THE ROLE OF INTERNAL AUDIT IN FINANCIAL INSTITUTION A CASE STUDY OF FIRST ALLIED SAVINGS AND LOANS LIMITED (ADUM BRANCH)

Abstract

The purpose of this study was to assess the role of internal audit in financial Institution with First Allied Savings and Loans Limited (Adum Branch) as the case study. The instruments used were research questions and interviews. The size of the sample was made up of 50 respondents. The researchers throughout the study analyzed the responses obtained from the questionnaire and interview. From the study, it was found that the activities of the internal audit Department of First Allied Savings and Loans Limited as case study were largely effective. Also, it was established that the Bank of Ghana (BOG) as part of restructuring the bank made the establishment of internal audit department a requirement in order to strengthen and deepen the governance process. The result of this work will contribute immensely to the improvement and effective performance of the internal audit department of First Allied Savings and Loans (Adum Branch).