CHALLENGES FACING INTERNAL AUDITORS IN IMPLEMENTING IRMF IN MITIGATING ORGANIZATIONAL RISKS IN HIGHER LEARNING INSTITUTION IN TANZANIA:

Abstract

This study aims to determine internal auditors' challenges in implementing IRMF in mitigating organisational Risks In Higher Learning institutions in Tanzania. A Case Study of One Higher learning institution in Arusha. The study uses case study design and 66 was the sample and sampling technique include purposively technique for Main risk respondents such as Internal Auditors,Risk Management Coordinator,Risk Champion and Head of ”Department and Unit and random selection Sampling technique for staffs in which respondent are arranged in groups, data collection tools included Questionnaire, Interview. The assembled data was analysed by using a Statistical Package for Social Science (SPSS) software. The results indicated that there are several challenges are affectingaudit at One Higher learning institution in Arusha such as lack autonomy independent, Inadequate funding, involvement of Internal Auditors in non- audit work, Inadequacy number of staff and inadeguate staff training on risk mitigation and management,Inadequate Management support,Staff awareness of risk and management response to recommendations of the Internal Auditors report is very minimal. The institution should tackle the underlying challenges hindering the effectiveness of internal Audit in managing financial risks at One Higher learning institution in Arusha. Management should encourage every department, unit and subsection to cooperate with the internal auditors to mitigate existing financial risks. Department provided with adequate fund for the implementation of Institutional Risk management framework”, Researchers Recommends that Audit should be risk based Audit, Identified risk before it occurs, Provision of risk education, Auditor's independence and to increase numbers of staffs and Organisations should maintain high ethical standards on internal Audit. The implication of internal Audit on fraud detection and prevention at higher learning institutions located in Arusha in Tanzanian Higher learning institution especially in core functions/activities of the organisation and involve other methods data such as observation, documentary review and physical observation as well as focus group discussion that will enable Internal Auditors, Risk Coordinators/Champions and other staff to discuss more and provide relevant and quality information.