Importance of Risk Based Internal Auditing on Growth and Sustainability of Micro Institutions: A case of Zimbabwe Women’s Microfinance Bank · Electronic Theses and Dissertations

Author

Chekayi, Ferdnance

Title

Importance of Risk Based Internal Auditing on
Growth and Sustainability of Micro Institutions: A case of Zimbabwe Women’s Microfinance Bank

Abstract

The main objective of this study was to find the importance of Risk-Based internal auditing on the growth and sustainability of microfinance institutions. Regarding the goals of the research project, literature from various authors was evaluated. The Zimbabwe Women's Microfinance Bank in Harare was utilized as a case study in this research, which also used a descriptive research design and case study methodology. To establish the population and sample size, the researcher employed judgmental sampling. Primary data from self-administered questionnaires and self-conducted interviews were used in the research. Data collection methods included both qualitative and quantitative ones. Charts, and graphs were used to analyze and show the data collected. This study may provide information to policy makers, scholars, academicians and management on the importance of Risk-based internal auditing on the growth and sustainability of Microfinance institutions. From the research findings, the study established that Risk-based internal auditing affected the growth and sustainability of Zimbabwe Women’s Microfinance bank to a greater extent. The study concludes that there is a positive relationship between Risk-based internal auditing factors and growth and sustainability of Zimbabwe Women’s Microfinance bank. The researcher recommended that the management of Zimbabwe Women’s Microfinance bank should embrace Risk-based internal audit approach to enhance risk management practices and support the internal audit function by proving the necessary audit resources and fully and carefully implement its recommendations. Also the study concludes that Zimbabwe Women's Microfinance Bank is a risk-averse organization; as a result, traditional auditing techniques are no longer sufficient, and using RBIA will permit its sustainability. The RBIA differs from TAA in that it directs more audit resources toward riskier areas than financial statement areas and compliance, which saves time and resources. The researcher advocated for the implementation of RBIA because it is a proactive measure that enables the detection of risks and the establishment of ways to mitigate them in order to prevent future losses that impede the growth of the Zimbabwe Women's Microfinance Bank

Date

2022

Publisher

BUSE

Keywords

Sustainability of Micro Institutions

Micro Institutions growth

Risk-Based internal auditing

Supervisor

Hove, N.