Department of Accounting
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Browsing Department of Accounting by Subject "Auditor Independence"
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Item Internal Audit Practices and Performance of Local Governments in Oyo State, Nigeria(Lead City University, Ibadan, 2024-12) Taiwo Racheal ONIThe study investigated Internal Audit practices and performance of local governments, Oyo state, Nigeria. This study assessed the relationship between internal audit practices and the performance of local governments in Oyo State, Nigeria, with a focus on education, healthcare, infrastructure, and economic empowerment performance. A descriptive research design was adopted, using a mixed-methods approach to gather data from both structured questionnaires and interviews. The target population consisted of 726 staff from the finance departments of 33 Local Government Areas (LGAs), with a sample size of 259 respondents determined using the Taro Yamane formula. A simple random sampling technique was applied to select participants from the finance departments, ensuring a representative sample. Additionally, 60 community members were included, selected from three senatorial districts. Data collection instruments included a structured questionnaire to gather. The study revealed that internal auditing significantly impact the performance of local governments in Oyo State, Nigeria. Key findings showed that internal auditor quality, with a staff rating of 3.13 and a community rating of 2.66, influences performance, accounting for 3.1% of the variance (R² = 0.031, β = 0.177, p < 0.004). Similarly, auditor independence was rated 3.11 by staff and 2.95 by the community, contributing 23.8% to the variance in performance (R² = 0.238, β = 0.488, p < 0.000). Monitoring and control activities also played a crucial role, with a staff rating of 3.11 and a community score of 2.72, explained 22.7% of the performance variance (R² = 0.227, β = 0.477, p < 0.000). Overall, internal audit functions were perceived positively (mean score of 3.11), showed improvements in financial management, education, welfare services, and infrastructure. The study concluded that internal auditing, particularly auditor independence, was crucial for enhancing local government performance, promoting transparency, and strengthening resource management. It recommended that investing in auditor training, ensuring independence, implementing robust controls, and adopted a comprehensive audit framework to boost governance and service delivery effectively. Keywords: Internal Audit Practices, Performance, Internal Auditor Quality, Auditor Independence, Internal Audit Monitoring and Control Activities Word Count: 300