Thesis Abstract

Abstract
Internal audit plays a crucial role in helping organizations achieve their objectives by providing independent and objective assurance on the effectiveness of risk management, control, and governance processes. This research explores the significance of internal audit in enhancing organizational performance and meeting strategic goals. The study delves into how internal audit functions as a tool to evaluate the efficiency and effectiveness of operations, identify areas for improvement, and mitigate risks. By conducting regular audits, organizations can ensure compliance with regulations, enhance decision-making processes, and safeguard assets. Furthermore, the research investigates the relationship between internal audit and organizational objectives, emphasizing the role of internal auditors in promoting transparency, accountability, and ethical practices within the organization. Internal audit functions as a strategic partner by offering insights and recommendations to management on enhancing operational processes and achieving long-term goals. Through the evaluation of internal controls and risk management practices, internal audit helps in strengthening the organization's resilience to external and internal threats. Moreover, the study highlights the evolving role of internal audit in the digital age, where advancements in technology have transformed audit processes and methodologies. Internal auditors are now leveraging data analytics, artificial intelligence, and automation tools to enhance audit efficiency, identify patterns, and detect anomalies. By embracing technological innovations, internal audit functions can provide real-time insights and proactive risk management strategies to support organizational objectives. The research also examines the challenges faced by internal audit functions in aligning with organizational goals, such as resource constraints, skill gaps, and resistance to change. Strategies to overcome these challenges include investing in training and development programs for internal auditors, fostering a culture of continuous improvement, and enhancing communication and collaboration across different departments. By addressing these challenges, internal audit can better support organizational objectives and drive sustainable growth. In conclusion, internal audit serves as a critical tool in achieving organizational objectives by offering independent and objective assessments of risk management, control, and governance processes. By enhancing transparency, accountability, and operational efficiency, internal audit contributes to organizational success and long-term sustainability. Through continuous improvement and adaptation to technological advancements, internal audit functions can effectively support organizational objectives and navigate the complex business environment.

Thesis Overview

INTRODUCTION1.1 BACKGROUND OF THE STUDYThe system of controls adopted in any economy greatly determines the development and growth of that economy. To ensure optimization in money, materials, machine, time, resources and management of men, controls are essential.These controls are installed by many organisations including banks to check how effective and efficient they maximize their resources. One of such controls commonly used to minimize wastage and guide plan to their eventual accomplishment is -INTERNAL AUDITING”.Auditing has been in existence for many years, it was in ancient Egypt and the great mercantile establishment of the middle ages. This shows that internal auditing can neither be neglected nor under rated in our modern economy for it was borne of the complexities of modern business dominate and transactions involved. In that, other management of various large businesses, organisations and government concern recognised internal auditing as valuable machinery and achieving and objective deemed accurate at a point in time.