An Evaluation On The Effectiveness Of The Internal Audit Function On Performance Of State Owned-Enterprises In Zimbabwe. Case Study Of Grain Marketing Board (Gmb). · Electronic Theses and Dissertations

Author

Sveka, Kevin

Title

An Evaluation On The Effectiveness Of The Internal Audit Function On Performance Of State Owned-Enterprises In Zimbabwe. Case Study Of Grain Marketing Board (Gmb).

Abstract

In state-owned enterprises (SOEs), the internal audit function is essential for ensuring the effectiveness and efficiency of operations, as well as asset protection. However, concerns have been raised about the effectiveness and efficiency of internal audit functions within Zimbabwean businesses due to an increase in fraud and corruption. Internal auditing is an important internal control mechanism that helps a firm succeed by playing an oversight role in improving the quality of corporate governance.This study aims to address the gap by assessing the efficiency of the internal audit function in a chosen SOE in Zimbabwe, identifying any shortcomings, and making suggestions for improvement. The specific objective is to examine the audit environment, procedures, practices, and internal audit function in the selected state-owned businesses. The study employs a case study research design combined with a qualitative research methodology. Data was obtained through in-depth interviews with audit managers, senior internal auditors, chief audit executives, chief executive officers, audit committees, and boards of directors of Zimbabwean state-owned firms, as well as from auditor general's reports and relevant literature. The sample size consisted of thirty-three (33) employees from the Grain Marketing Board's (GMB) headquarters. The rationale for choosing a public SOE is threefold: 1) SOEs are crucial institutions for the Zimbabwean government as they provide a significant portion of the government's income; 2) documented corruption incidents involving government institution CEOs, management, and staff have raised doubts about the effectiveness of internal auditing practices and functions in SOEs; and 3) the government and national and international professional associations have laws and regulations governing the internal auditing practices of state-owned enterprises (SOEs). The research findings are expected to provide significant value to Zimbabwe's state-owned businesses

Date

June 2024

Publisher

BUSE

Keywords

Internal Audit

Performance

State Owned-Enterprises

Zimbabwe

Supervisor

Mr Hove