EXPLORING THE ROLE OF INTERNAL AUDIT UNIT AT KWAME NKRUMAH UNIVERSITY OF SCIENCE AND TECHNOLOGY

The growth of modern companies has led to the presence of absentee owners (stakeholders) and professional managers serve as agents for the stakeholders (principals) and fulfill a stewardship function by managing the corporation‘s assets. To check and improve the work of these professional managers, an independent examination (auditing) is therefore needed. Auditing today is deeply rooted in the concept of separation of ownership from management of affairs of companies. The Internal Auditing profession evolved steadily with the progress of management science after World War II (1945). The manner in which public sector entities maintain internal controls and how they are held accountable has evolved to require more transparency and accountability from these organizations that spend investor or taxpayer funds. This trend has significantly impacted on how management implements, monitors, and reports on internal controls, risk management and corporate governance.