Abstract:
Auditors in a depressed Economy with particular reference to Banks
in Nigeria, the main purpose of the study is to look at the Internal
Auditing Department in banking industry and to review to an extent
to which it is used in the protection of the Bank’s assets,
misappropriation and embezzlements of funds. The objectives of this
study are: to examine the roles of Internal Auditors in Financial
Institutions, to access the impact of government financial policies and
guidelines on the execution of Internal Audit functions in financial
institution, to evaluate the usefullness of Internal Audit functions in
financial institution (Banks), to find out the importance of Internal
Auditors in protection of company’s assets, misappropriation of funds
and embezzlement of funds and to make appropriate
recommendations that will proffer sound solutions in the weakness of
Internal Auditing functions in bank’s. In pursuance of the objective of
the study, three hypotheses were formulated ad tested. In order to
get information for the study, both description and historical method
of research have been used in the course of study. Also primary and
secondary data was used.
Primary data was gotten through the application of questionnaire,
personal interviews and observation. Secondary data was gathered
through the review of related literature and the results of the
questionnaires were analyzed and assembled in tables.
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The end result revealed that internal auditing is a powerful tool in
protection of banks assets, misappropriation and embezzlement of
funds.
