The Heads of Internal Audits at Nigerian Universities are expected to uphold the values of accountability, openness, and good governance to strengthen their respective institutions.

This advice was given on Tuesday, 14th November 2023, during the 36th National Conference and Annual General Meeting of the Committee of Head of Internal Audits Departments/Units In Nigerian Universities, which was held at the Lagos State University, Lagos, by Mr. Moshood Adewuyi, the Auditor-General of Lagos State.

The conference’s theme is “Governance, Risk Management, and Compliance: Issues and Insights for University Internal Auditors.” Adewuyi, who was represented by Olufunmilola Coker, Head of Internal Audit at the Lagos State Urban Renewal Agency, said that internal auditors are crucial in public and private organizations. “They are indispensable in ensuring compliance with extant financial rules and regulations.” 

According to Adewuyi, this compliance permits the internalization of policies and practices when allocating resources. Since they oversee correct documentation, review books and records, monitor resource utilization according to predetermined financial plans, and secure organizational assets, auditors play the role of “watchdogs or gatekeepers.”

He continued, “In situations where resources are limited and value for money is expected, our roles are essential to the growth and development of the respective universities where we work.” He asserts that auditors must support efficient organizational risk management and the systems established to guarantee compliance.

Prof. Ibiyemi Olatunji-Bello, the Vice-Chancellor of LASU, encouraged the internal auditors to use their knowledge to develop plans for improved resource management throughout their campuses.

Deputy Vice-Chancellor, Academic, LASU Prof. Funsho Omobintan, speaking on behalf of Ibiyemi-Bello, stated that university administrators require every possible resource to overcome the economic uncertainties that have placed an intolerable burden on their already severely limited resources.

“Universities must be prudent in ensuring that every kobo allocated for projects brings the highest benefit to the university, given their diminishing revenue and rising operating expenses,” the speaker stated.

According to Mrs. Margaret Ogunkoya, Director of Internal Audit and National Chairman of CHIADINU, the university’s auditors, under her direction, are considered an essential stabilizing force in managing the university’s finances, particularly in times of economic hardship.

According to the varsity VC, the university’s auditors ensure that its financial systems adhere to the highest ethical standards regarding management and staff personnel.

“They are responsible for conducting themselves with the utmost integrity, probity, and accountability in all financial transactions and other university-related affairs.”

“I commend the LASU Directorate of Internal Audit for hosting the CHIADINU annual conference this year at LASU. This is in line with the university’s goal of producing skilled staff for the management of the institution.”

The Chairman of the Lagos State Audit Service Commission, Mrs. Oluwatoyin Adegbuji-Onikoyi, also urged the internal auditors to perform their jobs with strength since any weakness would indicate a breakdown in the system.

According to Adegbuji-Onikoyi, auditing and good governance go hand in hand because a system cannot function without checks and balances.

Because the public depends on auditors for trust, she added, “the watchdog role of auditors is fairness and firmness, and they must work to promote transparency and integrity in an organization.”

In her welcome speech, Ogunkoya said that the CHIADINU annual conference is proof of the auditors’ dedication to quality, information exchange, and the quest for a better future for the Internal Audit Department and Units in Nigerian institutions. She said the conference theme couldn’t be more appropriate. 

She clarified that the structure of governance, compliance, and risk management allows organizations to coordinate their goals, plans, and activities with legal specifications.

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Information security management, corporate governance, risk management, and regulatory compliance are just a few of the many tasks that fall under the broad category of GCR.

“Effective GCR processes enable stakeholder trust, enhance reputation, and improve overall business performance.

The speaker stated, “Organizations can effectively manage risk and uphold integrity with the support of a well-thought-out GRC strategy and integrated approach. “

During a plenary session, Mr. Olanrewaju Sharafa, a chartered accountant from Nigeria based in the UK, presented eight strategies auditors might use to understand their institutions’ core values. Olanrewaju instructed the auditors to convince their board and audit committee of the value of auditing culture.

Additionally, he counseled them to be specific about the assessment they wish to conduct, adopt a risk-based methodology, strategically allocate resources, customize their approach to the organization, and exercise flexibility in report authoring. The heads of internal audit departments/units from more than 120 universities nationwide attended the meeting.