Effect of data quality dimensions on internal audit performance of insurance companies in Kenya
Date
2024
Authors
Mbithi, E. M.
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Journal ISSN
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Publisher
Strathmore University
Abstract
Data quality has emerged as a key factor in decision-making for firms across a range of industries in today's data-driven economy. The quality of the data obtained, stored, and used throughout business operations will have an impact on the level of success attained in conducting business both now and in the future as data becomes an increasingly significant component of every company activity. Additionally, poor data quality can result in poor business decisions, which can harm the organization's reputation and cause major financial losses as well as poor customer satisfaction and trust issues. Therefore, it becomes crucial to guarantee your organization's data quality. The primary goal of the study was to establish the effects of data quality dimensions on the performance of the internal audit amongst Insurance companies in Kenya. With regard to internal audit performance of Insurance sector in Kenya, the study primarily intended to focus on the following specific objectives: first to examine the effect of data security control on internal audit performance of insurance companies. Secondly, to examine the effect of data completeness on internal audit performance of insurance companies. Thirdly, to examine the effect of data reliability on audit internal audit performance of insurance companies in Nairobi Kenya. Fourth, to determine the effect of time-related dimensions on internal audit performance of insurance companies in Nairobi Kenya and to assess the moderating effect of audit professionalism on data quality and internal audit performance of insurance companies in Nairobi Kenya. The study objectives were anchored by two theories: Agency and Contingency theories. The study used explanatory research design with the target population being four hundred and twenty seven functional area heads from the insurance companies having their head offices in Nairobi County. A sample size of two hundred and six respondents were chosen using simple random sampling, and the sample size was determined using the stratified random sampling technique. Questionnaires were utilized as the research instrument to gather primary data. In order to evaluate the data, regression analysis was applicable with ordinal regression method employed to model the relationship between the ordinal outcome variable and the independent variables with results being presented in form tables, graphs and figures. The results revealed correlation (R) coefficient, R-square value, which shows a determination coefficient of eighteen percent. Then a significant statistical relationship between four variables and dependent variable and performance of insurance companies. The results analysis highlights the benefits of utilising data quality dimensions on insurance company internal audit performance, which was one of the study's primary contributions that was helpful to aspiring academics and researchers. More studies that quantitatively show the impact of the effective use of data quality aspects on internal audit performance, as ours does, are required. The primary objective of data quality dimension analysis in the field of data quality analytics is to enhance the internal audit performance of insurance firms, therefore this area of research was crucial. A fresh contribution to the field of study is the understanding of the elements affecting it. The study recommends that a risk-based approach on data quality analytics should be considered to enhance decision-making and trustworthy reporting.
Keywords: Data quality, internal audit, performance, Insurance
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Citation
Mbithi, E. M. (2024). Effect of data quality dimensions on internal audit performance of insurance companies in Kenya [Strathmore University]. http://hdl.handle.net/11071/15503