The study aimed at audit practices and financial records management and it was guided by the following objectives; To examine the types of internal controls applied by the organization for the growth of opportunity bank in Kampala, to establish the contribution of internal auditing practices towards the growth of opportunity bank, to investigate how internal auditing affects the financial records management of the organization and to examine the relationship between internal auditing practice and financial records management of the opportunity bank in Kampala. The research used cross-sectional design in nature and these was done through collecting data from a wide section of the study respondents. Across-sectional design is the one that is carried out at one point in time. This research design is suitable in the sense that the information collected involved analyzing how audit practice affects the financial record management of organizations. From the findings, majority of respondents 25(50%) indicated that internal audit refers to an independent consultancy aimed at improving the efficiency of an organization. Other respondents 15(30%) however, understood internal audit as any activity with the objective of bringing a systematic design approach to evaluate and improve the effectiveness of risk management. The remaining respondents 10(20%) asserted that internal audit is simply any activity designed to improve an organizations operation. The study recommends the bank to always practice book keeping and auditing of their creditors and this will improve on their financial performance. This can be done by developing the skills of double entries in their business as well as employing of internal auditors in their day-to-day activities for improved financial record management.