An Expert in the auditing sector, the Managing Director of Galaxy Backbone, Prof. Ibrahim Adeyanju is seeking an improved compliance with internal audit as a means of enhancing efficiency and transparency in the provision of governance in Nigeria.
In an interview with the Institute of Internal Auditors (IIA) member staff in Abuja, Adeyanju explained the critical role of internal audit in risk management and governance.
He noted that strong internal audit would bring a lot of efficiency, cost savings, and will actually put people in check for accountability.
“If you know you are being watched, you will always want to do the right thing. I think that’s what makes a big difference between the developed and developing countries, they (developed nations) don’t wait for somebody to keep them in check for them to do the right thing” he stated.
The MD said, financial audit is very important in ensuring efficiency through checks on organization expenditures, he said the process also bring in a lot of strategic operations.
“We work with other departments, so when you are trying to do procurement, audit could also check to see whether we are getting value or saving costs”.
He explained that there are ways audit can minimize waste. “Audit ensures the provision of alternatives to different things, minimizing waste”.
Adeyanju calls on auditors to be proactive by acquiring training and retraining to be up to date with new auditing skills.
IIA Director, Mallam Anase Ibrahim Aminu, and IIA members Moses Olamide Shodipe, and Oluwayemisi Olanipekun – Head of Audit Mr. Kolawole Moshood, and other team members – Mr. Chidi and Ms. Amina – were in attendance in the interview.
In an effort to create more awareness on the importance of internal audit in the provision of good governance, the IIA will be hosting a monthly essay competition to further strengthened the culture of transparency and accountability in governance.
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