This research was undertaking to ascertain the role of Internal Auditors in a depressed Economy with particular reference to Banks in Nigeria, the main purpose of the study is to look at the Internal Auditing Department in banking industry and to review to an extent to which it is used in the protection of the Bank’s assets, misappropriation and embezzlements of funds. The objectives of this study are: to examine the roles of Internal Auditors in Financial Institutions, to access the impact of government financial policies and guidelines on the execution of Internal Audit functions in financial institution, to evaluate the usefullness of Internal Audit functions in financial institution (Banks), to find out the importance of Internal Auditors in protection of company’s assets, misappropriation of funds and embezzlement of funds and to make appropriate recommendations that will proffer sound solutions in the weakness of Internal Auditing functions in bank’s. In pursuance of the objective of the study, three hypotheses were formulated ad tested. In order to get information for the study, both description and historical method of research have been used in the course of study. Also primary and secondary data was used.
Primary data was gotten through the application of questionnaire, personal interviews and observation. Secondary data was gathered through the review of related literature and the results of the questionnaires were analyzed and assembled in tables.

The end result revealed that internal auditing is a powerful tool in protection of banks assets, misappropriation and embezzlement of funds.

The practice of auditing has been existence even in the ancient time. The need for auditor arises when the truthfulness and fairness of financial statement is required. An Auditor is a person appointed by law to examine and investigate the accounting records prepared and maintained by organization are of true and fair view.

Before the medieval times, auditing was referred to as the process of public hearing in which financial statement of financial records were read aloud, Ekwere (1991). In essence, auditing was made to determine where persons in position of fiscal responsibilities in government or organizations were acting and reporting in good faith or in honest manner. But today, auditing has taken a new dimension in our society and it will continue to be improved upon as a result of expansion and growth of business in our contemporary society. According to the publication of American Accounting Association (AAA 1991),”Auditing is a systematic process of objectively obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and establish criteria and communicate the result to interested users”. Adeniyi A.A. (2004.2) extracts his opinion that it is “an exercise whose objective is to enable auditors to express an opinion whether the financial statements give a true and fair view of the entity’s affairs at he period and of its profit and loss (income and expenditure) for the period ended and have been properly prepared in accordance with applicable frame work”.

However, the practice of auditing which has been in existence for years has no positive impact on the economy, there had been several corporate failures, which had been led to reduction in growth (ie depressed economy) in view of the above problem this research focused on the roles of auditors in a depressed economy.

The establishment of internal audit in organization and financial constitutions was to reduce or remove completely the problems of fraud, to protect the company’s assets, and to check misappropriation and embezzlement of funds. But there have been.....

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