Assessment of the role of internal audit on Performance of internal audit system (IAS) in Risk management Case study: Bank of Africa (BOA)
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Mzumbe University
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A Dissertation Submitted in Partial Fulfillment of the Requirements for the
Award of the Degree of Master of Science in Accounting and Finance of
Mzumbe University.
The general objective of the study was to assess the performance of internal audit system in risk management by focusing at Bank of Africa (BOA) as a case study. Specifically, the study aimed to explore how BOA implements its Internal Audit System and Risk Management, examine the performance of Internal Audit System in risk management and identify challenges faced by BOA in implementing risk management The methodology used to conduct this study was descriptive in nature and included the use of various data collection methods and tools such as questionnaires and interviews. The study used primary data collection methods such as; observation, interviews and questionnaires. The study also used secondary data collection methods such as documentation to collect data. From the findings of the study, the researcher concludes that the internal audit function at BOA is somehow effective in implementing risk managements although the exercise is faced by various challenges that hinder effectiveness of BOA in performing risk management. These challenges include; lack of awareness on risk management among respondents, poor planning and lack of adequate resources. From the conclusion; the researcher recommends that; BOA should improve the institutional setting and environment to provide an autonomous environment for smooth functions of Risk management. Also, BOA should take strategic measures to strengthen their audit department so as to make it more effective in mitigating financial risk and implementing risk management strategies. Lastly, BOA should employee more internal audit staff.
The general objective of the study was to assess the performance of internal audit system in risk management by focusing at Bank of Africa (BOA) as a case study. Specifically, the study aimed to explore how BOA implements its Internal Audit System and Risk Management, examine the performance of Internal Audit System in risk management and identify challenges faced by BOA in implementing risk management The methodology used to conduct this study was descriptive in nature and included the use of various data collection methods and tools such as questionnaires and interviews. The study used primary data collection methods such as; observation, interviews and questionnaires. The study also used secondary data collection methods such as documentation to collect data. From the findings of the study, the researcher concludes that the internal audit function at BOA is somehow effective in implementing risk managements although the exercise is faced by various challenges that hinder effectiveness of BOA in performing risk management. These challenges include; lack of awareness on risk management among respondents, poor planning and lack of adequate resources. From the conclusion; the researcher recommends that; BOA should improve the institutional setting and environment to provide an autonomous environment for smooth functions of Risk management. Also, BOA should take strategic measures to strengthen their audit department so as to make it more effective in mitigating financial risk and implementing risk management strategies. Lastly, BOA should employee more internal audit staff.
Keywords
Internal audit system, Risk Management