THE ROLE OF INTERNAL AUDITORS IN A DEPRESSED ECONOMY (A CASE STUDY OF SELECTED BANKS IN NIGERIA)

ABSTRACT

This research was undertaking to ascertain the role of Internal Auditors in a depressed Economy with particular reference to Banks in Nigeria, the main purpose of the study is to look at the Internal Auditing Department in banking industry and to review to an extent to which it is used in the protection of the Bank’s assets, misappropriation and embezzlements of funds. The objectives of this study are: to examine the roles of Internal Auditors in Financial Institutions, to access the impact of government financial policies and guidelines on the execution of Internal Audit functions in financial institution, to evaluate the usefullness of Internal Audit functions in financial institution (Banks), to find out the importance of Internal Auditors in protection of company’s assets, misappropriation of funds and embezzlement of funds and to make appropriate recommendations that will proffer sound solutions in the weakness of Internal Auditing functions in bank’s. In pursuance of the objective of the study, three hypotheses were formulated ad tested. In order to get information for the study, both description and historical method of research have been used in the course of study. Also primary and secondary data was used. Primary data was gotten through the application of questionnaire, personal interviews and observation. Secondary data was gathered through the review of related literature and the results of the questionnaires were analyzed and assembled in tables. The end result revealed that internal auditing is a powerful tool in protection of banks assets, misappropriation and embezzlement of funds.