The Convener of National Dialogue on Internal Audit Practice in West Africa, Mazi Sam Ohuabunwa, has condemned the neglect of internal audit profession in West Africa, especially in Nigeria, both at tertiary institutions and professional levels.
According to him, this is unacceptable with over 50 years of accountancy in Nigeria. He also decried the level of corruption and inefficiencies in the Nigerian system, of which internal auditing is a primary panacea.
He said over the years, internal auditing should be a tool for efficient and effective risk management, internal controls/compliance and governance processes designed to add value to organisations and help them accomplish their objectives.
Speaking at a briefing on the forthcoming book launch, A-Z of Internal Audit Practice (West Africa Edition) and a dialogue on internal audit practice with the theme, “Internal Auditing”, slated to hold at the Chartered Institute of Bankers of Nigeria (CIBN), Victoria Island, Lagos on Tuesday, November 27, 2018, Ohuabunwa stated that the idea to compile the book on internal auditing practice was conceived in 2010 after noticing there was no Nigerian author on the subject at any known bookstore in Nigeria.
“The desire to compile a comprehensive textbook gave rise to the A-Z of Internal Audit Practice. This piece of work was a five-year research effort with the Institute of Chattered Accountants of Nigeria (ICAN) reviewing first and second unpublished editions with great commendations.”
Ohuabunwa explained that internal auditing is about immortalising good corporate governance, effective enterprise wide risk management and effective controls, compliance and good reporting system in any organisation.
“This is what Internal Audit Practice from A-Z in bookstores worldwide is already doing. It is a practice guide for internal auditors and even non-auditors and represents the first goal agenda of Vision 2030, which is aimed institutionalising internal auditing in West Africa by 2030 as a foremost tool for anti-corruption, mitigation to the barest minimum of inefficiencies, ineffectiveness and other forms of financial and non-financial risks with strong corporate governance and adequate control.”