Challenges and Prospects of Internal Auditing in Selected Banks in Gwagwalada, Abuja, Nigeria
Faith Oluyinka FOLORUNSHO & A. A. MALGWI (Ph.D.)
The research examined the challenges and prospects of internal auditing in selected Banks in Gwagwalada, Abuja, Nigeria. The topic was considered to enquire into several challenges facing the internal audit as some represent opportunities as well as obstacles to overcome. The quantitative approach was considered and data collected was analyzed using the descriptive table in order to identify each response, understanding predicting the behaviour reaction and desire of the study population which enabled the study proffer answers to the research questions raised while Chi-Square analysis was adopted to examine the relationship between the variables. The study found that there is a significant relationship between the challenges of internal auditing and internal auditors operations of banks in Gwagwalada, Abuja, and between the prospects of internal auditing and goodwill of banks in Gwagwalada, Abuja, Nigeria. The study concludes that there is a relationship between the challenges of internal auditing and internal auditors operations and prospects of internal auditing and the goodwill of banks in Gwagwalada, Abuja, Nigeria. The study recommends that management of banks in Nigeria should pay more attention to inconsistent policies which can lead to loss of vital documents in the bank, ineffective Internal Control System should be checked since it give ways to fraudulent activities in banks, and that there should be checks and balances mechanism that will wade-off any form of misleading information by different departmental heads in the bank purposely to mislead the internal auditors.
Keywords: Internal audit, banks, Nigeria