The Compositions, Contributions and Limitations of Current Instruments on the Erm and Internal Auditors Roles in the Erm Implementation: A Review of Significance Literature

Abstract

The primary objective of this study is to comprehensively review the literature concerning existing instruments on the measures of the ERM implementation and roles of IA in the ERM implementation. This study involves comprehensive review of existing ERM instruments from 2001 to 2011. The present instrument were critically reviewed in which the contributions and limitations of each is appropriately identified and summarized. This review identified four main limitations of the existing ERM instrument that limit its applicability in academic setting. First, there is no consistency on the attributes used to tap the construct, i.e., the ERM. Second, most of the instruments were not based on any well accepted ERM framework. Third, almost all of the instruments do not incorporate the roles of IA in the ERM. Finally, all of the instruments do not attempt to appropriately quantify the measurement of the ERM and this is evidenced by the use of categorical scales. This review could add value to academic research by providing analysis, comments and summary of various ERM instruments for ten years. This may assist the development of new academic-based ERM instruments that could bridge the current gap in the literature.