Abstract:
Nigeria emerged from Colonial rule with little technological know—how. This attributed to the fact that the Colonial masters made no attempt at laying foundation for acquisition of the know requited to build the economy. Banks in their own ways set up schemes, one of such being the development. This research therefore was made to X-Ray the roles played by the internal auditing department, in what way they could help an Organization grow, be efficient, and in turn lead to the growth in the Nigerian economy.
As such research questions relating to how these roles arc purebred were raised in chapter one leaching to the formulation of Some hypotheses. These hypotheses tested whether the roles played by the internal/auditing department have an impact on the effectiveness and efficiency ()I' management and if these roles reduce embezzlement, fraud and material misstatement in financial statements of Organizations. Chapter three dwelt on the research methodology employed in the study as well as where data was collected (Primary and secondary data). The primary data collection aspect shows that questionnaires were issued. Here questions were directed to lumbers of staff of the internal auditing department of three banks_ in Fnugu State namely (hilted Bank for Africa PLC, Oceanic Bank PLC and First Bank PLC. The Instrument used in analyzing the data is Chi —Square.
Chapter four provides presentation and analysis of data collected and testing of hypotheses. It is from these tests that conclusions were drawn with respect to the role of internal auditing department with regards to increase in effectiveness and efficiency of Organizations and growth.
Chapter live summarized the findings and oars recommendations and conclusion. The findings revealed that the roles and functions carried out by such a department do :11,1 have an effect on the electiveness and efficiency of management of an organization and can not he solely relied upon to prevent fraud, embezzlement and material misstatements in all organization.
Iii view of the via findings, the study recommended that the integrity of any employee of an organization should he considered the so important ingredient and here should coordination amongst all the workers of various departments in an organization to make it grow thus helping the Nigerian economy grow as well