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ABSTRACT

 

             The notion of the auditor being bound or a watchdog is gradually changing for the better as internal auditing has undergone tremendous changes in recent past.

      The actual functions of the auditor is often surrounded in secrecy or held in some kind of awe.

       Major notes of internal auditing have not been clear to the majority of people in the society. In view of numerous corrupt practice, frauds and embezzlement often uncovered by probe tool has often been questioned.                                                                                             

     It is the realization of this that I have set out to look critically into internal audit department of Afribank with a view to finding whether effective internal auditing practices ensure effective control. The mode of appointment, independence and duties of the internal Auditor was looked into an determining whether the internal audit department is being operated as a management or efficiency audit.

The finding shows that internal auditor is not completely independent and mode of operation has a combination of characteristics of various types of auditing especially the operation type of audit.

Nevertheless a high degree of internal control exists in the bank. In consideration of improvement in some area, recommendations are proposed.

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