The Internal Audit Practices of Selected Thrift Banks in the National Capital Region

Abstract

This study aimed to assess the level of effectiveness of internal audit practices of selected thrift banks in the National Capital Region (NCR). The researcher modified the survey questionnaire from the study of “Internal Audit Practices of Micro-FinancingCompanies in Metro Manila” and was used to collect the necessary data. Data gathered from the questionnaires were then used to statistical treatment such as weighted mean, t-Test and One –way Analysis of Variance. The respondents were the internal auditors from the top 10 thrift banks as to total assets and existing members of Chamber of Thrift Bank in the Philippines. The researcher obtained a sample size of 186 internal auditors from the selected thrift banks. The results showed that majority of the respondents were aged 25 –30 years old, male, single, bachelor’s degree holder, with at least 3 years and below in the company and practicing internal audit and with an average of 3 and below training attended but the respondents were rank and file dominantly. The majority of the respondent’s perceptions of the aspects of “Operations Audit”, “Compliance Audit”, “Financial Audit” and “Information Systems Audit” were all “effective.” There were no significant differences in the respondents’ perceptions on the level of effectiveness of internal audit practices of selected thrift banks in the NCR when grouped according to sex, age, civil status, highest educational attainment, job position level, years in the company and practicing internal auditing and average number of training attended related to internal auditing for the last three years.