Activating the Elements of Performance Audit Report (Economic - Efficiency - Effectiveness) in Measuring the Performance of External Control Agencies

Abstract

Purpose: The research aims to shed light on the theoretical and defining aspect of performance audit in light of the economic elements of the report, efficiency and effectiveness, and its reflection on the performance of external control. Theoretical framework: the external control represented by the Federal Financial Supervision Bureau and the effective role played by the performance audit in diagnosing the performance elements represented by the economy, efficiency, and effectiveness in the work of external control. Design/methodology/approach: The research methodology relied on the inductive approach in defining the problem of the study by defining the role that performance auditing provides in diagnosing the points of a defect in the external control to shift from the general to the specific, as well as relying on the deductive approach in order to shift from the specific to the general by generalizing the recommendations and highlighting what Elements of the performance report (economic, efficiency, effectiveness). Findings: the economic component. There is a waste of the available energy due to the long-term vacations granted to auditors working in the Federal Bureau of Financial Supervision. In terms of the efficiency component, the performance of the Federal Bureau of Financial Supervision decreased in answering complaints received on the whistleblowing service. Financial institutions in government institutions, as well as a decrease in the element of effectiveness when exploiting the allocations allocated to them in the annual financial budget. Research, Practical & Social implications: Moreover, a statement of the impact on the applied side of the elements of the performance report (economic, efficiency, effectiveness) on auditing the performance of the work of the external oversight bodies in the Iraqi environment, represented by the Federal Financial Supervision Bureau. Originality/value: This study is one of the very few studies that focus on the performance audit elements (economic, efficiency, effectiveness) in the performance audit report on the work of the Federal Financial Supervision Bureau because of the role of these elements in diagnosing strengths and defects in performance.