Internal Auditing and Financial Performance of Commercial Banks in Uganda; a Case of Centenary Bank, Adjumani Branch
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Date
2019-08
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Kampala International University. College of Economics & Management
Abstract
The study was set to examine the impact of internal auditing on financial performance of
commercial banks in Uganda. The objectives nature of the internal auditing function financial
performance of centenary bank, examine the challenges faced in the internal audit function in
financial performance of centenary bank and determine the effect of internal audit function on
financial performance of centenary bank. The study was conducted used a descriptive
correlation design. This design was selected because the researcher intended to establish fuels
that already existed as opposed to creating new information that would have necessarily ted
experimental research. The data was collected from the respondents using the questionnaires
from 50 respondents of the bank. The study conclude that that nature of auditing in the banks
was coupled by the use of internal auditing standards suitable for auditing in the banks, the
internal auditing standards are efficient to enable bank operations, bank periodically review
the audit standards the bank periodically review the audit standards, professional audit
competency. the study on the second objective conclude that a series of the factors challenges
include degree of frauds and errors hinder effective auditing, high costs of auditing in the
banks, operational challenges hinder effective operation of the bank, high degree of banking
interruptions affect the auditing function. The third objective conclude that there is ned /br
enhancing the communication within the organization, Increase effectiveness in credit control,
improves marketing activities of the organization and detection of failures for redress in the
organization. The study recommend that the management of commercial banks should keep
organizing seminars and workshops whereby these internal auditors would be trained frequently
by experts either internally or externally. Internal Auditors must have efficient proficiency and
training to carry out the tasks assigned to them. The auditor~ work must be carefully directed,
supervised and reviewed. The amount of supervision required corresponds to the experience and
skill of the auditor. The management of the bank should keep organizing seminars and
workshops whereby these internal auditors would be trained frequently by experts either
internally or externally. Internal Auditors must have sufficient proficiency and training to carry
out the tasks assigned to them. The auditor~ work must be carefully directed, supervised and
reviewed. The management of the bank should also procure the latest ICT audit software s that
would enhance fast delivery of services and detection of-frauds or any mischief in this field.
Description
A Research Report Submitted To the College Of Economics
And Management in Partial Fulfillment of the Requirements for the Award of Bachelor’s Degree in Business Administration Kampala International Uganda.
Keywords
Internal Auditing, Financial Performance, Commercial Banks