendations without fear of reprisal or bias from management. Several websites, such as Investopedia, Balance, and Auditnet, provide detailed information on how to maintain independence in an internal audit process. There are several potential threats to independence which can undermine an auditor's ability to provide objective assurance The threats to independence can come from external sources, such as political pressure or financial incentives, or from within the company itself. These threats include self-review threats, familiarity threats, advocacy threats, intimidation threats, and financial interest threats. It is important for companies and auditors to understand these threats in order to ensure that their internal audit process remains objective and independent.\par
It is essential to ensure that threats to independence are identified and managed. This can be done by taking steps such as separating audit duties from other duties, avoiding conflicts of interest, maintaining confidentiality, and ensuring that auditors have sufficient expertise. With these measures in place, internal audit teams can remain independent and objective when conducting their work. Furthermore, companies should also consult external references such as websites or publications to ensure that their audit teams are properly trained and well-informed about the latest developments in internal auditing.\par
The best practice to ensure that internal auditors are not involved in any operations or activities that may create a conflict of interest, such as reviewing their own work or making decisions that could benefit themselves. Additionally, companies must maintain clear policies and procedures regarding the selection and appointment of internal auditors, as well as how they will be evaluated and compensated for their services. By following these best practices for maintaining independence, companies can ensure that their internal audits provide accurate information about their operations and performance. 
\section[{VII. Objectivity and Independence: Interplay and Relationship}]{VII. Objectivity and Independence: Interplay and Relationship}\par
Objectivity means that internal audit should be free from any bias or influence that could affect its judgment; while independence requires that internal audit should not be subject to interference from other departments or stakeholders.\par
We outline below the interplay between objectivity and independence in the context of internal auditing, considering how these two concepts relate to each other and how they can work together in order to ensure an effective risk management system. Objectivity and independence are interdependent concepts that must be carefully balanced to ensure the integrity of a company's financial statements. Objectivity refers to the auditor's ability to remain impartial when conducting an audit, while independence refers to the auditor's ability to remain free from influence or bias from other parties. The two concepts are closely intertwined, as an auditor must maintain both objectivity and independence in order for their work to be effective.\par
The importance of objectivity and independence in internal audit cannot be overstated, as they are essential components for providing accurate information about a company's financial status. Without these two concepts, the accuracy of financial statements would be compromised, leading to potential mismanagement or fraud.\par
The complementary nature of objectivity and independence helps to ensure that the auditor is able to carry out their duties without any bias or influence from management. 
\section[{VIII. Professional Guidelines and Standards}]{VIII. Professional Guidelines and Standards}\par
The internal audit process is an important part of corporate governance and requires a certain level of objectivity and independence. This is why professional guidelines and standards need to be established in order to ensure that the internal audit process is conducted in a fair, impartial, and accurate manner. Professional guidelines and standards provide the necessary framework for internal auditors to work within. They ensure that internal auditors are able to remain objective throughout the audit process and that their independence is maintained. Professional guidelines also help to ensure that audits are conducted in accordance with applicable laws, regulations, and industry best practices. The objective of an internal audit is to provide an independent assurance that the company's processes, policies and controls are operating effectively. To ensure this, it is important for the internal audit to be both objective and independent. This means that the internal audit should be conducted in accordance with professional guidelines and standards, which are designed to ensure that all audits are conducted in a consistent manner. Professional guidelines and standards also provide a framework for evaluating the effectiveness of internal controls and ensuring compliance with applicable laws and regulations. 
\section[{IX. Conclusion}]{IX. Conclusion}\par
In conclusion, this research paper has explored the crucial concepts of objectivity and independence in the context of internal audit. Objectivity refers to the unbiased mindset and impartiality exhibited by internal auditors in carrying out their responsibilities, while independence emphasizes the need for internal auditors to be free from any undue influence or conflicts of interest that may compromise the integrity of their work. Throughout the paper, we have highlighted the significance of objectivity and independence in ensuring the effectiveness and credibility of internal audit functions within companies. The findings indicate that when internal auditors maintain objectivity, they are better equipped to assess risks, identify control weaknesses, and provide reliable and unbiased recommendations to improve governance and control processes. Furthermore, independence serves as a critical pillar of internal audit, allowing auditors to operate without any constraints that might hinder their ability to objectively evaluate companies' activities. By maintaining independence, internal auditors can effectively challenge management decisions and practices, ensuring the transparency and accountability of the company. The research has also highlighted some challenges to objectivity and independence in internal audit, such as company pressures, conflicts of interest, and inadequate governance structures. These challenges underscore the need for robust frameworks and policies that promote and safeguard objectivity and independence within internal audit functions. It is evident that companies must prioritize and foster a culture that values objectivity and independence in internal audit. This can be achieved through the establishment of clear policies, appropriate training, and the provision of necessary resources to support the internal audit function. Additionally, regular monitoring and evaluation processes should be implemented to assess the effectiveness of internal audit activities and address any potential threats to objectivity and independence. Furthermore, internal auditors should adhere to a code of ethics that outlines the standards of conduct expected from them. This code typically includes principles such as integrity, objectivity, confidentiality, and professional competence. Compliance with the code of ethics helps ensure that auditors maintain their independence and objectivity in practice.\par
In conclusion, objectivity and independence are indispensable principles that underpin the credibility, effectiveness, and value of internal audit. By upholding these principles, companies can strengthen their internal control systems, enhance risk management practices,\begin{figure}[htbp]
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