Book Unveiling: Internal Audit Practice, Acceptance And Perception Challenges in Nigeria

Internal auditing practise in Nigeria is not appreciated unlike the role of the external auditor ,now the forensic auditors. Irrespective of being a professional practise in the United States since 1941, internal audit practise Isn’t well appreciate in Nigeria, this has led to many loopholes in good corporate governance and has encouraged corruption practises at the same time. With the private unveiling of the book INTERNAL AUDIT PRACTICE FROM A- Z is in tandem with the government drive to fight corruption in Nigeria.

Nigeria doesn’t have the human skill and qualified internal auditor in the system. This book is positioned to correct this anomaly and reposition internal Auditing and a profession and also the need to start offering internal auditing as a course in the tertiary institutions in Nigeria. This book serves as a material for those who intend to have internal audit as a course or profession.

The book with rich arrays of forms ,table, and samples of works. The book is a guide to completing every assignment and has been described as the “Holy Grail” of internal auditing in Nigeria. A book designed to guide auditors and would be auditors on the best acceptable practice in the profession.The lack of proper internal audit by corporate organisations and public sector has been seen as the major cause of corruption in the country. With lack of proper auditing by many organisations, criminals have seen loopholes to perpetuate their crimes in organizations. In line with this, the federal government is waging a serious war on corruption. In this light, the unveiling of total auditing book that would capture the best way to audit organizations.

Speaking to the attendees, Patrick Nzechukwu , a convener and a professional auditor of the event said that ” There is a gap in proper auditing in Nigeria. If you want to fight corruption, inefficiency and waste, internal auditing must be looked into. Internal Auditing is a professional course in the USA since 1941 unlike Nigeria where it is not taken seriously. ”

In the words of Humphrey Okorie, the CEO of The Institute of Internal Auditors in Nigeria, he said that the book is a well researched work and seeing the type of work on Nigeria is rare. An internal auditing doesn’t equal to accounting ,this is a misconception we have in Nigeria. Accounting is different from auditing ,as of now there is no regulator of internal audit in Nigeria. Incidentally, internal auditing is at the low level of maturity and many people don’t understand the best global practise in Nigeria. The modern internal auditor is regarded as an advisory role and trusted person. The internal auditor should be able to proffer advisory role and consulting role. They are meant to be a subject matter expert unlike the external auditors.

Every business that goes down in Nigeria do so  as a result three things;  internal control, risk management and governance, this is the bane of businesses in Nigeria especially government establishment. The MDAs in Nigeria lack effectiveness ( expected results ) with the role of internal audit in any organisation, these three keys would be met. Internal audit isn’t and shouldn’t be seen as the work of accountants. In other countries accounting profession has different body from the internal audit body.

 

Today, with the introduction of forensic auditing after fraud happens in most organisations and this can be corrected by the introduction of an efficient internal control system which internal auditing would correct. Forensic auditing is seen as medicine after death and with internal auditing in place, there is no need to have forensic auditing.

The book , A- Z of internal audit , is the first book on total internal auditing in Nigeria. With the aim of having internal auditing embedded and integrated as a core profession  in Nigeria corporate space by 2030. It is only external auditory that has the legal backing to audit financial report of organisations because the owners of company are compelled to know what is happening and that is why they invite external auditors and by then the deed has been done. But, with internal audit, the practice then to be proactive and nip the deed at the bud before it happens. The book corrects the irregularities, waste and corruption in Nigerian corporate space.

The services of internal auditing are pre and post transactions and they cover both financial and non financial, unlike the role of the external auditors.

The unveiling was attended by financial industry stakeholders such as representatives from the Financial Reporting Council, Human resource experts (ICSL), Institute of Internal auditors, media executives and other stakeholders.

 

 

Anthony Emeka Nwosu

Every business that goes down in Nigeria do so  as a result three things;  internal control, risk management and governance, this is the bane of businesses in Nigeria especially government establishment. The MDAs in Nigeria lack effectiveness ( expected results ) with the role of internal audit in any organisation, these three keys would be met. Internal audit isn’t and shouldn’t be seen as the work of accountants. In other countries accounting profession has different body from the internal audit body.

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