Abstract: Financial performance requires appropriate internal audit practices to enhance efficiency. In the recent years many public institutions in Rwanda have been listed by general auditor for mismanagement of public funds. This study provided an analysis on enhancing the implementation of Internal Audit standards, to improve the financial performance of public institutions in Rwanda; with a case study of Rwanda Social Security Board. Internal audit standards will be looked at from the perspective of internal audit as a department, professional competency, internal controls and independence of internal audit. The researcher administered a survey questionnaire to each member of the target population since it is the most appropriate tool to gather information. Quantitative analysis and regression analysis wire used as data analysis technique. Data presentation was done by use of tables for ease of understanding and interpretation. Internal audit standards, independence of internal audit, professional competency and internal control had a positive relationship with financial performance of public institutions, a unit increase in implementation of internal audit standards would lead to increase in financial performance of public institution, a unit increase in independence of internal audit would lead to increase in financial performance of public institutions, a unit increase in professional competency would lead to increase in financial performance of public institutions and further unit increase in internal control would lead to increase in financial performance of public institutions. The management of public institutions in Rwanda should adopt effective internal audit practices such as internal auditing standards, independence of internal audit, professional competency and internal controls to enhance financial performance.
Keywords: Internal Audit, Internal audit standards, financial performance, public institutions.
Title: FACTORS ENHANCING THE IMPLEMENTATION OF INTERNAL AUDIT STANDARDS TO IMPROVE THE FINANCIAL PERFORMANCE OF PUBLIC INSTITUTIONS IN RWANDA: THE CASE OF RWANDA SOCIAL SECURITY BOARD (2015 - 2017)
Author: AGNES YANKURIJE, Dr. Patrick MULYUNGI
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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