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he Internal Audit is responsible for the oversight of the quality and integrity of the
organizations accounting and reporting practices, controls and financial statements, legal
and regulatory compliance, staff qualifications and independence and the performance of
the organizations in overall. This study aimed to assess the performance of internal audit
in enhancing accountability in public sector by taking the Ministry of Industry and Trade
as a case.
The study involved three categories of respondents, namely the senior members
including heads of departments and audit committee members of the Ministry, senior
staff who are not audit committee members and the staff of internal audit within the
Ministry upon whom data was collected using interviews. Data were also collected
through questionnaires, observations and documentary review. As descriptive statistical
analysis method was applied on the data.
Among the findings that the study revealed, include lack of independence of the Internal
audit unit which bears a huge implication on accountability and the internal audit also
lacks of enough institutional supports, sufficient budget and the updated internal audit
charter.
The study recommends several measures based on observed and analyzed findings.
These recommendations insist remedial actions so that the challenges discussed are
taken care. These include the internal audit to be composed of executives from outside
the ministry and non executive members, the internal audit should have an up dated
internal audit charter, the need to restructure internal audit, restate its roles,
responsibilities and its mandatory to make it cope with current requirements and
overcome number of prevailing challenges. |
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