Risk based Internal Audit in Uganda’s Banking Industry

摘要

The role of internal auditing has always been restricted to detecting weaknesses in the internal controls and corporate governance. However, the business and economic environment has been changing drastically to post several companies with new challenges and risks both internally and externally. This brought about a gradual transition from the traditional audit ing functions to incorporating the element of risk and changing economic conditions. The incorporation of risk into the internal auditing has seen an improvement in risk management practices within the corp orations including banking. This has seen a rise in the number of corporations and companies embracing Risk Based Internal Auditing practices (RBIA). This paper is aimed at assessing the extent to which risk based internal audit is implemented within the banking sector. The implementation of RBIA can have far-reaching positive impact on the firms performance. Therefore, with this conviction, this paper tries to illustrate that the positive outcome of a fully integrated risk based audit plan is all sections of the company's operations.