An Assessment of Internal Audit Practices in the University of Education, Winneba

Abstract

The goal of the study was to examine internal audit practices at the University of Education, Winneba. Both internal auditors within the internal audit division of the University of Education, Winneba, were mentioned in the target population for the report. A census of the total population was adopted for the study given the desire to provide all internal auditors with an opportunity to participate in the study, combined with the fact that the sample frame of internal auditors at the University of Education, Winneba, is not very broad (30). To guide the analysis, three research questions were formulated. To collect data from the respondents, a closed-ended questionnaire was used. For the analysis of the results, frequencies, percentages, means, and standard deviations were used. The study identified that the task of internal auditing in risk management in addition to fostering continuous growth is to assess the effectiveness and efficiency of risk management. The study confirmed that the bedrock of internal auditing is organizational independence. It was proposed that the internal audit targets should be decided at the highest level of an organisation typically consisting of the central board or audit committee and so should be thoroughly identified by all management levels.