Journal
Metropolitan Journal of Academic Multidisciplinary Research
MJAMR
External Audit And Financial Performance Of Organizations, A Case Study Of Centenary Bank, Kalungu District.
Nansubuga Getrude, Babirye Shamirah
| Journal | Metropolitan Journal of Academic Multidisciplinary Research (MJAMR) |
| Volume / Issue | Vol. 3, No. 5 |
| Published | 31 May 2024 |
| ISSN | 3006-4384 |
Abstract
The purpose of the study was on external audit and financial performance of organizations. It was based on the following study objectives; to evaluate the impact of Audit evidence on the financial performance of centenary bank, to assess the effect of financial reporting transparency on the profitability of centenary bank and to find out the consequences of internal control effectiveness of centenary bank. The study used descriptive approach with correlation design. These were non-experimental that described the characteristics of particular individual or of a group. It dealt with the relationship between variables, testing of hypothesis and development of generalization and use of theories that have universal validity. According to the findings, institutional corrective actions exist in the bank, yet they are insufficient and ineffectual to stop fraud, money laundering, stealing of funds, corrupt practices, and corruption, among other things, despite the outside audit evidence, control effectiveness, financial reporting and transparency, and existence of external control measures. This could be as a result of staff personnel failing to follow the accounting guidelines and accounting procedures or being careless when doing their duties. Furthermore, a strong audit committee should be established, training of external auditors should be done, the capacity of the internal auditors should be increased, even if more are recruited from college graduates, the reports of the external auditors should be sent to the shareholder board and an audit committee, other than the supervising.
Keywords
External Audit
Financial Performance and Organizations
Cite This Article
Nansubuga Getrude & Babirye Shamirah (2024). External Audit And Financial Performance Of Organizations, A Case Study Of Centenary Bank, Kalungu District. Metropolitan Journal of Academic Multidisciplinary Research, 3(5). https://journals.miu.ac.ug/pages/article.php?article_id=1420
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