An Evaluation of Internal Audit Effectiveness in Detecting Financial Irregularities: A Study of UBA
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Background of the Study
Internal audits are a critical aspect of corporate governance, providing an independent evaluation of a company’s financial and operational activities. In the Nigerian banking sector, internal audits are essential for identifying and addressing financial irregularities, ensuring compliance with regulations, and fostering trust among stakeholders. United Bank for Africa (UBA), as a major player in the sector, offers a robust framework for studying internal audit effectiveness.
In recent years, the Central Bank of Nigeria (CBN) has emphasized the importance of strong internal audit systems in enhancing transparency and accountability in the banking sector. Despite these efforts, challenges such as inadequate resources, insufficient independence, and limited technical expertise often undermine the effectiveness of internal audits in Nigerian banks (Okafor & Aliyu, 2023).
This study evaluates UBA’s internal audit practices, focusing on their effectiveness in detecting financial irregularities and contributing to improved financial management and compliance.
Statement of the Problem
Financial irregularities, including fraud, misstatements, and non-compliance with regulations, remain prevalent in the Nigerian banking sector. These issues often stem from weak internal control systems and ineffective internal audits. UBA, despite its established reputation, is not immune to these challenges.
Internal audits are expected to serve as the first line of defense against financial irregularities. However, factors such as lack of independence, inadequate training, and resource constraints can diminish their effectiveness. This study investigates the ability of UBA’s internal audit systems to detect and address financial irregularities, identifying potential areas for improvement (Eze & Suleiman, 2024).
Objectives of the Study
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To assess the effectiveness of UBA’s internal audit system in detecting financial irregularities.
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To identify challenges affecting the performance of internal audits in UBA.
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To evaluate the impact of internal audit practices on financial compliance and reporting in UBA.
Research Questions
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How effective is UBA’s internal audit system in detecting financial irregularities?
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What challenges hinder the performance of UBA’s internal audit functions?
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How do internal audits influence financial compliance and reporting in UBA?
Research Hypotheses
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Internal audits are effective in detecting financial irregularities in UBA.
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Challenges in the internal audit process significantly impact its effectiveness in UBA.
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Internal audit practices positively influence financial compliance and reporting in UBA.
Scope and Limitations of the Study
The study focuses on UBA’s internal audit systems between 2015 and 2025, evaluating their role in detecting financial irregularities and ensuring compliance. While the study relies on internal audit reports, interviews, and secondary data, limitations include restricted access to confidential audit documents and potential biases in stakeholder responses.
Definition of Terms
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Internal Audit Effectiveness: The ability of an internal audit function to achieve its objectives, particularly in identifying financial irregularities.
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Financial Irregularities: Instances of fraud, misstatements, or non-compliance with financial regulations.
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UBA (United Bank for Africa): A leading Nigerian financial institution providing banking services across Africa.
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