Relationship between Internal Auditors’ Professional Conduct and Financial Performance of Money Transfer Companies in Kampala Uganda

Abdifatah Suleiman Awil
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Abdifatah Suleiman Awil: Department of Accounting and Finance, Islamic University in Uganda, Kampala, Uganda

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 8, 4236-4262

Abstract: The study was conducted to examine the relationship between internal auditors’ professional conduct and financial performance. It was guided by three specific objectives; To examine the relationship between internal auditors’ professional independence, competence, integrity and financial performance. A correlational research design was adopted. The study population was composed of 75 individuals from three different money transfers in Uganda. All these were selected using a census inquiry. Closed ended questionnaires were used to collect the data which was quantitative in nature. Data collected was entered into the (SPSS). Out of the 75 questionnaires that were distributed, 73 questionnaires were fully completed. This translates to a response rate of 97.3%. The results indicated that; there is a statistically significant positive relationship between internal auditors’ professional independence, competence, integrity and financial performance (r = .465, Sig. Value < 0.05), (r = .395, Sig. Value < 0.05) (r = .415, Sig. Value < 0.05) respectively. A regression analysis was also carried out and it revealed that independence is the most significant predictor variable to financial performance. Its relationship with financial performance (R) is 0.465; its effect on the sample (R square) is 0.216 while its effect on the total population (Adjusted R Square) is 0.205. Owing to the findings of the study, it was recommended that management of money transfer companies should start regularly rotating its internal auditors among different branches. Management should also stop the practice of involving internal auditors in non-audit service and should make efforts to increase the competence of their internal auditors.

Date: 2025
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