An examination of internal audit practices in business banking: A case study of Heritage Bank, Kano
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Background of the Study
Internal audit practices are essential for ensuring transparency, risk management, and regulatory compliance in business banking. Heritage Bank in Kano has developed a comprehensive internal audit framework that systematically reviews financial operations, identifies control weaknesses, and recommends corrective actions. The internal audit function serves as a critical mechanism for safeguarding assets, preventing fraud, and enhancing overall operational efficiency (Ijeoma, 2023). With increasing complexity in financial transactions and heightened regulatory scrutiny, the role of internal audits has become more significant. Heritage Bank leverages both manual reviews and automated audit tools to conduct thorough evaluations of business processes, ensuring that discrepancies are identified and addressed promptly (Adenuga, 2024). Despite these advancements, challenges remain in aligning audit practices with evolving business models and integrating new technologies into the audit process (Chukwu, 2025). This study examines the effectiveness of internal audit practices at Heritage Bank and identifies areas for improvement.
Statement of the Problem
Heritage Bank faces challenges in fully optimizing its internal audit practices to support robust risk management and operational efficiency. Integration issues between automated audit tools and legacy systems often lead to incomplete or delayed reporting. Furthermore, inadequate training and resistance to change among audit staff can compromise the accuracy and timeliness of audits (Ijeoma, 2023). Regulatory changes also require continuous updates to audit methodologies, increasing the operational burden. These challenges undermine the effectiveness of the internal audit function, potentially exposing the bank to risks such as fraud and non-compliance (Adenuga, 2024). The study seeks to identify these critical issues and propose strategies for strengthening internal audit practices in business banking.
Objectives of the Study
- To evaluate the current internal audit practices in Heritage Bank’s business banking division.
- To identify challenges related to technology integration and staff training in the audit process.
- To recommend strategies for enhancing audit effectiveness and compliance.
Research Questions
- How effective are the current internal audit practices at Heritage Bank?
- What challenges affect the integration of automated audit tools?
- What measures can improve the overall effectiveness of internal audits?
Research Hypotheses
- H₁: Robust internal audit practices significantly reduce operational and compliance risks.
- H₂: Integration challenges with legacy systems negatively impact audit accuracy.
- H₃: Enhanced training programs improve internal audit performance.
Scope and Limitations of the Study
The study is confined to Heritage Bank’s business banking division in Kano, analyzing internal audit practices over recent years. Limitations include potential data access restrictions and the dynamic nature of regulatory requirements.
Definitions of Terms
- Internal Audit Practices: Processes and procedures used to assess and improve an organization’s risk management and control systems.
- Business Banking: Financial services provided to corporate and commercial clients.
- Automated Audit Tools: Software applications that facilitate the review and analysis of financial data.
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