The Role of Internal Audit and Control on Organizational Objective Achievement

Olukayode Ezekiel Ibironke and Ndubuisi Ikechi Elewor
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Olukayode Ezekiel Ibironke: Department of Accounting, Lagos State University, Ojo, Lagos State, Nigeria
Ndubuisi Ikechi Elewor: Department of Accounting, Lagos State University, Ojo, Lagos State, Nigeria

International Journal of Research and Scientific Innovation, 2020, vol. 7, issue 5, 257-264

Abstract: Internal audit and control are geared towards safeguarding the resources of the organization and achieving the organizational objective. The study investigates the role of internal audit and control on organizational objective achievement of selected deposit money banks in Ojo and Amuwo Odofin, Lagos. Organizational objective was measured by revenue and profitability and shareholders’ value. A survey design; primary source of data was used through administration of questionnaires. The study used a sample size of one hundred and sixty (160) staff members in ten (10) banks. The data collected through the distribution of questionnaires was analyzed using the simple regression analysis with the aid of statistical package for social sciences (SPSS). It was discovered that the combined role of internal audit and control has a significant positive influence on revenue and profit generation of the banks. Also, internal audit and control has a positive effect on shareholders’ value of the banks. Conclusively, internal audit and control has a positive effect on organizational objective. The study recommends that banks that seek to achieve it organizational objective with respect to revenue enhancement and profitability should improve in their internal audit functions and control system.

Date: 2020
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