Title: Internal Audit Practices And Financial Performance Of Selected Commercial Banks In Arua City, Uganda
Authors: Chandiga Abibu, Rutaro Abas
Volume: 8
Issue: 11
Pages: 154-163
Publication Date: 2024/11/28
Abstract:
The purpose of this study was to investigate the effect of internal audit practices on financial performance of selected commercial banks in Arua City Uganda. It was guided by three objectives that included to establish the effect of professional competency, Internal Control and independence of Internal audit practices on the financial performance of commercial banks in Arua City Uganda. It also adopted Contingency, Agency and Lending Credibility Theories to guide the study that comprised of a population of 187 respondents from which a sample size of 127 respondents were selected, and a descriptive research design was used to collect data using self-administered questionnaires as the main data collection instrument and interviews and analyzed using SPSS (descriptive statistics, Pearson correlation coefficients as well as regression analysis). Qualitative data was analyzed by thematic analysis. The findings of this study found out that there was a significant positive effect of professional competency, Internal Control and independence of internal audit practices on the financial performance of selected commercial banks in Arua City. Recommendations based on findings were that; in order to improve professional competency, commercial banks should carry out continuous professional development such as training workshops, seminars, conferences, and certifications, to stay updated with the latest industry trends, best practices and regulatory requirements.