Effect of Internal Audit Practices on Organization Performance among Selected Regulatory Bodies in Tanzania.

Nyagalio, Mwajabu (2023) Effect of Internal Audit Practices on Organization Performance among Selected Regulatory Bodies in Tanzania. Masters thesis, The Open University of Tanzania.

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Abstract

When effectively managed, internal auditing becomes an important element in helping an organization achieve its objectives. The study aimed to investigate Effect of Internal Audit Practices on Organization Performance among Selected Regulatory Bodies in Tanzania. The study was conducted using questionnaires, and secondary data collection. The study used descriptive research design. Sample size was 46 respondents. The results of this study revealed that internal audit units are effective; their effectiveness was due to several factors; including the independence of internal auditors, roles of the audit committee, and resources to internal auditors, due care, training and promotion. These factors positively affect the effectiveness of the internal audit unit; as a result, they make internal audit practice to be effective within the institution. It was recommended that; strengthening the independence of internal auditors, improvement of Audit committee functions and compositions, improving communication right of Internal Auditors, increasing resources to internal auditors, improving access of information, and complying with International Professional Practice Framework by IIA. The study recommended that risk assessment should be led at the level of individual organizations and over the wide range of exercises and auxiliaries of the solidified association. Keywords: Internal auditing, financial performance, risk management, Tanzania

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