THE ROLE OF INTERNAL AUDITING ON THE PERFORMANCE OF FINANCIAL

INSTITUTIONS: CASE STUDY EQUITY BANK, JUBA SOUTH SUDAN

BY

EZIBON CLEMENT SAMUEL

A RESEARCH PROPOSAL SUBMITTED IN PARTIAL FULFILLMENT OF THE

REQUIREMENTS FOR THE AWARD OF BACHELOR IN BUSINESS

ADMINISTRATION BANKING AND FINANCE OF CAVENDISH UNIVERSITY

DECEMBER 2014

TABLE OF CONTENTS

CHAPTER ONE..........................................................................................................................................1

1.0 BACKGROUND OF THE STUDY...........................................................................................1

1.2 STATEMENT OF THE PROBLEM...........................................................................................3

1.3 PURPOSE OF THE STUDY.......................................................................................................4

1.4 THE SPECIFIC OBJECTIVES...................................................................................................4

1.5 RESEARCH QUESTIONS.........................................................................................................4

1.6 SCOPE OF STUDY....................................................................................................................5

1.6.1 Subject scope...............................................................................................................................5

1.6.2 Geographical scope..........................................................................................................................5

1.6.3 Time scope...................................................................................................................................5

1.7 Significance of the Study.............................................................................................................5

1.8 Conceptual Framework................................................................................................................7

CHAPTER TWO.........................................................................................................................................8

2.0 REVIEW OF LITERATURE......................................................................................................8

2.1 Risk assessment and performance......................................................................................................8

2.2 Control activities and performance..................................................................................................10

2.3 The relationship between compliance and performance of the banks........................................11

CHAPTER THREE...................................................................................................................................15

3.0 METHODOLOGY....................................................................................................................15

3.1 Research design.........................................................................................................................15

3.2 Study population........................................................................................................................15

3.3 Sampling size............................................................................................................................15

3.4 Methods of sampling................................................................................................................16

3.5 Sources of data...........................................................................................................................17

3.5.1 Primary sources.................................................................................................................17

3.5.2 Secondary sources....................................................................................................................17

3.6 Data collection instruments........................................................................................................17

3.6.1 Interviews Guide...............................................................................................................17

3.6.2 Questionnaires...................................................................................................................17

3.7 Data processing..........................................................................................................................18

3.8 Data presentation.......................................................................................................................18

3.9 Data analysis..............................................................................................................................18

3.10 Anticipated limitations of the study...........................................................................................18

REFERENCES..........................................................................................................................................20

APPENDICES...........................................................................................................................................22

BUDGET...................................................................................................................................................22

WORK PLAN...........................................................................................................................................23

CHAPTER ONE

1.0 BACKGROUND OF THE STUDY Historically, internal audit has been viewed as a monitoring function, the “organizational

policeman and watchdog” (Morgan, 1979), tolerated as a necessary component of organizational

control but deemed subservient to the achievement of major corporate objectives.

Under the market economy system, with its keen competition, the modern internal audit system

has emerged and been developed to suit the enterprises’ needs of struggling for existence (Yan

Jin’e, 1997). It is very important to give the definition of the internal audit in order to understand

its great importance in the modern business environment. Indicative of its great importance is the

large amount of definitions that are given by many researchers.

According to Cook and Wincle (1976), the Internal Control System and consecutively internal

audit resembles the human nervous system which is spread throughout the business carrying

orders and reactions to and from the management.

Furthermore, Carmichael and Willingham (1987), and Grigorakou (1989) argue that internal

auditing is the audit that performed by employees of organizations functioning in a staff capacity

and reporting to a high level officer in the organization.

According to the Institute of Internal Auditors, (IIA, 1991; Taylor and Glezen, 1991; Konrath,

1996) internal auditing is “an independent appraisal function, established within an organization

to examine and evaluate its activities as a service to the organization”. By measuring and

evaluating the effectiveness of organizational controls, internal auditing, itself, is an important

managerial control device (Carmichael etc, 1996), which is directly linked to the organizational

structure and the general rules of the business (Cai, 1997).

Theoretical Perspectives

Agency relationship could be defined as a contract among the organization owner(s) and its top

management. Managers work with the organization as agents to perform some service on behalf

of owners who delegate some decision making authorities to managers. These authorities could

be misused by managers to meet their own personal interests. Therefore, the existence of the

audit committees and the external and internal auditors will help the organization in enhancing

their performance, and also will ensure that the management carries out its plans according to

procedures (Adams, 1994). Peursem and Pumphrey (2005) considered internal auditors as agents

and monitors for a variety of the internal audit users that include the board, audit committee and

senior management. Agency problems could occur when the board or its audit committee is

inefficient, and hence, the senior management is likely to be a powerful influence over the

internal audit. This complex web creates an inherent dilemma for the internal audit: how can it

carry out their monitoring role over management if it is ineffective itself? Internal auditors often

are employed by senior management, but at the same time, they are also agents of the board and

audit committee who trust in the internal auditors’ ability to evaluate senior management’s

works.

Internal audit should provide an independent, objective assurance and consulting activity

designed to add value and improve an organisation's operations. It should provide an appraisal of

an organisation's internal control system and take the action needed to provide Accountable

Officers with a continuing assurance that the organisation's risk management, control and

governance arrangements are adequate and effective. It helps an organisation accomplish its

objectives by bringing a systematic, disciplined approach to evaluate and improve the

effectiveness of risk management, control and governance processes. The operation and conduct

of internal audit should comply with Public Sector Internal Audit Standards.

Accountable Officers are responsible for ensuring that appropriate internal control systems exist

within their own organisations (or parts thereof), and for deciding whether or not to accept and

implement internal audit findings and recommendations. Accountable Officers have overall

responsibility for ensuring that prompt and effective action is taken on recommendations, and

that the risks resulting from inaction are recognised and accepted. The organisation's Head of

Internal Audit should have the right of direct access to the Accountable Officer and the

organisation's Audit Committee.

Internal audit evaluates compliance with an organisation's internal control system - including

relevant regulations, guidance and procedures - as part of its review process. However, the

primary responsibility for monitoring compliance rests with operational areas and their line

management, up to and including the relevant Accountable Officer.

1.2 STATEMENT OF THE PROBLEM Internal audit system cannot be overemphasized, since organizations have recognized internal

audit function as a tool for ensuring effective working of the internal control system. Okolo,

(2001) describes internal audit functions as an aspect of control mechanism, within a business,

manned by specially assigned staff.

However, in Juba South Sudan, the audit function in the banking has not been fully taped. This

could be seen in the numerous cases of errors, intent to defraud and other fraudulent acts that

exist in

the banking industry. It is therefore, no wonder that the distress in the banking subsector in the ni

neties reflected lack of effective controlmechanism of the audit function in the banking industry.

The experience of failed banks in Juba South Sudan and other nations have called for

reinforcement of audit and the strengthening of the control system in the banks. It is against this

background that, this study seeks to evaluate the role of internal auditing in enhancing efficient

performance of financial institutions in Juba South Sudan considering the fact that, the banking

institutions is critical to the survival of any economy.

1.3 PURPOSE OF THE STUDYThis study will evaluate the role of internal auditing in enhancing efficient performance of

financial institutions in Juba South Sudan

1.4 THE SPECIFIC OBJECTIVES i. To examine the effect of risk assessment on the performance of Equity Bank, Juba South

Sudan, Juba South Sudan.

ii. To investigate the role of control activities on the performance of Equity Bank, Juba

South Sudan, Juba South Sudan.

iii. To investigate the relationship between compliance and the performance of Equity Bank,

Juba South Sudan, Juba South Sudan.

1.5 RESEARCH QUESTIONSi. What is the effect of risk assessment on the performance of Equity Bank, Juba South

Sudan, Juba South Sudan?

ii. What is role of control activities on the performance of Equity Bank, Juba South Sudan,

Juba South Sudan?

iii. What is the relationship between compliance and the performance of Equity Bank, Juba

South Sudan, Juba South Sudan?

1.6 SCOPE OF STUDY This will describe the subject scope and time scope on which study is going to cover.

1.6.1 Subject scope

The study will provide an orderly framework for analyzing the role of internal audit on the

performance of the bank

1.6.2 Geographical scope

 This study will cover Juba South Sudan banking sector. Equity Bank, Juba South Sudan, Juba

South Sudan that is located in Kampala

1.6.3 Time scope

The study shall cover a period between2009-2013. The financial statement of the aforementioned

banks in these periods shall be examined and values of internal audit and performance proxies

will extracted for investigation. This will enable the researchers to interpret the role of internal

auditing on the performance so as to be able to make reliable conclusions.

1.7 Significance of the StudyThe study findings will be of great importance in the following ways.

To other researchers it will make use of the research outcomes because it may help them identify

the role of internal auditing the performance of financial institutions.

To the Government, this study will be applicable in its planning procedures. Through simulations

the government can be able to evaluate its progress on the implementation on sporting internal

auditing.

To bank by showing them the role of internal auditing the performance of financial institutions.

To researcher this study will help the researcher to a quire the award of diploma of business

administration in accounting

To help the researcher in winding knowledge about the role of internal auditing the performance

of financial institutions.

1.8 Conceptual FrameworkIn this experimental research, the examination of the role of the internal audit on the performance

of the bank having internal audit as the independent variable that will be examined, and

performance of the bank as the dependent variable will be measured.

Independent variables Dependent variable

(Internal auditing) (Performance)

Source: Researcher 2014

The internal auditing is independent variable that will be examined by its components that is

Risk assessment, Control activities and Compliance

The performance of the bank is dependent variable will be measured by its determinate that is

Financial Accountability and Timely financial reporting.

The intervening variable is other factors that lead to good performance apart from internal audit

that is Risk management, Control and Governance.

Moderating variable

Organization culture

Governance

Risk assessment

Control activities

Compliance

Effectiveness

Efficiency.

CHAPTER TWO

2.0 REVIEW OF LITERATUREThis will help the Researchers to adopt diverse conceptual, theoretical, and analytic approaches

and employed various empirical methodologies at multiple levels of analysis.

2.1 Risk assessment and performance Risk is a possibility that managers experience adverse consequences from decisions made in face

of uncertainity interfering with achievement of objectives or not successfully exploit

opportunities that become available Lindolf 1998 (as sited in Dalgeisha and Cooper 2005, and

Wayne 2000).

According to Country Financial Accountability Assessment (2003), Financial Management risk

is the probability that public financial management systems will not provide appropriate

management of all public funds. Risk is inherent in the decisions that organizations take to

manage business and in the business processes established to assist in establishment of objectives

(Institute of Chartered Accountants, 2000).

Risk covers all aspects of organizational activities and is included in all management levels

(Tcchankov, 2002). Risk management is a fundamental element of cooperate governance which

demands that boards respond to new challenges, by putting in place measures to systematically

and thoroughly identify, analyze and control risks (Dalgeisha and cooper, 2005).

According to Barret, 2001, risk management is referred to as a process designed to reduce the

risk of an event in terms of its likelihood of occurrence and, or its consequences to an acceptable

level. It is a disciplined approach to the identification, analysis and mitigation of risks, which

could prevent or inhibit an organization from achieving its objectives (ANAO Report no.1,

1997). Risk is a continuous process that depends directly on the changes in the internal and

external changes of the organization. It involves management of potential opportunities and

possible threats to the achievement of objectives.

According to Barret, (2001), risk management is a responsibility of Chief Executive and the

board but requires involvement of everyone in the organization. This calls for commitment from

senior management to integrate the risk management framework into the business activities and

in all function under the jurisdiction and control of other officers clearly linking risks to the

objectives Parker, 2002 ( as sighted in Dalgeisha, 2005).

This can be done by having effective communication of and reporting on organization’s risk

management policies at all levels, development of risk training courses, involvement of staff in

responding to early warning systems and establishing reporting channels for control breaches and

creation a positive risk management culture (Carey, 2002).

Risk management as an assurance tool can assist directors and the board to achieve their

governance responsibilities as well as making informed decisions. Its main aim is to help all

other management activities attain organizational objectives and efficiently in addition to

protecting and enhancing shareholder value (Sobel, Kint and Reding, 2004).

Therefore organization have to manage risk for their financial, health Grant (2002) added that

capabilities (organisational routines) are the foundation of competitive advantage, and

organizational capability requires the expertise of various individuals to be integrated with

tangible and intangible resources. For instance, Jugdev and Mathur (2006) established that

intangible resources are important because unlike codified practices they are not readily

transferable or copied, and therefore, can be a source of a competitive advantage. In addition,

intangible project management assets are undervalued unlike tangible project management assets

such as project management tools.

2.2 Control activities and performance COSO (1998) defined internal control as management procedures designed to ensure efficiency

and effectiveness in operations, to improve management decision making, to protect resources,

ensure maintenance and reporting of reliable information, and enforce execution of operations in

a manner that is consistence with management policy.

It is further argued that internal controls are designed to ensure that a ministry, agency or

department carries out its required function effectively and efficiently, that its financial reporting

is reliable and complies with relevant laws and regulations (Policy belief, 2004). It further states

that for most countries, such internal controls are focused on controlling allocation of spending,

accounting procedures and financial statements.

The components that make up internal control process include control environment, risk

assessment, control activities, sound information and communication system and monitoring

(Serens and de Beeelde, 2004). Control environment provides an atmosphere in which people out

their control responsibilities and serves as foundation for other components. Management

assesses risk with the environment to achievement of specific objectives. Control activities are

implemented to ensure that management measures to control risks are carried out. Meanwhile

relevant information is captured throughout organization and the entire process is monitored and

modified as conditions warrant.

The responsibility of establishment of an internal control frame work lies with management and

the board, In addition management has to ensure implementation, monitoring, and a constant

review of their adequacy. The internal audit committee is fundamental to this exercise (Barret,

2001). Among the objectives of internal audit function is to is to ensure that there are appropriate

controls, reliability of information systems, and efficient use of resources McAvoy, 19977 (as

cited in Hung and Han 2004).

Thus internal control system cannot function well without internal audit. Internal control depends

on people; therefore these people must know their responsibilities and limits of authority.

Therefore linking internal control with their duties and responsibilities and organizational

objectives (IIA, 2000) is crucial. Controls can break down because of human action or

technological failure, deliberate or plausible management override, necessitating constant review

of the controls if objectives are to be attained.

2.3 The relationship between compliance and performance of the banks.According to Messier (1997), the objective of compliance auditing is to determine whether the

audit work of an organization is following prescribed laws, regulations, policies or procedures.

The audits can be performed within a business organization for internal purposes or in response

to requirements by outside groups, particularly government. Compliance audits can also be

performed on individuals, for example, a compliance audit of an individual’s tax return.

Typically, in organizations compliance auditing looks at the assessment of an organization’s

departments, such as marketing, accounting, finance, production, procurement and human

resources in order to ascertain if the specified laws and regulations governing the mode of

operations are adhered to. It is expected that the process of compliance auditing prohibits

business entities from corrupt and unethical practices that will enable the firm to survive and

meet up its objectives.

According to Richard (2009) corporate performance comprises the actual output or results of an

organization as measured against its intended inputs or objectives. The process of compliance

audit entails the ability of a firm to carryout audit work in accordance with audit rules and

procedures that will enable a firm to achieve return on investment and profitability in a long run.

Hence, compliance auditing serves as a factor that may enhance corporate performance.

According to Dye (1993), auditing rules are the definitions for what is and what is not audited

and it provides the means by which specified regulations are observed in the audit process to

assess the performance requirements of a business organization. According to Khan (1993),

return on investment is the profit generated by the money a business owner puts into the

business.

According to Baker (2000), return on investment is a performance measure used to evaluate the

efficiency of an investment or to compare the efficiency of a number of different investments.

According to Parkash and Carol (1993), auditing procedure involves the techniques of gathering

audit evidence to substantiate the reliability of the accounting records. The process involves

knowing whether the information presented is logical and reasonable and it is done by observing

business assets, transactions and appraising management’s activities. Auditing procedures are the

methods of verifying and ensuring the continued effectiveness of audit process (Simunic, 1984).

Thus, it may be considered that auditing procedure can enhance return on investment. Based on

this, Nitzan and Bichler (2010) opined that ‘‘return on investment is how well management

utilized the resources at its disposal for the purpose of bringing an acceptable return to

shareholders’’.

Auditing rules are considered as the laid down regulations that directs an auditor to know what is

and what is not to be audited (Dye, 1993). It provides the means by which specified regulations

are observed in an audit process in order to assess the performance requirements of business

organizations. Thus, auditing rules may influence profitability, which is a performance measure

for a business. According to Prahalad (1994), profitability is the ability of a firm to earn profit. It

is the state or condition of yielding a financial profit or gain, and it is the primary goals of a

business.

The certification of accounts and balance sheets are regarded as the primary objective of an

audit. Apart from improved financial management, audit helps to give the generally required

management control over assets. Employee frauds are minimized and discipline and

accountability inculcated in them. Investors are assured that their interest are being properly

protected and managed, the internal revenue board gets the assurance that the profit figure on

which tax is not manipulated, and at the end the auditor records proscribes measures for

improved and efficient future performance.

In fact, management is spurred to action after an auditor issues each report. In the area of credit

worthiness, money can easily be borrowed from banks on the basis of property auditor accounts.

Generally, audit is used especially in cases where the business in managed by some agent or

representatives of its owners.

Other benefits include Sharma (1984). The audited accounts of previous years are helpful in the

settlement of claim by the insurance company in the case of firms, The purchaser of a business

can easily calculate the amount of purchase consideration on the basis of its audited accounts,

The audited accounts of business can prejudice on support of a legal case before the court; it

forms a basis to determine action in bankrupt and insolvency cases. The auditor’s support is

sometimes referred to as the auditor’s opinion or the auditor’s certification. The later term came

from the days when the auditor’s report often stated, “we certify that in our opinion the

accompanying financial statements are correct, regardless of the name by which it identified”.

This report is an extremely important document. It is the sole outward evidence of the major

activity of the public accounting profession, and it is heavily relied upon the financial statement,

it is also the focal point of all independent auditing procedures.

Therefore, the independent auditor must never lose sight of the fact that auditing procedures are

directed towards enabling the formation and reporting of an opinion concerning a set of financial

statements, thereby attesting to the fairness and reliability of the statement. The report is

normally addressed to the person or group responsible for engaging the auditor. In the case of

corporation, the auditor is most frequently selected by the board of directors sometimes subject

to the review and endorsement of the stockholders, with the payment of the auditor’s fees being

made from corporate funds. The report will be used however, by the person other than the ones

to whom it is addressed and who pay the auditor’s fees. This fact is responsible for the peculiar

relationship between auditor and client. Even though the auditors are paid by the client, complete

independence must be maintained in all matters and decision relating to the audit examination.

CHAPTER THREE

3.0 METHODOLOGY This will describe the study population, sampling design, Data collection methods, Data

processing, Analysis and presentation that will be used by the researchers. To ensure

representation of various respondents in the population, a simple random sampling technique

will be employed.

3.1 Research design A research design involves the adoption of a cross-sectional survey design that is to say

qualitative and quantitative research design will be used for the study. This will enable the

researcher to process and analyze the findings in cross-section. The researcher specifically will

consider quantifiable aspects like number of tenders in the market as quantitative. Descriptive

statements like views, response and opinions from respondents in line with the interest rate will

be qualitatively considered.

3.2 Study populationThe population will include the staff of Equity Bank, Juba South Sudan, Juba South Sudan more

especially the auditing department the accounting department, the top management and loan

department

3.3 Sampling sizeTotal population of 105 respondents was selected from various department of the Equity Bank,

Juba South Sudan, Juba South Sudan. The distribution of these respondents is shown in table

below. Out of a population of 10 from auditing, 35 from loan department 30, 25 from accountant

department 22, 20 from maintenance department 18, and 15 from top management 14 will be the

sample.

Table 3.1 showing sample size

Department Population

Size

Sample

size

Sampling technique

Auditing 10 10 Purposive sampling

Loan department 35 34 Simple random sampling

Accounting department 25 24 Simple random sampling

Maintenance department 20 19 Simple random sampling

Top management department 15 14 Simple random sampling

Total 105 101

3.4 Methods of sampling

Simple random sampling will be done for the sample selection. This sampling method will be

conducted where each member of a population will have equal opportunity to become part of the

sample. As all members of the population will have equal chance of becoming respondents. In

order to conduct this sampling strategy, we shall define the population first, list down all the

members of the population and then select members to make the sample. For this procedure, the

simple random sampling technique will be employed.

3.5 Sources of data

3.5.1 Primary sourcesSince not all information was available through secondary sources, it was necessary to venture

into primary data sources to get the opinions of selected members of the population. Primary data

was obtained through personal interviews and administered questionnaires.

3.5.2 Secondary sourcesSecondary data was obtained from 2 areas; the first was the internal source which was within the

organization where several documents were used to reveal needed information, these included;

sales reports, marketing research reports and revenue reports. The second source was the external

source which included information acquired from books, newspapers and the internet.

3.6 Data collection instruments

3.6.1 Interviews Guide

With the help of an Interview guide, the data will be collected using any other method whether

planned or unplanned. The face to face interviews will help to save time as they were carried out

when respondents are at work.

3.6.2 Questionnaires

These will be the most efficient collection of data in a short time from various sources however

they were disadvantaged by a negative response/Cooperativeness as in filling and returning them

within the stipulated time. However, the disadvantages will be outweighed by the advantages

hence their justified use. It is also that some respondents fear to express themselves vocally but

can easily give their views in filling in those questionnaires as information is accorded

confidential.

3.7 Data processingFor computer processing, a statistical computer package, statistical package for social scientists

(SPSS) will be used. Manual processing will be involved in collating and tabulating the

information from the questionnaires. Responses will be enumerated according to pre – coded

categories, intervals or commonality of responses in the case of open – ended questions.

3.8 Data presentationResearch findings will be presented using both descriptive and quantitative methods. These

figures will be expressed as ratios or percentage of the total number of respondent for ease of

comparison.

3.9 Data analysisQuantitative methods will be used to analyze, summarize and present numerical data in

percentages, frequencies and others. Data will cross – tabulated to show the different variables.

The generated frequency tables will also be used to determine the effect of right sizing in

performances of financial institution. The qualitative data will be collected, transcribed and

grouped. Double data entry and checking will be used to minimize errors.

3.10 Anticipated limitations of the studyTime required for this research work may be very short to make a comprehensive study. This

will be solved by doubling effort in whatever is going to be doing.

High costs of transport, internet café services, stationary compilation, and facilitation are also

expected. This is expected to be solved by installing a wireless internet, using a nearby case

study.

Delay is expected since most of the time, the expected respondents might be busy with their

routine office work giving little time for this research. This will be overcome by setting many

closed ended questions expecting the answer Yes or No, which would not take a lot of

respondents’ valuable time.

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APPENDICES BUDGET

Expenses Quantity Cost per each (Ug

shs)

Total (Ug shs)

Internet surfing 40000

Stationary 1 ream 20000 20000

Typing 110000

Printing 100000

Binding 3 copies 15000 45000

Lunch 55000

Transport 20 times 5000 100000

Air time 50000

Total 455000

WORK PLAN

Activity Nov 2014 Dec 2014 Jan 2015 Feb 2015 March

2015

April 2015

Statement

problem

Topic and

background

Objective

Literature

review

Methodology

Table

contents

Final editing

And binding

Submitting