ASSESSMENT OF INTERNAL AUDIT PRACTICE IN THE CASE OF ETHIOPIAN CONSTRUCTION DESIGN AND SUPERVISION WORKS CORPORATION

Abstract

This study is based on the assumption that the effective practices of internal audit can enhance the performance of any organization. The purpose of this study is to examine the practices of internal audit of Ethiopian construction design and supervision Work Corporation. The internal audit staff and auditee with in the corporation were the source of the required data to the researcher. The study employed descriptive research design and mixed research method. The appropriate data was collected through questionnaires distributed. The collected data was analyzed through SPSS and the findings were described statistically and also presented using tables. Mean values and standard deviation were employed to analyze the data. The study revealed that there is an independence of internal audit department in its activities from the influence of Ethiopian Construction Design and Supervision works corporation management. The study also found out that the internal audit functions add value to the overall objective of the corporation. The study also investigated that board audit committee support the independence of internal audit of the corporation. Finally it was found out that the management of the corporation takes action on the audit findings of the +internal audit. Thus, the researcher concludes that the overall practices of the internal audit of Ethiopian Construction Design and Supervision works corporation is to the standard.Based on the findings to farther enhance the activities of the internal audit, it is recommended that the internal audit functions should more strengthen the compliance with llAs standards’ and audit quality review procedure in the corporate internal audit of the corporation.