Influence of Internal Audit Practice on Corporate Goal Attainment in Manufacturing Companies in Nigeria

ABSTRACT

This study examined internal audit practice and corporate goal otainment to the manufacturing industry with reference to Nigeria Bottling Company. The specific objectives of the study are to examine the impact of auditors competence on attainment of corporate goals, to examine the impact of internal audit independence on attainment of corporate goals and to examine the impact of internal audit standard on attainment of corporate goals. The study is empirical and survey method was adopted using questionnaire as instrument of data collection. The dat analyzed using descriptive statistics and Statistical Package for Social Sciences (SPSS) version 23 as statistical tool. Findings shows that auditors competence has significant impact on attainment of corporate goals, that internal audit independence has significant impact on attainment of corporate goal, and that internal audit standard has no significant impact attainment of corporate goals Based on findings, the study recommends that regulatory authorities and policymakers should still amend the Companies and Allied Matters Act. 2018 to incorporate the qualification required of an Audit Committee member, the degree of financiol literacy must be expressly specified, that companies should engage the services of a financial consultant to train members of Audit Committee on areas where in-depth knowledge is required especially on the application of new accounting standards which will and financial reporting process of the company, and that audit committee of a company should segment the monitori process by identifying areas that are vulnerable to manipulation and allow reasonable time to such areas.