The Research Report is submitted in Partial Fulfillment of the Requirements
for Award of the Degree of Master of Science in Accounting and Finance
This study assessed the role of internal audit in corporate governance taking
Vocational education and training authority as the case study. The study employed
the case study design accompanied by qualitative research approach with quantitative
aspects.
Using purposive sampling, a total of 20 respondents took part in the study involving
the audit function staff member, finance and procurement department and the senior
staff.
Methods of data collection used were documentary analysis, interview, observation
and focus group discussion. Tools or instruments used were interview questions,
questionnaires, observation schedule, documentary review and focus group
discussion. All the generated data were subjected to content analysis for the purpose
of obtaining themes and sub-themes of the study.
The study indicated that (i) VETA have well established board and audit committee
(ii) internal audit is a vital catalyst machine for the corporate governance operation to
be successful. (iii) The corporate governance rely on the internal audit information to
make their strategic decisions.(iv) the internal audit function must be supported to
ensure that audit function is done effective(vi) the organization system should not
undermine the power of the internal audit.
The study recommends that, (i) there should be effort to make all parties involved in
the internal audit function understand the role of the internal audit in the betterment
of the organization thus create understanding which will enhance the corporation of
the internal audit and its parties. (ii) Also having in mind the role that internal audit
play in corporate governance, there should be initiative to ensure that the system
does not act as a hurdle to the audit function. (iii)The organization should have its
own audit charter for internal audit functions which clearly articulate both the
functional and administrative reporting lines for the function as well as its principle
activities