N 50 50 50 50 50 Organisational Pearson .473(**) -.152 1 .455(**) -.074 independence Correlation Sig. (2-tailed) .001 .291 .001 .608 N 50 50 50 50 50 Audit Activities Pearson .442(**) .185 .455(**) 1 .495(**) Correlation Sig. (2-tailed) .001 .199 .001 .000 N 50 50 50 50 50 Internal Audit Function Pearson -.307(*) .186 -.074 .495(**) 1 Correlation Sig. (2-tailed) .030 .197 .608 .000 N 50 50 50 50 50 ** Correlation is significant at the 0.01 level (2-tailed). * Correlation is significant at the 0.05 level (2-tailed). Source: survey data, (2013) In order to have independent Audit Committees in any organisation the majority of its qualified members with right knowledge must come from outside the organisation which will enable the committee to have high influence on the audit performance. This is because the study shows that the relationship between the audit committee and the two audit performance measures is statistically significant. This result is consistent with some of the previous studies such as Klein (2002) and Mansi and Reeb (2004), where they reported strong positive relationship between audit committee and the organization audit performance variables they used in their studies. Table 5.16: Correlation between Internal Audit Status with Corporate Governance Existence Existence of of Risk Recommendation audit internal Corporate and its committee audit Governance implementation Existence of Pearson audit Correlation 1 .191 .172 .336(*) .027 committee
N 50 50 50 50 50 Organisational independence Pearson Correlation .473(**) -.152 1 .455(**) -.074 Sig. (2-tailed) .001 .291 .001 .608 N 50 50 50 50 50 Audit Activities Pearson Correlation .442(**) .185 .455(**) 1 .495(**) Sig. (2-tailed) .001 .199 .001 .000 N 50 50 50 50 50 Internal Audit Function Pearson Correlation -.307(*) .186 -.074 .495(**) 1 Sig. (2-tailed) .030 .197 .608 .000 N 50 50 50 50 50 ** Correlation is significant at the 0.01 level (2-tailed). * Correlation is significant at the 0.05 level (2-tailed). Source: survey data, (2013) In order to have independent Audit Committees in any organisation the majority of its qualified members with right knowledge must come from outside the organisation which will enable the committee to have high influence on the audit performance. This is because the study shows that the relationship between the audit committee and the two audit performance measures is statistically significant. This result is consistent with some of the previous studies such as Klein (2002) and Mansi and Reeb (2004), where they reported strong positive relationship between audit committee and the organization audit performance variables they used in their studies. Table 5.16: Correlation between Internal Audit Status with Corporate Governance Existence of audit committee Existence of internal audit Corporate Governance Risk Recommendation and its implementation Existence of audit committee Pearson Correlation 1 .191 .172 .336(*) .027
DISSERTATION_SIMON_KHAMIS_SAID_(OUT).docx