An assessment on the effects of internal audit function on financial performance in Insurance companies in Zimbabwe; A case of Nyaradzo Life Assurance Company
- Author
- Nqoba Sibanda
- Title
-
An assessment on the effects of internal audit function
on financial performance in Insurance companies in
Zimbabwe; A case of Nyaradzo Life Assurance Company - Abstract
- The main objective of this research is concerned with the assessment of the effects of internal audit on the financial performance of insurance companies around Zimbabwe. Records accessibility, internal controls, independence and professional competence of the internal auditor are the key areas for the study. From the collected and analysed literature, it can be seen that few people pay attention to the impact of internal audit on the financial performance of organisations. As a result the study tries to fill in the gaps in the research. Questionnaires and interviews were used to attain the research findings. Primary and secondary data collection methods are used. The target population involved NLACO employees in different departments and a sample was selected from three Nyaradzo branches in Harare which are Willowvale branch, Herbert Chitepo branch and Park Street (Headquarters). All the objectives have been successfully achieved and analysed. Some conclusions drawn from this study are that there is a close positive causal relationship between the accessibility of records and financial performance. The independence of internal records is a key dimension for improving financial performance. Professional competence and financial performance have a strong positive relation. Finally, internal control has a significant positive impact on financial performance. Based on the conclusion drawn from the analysis of these results, the researcher continues to recommend that, among other things, the insurance industry should understand through seminars, workshops and the media how to enable auditors to prepare sound financial statements for the benefits of their organisations.
- Date
- December 2022
- Publisher
- BUSE
- Keywords
-
Internal audit
- Financial performance
- Insurance
- Supervisor
- N/A
- Item sets
- Department of Banking and Finance
- Media
-
Nqoba Sibanda.pdf