The Role of Internal Audit in The Merger and Acquisition Process to Provide Added Value: A Critical Review
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Keywords:
Literature Study, Due Diligence, Merger and Acquisition, Audit Internal.
Abstract
Purpose – This research focuses on how internal audit influences added value in the merger and acquisition (M&A) process. One of the internal audits provides value added by doing due process diligence For M&A transactions. The failure rate in creating value for companies and shareholders through M&A is still relatively high. Factors contributing to such failures include cultural differences between organizations, overly optimistic decisions based on market assessments, overestimating synergies, and inappropriate technology assessments. In overcoming these risks, the role of internal audit becomes crucial. This research underscores how internal audits can aid in recognizing and addressing the risks linked to M&A, particularly during the strategy, feasibility assessment, and results integration implementation phases.
Methodology – This research uses descriptive qualitative analysis methods
Findings – Research demonstrates that internal audit plays a vital role in guaranteeing the seamless operation of the M&A process. Internal audits help identify the various risks involved in the M&A process, from market and financial risks to legal and cultural risks. In addition, internal audits also provide recommendations for improvements needed to ensure that the M&A process runs according to the company's plans and goals. Thus, the contribution of internal audit is significant in ensuring the success of every M&A transaction carried out by the company.
Originality – This article comprehensively discusses internal audit activities in the M&A process so the internal audit activity can add value to the company.
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References
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Angwin, Duncan. 2001. “Mergers and Acquisitions across European Borders: National Perspectives on Preacquisition Due Diligence and the Use of Professional Advisers.” Journal of World Business 36 (1): 32–57. https://doi.org/10.1016/S1090-9516(00)00053-5.
Applegate, Dennis B. 1998. “Best Practices in Joint Venture Audits.” Internal Auditor, 1998. https://link.gale.com/apps/doc/A20860213/AONE?u=anon~a11d59&sid=googleScholar&xid=7ab59128.
Becker, Wolfgang, and Oliver Schmid. 2020. “The Right Digital Strategy for Your Business: An Empirical Analysis of the Design and Implementation of Digital Strategies in SMEs and LSEs.” Business Research 13 (3): 985–1005. https://doi.org/10.1007/s40685-020-00124-y.
Bhagwan, Vivek, Sara (Saartjie) Grobbelaar, and Wouter Bam. 2018. “A SYSTEMATIC REVIEW OF THE DUE DILIGENCE STAGE OF MERGERS AND ACQUISITIONS: TOWARDS A CONCEPTUAL FRAMEWORK.” South African Journal of Industrial Engineering 29 (3). https://doi.org/10.7166/29-3-2061.
Boardman, Anthony E., and Aidan R. Vining. 1996. “Defining Your Business Using Product-Customer Matrices.” Long Range Planning 29 (1): 38–48. https://doi.org/10.1016/0024-6301(95)00064-X.
Brody, Richard G., and D. Jordan Lowe. 2000. “The New Role of the Internal Auditor: Implications for Internal Auditor Objectivity.” International Journal of Auditing 4 (2): 169–76. https://doi.org/10.1111/1099-1123.00311.
Bruner, Robert F. 2004. Applied Mergers and Acquisitions. Wiley Finance. Nashville, TN: John Wiley & Sons.
Chambers, Andrew D., and Marjan Odar. 2015. “A New Vision for Internal Audit.” Managerial Auditing Journal 30 (1): 34–55. https://doi.org/10.1108/MAJ-08-2014-1073.
Cheah, Sarah, Cristiano Bellavitis, and Alessandro Muscio. 2021. “The Impact of Technology Complexity on the Financial Performance of R&D Projects: Evidence from Singapore.” The Journal of Technology Transfer 46 (2): 431–58. https://doi.org/10.1007/s10961-020-09777-7.
Choi, Frederick D. S., and Changwoo Lee. 1991. “Merger Premia and National Differences in Accounting for Goodwill.” Journal of International Financial Management & Accounting 3 (3): 219–40. https://doi.org/10.1111/j.1467-646X.1991.tb00096.x.
Cook, Roger. 1993. “Auditing Acquisitions: Part 2 – Post‐Acquisition Review.” Managerial Auditing Journal 8 (2). https://doi.org/10.1108/02686909310026459.
Datta, Deepak K. 1991. “Organizational Fit and Acquisition Performance: Effects of Post‐acquisition Integration.” Strategic Management Journal 12 (4): 281–97. https://doi.org/10.1002/smj.4250120404.
David, Rodreck. 2017. “Contribution of Records Management to Audit Opinions and Accountability in Government.” SA Journal of Information Management 19 (1). https://doi.org/10.4102/sajim.v19i1.771.
Davison, Barbara. 2001. Understanding the Mergers and Acquisitions Process.
DePamphilis, Donald M. 2018. “An Introduction to Mergers, Acquisitions, and Other Restructuring Activities.” In Mergers, Acquisitions, and Other Restructuring Activities, 5–45. Elsevier. https://doi.org/10.1016/B978-0-12-801609-1.00001-4.
Dierickx, Ingemar, and Mitchell Koza. 1991. “Information Asymmetries How Not to ‘buy a Lemon’ in Negotiating Mergers and Acquisitions.” European Management Journal 9 (3): 229–34. https://EconPapers.repec.org/RePEc:eee:eurman:v:9:y:1991:i:3:p:229-234.
Drogalas, George, Panagiotis Pantelidis, Paraskeui Zlatinski, and Dimitris Paschaloudis. 2012. “THE ROLE OF INTERNAL AUDIT IN BANK’S M&AS.” In . https://api.semanticscholar.org/CorpusID:55227498.
Ernst & Young. 2019. “Merger, Acquisition and Capital Raising in Metal and Mining.”
Ferramosca, Silvia, Giuseppe D’, N.A. Onza, and Marco Allegrini. 2017. “The Internal Auditing of Corporate Governance, Risk Management and Ethics: Comparing Banks with Other Industries.” International Journal of Business Governance and Ethics 12 (3): 218. https://doi.org/10.1504/IJBGE.2017.088245.
Flanagan, David, Jerry Kreuze, and Ola Marie Smith. 2004. “Merger and Acquisition Opportunities: Due Diligence Activities Offer Internal Auditors Numerous Opportunities to Help Ensure the Success of Proposed Company Integrations.” Internal Auditor, 2004. https://link.gale.com/apps/doc/A121150101/AONE?u=anon~7cefe6fa&sid=googleScholar&xid=3ee1f579.
Galpin, Timothy John, and Donald E Robinson. 1997. “Merger Integration: The Ultimate Change Management Challenge.” In . https://api.semanticscholar.org/CorpusID:168842157.
Garud, Raghu, and Praveen R. Nayyar. 1994. “Transformative Capacity: Continual Structuring by Intertemporal Technology Transfer.” Strategic Management Journal 15 (5): 365–85. https://doi.org/10.1002/smj.4250150504.
Gleim Publications. 2021. Study Unit Four Risk Management.
Goodwin-Stewart, Jenny, and Pamela Kent. 2006. “Relation between External Audit Fees, Audit Committee Characteristics and Internal Audit.” Accounting and Finance 46 (3): 387–404. https://doi.org/10.1111/j.1467-629X.2006.00174.x.
Hariyani, Iswi, SH, MH., Ir R Serfianto, & Cita Yustisia P. D and S., and SH. 2011. Merger, Konsolidasi, Akuisisi, & Pemisahan Perusahaan: Cara Cerdas Mengembangkan & Memajukan Perusahaan. VisiMedia.
Henrique da Rocha Vencato, Carlos, Clandia Maffini Gomes, Flavia Luciane Scherer, Jordana Marques Kneipp, and Roberto Schoproni Bichueti. 2014. “Strategic Sustainability Management and Export Performance.” Management of Environmental Quality: An International Journal 25 (4): 431–45. https://doi.org/10.1108/MEQ-02-2013-0014.
Hock, Brian, Carl Burch, Kevin Hock, and Kekoa Kaluhiokalani. 2019. CIA Part I Essentials of Internal Auditing.
Insitute Internal Auditor. 2022. The IIA’s CIA Learning System Part 1. Insitute Internal Auditor.
Jones, C Stuart. 1982. Successful Management of Acquisitions. Middlesex, UK: Derek Beattie Publishing.
Kazakova, N A, E B Shuvalova, and S S Chikurova. 2020. “Internal Audit of Estimated Reserves and Liabilities as a Diagnostic Method for Corporate Risks.” In . https://doi.org/10.2991/aebmr.k.200312.343.
King, David R., Florian Bauer, and Svante Schriber. 2018. Mergers and Acquisitions. Abingdon, Oxon ; New York, NY : Routledge, 2019. | Series: State of the art in business research, ISSN 2575–4815: Routledge. https://doi.org/10.4324/9780429469459.
Kovela, Serhiy, Amanda Annandale, Brett Annandale, and Peter N. Jackson. 2023. “Post-Merger IT Integration in Banking: Literature Review.” International Journal of Business and Management 18 (6): 77. https://doi.org/10.5539/ijbm.v18n6p77.
Kravet, Todd D., Sarah E. McVay, and David P. Weber. 2018. “Costs and Benefits of Internal Control Audits: Evidence from M&A Transactions.” Review of Accounting Studies 23 (4): 1389–1423. https://doi.org/10.1007/s11142-018-9468-9.
Lane, Peter J., Albert A. Cannella, and Michael H. Lubatkin. 1998. “Agency Problems as Antecedents to Unrelated Mergers and Diversification: Amihud and Lev Reconsidered.” Strategic Management Journal 19 (6): 555–78. https://doi.org/10.1002/(SICI)1097-0266(199806)19:6<555::AID-SMJ955>3.0.CO;2-Y.
Leung, Philomena, Barry J. Cooper, and Luckmika Perera. 2011. “Accountability Structures and Management Relationships of Internal Audit.” Managerial Auditing Journal 26 (9): 794–816. https://doi.org/10.1108/02686901111171457.
Lindow, Paul E, and Jill D Race. 2002. “Beyond Traditional Audit Techniques.” Journal of Accountancy 194: 28. https://api.semanticscholar.org/CorpusID:167032551.
Malone, Christopher B., and Zicheng Ou. 2008. “Acquisition Actions in Australia: A Test of Acquisitions Theory.” International Journal of Managerial Finance 4 (3): 220–31. https://doi.org/10.1108/17439130810878802.
Reed, Stanley Foster, Alexandra Reed Lajoux, and H Peter Nesvold. 2007. The Art of M&A. 4th ed. New York, NY: McGraw-Hill Professional.
Roll, Richard. 1986. “The Hubris Hypothesis of Corporate Takeovers.” The Journal of Business 59 (2): 197. https://doi.org/10.1086/296325.
Savolainen, Jyrki. 2016. “Real Options in Metal Mining Project Valuation: Review of Literature.” Resources Policy 50 (December): 49–65. https://doi.org/10.1016/j.resourpol.2016.08.007.
Scott, David L. 2003. Wall Street Words. 3rd ed. Boston, MA: Clarion Books.
Selim, Georges M, P S Sudarsanam, and Michael K Lavine. 2002. Mergers, Acquisitions, and Divestitures: Control and Audit Best. Inst of Internal Auditors.
Shim, Jae K. 2012. Practical Guide to Mergers, Acquisitions and Divestitures. Hawkhurst, England: Global Professional Publishing.
Snow, Bill. 2011. Mergers and Acquisitions For Dummies. Chichester, England: John Wiley & Sons.
Soltanizadeh, Sara, Siti Zaleha Abdul Rasid, Nargess Mottaghi Golshan, and Wan Khairuzzaman Wan Ismail. 2016. “Business Strategy, Enterprise Risk Management and Organizational Performance.” Management Research Review 39 (9): 1016–33. https://doi.org/10.1108/MRR-05-2015-0107.
Sterin, Mikhail. 2020. “The Influence of Audit Committee Expertise on Firms’ Internal Controls: Evidence from Mergers and Acquisitions.” Accounting Horizons 34 (3): 193–211. https://doi.org/10.2308/horizons-19-076.
SUI, Yuanyuan, and Adelina DUMITRESCU – PECULEA. 2016. “Financial Risk Identification and Control of Cross Border Merger and Acquisition Enterprises.” Audit Financiar 14 (144): 1368. https://doi.org/10.20869/AUDITF/2016/144/1368.
Tang, Jiali, and Khondkar E. Karim. 2019. “Financial Fraud Detection and Big Data Analytics – Implications on Auditors’ Use of Fraud Brainstorming Session.” Managerial Auditing Journal 34 (3): 324–37. https://doi.org/10.1108/MAJ-01-2018-1767.
Turuk, Mladen, and Bojan Moric Milovanovic. 2020. “Digital Due Diligence.” International Journal of Contemporary Business and Entrepreneurship 1 (2): 54–66. https://doi.org/10.47954/ijcbe.1.2.4.
Very, Philippe. 1993. “Success in Diversification: Building on Core Competences.” Long Range Planning 26 (5): 80–92. https://doi.org/10.1016/0024-6301(93)90080-Y.
Weisbach, Michael. 1995. “CEO Turnover and the Firm’s Investment Decisions.” Journal of Financial Economics 37 (2): 159–88. https://EconPapers.repec.org/RePEc:eee:jfinec:v:37:y:1995:i:2:p:159-188.
Yousif, Najat Saleem, and Safaa Ahmad Mohamed. 2022. “The Role of Internal Audit in Assessing the Risks of Management Decisions Regarding Strategic Operations )Acquisition).” Journal of Economics and Administrative Sciences 28 (133): 172–86. https://doi.org/10.33095/jeas.v28i133.2362.
Yudianto, Ivan, Sri Mulyani, Mohamad Fahmi, and Srihadi Winarningsih. 2021. “The Influence of Enterprise Risk Management Implementation and Internal Audit Quality on Universities’ Performance in Indonesia.” Journal of Southwest Jiaotong University 56 (2): 149–64. https://doi.org/10.35741/issn.0258-2724.56.2.13.
Zaheer, Srilata, Margaret Schomaker, and Mehmet Genc. 2003. “Identity Versus Culture in Mergers of Equals.” European Management Journal 21 (2): 185–91. https://EconPapers.repec.org/RePEc:eee:eurman:v:21:y:2003:i:2:p:185-191.
Zain, Muhammad. 2022. Study Book CIA Part 1.
Angwin, Duncan. 2001. “Mergers and Acquisitions across European Borders: National Perspectives on Preacquisition Due Diligence and the Use of Professional Advisers.” Journal of World Business 36 (1): 32–57. https://doi.org/10.1016/S1090-9516(00)00053-5.
Applegate, Dennis B. 1998. “Best Practices in Joint Venture Audits.” Internal Auditor, 1998. https://link.gale.com/apps/doc/A20860213/AONE?u=anon~a11d59&sid=googleScholar&xid=7ab59128.
Becker, Wolfgang, and Oliver Schmid. 2020. “The Right Digital Strategy for Your Business: An Empirical Analysis of the Design and Implementation of Digital Strategies in SMEs and LSEs.” Business Research 13 (3): 985–1005. https://doi.org/10.1007/s40685-020-00124-y.
Bhagwan, Vivek, Sara (Saartjie) Grobbelaar, and Wouter Bam. 2018. “A SYSTEMATIC REVIEW OF THE DUE DILIGENCE STAGE OF MERGERS AND ACQUISITIONS: TOWARDS A CONCEPTUAL FRAMEWORK.” South African Journal of Industrial Engineering 29 (3). https://doi.org/10.7166/29-3-2061.
Boardman, Anthony E., and Aidan R. Vining. 1996. “Defining Your Business Using Product-Customer Matrices.” Long Range Planning 29 (1): 38–48. https://doi.org/10.1016/0024-6301(95)00064-X.
Brody, Richard G., and D. Jordan Lowe. 2000. “The New Role of the Internal Auditor: Implications for Internal Auditor Objectivity.” International Journal of Auditing 4 (2): 169–76. https://doi.org/10.1111/1099-1123.00311.
Bruner, Robert F. 2004. Applied Mergers and Acquisitions. Wiley Finance. Nashville, TN: John Wiley & Sons.
Chambers, Andrew D., and Marjan Odar. 2015. “A New Vision for Internal Audit.” Managerial Auditing Journal 30 (1): 34–55. https://doi.org/10.1108/MAJ-08-2014-1073.
Cheah, Sarah, Cristiano Bellavitis, and Alessandro Muscio. 2021. “The Impact of Technology Complexity on the Financial Performance of R&D Projects: Evidence from Singapore.” The Journal of Technology Transfer 46 (2): 431–58. https://doi.org/10.1007/s10961-020-09777-7.
Choi, Frederick D. S., and Changwoo Lee. 1991. “Merger Premia and National Differences in Accounting for Goodwill.” Journal of International Financial Management & Accounting 3 (3): 219–40. https://doi.org/10.1111/j.1467-646X.1991.tb00096.x.
Cook, Roger. 1993. “Auditing Acquisitions: Part 2 – Post‐Acquisition Review.” Managerial Auditing Journal 8 (2). https://doi.org/10.1108/02686909310026459.
Datta, Deepak K. 1991. “Organizational Fit and Acquisition Performance: Effects of Post‐acquisition Integration.” Strategic Management Journal 12 (4): 281–97. https://doi.org/10.1002/smj.4250120404.
David, Rodreck. 2017. “Contribution of Records Management to Audit Opinions and Accountability in Government.” SA Journal of Information Management 19 (1). https://doi.org/10.4102/sajim.v19i1.771.
Davison, Barbara. 2001. Understanding the Mergers and Acquisitions Process.
DePamphilis, Donald M. 2018. “An Introduction to Mergers, Acquisitions, and Other Restructuring Activities.” In Mergers, Acquisitions, and Other Restructuring Activities, 5–45. Elsevier. https://doi.org/10.1016/B978-0-12-801609-1.00001-4.
Dierickx, Ingemar, and Mitchell Koza. 1991. “Information Asymmetries How Not to ‘buy a Lemon’ in Negotiating Mergers and Acquisitions.” European Management Journal 9 (3): 229–34. https://EconPapers.repec.org/RePEc:eee:eurman:v:9:y:1991:i:3:p:229-234.
Drogalas, George, Panagiotis Pantelidis, Paraskeui Zlatinski, and Dimitris Paschaloudis. 2012. “THE ROLE OF INTERNAL AUDIT IN BANK’S M&AS.” In . https://api.semanticscholar.org/CorpusID:55227498.
Ernst & Young. 2019. “Merger, Acquisition and Capital Raising in Metal and Mining.”
Ferramosca, Silvia, Giuseppe D’, N.A. Onza, and Marco Allegrini. 2017. “The Internal Auditing of Corporate Governance, Risk Management and Ethics: Comparing Banks with Other Industries.” International Journal of Business Governance and Ethics 12 (3): 218. https://doi.org/10.1504/IJBGE.2017.088245.
Flanagan, David, Jerry Kreuze, and Ola Marie Smith. 2004. “Merger and Acquisition Opportunities: Due Diligence Activities Offer Internal Auditors Numerous Opportunities to Help Ensure the Success of Proposed Company Integrations.” Internal Auditor, 2004. https://link.gale.com/apps/doc/A121150101/AONE?u=anon~7cefe6fa&sid=googleScholar&xid=3ee1f579.
Galpin, Timothy John, and Donald E Robinson. 1997. “Merger Integration: The Ultimate Change Management Challenge.” In . https://api.semanticscholar.org/CorpusID:168842157.
Garud, Raghu, and Praveen R. Nayyar. 1994. “Transformative Capacity: Continual Structuring by Intertemporal Technology Transfer.” Strategic Management Journal 15 (5): 365–85. https://doi.org/10.1002/smj.4250150504.
Gleim Publications. 2021. Study Unit Four Risk Management.
Goodwin-Stewart, Jenny, and Pamela Kent. 2006. “Relation between External Audit Fees, Audit Committee Characteristics and Internal Audit.” Accounting and Finance 46 (3): 387–404. https://doi.org/10.1111/j.1467-629X.2006.00174.x.
Hariyani, Iswi, SH, MH., Ir R Serfianto, & Cita Yustisia P. D and S., and SH. 2011. Merger, Konsolidasi, Akuisisi, & Pemisahan Perusahaan: Cara Cerdas Mengembangkan & Memajukan Perusahaan. VisiMedia.
Henrique da Rocha Vencato, Carlos, Clandia Maffini Gomes, Flavia Luciane Scherer, Jordana Marques Kneipp, and Roberto Schoproni Bichueti. 2014. “Strategic Sustainability Management and Export Performance.” Management of Environmental Quality: An International Journal 25 (4): 431–45. https://doi.org/10.1108/MEQ-02-2013-0014.
Hock, Brian, Carl Burch, Kevin Hock, and Kekoa Kaluhiokalani. 2019. CIA Part I Essentials of Internal Auditing.
Insitute Internal Auditor. 2022. The IIA’s CIA Learning System Part 1. Insitute Internal Auditor.
Jones, C Stuart. 1982. Successful Management of Acquisitions. Middlesex, UK: Derek Beattie Publishing.
Kazakova, N A, E B Shuvalova, and S S Chikurova. 2020. “Internal Audit of Estimated Reserves and Liabilities as a Diagnostic Method for Corporate Risks.” In . https://doi.org/10.2991/aebmr.k.200312.343.
King, David R., Florian Bauer, and Svante Schriber. 2018. Mergers and Acquisitions. Abingdon, Oxon ; New York, NY : Routledge, 2019. | Series: State of the art in business research, ISSN 2575–4815: Routledge. https://doi.org/10.4324/9780429469459.
Kovela, Serhiy, Amanda Annandale, Brett Annandale, and Peter N. Jackson. 2023. “Post-Merger IT Integration in Banking: Literature Review.” International Journal of Business and Management 18 (6): 77. https://doi.org/10.5539/ijbm.v18n6p77.
Kravet, Todd D., Sarah E. McVay, and David P. Weber. 2018. “Costs and Benefits of Internal Control Audits: Evidence from M&A Transactions.” Review of Accounting Studies 23 (4): 1389–1423. https://doi.org/10.1007/s11142-018-9468-9.
Lane, Peter J., Albert A. Cannella, and Michael H. Lubatkin. 1998. “Agency Problems as Antecedents to Unrelated Mergers and Diversification: Amihud and Lev Reconsidered.” Strategic Management Journal 19 (6): 555–78. https://doi.org/10.1002/(SICI)1097-0266(199806)19:6<555::AID-SMJ955>3.0.CO;2-Y.
Leung, Philomena, Barry J. Cooper, and Luckmika Perera. 2011. “Accountability Structures and Management Relationships of Internal Audit.” Managerial Auditing Journal 26 (9): 794–816. https://doi.org/10.1108/02686901111171457.
Lindow, Paul E, and Jill D Race. 2002. “Beyond Traditional Audit Techniques.” Journal of Accountancy 194: 28. https://api.semanticscholar.org/CorpusID:167032551.
Malone, Christopher B., and Zicheng Ou. 2008. “Acquisition Actions in Australia: A Test of Acquisitions Theory.” International Journal of Managerial Finance 4 (3): 220–31. https://doi.org/10.1108/17439130810878802.
Reed, Stanley Foster, Alexandra Reed Lajoux, and H Peter Nesvold. 2007. The Art of M&A. 4th ed. New York, NY: McGraw-Hill Professional.
Roll, Richard. 1986. “The Hubris Hypothesis of Corporate Takeovers.” The Journal of Business 59 (2): 197. https://doi.org/10.1086/296325.
Savolainen, Jyrki. 2016. “Real Options in Metal Mining Project Valuation: Review of Literature.” Resources Policy 50 (December): 49–65. https://doi.org/10.1016/j.resourpol.2016.08.007.
Scott, David L. 2003. Wall Street Words. 3rd ed. Boston, MA: Clarion Books.
Selim, Georges M, P S Sudarsanam, and Michael K Lavine. 2002. Mergers, Acquisitions, and Divestitures: Control and Audit Best. Inst of Internal Auditors.
Shim, Jae K. 2012. Practical Guide to Mergers, Acquisitions and Divestitures. Hawkhurst, England: Global Professional Publishing.
Snow, Bill. 2011. Mergers and Acquisitions For Dummies. Chichester, England: John Wiley & Sons.
Soltanizadeh, Sara, Siti Zaleha Abdul Rasid, Nargess Mottaghi Golshan, and Wan Khairuzzaman Wan Ismail. 2016. “Business Strategy, Enterprise Risk Management and Organizational Performance.” Management Research Review 39 (9): 1016–33. https://doi.org/10.1108/MRR-05-2015-0107.
Sterin, Mikhail. 2020. “The Influence of Audit Committee Expertise on Firms’ Internal Controls: Evidence from Mergers and Acquisitions.” Accounting Horizons 34 (3): 193–211. https://doi.org/10.2308/horizons-19-076.
SUI, Yuanyuan, and Adelina DUMITRESCU – PECULEA. 2016. “Financial Risk Identification and Control of Cross Border Merger and Acquisition Enterprises.” Audit Financiar 14 (144): 1368. https://doi.org/10.20869/AUDITF/2016/144/1368.
Tang, Jiali, and Khondkar E. Karim. 2019. “Financial Fraud Detection and Big Data Analytics – Implications on Auditors’ Use of Fraud Brainstorming Session.” Managerial Auditing Journal 34 (3): 324–37. https://doi.org/10.1108/MAJ-01-2018-1767.
Turuk, Mladen, and Bojan Moric Milovanovic. 2020. “Digital Due Diligence.” International Journal of Contemporary Business and Entrepreneurship 1 (2): 54–66. https://doi.org/10.47954/ijcbe.1.2.4.
Very, Philippe. 1993. “Success in Diversification: Building on Core Competences.” Long Range Planning 26 (5): 80–92. https://doi.org/10.1016/0024-6301(93)90080-Y.
Weisbach, Michael. 1995. “CEO Turnover and the Firm’s Investment Decisions.” Journal of Financial Economics 37 (2): 159–88. https://EconPapers.repec.org/RePEc:eee:jfinec:v:37:y:1995:i:2:p:159-188.
Yousif, Najat Saleem, and Safaa Ahmad Mohamed. 2022. “The Role of Internal Audit in Assessing the Risks of Management Decisions Regarding Strategic Operations )Acquisition).” Journal of Economics and Administrative Sciences 28 (133): 172–86. https://doi.org/10.33095/jeas.v28i133.2362.
Yudianto, Ivan, Sri Mulyani, Mohamad Fahmi, and Srihadi Winarningsih. 2021. “The Influence of Enterprise Risk Management Implementation and Internal Audit Quality on Universities’ Performance in Indonesia.” Journal of Southwest Jiaotong University 56 (2): 149–64. https://doi.org/10.35741/issn.0258-2724.56.2.13.
Zaheer, Srilata, Margaret Schomaker, and Mehmet Genc. 2003. “Identity Versus Culture in Mergers of Equals.” European Management Journal 21 (2): 185–91. https://EconPapers.repec.org/RePEc:eee:eurman:v:21:y:2003:i:2:p:185-191.
Zain, Muhammad. 2022. Study Book CIA Part 1.
Published
2024-04-29
How to Cite
Yuwono, Matias Andika, and Lena Ellitan. 2024. “ The Role of Internal Audit in The Merger and Acquisition Process to Provide Added Value: A Critical Review”. Shafin: Sharia Finance and Accounting Journal 4 (1), 17-34. https://doi.org/10.19105/sfj.v4i1.12541.
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