An Assessment of Internal Audit Practices at National Water and Sewerage Corporation in Uganda
Loading...
Date
2023
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Makerere University Business School
Abstract
The study's purpose was to assess effectiveness of internal audit practices. The study's objectives were to examine the effectiveness of internal audit practices at NWSC, to identify the challenges faced in improving the effectiveness of internal audit practices at NWSC, and to suggest strategies for improving the effectiveness of internal audit practices at NWSC. In order to gather information from a sample of 83 staff, the study used a self administered questionnaire with closed-ended questions. Data analysis was done with SPSS version 25. According to the study's findings, the level of effectiveness of internal audit practices was moderate on the aspects of assisting management and the Board in refining control and risk management procedures, comparing internal audit practices of NWSC with best practices in the industry, staffing with specialists and experienced staff, monitoring the efficiency of tasks with NWSC, ensuring that quality of internal audits conducted have followed systematic procedures to ensure accuracy of the findings, conclusions and recommendations, the internal audit chief is appointed by the Audit Committee and the Audit Committee monitors the efficiency of internal audit, and internal audit team always receiving appropriate training and professional development. The challenges do exist in improving the effectiveness of internal audit practices such as management interference, inadequate freedom and independence, inadequate material resources for routine auditing activities, lack professional qualifications to perform task diligently, top management does not support, poor nature of appointment and recruitment process, and inadequate continuous professional development. The study further recommended strategies for enhancement of the effectiveness of internal audit practices such as establishing a robust internal audit policy, adherence to corporate governance practices, strengthening the reporting structure, effective communication between management and internal audit, and recruitment of professional internal auditors as stipulated in the internal audit charter.
Description
Research Dissertation Submitted to Makerere University Business School (Faculty of Graduate Studies and Research) in Partial Fulfilment of the Requirements for the Award of the Degree of Master of Business Administration of Makerere University. (Plan B).
Keywords
Citation
Benjamin, N. (2023) An Assessment of Internal Audit Practices at National Water and Sewerage Corporation in Uganda. Unpublished Masters Dissertation Makerere University Business School. Kampala, Uganda.