More importantly, there is a lack of research in both developed and emerging nations concerning the direct relationship between internal audits functions with performance of firm. In addition to that, Al-Matari et al. (2012) investigated the relationship between board characteristics and firm performance in Kuwait. They recommended that future researchers examine the association between internal audit and firm performance whether directly or through a moderator. Moreover, the qualification of chairman of the internal audit is a new variable added by the present study