The role of agile internal audit using the updated COBIT framework in the quality of financial performance of Iraqi private banks

Abstract

This research aims to explore the impact of implementing agile internal audit using the updated COBIT framework on the quality of financial performance of local private banks. Agile internal auditing is characterized by its flexibility, efficiency and ability to adapt to rapid changes and emergency events, as well as achieving added value by reducing waste and improving control processes using the updated version of COBIT This framework enhances governance and IT management, and can be integrated with financial activities to improve financial performance in an integrated manner, enhancing efficiency, transparency, and compliance. The research was applied to a sample of private banks in Iraq, which includes six (6) banks, namely (International Development Bank, Ashur International Bank, Gulf Commercial Bank, United Investment Bank, Middle East Investment Bank and Al Ahli Iraqi Bank) Using the questionnaire method and asking questions to a group of employees working in these banks.

The results of the research showed that the application of agile internal audit and the application of the principles of the updated COBIT framework has a positive impact by improving risk management and reducing the costs associated with operational risks, leading to an improvement in the quality of the banks' financial performance.

In light of these findings, the research recommends adopting a phased approach to COBIT implementation, where it is recommended to apply it according to each bank's needs, starting with high-priority areas, with the aim of improving financial performance and mitigating IT-related risks.