AN ASSESSMENT OF THE EFFECTIVENESS OF THE INTERNAL AUDIT AT THE UNIVERSITY OF SIERRA LEONE

Abstract

Internal auditing is crucial for evaluating and improving internal control processes within government entities. Its primary objective is to assess the effectiveness and efficiency of internal controls, risk management, and governance processes. By identifying weaknesses and suggesting improvements, internal auditors contribute to better resource utilization and accountability. Internal audits can be conducted at various levels within the government, including central agencies, ministries, departments, or individual entities. This allows for a comprehensive examination of different aspects of government operations. Supreme Audit Institutions (SAIs) are independent governmental bodies responsible for conducting external audits of public sector entities. They assess the effectiveness and efficiency of financial management, compliance with laws and regulations, and the overall stewardship of public resources. While internal auditors focus on assessing internal controls and ensuring the reliability of financial information, SAIs provide an external perspective on the quality and impact of internal auditing within government entities. This collaboration helps promote good governance, transparency, and accountability in the use of public resources. A robust control system, which includes internal control, risk management, and audit functions, is essential for good governance. It helps safeguard public funds and maintain public trust. Adopting a risk-based approach to integrity and implementing targeted controls can enhance efficiency and effectiveness in resource utilization. Collaboration with citizens, the media, and non-governmental organizations further strengthens the functioning of the control system. This engagement enhances transparency and accountability and ensures that the government is responsive to the needs and concerns of the public. Internal and external auditing by SAIs are vital components of the public financial management system. They work together to assess and improve government operations, enhance accountability, and ensure the efficient use of public resources, ultimately contributing to good governance. In Sierra Leone, SAIs is likened to Audit Service Sierra Leone (ASSL). The concurrent triangulation approach is a specific mixed methods model used in this study. The research findings reveal that the internal audit department of the University of Sierra Leone is not adequately resourced to perform its functions effectively. However, segregation of duties and access to information is maintained but requires a functional audit committee, an increased number of competent auditors, and auditing software.

JEL: H83, M42, H11, H72, H76, K42, O17

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