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INTERNAL AUDIT PERFORMANCE THROUGH THE EYES OF THE BALANCED SCORECARD: EVIDENCE FROM THE FINANCIAL SECTOR IN GREECE DURING CRISIS

STAVROPOULOU E 1, GALYFIANAKIS G 2, ALEXANDROS GAREFALAKIS 3, RAGAZOU K 4, KONSTANTOPOULOS G 5, and VORTELINOS D 6.

Vol 19, No 03 ( 2024 )   |  DOI: 10.5281/zenodo.10848063   |   Author Affiliation: Department of Management Science and Technology, University of Western Macedonia, GR50100 Kozani, Greece 1; Department of Accounting and Finance, Hellenic Mediterranean University, GR71410 Heraklion, Greece, GR50100 Kozani, Greece 2; Department of Business Administration and Tourism, Hellenic Mediterranean University, GR71410 Heraklion, Greece. Department of Accounting and Finance, Neapolis University Pafos, Pafos, Cyprus 3; Department of Management Science and Technology, University of Western Macedonia, GR50100 Kozani, Greece. Department of Accounting and Finance, Neapolis University Pafos, Pafos, Cyprus 4; Department of Business Administration and Tourism, Hellenic Mediterranean University, GR71410 Heraklion, Greece 5; Department of Accounting and Finance, Hellenic Mediterranean University, GR71410 Heraklion, Greece GR50100 Kozani, Greece 6.   |   Licensing: CC 4.0   |   Pg no: 260-277   |   Published on: 09-03-2024
Abstract

This article examines how the balanced scorecard method affects the efficiency of the internal audit function, focusing on Greek banks. We discuss how the use of the Balanced Scorecard is connected to the performance enhancement of financial organizations via the mediating role of internal audit. We use a quantitative analysis of primary data obtained from a questionnaire survey, supplemented with qualitative data from the perspectives of seasoned bank executives in 2017. The sample comprises the main financial institutions in Greece. The study found that the Balanced Scorecard is suitable for assessing the performance of the internal audit department in financial institutions. It also highlighted its role as a management tool in aligning with the overall business strategy and departmental goals of these entities.

Keywords

Balanced Scorecard, Internal Audit, Performance, Banking, Crisis.

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