ABSTRACT
The main objective of the study was to assess the Internal Audit mechanisms put in place by the management of Pipelines and Product Marketing Company, determine its efficiency and effectiveness of also to ascertain degree of autonomy of the corporation’s Internal Audit Department. Data were gathered through questionnaires administered to the staff in Finance & Account Department and Internal Audit Department PPMC. Chi- square and Statistical tool were used to analyse the data. Findings from the study indicated that PPMC has effective internal control system, which have enhanced the company’s level of performance. The study also showed internal audit can effectively detect fraud and financial irregularities in PPMC. The study recommends that PPMC should recruit more competent personnel as auditors, institute audit committee and resource their internal audit departments. The study reveals that no organisation can operate effectively and efficiently without an Internal Audit Department alongside with a good internal control system. The study thus concludes that internal audit department must exhibit a high degree of autonomy in order to achieve operational efficiency.