Effects of Internal Audit Function on Financial Performance in Rift Valley Bottlers Limited Eldoret, Kenya

Omwono Dr. Gedion A and John mark Wanyama
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Omwono Dr. Gedion A: Department Of Business Management & Economics, UoK
John mark Wanyama: MBA (Finance) The Catholic University of Eastern Africa, Gaba Campus Eldoret

Noble International Journal of Economics and Financial Research, 2021, vol. 6, issue 1, 15-32

Abstract: The purpose of this study was to investigate effect of internal audit function on financial performance of Rift Valley Bottler’s Limited, Eldoret. The researcher seeks to answer the following research questions: what is the effect of internal audit function on financial performance at Rift valley bottlers?; what is the effect of risk management on financial performance of Rift valley bottler’s limited Company?; what is the effect of budgetary controls on financial performance of Rift Valley bottler’s limited company?; and what is the effect of financial accountability on financial performance of Rift Valley bottler’s limited company?. This study adopted descriptive cross-sectional research design. With a sample size of 40 from finance, human Resource and procurement departments. Census sampling technique was used to select respondents. Questionnaire was used as data collection instrument. Quantitative analysis was used in analyzing of data. Multiple regression analysis was used to show the relationship between independent and dependent variables. This study found out that budgetary control affects financial performance of Rift Valley bottler’s limited company (p=0.004). this study further asserted that financial accountability affects financial performance of Rift Valley bottler’s Limited Company (p=0.005). This study concludes internal audit function affects financial performance of Rift Valley Bottler’s Limited company. This study recommends organizations like Rift Valley Bottlers to always practice internal auditing of their creditors and this will improve on their financial performance; organizations should always conceive and adhere to the internal audit function in a positive way as it is communicated by employees and follow their contents in the day to day running of the organization activities; and training of employees in Rift Valley Bottlers as important motivational tool for motivating employees towards better performance.

Keywords: Internal; audit; function; financial; performance; Rift; Valley; Bottlers (search for similar items in EconPapers)
Date: 2021
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