Abstract:
Auditing effectiveness has become one of the main centres of attention in business organizations for monitoring organizations operation and activities to avoid financial failure and bankruptcy.
The study was conducted to find out whether there is an efficient and effective internal audit department at ECG which carries out its functions appropriately.
The objective of the study was to assess the internal audit process and control system at ECG Ashanti East.
Purposive sampling was used to select the respondent. Descriptive method was used in the study.
According to the findings, internal audit functions that are not frequently practiced and for that matter had low scores were ‘development of work papers from the audit report’ and discussion of recommendations with auditees’. The internal audit function is performed at branch, regional and head office.
Description:
Currently, organisations in both public and private sectors have experienced many new challenges and demands resulting from a combination of a harsh economic climate and rapid developments in technology, market conditions and globalization. As a consequence, internal auditing has increasingly be viewed by regulators, directors of listed companies and governing members of many public sector entities worldwide as a solution to ensure business survival (Ali et al., 2007). Internal auditing is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. The objective of internal auditing is to assist members of the organization in the effective discharge of their responsibilities by furnishing them with analyses, appraisals, recommendations, counsel and information concerning the activities of the organization (Allegrini and D’Onza, 2003).
