Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya

Kennedy Sakaya Barasa

doi:doi:10.11648/j.jim.20150401.16

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Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya

Kennedy Sakaya Barasa

Published in Journal of Investment and Management (Volume 4, Issue 1)

Received: 16 July 2015 Accepted: 22 July 2015 Published: 29 July 2015

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Abstract

Internal Auditing has increasingly been recognized as an integral part of modern control structures and governance practices in both the private sector and public service. It has also been adding value in organizations across all sectors for many years in order to fight against the global financial crisis and recent cases of corporate frauds that have brought into sharp focus the consequence of the precarious role to be played by the internal auditors in ensuring good corporate governance. The main objective of this study was to find out how the Risk Management, Control Process and Governance Process, which are functions of internal auditing are being recognized today at high level in many organizations, especially in public Sectors, when well structured and given the required mandate to perform, improves performance and serves as valuable contributors in Promoting good governance in its functions which are accountability, transparency, effectiveness & efficiency and responsiveness in the public institutions in Kenya. The research adopted both the descriptive and correlation research designs in order to be successful, where 370 out of 398 respondents, sampled from eighteen (18) public institutions, completed a structured questionnaire. The events were recorded; analyzed, interpreted and described by using SPSS version 20 and the specific tools that were adopted in order to identify the levels of contribution of Internal Audit in Good Governance in the public institutions, respondent responses were determined by their demographic profiles. Parametric statistics were used to derive a meaningful conclusion from the empirical data using tools like descriptive statistics, t-test and Pearson Correlation. The study concluded that there is a strong significant relationship between Internal Audit and Good Governance in Public institutions.

Published in	Journal of Investment and Management (Volume 4, Issue 1)
DOI	10.11648/j.jim.20150401.16
Page(s)	38-46
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2015. Published by Science Publishing Group

Keywords

Audit, Internal Auditing, Internal Control, Public Sector, Value Addition, Governance, Kenya

References

[1]	Asare, T. (2008). A study of the role of internal auditing in the public sector of Ghana: Governance and accountability. Birmingham, United Kingdom: Cornhill
[2]	Ball, N. (2002). Enhancing Security Sector Governance: a conceptual framework of UNDP. UNDP
[3]	Barrett, P. (2002). Expectation, and Perception, of Better Practice Corporate Governance in the Public Sector from an Audit Perspective. Melbourne: CPA Australia’s Government Business Symposium
[4]	Belay, Z. (2007 ). A study on effective implementation of internal audit function to promote good governance in the public sector. addis ababa, ethiopia.
[5]	Gansberghe, C. N. (2005). Internal Audit: Finding its Place in Public Financial Management, Public Expenditure and Fiscal Accountability Programme. Washington D.C: World Bank.
[6]	Giovanis, G. D. (2011). Evaluation of the Effectiveness of Internal Audit in Greek Hotel Business. International Journal of Economic Sciences and Applied Research , 19-34.
[7]	Herbert Robinson, P. C. (2010). Governance & Knoweledge Management For Public-Private Partnerships. southern Gate, Chichester, Weuissex, United Kingdom: John Wiley & Sons, Ltd.
[8]	IIA. (2008). International Standards for the Professional Practice of Internal Audit. Altamonte Springs, FL.
[9]	INTOSAI . (2004). International Organization of Supreme Audit Institutions. Retrieved June 20, 2015, from http://www.intosai.org/Guidelines for Internal Controls Standards for the Public Sector.
[10]	MINECOFIN. (2011). Internal Audit Charter. PP. 1-14.
[11]	PFM, S. P. (2011). Guidelines for Chief Budget Managers in Kenya
[12]	Pickett, K. H. (2010). The Internal Auditing Handbook, Third Edition. Southern Gate, Chichester, West Sussex, United Kingdom: John Wiley & Sons Ltd.
[13]	Sawyer, L. B. (2003). Sawyer's Internal Audit 5th edition/ the Practice of Moderne Internal Auditing. Altamonte Springs, Florida: The Institute of Internal Auditors
[14]	United Nations. (2005). The 2005 World Summit. The 2005 World Summit. New York: United Nations. PP.1-2.

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Kennedy Sakaya Barasa. (2015). Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya. Journal of Investment and Management, 4(1), 38-46. https://doi.org/10.11648/j.jim.20150401.16

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Kennedy Sakaya Barasa. Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya. J. Invest. Manag. 2015, 4(1), 38-46. doi: 10.11648/j.jim.20150401.16

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AMA Style

Kennedy Sakaya Barasa. Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya. J Invest Manag. 2015;4(1):38-46. doi: 10.11648/j.jim.20150401.16

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@article{10.11648/j.jim.20150401.16,
  author = {Kennedy Sakaya Barasa},
  title = {Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya},
  journal = {Journal of Investment and Management},
  volume = {4},
  number = {1},
  pages = {38-46},
  doi = {10.11648/j.jim.20150401.16},
  url = {https://doi.org/10.11648/j.jim.20150401.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20150401.16},
  abstract = {Internal Auditing has increasingly been recognized as an integral part of modern control structures and governance practices in both the private sector and public service. It has also been adding value in organizations across all sectors for many years in order to fight against the global financial crisis and recent cases of corporate frauds that have brought into sharp focus the consequence of the precarious role to be played by the internal auditors in ensuring good corporate governance. The main objective of this study was to find out how the Risk Management, Control Process and Governance Process, which are functions of internal auditing are being recognized today at high level in many organizations, especially in public Sectors, when well structured and given the required mandate to perform, improves performance and serves as valuable contributors in Promoting good governance in its functions which are accountability, transparency, effectiveness & efficiency and responsiveness in the public institutions in Kenya. The research adopted both the descriptive and correlation research designs in order to be successful, where 370 out of 398 respondents, sampled from eighteen (18) public institutions, completed a structured questionnaire. The events were recorded; analyzed, interpreted and described by using SPSS version 20 and the specific tools that were adopted in order to identify the levels of contribution of Internal Audit in Good Governance in the public institutions, respondent responses were determined by their demographic profiles. Parametric statistics were used to derive a meaningful conclusion from the empirical data using tools like descriptive statistics, t-test and Pearson Correlation. The study concluded that there is a strong significant relationship between Internal Audit and Good Governance in Public institutions.},
 year = {2015}
}

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TY  - JOUR
T1  - Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya
AU  - Kennedy Sakaya Barasa
Y1  - 2015/07/29
PY  - 2015
N1  - https://doi.org/10.11648/j.jim.20150401.16
DO  - 10.11648/j.jim.20150401.16
T2  - Journal of Investment and Management
JF  - Journal of Investment and Management
JO  - Journal of Investment and Management
SP  - 38
EP  - 46
PB  - Science Publishing Group
SN  - 2328-7721
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AB  - Internal Auditing has increasingly been recognized as an integral part of modern control structures and governance practices in both the private sector and public service. It has also been adding value in organizations across all sectors for many years in order to fight against the global financial crisis and recent cases of corporate frauds that have brought into sharp focus the consequence of the precarious role to be played by the internal auditors in ensuring good corporate governance. The main objective of this study was to find out how the Risk Management, Control Process and Governance Process, which are functions of internal auditing are being recognized today at high level in many organizations, especially in public Sectors, when well structured and given the required mandate to perform, improves performance and serves as valuable contributors in Promoting good governance in its functions which are accountability, transparency, effectiveness & efficiency and responsiveness in the public institutions in Kenya. The research adopted both the descriptive and correlation research designs in order to be successful, where 370 out of 398 respondents, sampled from eighteen (18) public institutions, completed a structured questionnaire. The events were recorded; analyzed, interpreted and described by using SPSS version 20 and the specific tools that were adopted in order to identify the levels of contribution of Internal Audit in Good Governance in the public institutions, respondent responses were determined by their demographic profiles. Parametric statistics were used to derive a meaningful conclusion from the empirical data using tools like descriptive statistics, t-test and Pearson Correlation. The study concluded that there is a strong significant relationship between Internal Audit and Good Governance in Public institutions.
VL  - 4
IS  - 1
ER  -

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Author Information

Kennedy Sakaya Barasa

Department of Statistics and Actuarial Sciences, Jomo Kenyatta University of Science and Technology, Nairobi, Kenya

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APA Style

Kennedy Sakaya Barasa. (2015). Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya. Journal of Investment and Management, 4(1), 38-46. https://doi.org/10.11648/j.jim.20150401.16

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ACS Style

Kennedy Sakaya Barasa. Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya. J. Invest. Manag. 2015, 4(1), 38-46. doi: 10.11648/j.jim.20150401.16

Copy | Download

AMA Style

Kennedy Sakaya Barasa. Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya. J Invest Manag. 2015;4(1):38-46. doi: 10.11648/j.jim.20150401.16

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@article{10.11648/j.jim.20150401.16,
  author = {Kennedy Sakaya Barasa},
  title = {Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya},
  journal = {Journal of Investment and Management},
  volume = {4},
  number = {1},
  pages = {38-46},
  doi = {10.11648/j.jim.20150401.16},
  url = {https://doi.org/10.11648/j.jim.20150401.16},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jim.20150401.16},
  abstract = {Internal Auditing has increasingly been recognized as an integral part of modern control structures and governance practices in both the private sector and public service. It has also been adding value in organizations across all sectors for many years in order to fight against the global financial crisis and recent cases of corporate frauds that have brought into sharp focus the consequence of the precarious role to be played by the internal auditors in ensuring good corporate governance. The main objective of this study was to find out how the Risk Management, Control Process and Governance Process, which are functions of internal auditing are being recognized today at high level in many organizations, especially in public Sectors, when well structured and given the required mandate to perform, improves performance and serves as valuable contributors in Promoting good governance in its functions which are accountability, transparency, effectiveness & efficiency and responsiveness in the public institutions in Kenya. The research adopted both the descriptive and correlation research designs in order to be successful, where 370 out of 398 respondents, sampled from eighteen (18) public institutions, completed a structured questionnaire. The events were recorded; analyzed, interpreted and described by using SPSS version 20 and the specific tools that were adopted in order to identify the levels of contribution of Internal Audit in Good Governance in the public institutions, respondent responses were determined by their demographic profiles. Parametric statistics were used to derive a meaningful conclusion from the empirical data using tools like descriptive statistics, t-test and Pearson Correlation. The study concluded that there is a strong significant relationship between Internal Audit and Good Governance in Public institutions.},
 year = {2015}
}

Copy | Download

TY  - JOUR
T1  - Statistical Analysis of the Role of Internal Audit in Promoting Good Governance in Public Institutions in Kenya
AU  - Kennedy Sakaya Barasa
Y1  - 2015/07/29
PY  - 2015
N1  - https://doi.org/10.11648/j.jim.20150401.16
DO  - 10.11648/j.jim.20150401.16
T2  - Journal of Investment and Management
JF  - Journal of Investment and Management
JO  - Journal of Investment and Management
SP  - 38
EP  - 46
PB  - Science Publishing Group
SN  - 2328-7721
UR  - https://doi.org/10.11648/j.jim.20150401.16
AB  - Internal Auditing has increasingly been recognized as an integral part of modern control structures and governance practices in both the private sector and public service. It has also been adding value in organizations across all sectors for many years in order to fight against the global financial crisis and recent cases of corporate frauds that have brought into sharp focus the consequence of the precarious role to be played by the internal auditors in ensuring good corporate governance. The main objective of this study was to find out how the Risk Management, Control Process and Governance Process, which are functions of internal auditing are being recognized today at high level in many organizations, especially in public Sectors, when well structured and given the required mandate to perform, improves performance and serves as valuable contributors in Promoting good governance in its functions which are accountability, transparency, effectiveness & efficiency and responsiveness in the public institutions in Kenya. The research adopted both the descriptive and correlation research designs in order to be successful, where 370 out of 398 respondents, sampled from eighteen (18) public institutions, completed a structured questionnaire. The events were recorded; analyzed, interpreted and described by using SPSS version 20 and the specific tools that were adopted in order to identify the levels of contribution of Internal Audit in Good Governance in the public institutions, respondent responses were determined by their demographic profiles. Parametric statistics were used to derive a meaningful conclusion from the empirical data using tools like descriptive statistics, t-test and Pearson Correlation. The study concluded that there is a strong significant relationship between Internal Audit and Good Governance in Public institutions.
VL  - 4
IS  - 1
ER  -

Copy | Download