Internal Audit Function and Development of Corporate Governance Code

Running head: INTERNAL AUDIT FUNCTION AND DEVELOPMENT OF CORPORATE
GOVERNANCE CODE
Internal Audit Function and that Development of Corporate Governance Code
University Name
Student Name
Authors’ Note

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Research Methodology
The current section throws light on research methods used for the study
at hand that indicates towards the mechanisms otherwise techniques
used by the researcher for performing research operations. In essence,
research methodology might be understood as a science of studying the
way research is carried out scientifically. In itself, this section presents
varied steps that are normally acquired by researcher in studying
research problem together with the logic behind the same.
Research is illustrated as the systematic method that learners undertake
to discover different aspects to enhance their degree and level of
knowledge, overall advance of the research procedure, from academic
basis to collection of data and evaluation. This is indicated as the
methodology of research. Nevertheless, Silverman (2005) mentioned that
methodology is a matter of effectiveness and usefulness.
The section at hand outlines design of research, research target, and
sample size together with processes that were used for selection of
different elements of sample (McCusker and Gunaydin 2015).
Fundamentally, this necessarily covers different instruments of research
and the procedures for data collection and explicates different
mechanisms that are employed for evaluation of data.
- Different Research Types
As rightly indicated by Choy (2014), there are certain specific information
that needs to be gathered regarding the subject matter under

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consideration, market or else competitors that can exert influence on
overall methods of research. In essence, there are various methods of
amassing information (from primary or else secondary sources) and
diverse types of information to collect. As suggested by Bauer (2014),
primary as well as secondary research can associate to the way specific
information is gathered. Panneerselvam (2014) says that primary research or
in other words field research collects information directly for the purpose
in place of gathering information from available printed sources. In
essence, primary research entails surveys, direct observations, and
interviews along with focus groups that are necessarily designed by the
researcher. Thus, in this connection it can be said that primary research
provides control over the definite type of questions asked and information
gathered. Panneerselvam (2014) asserts that outcomes of primary research
can be considered to be extremely valuable. Nevertheless, primary
research is necessarily more time consuming and at the same time
expensive in comparison to secondary one. On the other hand, secondary
research also referred to as desk research collects information by means
of available sources. As suggested by Ledford and Gast (2018), secondary
research collects information by means of available sources.
Fundamentally, secondary research also contains necessary information
on the internet, outcomes of subsisting market research, existing data
from stock lists as well as databases of customers. As stated Ledford and
Gast (2018), secondary researches help in maximum utilization of available
market information. Nevertheless, it can be an issue to acquire the
requisite information.

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The learner has executed secondary research for acquiring a preliminary
understanding of previous studies from the studies conducted by different
scholars. In essence, it is considered to be relatively quicker to evaluate
the primary data as in several cases; some other researcher has already
started assessing the same. Also, use of secondary research can be said
to be viable as there is ease of accessing good secondary data and
learners can access libraries, get reports through mail and access online
resource materials from different locations (Ledford and Gast 2018). Further,
researchers also get attracted to particularly secondary data as acquiring
this set of information can be considered to be relatively less pricey than
if the researcher had the need to undertake the research on their own.
Moreover, utilization of secondary data can also be said to be justified in
this case as it might help the learner find out the exact information from
what is available through secondary sources thereby eliminating the
requirement and expends.
Nonetheless, at the time of utilizing secondary research it is important to
be careful about the way of interpreting the same, since it might have
been amassed for an entirely different purpose or else acquired from a
market section that is not pertinent to the business (Vaioleti 2016).
Additionally, it is important to make certain that any kind of secondary
information is not obsolete since the market can alter quickly and this can
affect overall outcomes.
The learner has the intention to employ secondary research that takes
into account specific research topic on particularly internal audit. Also it

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considers insinuations of secondary research on superior corporate
governance code. In essence, the learner also employs secondary data for
undertaking the current study (McCusker and Gunaydin 2015).
Secondary data indicates towards data that was collected previously in
the past by some other user. Intrinsically, it can hereby be integrated from
diverse government pronouncements, authorized websites, newspapers,
articles, books plus journals particularly on system of internal audit and
corporate governance of primarily Libya. Furthermore, particular cases of
Harouge oil operations are considered in this specific study and specific
data are accumulated from certified website, business literature as well as
articles announced on the same.

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- Philosophical underpinning of the adopted research
Jaggar (2015) mentions, there are essentially three diverse philosophies
for research that includes positivism, realism plus Interpretivism. As
mentioned by Bryman and Bell (2014) positivism indicates towards
positive knowledge that is completely based on specific natural
phenomenon, characteristics together with associations.
Interpretivism can necessarily be indicated as social approach in
particularly social science and is relatively opposite to particularly that of
positivism advance. In essence, this definite research philosophy can be
implemented for qualitative research under consideration. Fundamentally,
qualitative research can be considered to be a method of investigation
and inquest in the area of social science in conjunction with other related
disciplines concurrently (Choy 2014).
As suggested by Choy (2014), realism indicates towards a specific
research philosophy that relies upon sovereignty of thoughts as well as
diverse facts and information as regards reality. Essentially, the research
philosophy is to be based on assumption and deductions of a definite
scientific approach (Neuman and Robson 2014)
Discussion as well as rationale for selection
For undertaking the study at hand, the learner has the intention to utilize
philosophy of Interpretivism that can appropriately acclimatize to research
subject under deliberation. In essence, this philosophy often gets

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associated to philosophical state of affairs of idealism and can essentially
be employed by the complete group and considers social constructivism
(Panneerselvam 2014). As per the specific approach, it is compulsory for
the learner as a definite social actor to appropriately understand and
realise variances that subsist between different individuals.
Use of this study is justified in this case as interpretivists argue that only
by means of subjective information as well as intervention in actual
practice can the reality can be entirely comprehended. As indicated by
Flick (2015), the study of specific phenomena in a natural setting can be
considered as the key to this interpretivist research philosophy, combined
with acceptance that scientists cannot avert affecting the phenomena
studied. In essence, they also admit the fact that there might be
understandings of reality but uphold that these interpretations are in
themselves a part of scientific knowledge pursued.
- Research approach
Gast and Ledford (2014) says that deductive research approach is said to
be related to design as well as hypothesis development based on existing
themes and designing a research strategy for research probing mentioned
hypothesis. Nevertheless, it can be hereby seen that this specific
deductive research approach reflects reasoning factor from diverse
general specifics.
In essence, this specific approach can aid in probing associations or in
other words associates that can necessarily be combined and collected

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from varied nonspecific circumstances (Silverman, 2016). Therefore, it can
thus be stated that deductive approach undertaken for research can help
in deducing research hypothesis based on current theme. In essence, the
themes can necessarily aid in designing research hypothesis in specific
functional terms and scrutinize proposed relations between given
research variables.
Additionally, inductive research approach indicates towards specific
approach of conducting research that can help in deducing broad along
with extensive generalizations and ideas and concepts from specific
explanations. On the whole, this definite research approach in actual fact
begins from definite observations and therefore recognizes different
prototypes, outlines, patterns and trends (Silverman, 2016).
Discussion and rationale for selection
In a bid to carry out the research, the learner put into practice deductive
research approach since for the most part it gives attention to assessment
of notions on development of internal audit as well as excellent corporate
governance code. This deductive research approach considered for
specifically a developing nation namely Libya can be considered to be
valid. For the purpose of the present study, the learner develops research
hypothesis on preceding notions and examine validity of the notion by
comparing these hypothesis with a variety of secondary data. Assortment
of deductive approach of research can be said to be viable since this
approach is formulated from a subsisting notion (Flick 2015). In essence,
this research approach moves from a generalised level to a more