Topic: Using technology to improve internal audit communications in the Banking Sector Background
Internal auditing has come a long way over the last two or three decades. In the past, internal auditing was seen as a mechanism to double-check the thousands of financial transactions that were posted to the accounts each week. Today an internal auditor facilitates the development of suitable controls as part of a wider risk strategy, and provides assurances on the reliability of these controls with the use of effective technology. The move from detailed low-level checks of huge volumes of mainly financial transactions to high-level input into corporate risk strategies has been tremendous. Statement of research problem
Internal audit is a combination of systems, policies and procedures designed, implemented and maintained to address the risks of running a business. This proposal evaluates the role of technology and how it affects the internal audit process in the banking sector. Efficient use of technology has facilitated accurate and timely management of the increased volumes of transactions of banks, consistent with a larger customer base. The internal auditing function examines and reports on risk exposures and the organisation’s risk management efforts. Through the system of internal control, managers have to identify, manage, and implement the controls to mitigate these risks.
Surveys, interviews and case studies will be conducted to discover best practices from leading internal audit activities. This proposal will also collect data from other secondary sources. The area of research will be on the banking sector‘s internal audit department, therefore data will also be physically collected at the various banks of Namibia.