An Examination of the Role of Internal Audit in Corporate Governance: A Case Study of Nigerian Breweries Plc
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Background of the Study
Corporate governance is a cornerstone of organizational success, ensuring transparency, accountability, and ethical decision-making. Internal auditing is a vital mechanism within corporate governance frameworks, providing independent assurance on risk management, control, and governance processes (OECD, 2023). Nigerian Breweries Plc, as a leading entity in the beverage industry, operates under a complex governance structure that demands robust internal audit practices.
The role of internal audit in corporate governance has gained increased attention in recent years, with emphasis on its contribution to strategic oversight and regulatory compliance. Despite these advancements, challenges such as limited auditor independence, inadequate resources, and evolving regulatory demands persist (Ernst & Young, 2025). This study explores the role of internal auditing in enhancing corporate governance practices at Nigerian Breweries Plc.
Statement of the Problem
Weak corporate governance has been identified as a significant factor contributing to organizational failures. In Nigerian Breweries Plc, the effectiveness of internal auditing in promoting governance objectives remains under scrutiny. Issues such as conflicts of interest, insufficient risk assessment, and regulatory non-compliance highlight the need for a thorough examination of internal audit roles (Chukwu & Eze, 2024).
Objectives of the Study
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To examine the role of internal auditing in promoting corporate governance at Nigerian Breweries Plc.
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To identify challenges affecting the efficiency of internal auditors in corporate governance practices.
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To recommend strategies for improving the contribution of internal auditing to corporate governance.
Research Questions
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What role does internal auditing play in promoting corporate governance at Nigerian Breweries Plc?
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What challenges hinder the effectiveness of internal auditing in corporate governance at Nigerian Breweries Plc?
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What strategies can enhance the role of internal auditing in strengthening corporate governance practices?
Research Hypotheses
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Internal auditing plays a significant role in enhancing corporate governance in Nigerian Breweries Plc.
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Challenges in internal auditing practices negatively impact corporate governance at Nigerian Breweries Plc.
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Implementing enhanced internal auditing practices will improve corporate governance in Nigerian manufacturing firms.
Scope and Limitations of the Study
The study focuses on evaluating the role of internal auditing in corporate governance within Nigerian Breweries Plc. It examines how internal audit practices contribute to transparency, accountability, and compliance with corporate governance standards. The research will primarily involve the internal audit unit, governance board, and other relevant stakeholders. Limitations may include restricted access to confidential governance-related documents and potential bias in the responses of participants.
Definitions of Terms
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Corporate Governance: The system by which organizations are directed, controlled, and held accountable to stakeholders.
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Internal Auditing: An independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations.
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Accountability: The obligation of an organization to provide explanations and justify its actions to stakeholders.
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Transparency: The practice of openly sharing information regarding decision-making processes and performance metrics.
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