The Role of the Internal Auditor in Risk Management Under International Auditing Standards: An Empirical Study on Insurance Companies

Ahmed Juma Omar Nasr

This study mainly aims to investigate the extent to which insurance companies apply internal auditing standards in risk management, test the statistically significant relationship between them, and evaluate the internal auditor's role in mitigating these risks. The researcher adopted a descriptive-analytical approach, using a questionnaire to collect data from the study population represented by insurance companies in Libya. The results revealed that internal auditors perform their duties independently without senior management intervention; however, there are deficiencies in preparing teams capable of IT-based auditing, alongside a lack of clear organizational structure for the internal audit department and insufficient continuous training on professional standards. The study recommended providing continuous training, supplying necessary resources for internal auditors, and explicitly defining the internal audit unit within the corporate organizational chart.

Internal Auditing, Risk Management, International Auditing Standards, Insurance Companies, Internal Control, Professional Competence