Internal Audit and Strategy Implementation: A Must for Business Survival in Nigeria

Abstract

This research exhibits the role of the internal auditor as a policy (decision) maker in companies; thereby, ascertaining the existing association between internal auditing and strategy implementation practice in business organizations in Nigeria. In sourcing for data, questionnaire and personal interviews were used while data were analyzed using the simple percentage and frequency distribution methods. We found that the internal audit unit (department) of a business organization, keeps proper account, safeguard of assets and control of liabilities positively by checking all cases of payment before they are made; and that, internal audit plays an indispensable role in actualizing business process because the internal audit report provides the required information for strategy implementation which helps organizations to do better. We conclude that, management of business organizations in Nigeria should embrace internal auditing and strategy implementation practice in order to survive in business.