THE EFFECTS OF INTERNAL AUDITING FUNCTIONS ON THE PERFORMANCE OF DEPOSIT MONEY BANKS IN NIGERIA
Abstract
This study examines the effect of internal audit function on financial performance of deposit money banks in Nigeria.
The specific objectives of the study are to determine the functions of internal audit in deposit money banks and
ascertain the effects of internal audit on the performance of deposit money banks. The study adopted descriptive
research design. The population of the study consists of all the staff of Guaranty Trust Bank Ltd, Ogbomoso,
Oyo State, Nigeria with a total population of fifty (50). Data was sampled using a random sampling method.
Data was analyzed using chi-square and regression analysis with the aid of SPSS version 20.0 at 5% level of
significance. The analysis revealed that internal audit control and procedures have a positive and statistically
significant effect on the financial performance of deposit money banks in Nigeria. The study recommends that
internal audit in deposit money banks should be closely integrated with the bank’s risk management framework
to ensure that potential risks are identified early and mitigated effectively.
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