| Abstract: | Internal audit has an important role in helping a firm to achieve its objective when it is
implemented, operated, and managed effectively. Organizations which effectively
implemented, operated and managed internal auditing were better able to identify their
business risks and system inefficiencies for the sake of taking corrective actions and
improvement in the process. The main purpose of this study was to assess the internal audit
practice: the case of Lion international bank. The study used purposive sampling method
and covered the head office and Branches internal auditors in Lion International Bank.
This study includes both quantitative and qualitative research methods. The quantitative
research method used through 30 usable self-administered questionnaires. These
questionnaires were constructed in 5-point Likert scale, distributed to internal auditors of
Lion International Banks, and The collected data from the questionnaires were coded, they
were entered into the Statistical Package for Social Sciences (SPSS) version 26 computer
package for analysis. The qualitative research method used through personal interview
with selected internal audit managements. According to the research findings, the bank has
strong organizational independence for internal auditors. The top management support to
internal audit and management’s perception of internal audit value is good that it is
facilitating the practice of internal auditing. Lion international bank should provide
adequate support and encouragement for training and development of the internal audit
staff. Furthermore, the management should acknowledge on the internal audit
recommendations as a tool which contributes to the improvement of risk management,
control and governance using a systematic and disciplined approach in the bank. The
researcher mainly recommended; give attention on the development of certified personnel
and internal audit work should be assessed externally by an independent reviewer. |
