Examination of the expectations of the Board of Directors regarding Internal Auditing in State-Owned Enterprises in Zimbabwe

Internal auditing is pivotal in promoting accountability, transparency, and effective governance in State-Owned Enterprises (SOEs). Historically, SOEs in Zimbabwe have faced systemic institutional challenges, including the mismanagement of public funds, financial irregularities, and operational underperformance. This study examines the expectations of Boards of Directors regarding internal auditing in Zimbabwean SOEs, focusing on the extent to which boards rely on internal auditors for risk management, regulatory compliance, and operational oversight. Employing a qualitative multiple-case study research design, semi-structured interviews were conducted with fifteen board members and audit committee chairs across five selected public enterprises in the energy, transport, and utilities sectors. Thematic analysis reveals that while boards expect internal auditors to provide objective, strategic assessments to safeguard public assets, their effectiveness is heavily constrained by structural competence gaps, restricted resource allocations, and compromised reporting independence. The study recommends the strict enforcement of dual-reporting frameworks under the Public Entities Corporate Governance Act [Chap 10:31], the institutional ring-fencing of audit budgets, and a operational shift toward forward-looking, risk-based auditing to align internal audit outputs with strategic board expectations.
Keywords: Internal audit, State-Owned Enterprises, Board expectations, corporate governance.

Corporate Governance; Accounting

1. Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative Research in Psychology, 3(2), 77–101. doi.org [Google Scholar] [Crossref]

2. (Use this to replace the 2025 qualitative data analysis references) [Google Scholar] [Crossref]

3. Chikodzi, D., & Nyoni, T. (2021). Corporate governance and internal auditing in Zimbabwean state-owned enterprises. Journal of African Business, 22(3), 412–429. [Google Scholar] [Crossref]

4. https://doi.org/10.1080/15228916.2021.1888371 [Google Scholar] [Crossref]

5. Creswell, J. W. (2014). Research Design: Qualitative, Quantitative, and Mixed Methods Approaches. Sage Publications. [Google Scholar] [Crossref]

6. Creswell, J. W., and Creswell, J. D. (2023). Research design: Qualitative, quantitative, and mixed methods approach (6th ed.). SAGE Publications. [Google Scholar] [Crossref]

7. Freeman, R. E. (2010). Strategic management: A stakeholder approach. Cambridge University Press. [Google Scholar] [Crossref]

8. Government of Zimbabwe. (2018). Public Entities Corporate Governance Act [Chapter 10:31]. Government Printer, Harare. [Google Scholar] [Crossref]

9. Institute of Internal Auditors (IIA). (2019). International standards for the professional practice of internal auditing. IIA Global. [Google Scholar] [Crossref]

10. Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X [Google Scholar] [Crossref]

11. Lin, S., Li, Y., & Yang, J. (2017). Audit committee characteristics and financial reporting quality: Evidence from Asia-Pacific countries. Pacific-Basin Finance Journal, 45, 1–18. [Google Scholar] [Crossref]

12. Mavhiki, S., & Dube, P. (2020). Internal audit effectiveness and organizational performance in Zimbabwean SOEs. African Journal of Accounting and Finance, 11(2), 55–72. [Google Scholar] [Crossref]

13. Mutambara, E., & Kanyoka, P. (2019). Board perceptions of internal audit functions in Zimbabwean state-owned enterprises. Corporate Governance: The International Journal of Business in Society, 19(6), 1193–1208. https://doi.org/10.1108/CG-12-2018-0395 [Google Scholar] [Crossref]

14. Ncube, G. (2020). Governance failures in Zimbabwean state-owned enterprises: The role of internal audit. Journal of Governance and Regulation, 9(4), 37–48. [Google Scholar] [Crossref]

15. The Institute of Internal Auditors (IIA). (2020). The IIA's Three Lines Model: An update of the Three Lines of Defense. IIA Global. [Google Scholar] [Crossref]

16. Yin, R. K. (2018). Case study research and applications: Design and methods (6th ed.). SAGE Publication . [Google Scholar] [Crossref]

17. ZIMRA. (2022). Annual report on SOE performance and governance. Zimbabwe Revenue Authority. [Google Scholar] [Crossref]

• Assessment of the Role of Artificial Intelligence in Repositioning TVET for Economic Development in Nigeria
• Teachers’ Use of Assure Model Instructional Design on Learners’ Problem Solving Efficacy in Secondary Schools in Bungoma County, Kenya
• “E-Booksan Ang Kaalaman”: Development, Validation, and Utilization of Electronic Book in Academic Performance of Grade 9 Students in Social Studies
• Analyzing EFL University Students’ Academic Speaking Skills Through Self-Recorded Video Presentation
• Major Findings of The Study on Total Quality Management in Teachers’ Education Institutions (TEIs) In Assam – An Evaluative Study