The Role of Internal Audit Functions in Improving Organizational Resilience to Financial Risks-A case study National Company for Public Works (GITRAMA)

Abstract

This study investigates the pivotal role of internal audit functions in bolstering organizational resilience against financial risks, specifically examining the National Company for Public Works (GITRAMA). It aims to explore how internal audit practices contribute to identifying, assessing, and mitigating financial risks, thereby strengthening the company's capacity to navigate economic volatility and maintain stability. Adopting a mixed-methods approach, the research integrates qualitative interviews with internal auditors and financial managers, alongside quantitative surveys designed to measure audit practice effectiveness. Findings reveal that GITRAMA's internal audit function is crucial for early financial risk detection, enhancing risk management strategies, and promoting robust governance. However, the study identifies significant challenges, including resource insufficiency, limited access to critical financial data, and organizational resistance to change, which impede the function's full potential. The study recommends increasing resources for internal audit teams, reinforcing their independence, and promoting continuous professional development to fortify financial risk management practices. It concludes that a robust internal audit system is indispensable for ensuring GITRAMA's sustained resilience amidst financial uncertainties.