Ahmed Tariq

Degree

Master of Business Administration Executive

Faculty / School

Faculty of Business Administration (FBA)

Year of Award

2013

Project Type

MBA Executive Research Project

Access Type

Restricted Access

Executive Summary

The objective of the study is to critically examine the internal Audit Function (lAF) in the banks to determine its effectiveness in the light of best practices followed throughout the world. Nowadays, the best practices widely considered are those practices which conform to the International Professional Practices Frame\work (IPPF) which includes the audit standards, practice advisories and practice guides issued by the Institute of Internal Auditors (IIA) a global institute and apex body in the internal audit profession.

The financial services industry, particularly the banks are considered as a backbone of the economy. The risk management and control strategies along with good corporate governance are the keys to success in any of the organization, which have prime importance in the banking sector because of various types of risks involved in this sector such as credit risk, market risk. liquidity risk, operational risk and more importantly the systemic risk. The study was targeted to determine the current status of the internal audit function in banks by evaluating it on those attributes and performance standards which are defined under the IPPF. The study is mainly evolved around the evaluation of lAF on Independence, Objectivity and Scope; Management of Internal Audit process and Proficiency of auditors; and Audit Communication and Follow up. Further, this study has examined the capability of the Internal Audit Function to cope up with the future challenges as well.

Pages

43

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