Table A2 Rotated component matrix for...

Table A2

Rotated component matrix for internal audit function

Statement	Component
Statement	Review and evaluation of control processes	Risk management practices
Our internal audit evaluates the effectiveness, efficiency and economy of operations	0.909
Our internal audit verifies the existence of financial institution assets	0.905
Our internal audit reports on the system for generating financial information	0.890
Our internal audit encourages the financial institution to maintain its records with reasonable detail	0.889
Our internal audit safeguards this corporation's tangible assets from misuse	0.882
Our internal audit generates periodic reports regarding the effectiveness of internal controls	0.867
Our internal audit confirms all the documentations of the various transactions	0.863
Our internal audit always check the authorization of all expenditures	0.854
Our internal audit evaluates the reliability of the information produced by accounting and computer systems	0.839
Our internal audit ensures that economic transactions of this financial institution are supported by adequate documentation	0.767
Our internal audit ensures internal controls promotes proper segregation of duties	0.754
Our internal audit provides an independent appraisal function of the risks likely to affect our business		0.932
Our internal audit provides investigative services to line management in terms of suspected fraud		0.923
Our internal audit reviews management arrangements for ensuring that the sustainability objectives are being achieved		0.919
Our internal audit staff have the necessary expertise in identifying risks		0.914
Our internal audit gives reasonable assurance on risk management processes		0.906
Our internal audit contributes to the improvement of risk management		0.890
Our internal audit recommends on compliance with the Financial Institutions Act		0.806
Our internal audit commends that sustainability reports are prepared in accordance with global reporting initiative guidelines		0.790
Our internal audit updates staff on the changes in the applicable laws and regulations		0.714
Our internal audit submits a report on the execution of the work plan to the audit committee		0.704
Our internal audit identifies significant exposures to risk		0.689
Our internal audit reviews the management of key risks		0.671
Eigen values	15.182	3.504
Percentage of variance	41.435	39.810
Cumulative percentage	41.435	81.244

Statement	Component
Statement	Review and evaluation of control processes	Risk management practices
Our internal audit evaluates the effectiveness, efficiency and economy of operations	0.909
Our internal audit verifies the existence of financial institution assets	0.905
Our internal audit reports on the system for generating financial information	0.890
Our internal audit encourages the financial institution to maintain its records with reasonable detail	0.889
Our internal audit safeguards this corporation's tangible assets from misuse	0.882
Our internal audit generates periodic reports regarding the effectiveness of internal controls	0.867
Our internal audit confirms all the documentations of the various transactions	0.863
Our internal audit always check the authorization of all expenditures	0.854
Our internal audit evaluates the reliability of the information produced by accounting and computer systems	0.839
Our internal audit ensures that economic transactions of this financial institution are supported by adequate documentation	0.767
Our internal audit ensures internal controls promotes proper segregation of duties	0.754
Our internal audit provides an independent appraisal function of the risks likely to affect our business		0.932
Our internal audit provides investigative services to line management in terms of suspected fraud		0.923
Our internal audit reviews management arrangements for ensuring that the sustainability objectives are being achieved		0.919
Our internal audit staff have the necessary expertise in identifying risks		0.914
Our internal audit gives reasonable assurance on risk management processes		0.906
Our internal audit contributes to the improvement of risk management		0.890
Our internal audit recommends on compliance with the Financial Institutions Act		0.806
Our internal audit commends that sustainability reports are prepared in accordance with global reporting initiative guidelines		0.790
Our internal audit updates staff on the changes in the applicable laws and regulations		0.714
Our internal audit submits a report on the execution of the work plan to the audit committee		0.704
Our internal audit identifies significant exposures to risk		0.689
Our internal audit reviews the management of key risks		0.671
Eigen values	15.182	3.504
Percentage of variance	41.435	39.810
Cumulative percentage	41.435	81.244

Note(s): Kaiser – Meyer – Olkin Measure of Sampling Adequacy = 0.905; Approx. Chi square = 2287.159; df = 253; Sig = 0.000

Extraction Method: Principal Component Analysis

Rotation Method: Varimax with Kaiser Normalization

Source(s): Primary data

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