MJAMR

Internal Audit Practices and Financial Management in Organizations, a Case Study of Lumala Hardware Limited Wakiso District.

Navvubya Daphine, Irumba Alex


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
Metropolitan Journal of Academic Multidisciplinary Research

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 →
36
Land Ownership and Farm Productivity. A Case Study of Ntugamo District
Musiimenta Nancy, Sabiiti Benard
Correlation land ownership and farm productivity
37
Marketing Communication and Performance of Hospitality Sector in Kampala
DISTRICT. A CASE STUDY OF GEORGINA GARDENS Nakubulwa Hasifah
marketing communication performance and hospitality sector
38
Politics and Performance of the Media Sector in Uganda. A Case Study of Kampala District
Samulaba Ronald, Namuyonga Rebecca, Nakimbugwe Sophie
politics performance and media sector
39
Radio Advertisement and Success of Business Organizations in Uganda. A Case Study of UBC
Namulwa Sumini, Namuyonga Rebecca
radio advertisement success business and organizations
40
Risk Assessment and Sustainable Procurement Practices in Uganda. Acase of Unra, Uganda.
Otika Ivan, Irumba Alex, Friday Christopher
risk assessment and sustainable procurement practices