ABSTRACT

This work focuses on the effect of internal audit as a tool for achieving organizational objective. Internal auditing also known as non-statutory audit is an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. The aim of internal auditing is to assist member of the organization in the effective discharge of their responsibilities. The need for this research work leads to the following research questions: how efficient and effective ways could profit be made in an organi7ation; to examine the use of internal audit to realize the employee welfare, to use internal audit as a means of wealth creation and enhancement of the company's image, to point out the deficiency in the internal control system used by the bank. Two hypotheses were formulated using chi-square at five percent(5%) significant error. In this study, tables, chi-square, questionnaires were used to analyze and testing of hypothesis. The findings showed that staff are not competent enough due to low qualifications, however, the following recommendations are engineered to rectiij the error; foremost, the bank management should work towards employing internal audit staff with professional qualifications. Furthermore, the internal auditors should reduce to minimum level, the occurrence of frauds and accounting errors that militate the functioning of the banking system.