This study conducted to assess audit practice on deposit money bank. Internal auditing helps an organization accomplish its objectives by bringing a systematic discipline to evaluate and improve the efficiencies of risk management control and governance process. The study tried to assess the factors, strength and weakness with regard to audit practices in some selected bank in Nigeria. The data relevant to the study was collected from primary and secondary source of data. Primary data collected through questionnaires and secondary sources from journals written documents and reports. Based on the conclusion and the finding the auditing practice in Nigerian banks is relatively better and follow the theoretical aspects of internal audit practice.



  • Background of the study


The internal control process is a mechanism for reducing instance for fraud, misappropriation and errors. It has recently become more extensive addressing all the various activities faced by the organizations it is now recognized that internal control process in critical to organization ability to meet is goals and objectives and to maintain its financial viability.


Company’s internal control consists of the policies and procedures established to provided reasonable assurance that specific objective of the company will be achieve. Internal Audit practice in the examination of accounts a business concern by its employees specially appointed for the purpose.


When the properly designed and consistently enforced a good system of internal audit will help management safeguard the organization resources, product reliable financial reports and comply with laws as regulations.  It will also reduce the possibility of significant errors and irregularities. Proper internal auditing practice is the base for free serving the stability of ay company. The study focusses a describing and analyzing the important control directions that will be related to internal auditing practice.


In regard to see the existing and applicability of attributer and the standards in some selected Nigerian branch performance to increase the quality of audit work raising awareness of the role and significance of internal auditing to the achievement of specific objectives.




  • Statement of the problem

Auditing decomposes the examination and evaluation of the adequacy and effectiveness of the organization system of internal control and qualities of performance in carrying out assigned responsibilities.


Internal auditing is a service function established within the organization to examine and evaluate its activities. Internal auditing may focus on financial audits.


Compliance audit, fraud audit, internal auditors usually assist management in ensuring that there is proper internal control system in place and the operation of the enterprise (organization) is operated in effective and efficient manner. It is clear that in adequate internal control can expose the organization to various problems. Therefore, according to the above information, the study was come up with some solution to the problem identified before.


Those problems identified and are assumed to be the major causes of internal auditing are:

  1. Absence of internal auditing in the organization will result in lack of continuous assurance services.
  2. The degree of independence of internal auditor since they are employee of the organization so it is the related problem will be existing.


After General Accepting Accounting Principle completing the study the following basic research question will be get answers.

  1. Does the bank have internal auditing practice?
  2. Does the principle of internal auditing apply in the organization?
  3. What factors affecting internal auditing practice of Nigerian Bank of Nekemtebranch.
  4. What are the major drawback of Auditing practice of Nigerian Banks


  • Objective of the study
    • General Objective

The general objective of this study is on assessment of audit practice on deposit money bank

  • Specific objective
  1. To investigate the internal auditing practice.
  2. To identify the principle of auditing that applied in the bank
  3. To assess factors that affect internal auditing practice of Nigerian Banks
  4. To identify the major drawback of internal auditing in Nigerian Banks
    • Significance of the study

The major benefits of this study will be the following:

It will enable the manager to aware of the importance and use of internal audit in achieving intended objectives. It will be help the auditor in the bank know application of internal auditing principles.

We will be used as an additional reference to the existing literatures and can be use as spring boards for other researcher who wish to conduct a research in the same area.


  • Scope of the study

The study area in assessing internal auditing practice of Nigerian Banks This study mainly focused on the manual report which represented to identify factors which affect the internal auditing practice, the challenges, and the strategies uses to alleviate the problems in the bank and also use the data of four consecutive years(2004-2007).


  • Limitation of the study

During conducting this paper, the researcher faced some limitations such as involuntary of the respondent to give the necessary data especially secondary data and also there were time and cost constraint to do this paper.


  • Organization of the paper

This studydivided in to five chapters. Chapter one is the introduction part. Chapter two presents a review of literature; Chapter three introduces the research methodology. Chapterfour is data representation and the last chapter contains conclusion and recommendation.

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