INTERNAL AUDIT PRACTICE IN METALS AND ENGINEERING CORPORATION

Abstract

The aim of this study was to assess the internal audit practices of the Metals and Engineering Corporation, populations of the study were 44 internal audit staffs, for the sake of quality data and small number of staffs, all internal auditors were selected for the study. The study investigated particularly the assessment of organizational setting, internal audit quality, management support and auditee attributes. The study adopted qualitative and quantitative methods approach in order to achieve the research objectives and to answer research questions. Specifically, the techniques instruments used to gather data was Likert scale questionnaire with interview and document reviews were used. With this research method, major findings related to the internal audit department were, adequate organizational setting, polices and manual, large enough staffs, inconsistent management support and full access to get information’s while the skill of staffs is limited, compositions of the internal audit profession is not addressed other fields, lack of management attention towards internal audit report to respond timely and low cooperatives with audittes. The study recommended that, internal audit of the organization needs improvement in the area of its plan refining, on improvements of internal audit quality, different field staff composition, using software to enhance the internal audit work, to make competent skilled and experienced staff, management responses to the audit findings, to make high cooperative with auditee and positive attitudes towards internal audit department.