THE EFFECTIVENESS OF INTERNAL AUDIT FUNCTION IN FINANCIAL INSTITUTION

Internal Audit is an independent appraisal activity within an organization for the review of its operations and as a service to management. It is an element of the internal control system set up by management of an enterprise to examine, evaluate and report on accounting and other controls of operation. The colonial administrators, as far back as 1910, ensured that financial as well as qualitative records within the various enterprises were audited in Ghana institutions to ensure the efficient management of their resources.