THE EFFECTS OF INTERNAL AUDIT (COSTS AND BENEFIT)

Abstract

The increasing rate of fraud and corruptions of accounting professionals in recent times calls for institutions and national concerns about the situation. This research sought to analyze the costs and benefits of internal audit in organizations. The purpose was to assess the independent of internal audit department, undertake evaluation of the costs and benefits of internal audit department in some organizations, and to recommend organizations that do have internal audit unit to establish. The research was conducted on internal audit department of Volta River Authority in Accra, and Garden City University College in Kumasi and information gathered through administration of structured questionnaires and interviews.