Analysis Of The Practice Of Internalaudit In A Commercial Bank:Case Study Of MECK (Mutualsaving And Credit Of Comores)

Nowadays,the internal audit profession is moving rapidly from the traditional transaction-based approach to the new business-based(risk-based)approach.The Institute of Internal Auditors(IIA)as an exclusive professional body for governing the practices of internal auditing throughout the world has developed an International Auditing Standards(IAS)and issued a framework that guiding how internal audit activities should be conducted through using the IPPF.A revision on these standards was made by the International Internal Audit Standards Board(IIASB)as effective January 2017.These standards together with the code of ethics encompass all the Mandatory Guidance Elements(Requirements)of the International Professional Practices Framework(IPPF).In order to assess the internal audit practices in MECK Bank of Comoros,the aforementioned Mandatory Guidance Elements were taken as a benchmark for the study.Due to time and cost constraints,the sample of the research was only focused on one commercial bank that was selected by using purposive sampling technique.Both qualitative and quantitative data types were applied in the study.The primary means of date collection,self-administered questionnaire,was employed and distributed to the respective internal auditors(officers,supervisors & Chief Audit Executives).Moreover,the secondary data was reviewed from the related IASs and various literatures,journals,articles and automated files(documents).The collected data was analyzed by using a scientific method,SPSS and presented by using various tables.Based on the research results,the current practices of internal audit in MECK Bank of Comoros through taking the Mandatory Guidance requirements of IPPF as a benchmark could be summarized into three groups: components of standards that fairly complied,did not adequately complied,and poorly(below the expectation)complied within the selected commercial bank.In general,the mandatory guidance requirements conformance level within the selected MECK Bank of Comoros did not move up to the expectation that satisfies the IAS.The existing healthy conformance with certain mandatory Guidance requirements of the IPPF should be kept up and goes to the sound conformance level by all elements;the existing inadequate conformance have to make improvements until it satisfy the needs of all stakeholders;and lastly,it was attached with poor/below the expectation/ conformance,the Quality Assurance and Improvements Program(QAIP)standard;should be carried out properly by MECK Bank of Comoros were the given ways to curve all unsatisfactory conformances of the mandatory guidance requirements by MECK Bank of Comoros.