Assessment of Internal Audit Practices the Case of Bank of Abyssinia
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Date
2024-06-11
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Publisher
A.A.U
Abstract
Internal audit has an important role in helping a firm to achieve its objective, providing
independent and objective assurance on risk management, control, and governance
processes. This paper aims to explore practices in internal audit, focusing on key areas
such as risk management, independency, internal control, compliances. The study adopts
both quantitative and qualitative data analysis methods. Data collected through the
questionnaires were analysed with descriptive statistics and qualitative method. Purposive
sampling method used from the selected district and head office those are supervisor and
branch internal auditors and the sample for this study focused on 45 respondent. Data
derived from questionnaires that have been analysed using the statically package (SPSS)
version 22 computer package for analysis. According to the research findings, the internal
auditor function is not completely independent and internal auditor cannot freely to
determine scope, length and do not frequently evaluate the design and efficiency of key
internal control Challenges like, shortage of skilled staff, lack of technological skill and
advancement and high experienced employee turnover rate are the most significant
challenges. The bank will enhance the skill and knowledge of internal auditor by using
both on the job training and off the job training
Key words: Internal auditors, Internal audit practice, independency, compliances, internal
control, risk management