Abstract:
The purpose of this study was to examine the functions/roles of internal audit in assisting management in managing risk in organizations/institutions. Azania Bank Ltd was taken as a case study.
The objectives of the study was to Identifying the functions and scope of internal audit in the company, Identifying the risks that Azania Bank Ltd face and how it affects their performance Identifying the role of internal audit in assisting management in managing risk at the Azania Bank Ltd and Examining strengths and weaknesses of internal audit in assisting management in managing risk in Azania Bank Ltd for provision of better services to the customers as a way of improving its performance.
The study uses case study design and 50 was the sample and sampling technique include stratified sampling in which respondent are arranged in groups, data collection tools include interview, questionnaire, documentary review and physical observation
The main findings of the study was Internal Audit Units in the selected areas lack autonomy mainly attributable to inadequate funding, involvement of Internal Auditors in non- audit work, inadequacy of staff training, Audit programs are prepared according to the set standards issued inadequate management support, internal audit staffs adhere to the ethical standards, Staff awareness of risk and management response to recommendations of the Internal Auditors report is very minimal.
Researchers Recommends that Audit should be risk based audit, Identified risk before it occurs, Provision of risk education, Frequency inspection, Strong internal controls, Auditor’s independence and to increase numbers of staffs
