Richard Ofosu Dwamena
Takoradi Technical University (TTU)
To address these implications, management should take the work of internal auditors seriously by implementing their recommendations. They should also involve internal auditors in cases involving application of laws such as procurement processes. Management should also ensure that internal auditor independence is protected and are given the necessary career development support to function effectively. This study is interpretative qualitative research which adopted a case study approach. The instruments used were interviews and publicly available documents. The data is analyzed using thematic analysis. The study reveals that internal auditors play oversight responsibilities, improve internal controls, advise management on risk management policies, ensure the organization follows regulations and brings out quality financial report. However, internal auditors face many setbacks. Internal auditors are taken for granted and lack independence and cooperation from other staff. Again, they have defined scope of work with limited power and have inadequate career development to make them effective in performing their roles
Keywords: Internal Audit, Credit Management Practices, Public Financial Administration, Economic management, Accounting, Accountability, Transparency.