INTERNAL AUDIT RE-ENGINEERING AND PERFORMANCE OF GOVERNMENT ENTITIES IN NIGERIA
Salaudeen Ibrahim, PhD, Abdul-Hakeem Oluwole Shuaib, PhD, Muhammed Basiru Mustapha, PhD and Abdullahi Taiwo Abdulrasheed
Volume 3 Issue 2
Abstract
Effectiveness of Internal audit operations has become a subject of debate in recent times going by the level of infractions on financial transactions in Nigerian public sector. Regardless of the formidable institutional and regulatory framework put in place to enhance internal audit performance, the domain is still facing critical challenges bordering on financial infractions. The general objective of this study therefore, was to investigate the impact of internal audit re-engineering (IAR) on performance of government entities’ in Nigeria. The study applied mixed method approach with a sample size of 306. Quantitative data was analysed using Partial Least SquareStructural Equation Model while qualitative data was analysed with thematic/NVIVO. Findings indicated that there is an existence of a significant influence of the IAR on the performance of government Entities in Nigeria even though, digitalisation of internal audits functions, relevant qualifications as well as operational and financial independence of auditors need attention to improve entities performance. The study therefore, recommends that government should embark on the holistic re-engineering of the whole internal audit functions by ensuring digitalization of the entire internal audit system, qualification and experience of internal audit staff as well as operational and financial independence be ensured as these would translate to higher significant impact on the performance of government entities in Nigeria. Key Words:-Integrated, Performance, Entities
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