INTERNAL AUDITING: A MANAGERIAL TOOL FOR EFFECTIVE ORGANISATIONAL CONTROL

Abstract

The statutory responsibility of an organization is to employ a system of control that improves its effectiveness and capital growth. Therefore, no meaningful organizational goal would be achieved without adequate internal control. Determining how Internal Audit could be a managerial tool for effective organizational control is still a subject of discussion. This paper examines the importance of Internal Auditing as tool for effective organizational control and evaluates its crucial objective in assisting management achieve its mission and vision. Bringing together existing knowledge on the basic processes of Internal Audit while stating the ideas in practical and useable form, the paper compares internal audit processes to other managerial functions. The paper concludes that lack of Internal Audit processes are the key factors that affects the smooth running and growth of an organization. The paper recommends among other things the independence of Internal Auditor for the purpose of carrying out their functions and effective managerial control.