Journal
Metropolitan Journal of Academic Multidisciplinary Research
MJAMR
Internal Audit Practices and Financial Management in Organizations, a Case Study of Lumala Hardware Limited Wakiso District.
Navvubya Daphine, Irumba Alex
| Journal | Metropolitan Journal of Academic Multidisciplinary Research (MJAMR) |
| Volume / Issue | Vol. 2, No. 10 |
| Published | 31 October 2023 |
| ISSN | 3006-4384 |
Abstract
The performance of an internal audit department must function in a manner that is in accordance with applicable professional standards such as Standards for the Professional Practice of Internal Auditing (SSPIA 2000) and the quality of the internal control systems. For the purpose of this research the researcher sought to determine the impact of internal audit practices on financial management in Lumala hardware limited. Internal audit was looked at from the perspective of its functionality, relationship with financial management and impact of its practices on financial management. Internal audit suggests that Independence, scope of audit work, audit reporting, audit programs, management of internal audit department, performance of audit work, audit reviews, objectivity are important Internal Auditing practices from the perception of internal Auditors. Performance of the audit work and audit reporting significantly influences the risk assessment of the of the quality of internal control system. From the findings, the respondents indicated that 9 (44%) of the respondents strongly disagreed while 05 (32%) of the respondents disagree with the statement. Also 3 (14%) of the respondents agree and 1 (2%) of the respondents strongly agree with the statement. However, 2 (8%) of the respondents we’re neutral. This implies that the systems of internal controls are not build and operated in Lumala Hardware Limited The study recommends that should ensure that the auditors are Objective in carrying out their work and ensure efficient use of funds and also keep being updated with the changing technology and as well sharpen their skills. This improved on the financial management systems of Lumala Hardware Limited in Entebbe municipality in Wakiso District.
Keywords
internal audit practices
financial management and organizations
Cite This Article
Navvubya Daphine & Irumba Alex (2023). Internal Audit Practices and Financial Management in Organizations, a Case Study of Lumala Hardware Limited Wakiso District. Metropolitan Journal of Academic Multidisciplinary Research, 2(10). https://journals.miu.ac.ug/pages/article.php?article_id=1042
More in This Issue
View full issue →
26
Ginger Farming and Socio-Economic Development of Communities. A Case Study of Kibuga Sub County Butambala District
ginger farming
socio-economic development and communities
27
Government Export Promotion Policies and the Development of Logistics Business in an Economy. A Case Study: Atlas Cargo Shipping Company
government export promotion policies
development
logistics
business and economy
28
Head Teachers' Communication Methods and Student Discipline in Selected Secondary Schools in Sheema Municipality, Southwestern Uganda
Communication Methods; Student Discipline
29
ICT and Economic Development of Communities in Uganda. A Case Study of Kapsinda Sub County Kapchorwa District
Ict
economic development and communities
30
Internal Audit Activities and Organizational Performance, a Case Study of Centenary Bank
internal audit activities
organizational and performance