ASSESMENT OF INTRENAL AUDIT PRACTIC EIN LION INSURANCE SC

Abstract

Internal auditing is essential to an organization's governance and operations. When implemented, operated, and managed effectively, it is a crucial factor in assisting an organization in achieving its goals. Organizations that utilize internal auditing effectively are better able to identify business risks, process and system inefficiencies, implement the necessary corrective measures, and ultimately support continuous improvement. So it needs effective implementation and administration. Consequently, the purpose of this study was to investigate the internal audit practice at lion insurance. Specifically, how the internal audit functioned in accordance with audit work quality, audit work scope, the level of independence of the internal audit function, how company internal auditors identified the risk problem, how to assess risk, and the quality of the internal audit plan with clarity regarding internal audit personnel. The information was gathered via questionnaire. In order to answer the research questions, questionnaires were distributed to internal audit company employees. The collected data were analyzed by using quantitative method. Lion insurance SC have adequate and competent audit staff however, there is a weakness in providing trainings as a result it lacks professionals. The audit work quality of coverage area planning activity controlling process needs improvements in terms of communication of audit findings with little weakness in the follow-up to correct the findings. Based on finding lion insurance not that much good practices in audit case