MJAMR

Internal Audit Practices and Financial Performance in Public Entities. A Case Study of Masindi District Local Government.

Kiiza Dorcus, Dr Arinaitwe Julius, Omendo Vincent


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 and the quality of the internal control systems. This study looks at the internal auditing practices and performance of internal audit departments. Using data from 250 auditing practitioners, this study suggests that independence, scope of audit work, audit reporting, audit programs, management of internal audit department, performance of audit work, audit reviews, objectivity and professional proficiency are important internal auditing practices from the perception of internal auditors. This study also suggests that risk assessment, control activities, control environment, information and communication and monitoring are important quality of internal control system from the perception of audit committee. From the findings, 50% of the respondents strongly agreed, 27.5% agreed, 12.5% were not sure, 10% disagreed and none of the respondents strongly disagreed with help management of the organization in its present and future growth. Provide advisory services to provide assurance to the CAO about operation had 25% of the respondents who strongly agreed, 45% agreed 5% were not sure, 10% disagreed and 15% strongly disagree. The study also shows that the management of internal audit department, performance of audit work, audit program and audit reporting significantly influence the risk assessment of the quality of the internal control system.

Keywords

internal audit practices financial performance and public entities
Metropolitan Journal of Academic Multidisciplinary Research

Cite This Article

Kiiza Dorcus, Dr Arinaitwe Julius & Omendo Vincent (2023). Internal Audit Practices and Financial Performance in Public Entities. A Case Study of Masindi District Local Government. Metropolitan Journal of Academic Multidisciplinary Research, 2(10). https://journals.miu.ac.ug/pages/article.php?article_id=1055

More in This Issue

View full issue →
6
Accounting Information System and Quality of Financial Reports in Commercial Banks: A Case Study of Equity Bank, Kabalagala Branch
Musiimenta Evalyne, Zikusooka Enock
accounting information system quality financial reports and commercial banks
7
Assessing the Impact of Savings and Credit Cooperative Societies’ Credit Policies on the Economic Development of Communities, a Case Study of Kajjansi Community
Buriendo Fidel, Zikusooka Enoch
savings credit cooperative societies’ credit policies economic development and communities
8
Audit Practices and Managing Fraud in Organizations, a Case Study of Top Rank Consults, Kampala
Ssenyonga Zubairi, Zikusooka Enock, Irumba Alex
audit practices managing fraud and organizations
9
Automated Teller Machine and Customer Satisfaction in Banking in Uganda: A Case Study of Bank of Africa Bulaga Mini Branch
Nantege Jane, Dr Ariyo Gracious Kazaara, Kaziro Nicholas
automated teller machine customer satisfaction and banking
10
Civil Society Organizations and Community Development.a Case Study of Kawempe Division
Mukasa Fahadi, John Otim William
civil society organizations and community development