Confirmatory Factor Analysis of the Internal Audit Process and Operational Efficiency of Listed Companies on the Stock Exchange of Thailand
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Abstract
This research on the confirmatory factor analysis (CFA) of the internal audit process and operational efficiency of listed companies on the Stock Exchange of Thailand aims to 1) study and analyze the confirmatory factors of the internal audit process and operational efficiency, and 2) assess the model fit of these confirmatory factors with the empirical data. The sample consisted of 143 internal auditors at the department head level or equivalent. Data were collected using an online questionnaire via Google Forms and analyzed using statistical software. The statistical methods employed included mean, standard deviation, percentage, correlation analysis, and confirmatory factor analysis (CFA). The findings revealed that after adjusting the confirmatory factor model for the internal audit process variables, which included four factors: planning (Plan), action (Act), reporting (Report), and follow-up (Follow), the model achieved a Chi-square value of 126.576, chi-square/df = 2.482, df = 51, p = 0.000, CFI = 0.950, IFI = 0.951, RMR = 0.045, and RMSEA = 0.047. For the operational efficiency variables, which comprised four factors: goal achievement (GOALS), resource acquisition and utilization (RESOURCE), operational processes (OPERATION), and overall satisfaction (SATISFACTION), the model yielded a Chi-square value of 574.842, chi-square/df = 2.377, df = 246, p = 0.000, CFI = 0.937, IFI = 0.938, RMR = 0.036, and RMSEA = 0.044. These results indicate that the confirmatory factor models are well-aligned with the empirical data and provide essential insights for developing policies and operational practices to enhance organizational efficiency.
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