Academic Review of Key Issues in Internal Auditing of Family Businesses

It is either difficult for family business members to maintain control of the company in the fast-changing business environment in which the company works, or it is impractical for them to do so. As a direct consequence of this, delegation could be required to fulfill the requirements of the firm. In this atmosphere, companies of all kinds, including family firms, have the potential to be successful. As a direct consequence of this, the issue of whether a family company need the assistance of an additional lawyer comes up often. The issue of representation is a prevalent one in firms, particularly family businesses, and it is one that may be managed more effectively by making use of the many professional tools that are made available by internal audit. The purpose of this study is to investigate the dynamic relationship between the agency problem that can occur when two families work together to manage a company, and the agency problem that can occur when families collaborate with professional managers, as well as the harmony and scope of the situation. This study will also look at the agency problem that can occur when families collaborate with professional managers. When many members of a family work together to operate a firm, there is an increased risk of both representation concerns occurring. The purpose of this study is to investigate the dynamic interaction that takes place between the agency issue that may occur when two families work together to operate a company. The purpose of this research is to investigate the connection that exists between two families. To accomplish this goal, a case study was conducted inside a family business that is owned and operated by two families that together occupy top management positions and control the bulk of the company's capital. The ownership of the family business was split between two families. The findings of the research indicate that the issue of delegation between two families, family, and professional manager, has a positive effect on the adaptability and scope of internal audit processes, and contributes to the performance of the firm. This is the case regardless of whether the delegation is between family members or between family members and a professional manager. It has been shown that this scenario holds true in terms of the flexibility of processes as well as the performance of the company.