Internal Audit Function and Business Performance in Quoted Manufacturing Companies in Nigeria

Abstract

The business failure syndrome and ailing state of the Nigerian manufacturing sector prompted this investigation, which empirically assessed the influence of internal audit function and business performance in manufacturing companies in Nigeria. The study sampled thirty two (32) quoted manufacturing companies. Data collection was by means of questionnaire and personal interviews. The quantitative, research data generated were analysed using Pearson's Product Moment Correlation aided by the statistical package for social sciences, while the qualitative data analysis was aided by GSR-NVIVO software. Concurrent methodological paradigm triangulation was adopted. It was found that internal audit function have positive and significant influence on business performance. From the study conclusion drawn was internal audit function very significantly enhances performance and growth of manufacturing firms. Therefore, we recommend that conscious improvement of internal audit mechanism will ultimately result to effective performance of operations in manufacturing.