The Role of Internal Audit Function in the Detection and Prevention of Material Weaknesses: a Case Study of Agotime-ziope District Assembly in the Volta Region

Abstract

The purpose of setting up an internal audit unit in an organization is to expose or correct its material weaknesses to ensure that its specific goals and objectives are achieved. This study therefore focused on the role of internal audit function in the detection and prevention of material weaknesses in the Agotime-Ziope District Assembly in the Volta Region of Ghana. The descriptive survey method was used and data were collected through the use of questionnaires from a sample size of 75. Data generated were analysed with descriptive and inferential statistics. The study found that the Agotime-Ziope District Assembly does not have improper supervisory policies or regulations to improve upon the competency of staffs whilst performing an engagement, but rather, the archaic method is used. Again, it found that there is no existence of audit work schedules. Few logistics are provided to record the information obtained, analyses made and conclusions reached during an audit. The study recommends, among others, that Management of Agotime-Ziope District Assembly should encourage staff to strictly adhere to the audit charter to avoid major or minor deviations. Furthermore, Management of of Agortime- Zipoe District Assembly should be in position to create a software to aid in checking their books of account