An Assessment of Internal Audit Practice: The Case of Bole Printing Enterprise

Abstract

This study aimed at assessing the internal audit practice of Bole Printing Enterprise. The study used judgmental sampling technique to select respondents depending on their responsibilities and willingness to respond to various questions and used descriptive data analysis method to show accurately the characteristics of particular internal audit situations. According to the result the internal audit department is organized to control the expenditures, review operational and financial performance in doing so the internal audit committee is not sufficiently independent from the influence of line management particularly in prioritizing of activities to be audited by the internal audit and the practice in the enterprise does not usually follow the standard in place. Even if the existing internal auditors are qualified in terms of both education and experience, they are not competent due to the absence of clearly defined policy for hiring and training of internal auditing in the enterprise on the other hand auditors perform their tasks objectively due to this no problem arise in relation to objectivity in the enterprise. Based on this Bole Printing Enterprise should evaluate the risk and internal control system of the enterprise, give autonomy for internal auditors in doing their activity, encourage the objectivity of internal auditing system and maintain professional competency and up to date knowledge of auditing techniques.