Evaluation of Internal Audit Effectiveness Practices on the Selected Public Universities in Ethiopia

Abstract

In a public university, internal auditing is quite essential. An organization benefits from internal audit activities when risks are assessed to see if they are manageable or worthwhile. This study aims to examine the efficacy of internal audits at particular public universities. The study looks into significant issues with internal audit effectiveness, such as internal auditor competency, auditing time, audit scope, management opinion of internal audit, auditor independence, and application of internal audit procedures successfully implemented in the administration. Both primary and secondary data were used, and cross-sectional survey designs have been implemented, utilizing a combination of quantitative and qualitative research methodologies. A mixed-method approach is used in this descriptive study. A questionnaire with 56 internal auditors, the management group, financial officers, administration officers, document analysis, and semi-structured interviews conducted with purposeful sampling are all part of the data collection process. The study's findings demonstrated that while internal auditors are competent in their education upbringing, they need more experience and staff numbers.

Additionally, management needs to see internal auditors favorably, and adequate internal audit procedures at various levels contribute to internal audit ineffectiveness. To benefit from the advancement of internal audit standards, public universities must also ensure the efficient operation of audit committees and adapt their audit methodology to current global standards. Each public UniversityUniversity must approve and implement internal audit manuals and charters, standardize audit reports, and approve audit strategies.