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Assessment of the internal audit unit of Kumawuman Rural Bank limited.
(KNUST, 2016-08) ABABIO, AKUA AMANFO BOATEMAA
Forming part of the economy‘s commercial banking system, Rural and Community Banks (RCBs) have been commended for their efforts in making banking services available in most rural communities. With the establishment of internal audit departments in rural and community banks, it becomes necessary to assess the extent of effectiveness of their internal audits. This study employing an exploratory case study used structured questionnaires and interview to gather responses from 15 staff of Kumawuman Rural Bank Limited. It was found out that the internal audit of Kumawuman Rural Bank Limited was effective in carrying out its various functions. Observance of reporting standards was also found to be in compliance with laid down auditing standards. The auditing unit was found to be challenged with the workload attributable to the large number of branches of the bank. It is recommended that the internal audit unit of the bank should be adequately staffed.