Graduate School of Business

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Browsing Graduate School of Business by Subject "Auditing, Internal."

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    The effectiveness of internal auditing in the public sector in Zambia.
    (The University of Zambia, 2022) Mwanza, Olivia
    This paper aims at examining factors that have an impact on internal audit effectiveness in the public sector. The objective of this study was to device a model that can be used in the public sector to enhance a sound internal auditing system that will boost financial accountability and quality audit work. The study focused on three independent variables such as management support for internal audit activity, organizational independence on the internal audit work, and the adequate of competent internal audit staff. In order to achieve this, a quantitative survey research design was chosen as the research paradigm underpinning the study using structured questionnaires as data collection tool to a sample of 172 respondents comprising of internal auditors and users of internal audit services who were systematically randomly sampled. The study findings revealed that both management support and organizational independence were low and that internal audit office of the sampled ministries and parastatals had low technical staff proficiency which limited its capacity to provide effective service. In line with the findings, the study recommended that: (i) the management should appreciate the role of IA by providing the necessary resources and trainings. (ii) Government should ensure that the independence of IA is guaranteed for them to work without fear or interference. (iii) Government should recruit and retain Internal Audit candidates based on their qualifications, experience, training attained and certification by the IIA. The research is limited with the issue of generalizability on other settings; therefore, a similar study can be conducted in the private sector using a mixed method approach. Keywords: Internal Auditing, Effectiveness, Financial Irregularities, Public sector, Internal control.
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    The effectiveness of internal controls at Lusaka city council.
    (The University of Zambia, 2022) Anaenyi, Sibeso
    The current business trends have made it imperative for almost all large organizations to uphold effective internal control systems. Internal control has attracted intense debate and scholarly attention across industries in accountancy and auditing literature over the past decades. Lusaka City Council is facing challenges in revenue collections which has resulted into failure to meet it operational obligations. In this regard, this study evaluated the components of Internal Control Systems of Lusaka City Council using COSO’s principles and attributes of assessing the effectiveness of internal control systems. The five components of internal controls; Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring and Evaluation, were individually assessed to ascertain their effectiveness in the council. A five-point Likert scale was used to measure respondent’s knowledge and perception of internal controls and the council’s internal control system effectiveness. Responses ranged from strongly agree to strongly disagree. Based on the values indicated in the questionnaires a frequency and percentage values were calculated to reflect the effectiveness of internal controls. The statistics presented the aggregated results of the all internal control activities. 17% of the respondents were strongly agreeable to the effective internal control activities in the council. Whilst, 44% were agreeable. Giving the total to 61% (17% + 44%), translating that Lusaka City Council has adequate internal control systems. The study also identified factors that are affecting the implementation of internal control activities and these are; Lack of employees’ honesty and integrity, Unachievable employee financial goals, Employees’ personal financial problems, Control measures for unusual transactions, Poor remuneration of internal control staff and Unwillingness to effect changes. It further analyzed the effect these factors have on the implementation of internal control activities by establishing correlation between the variables. The study revealed that there was a strong relationship between the Internal Control activities and the factors that are affecting their implementation. The aggregate scored 0.9 indicating that the relationship is positively strong. Therefore, the identified factors strongly have effect on the implementation of internal control activities at Lusaka City Council. Key words: Internal controls, effectiveness and Implementation.