Evaluation of the Internal Audit Function’s Effectiveness and Reliability in Large Organisations: A Case Study of Galaxy International School Uganda

Abstract

This research paper discusses the concept of internal audit, its effectiveness and reliability in the large organizations such as Galaxy International School of Uganda. It identifies conceptual and practical factors for assessing the effectiveness and reliability of the internal audit functions. It therefore discuses among others four of such issues namely, level of management support/influence, independence and objectivity of internal auditors, regulatory issues and competency of internal auditors. Based on literature I have reviewed, among other factors, the four identified factors have been the most highlighted elements influencing the internal audit effectiveness and reliability. Reliability and effectiveness are the extent to which the accounting information and other internal control reports signify what they intend to represent (Liu, 2013). How ensuring the reliability and effectiveness of internal auditing has been an area of common interest to many researchers, though scarcely examined in literature. The paper looks at internal audit reliability and effectiveness as the degree of assurance that the set objectives by the internal audit functions are achieved objectively and effectively without external influence.