INTERNAL AUDIT

Welcome

The Internal Audit of the Federal University, Akure started in 1983. It was created as a Unit in the office of the Vice-Chancellor with the head responsible and reporting to the Vice-Chancellor.

The Audit was started by Mrs. D. Adesida who was the only staff of the department.

DUTIES OF INTERNAL AUDIT

The Internal Audit has been designed to carry out an independent appraisal activity within the University for the reviewed of the accounting, financial and other operations of the University, including performance audit otherwise known as value for money audit as a basis for protective service to the Management of the University under the 3e’s.

Internal Audit function as a control to other controls which measures and evaluates the effectiveness, the other control within the system. Thus, the Internal Audit activity in the Federal University of Technology, Akure is in practical terms a quality assurance test to confirm that financial and other controls are effective and efficient in both design and operations.

The other controls are:

SUCCESS RECORDED

The development was elevated to a Directorate in 2007 under the able leadership of Mr. N.O. Dahunsi. Appreciable savings and cost reductions have been achieved by the Directorate through the performance audit carried out which is quite different from the traditional auditing of skin.

There has been recorded improvement in the tools employed by the Directorate in carrying out its duties. Also offices have been created in both Centre of Continuing Education (CCE) and Secondary School under the current Ag. Director, Mr. J.A. Falope to bring Audit services closer to revenue centres. In all, this is to position the Directorate to meet the challenges of changing auditing environment particularly in a University environment.

OBJECTIVES OF INTERNAL AUDIT

There are typically four different audit objectives:

To ensure that proper controls are established. A control is a procedure or task that prevents staff from failing to follow policy.

The best way to verify that the proper procedure was followed is to take a random selection of documents or information from a data set. These documents are tested for evidence of compliance.

It is paramount to ensure that assets and liabilities of an organization are safeguarded.

The risk of audit error is important. This value is the chance that the auditor arrived at the wrong conclusion

Typically, the final output of any audit is the audit opinion. The report is issued by the auditor to identify the procedures used, the scope of the audit, and the results of the tests. This is the final audit objective and is the report that usually is reviewed by business owners, investors, and other interested agencies.

BRIEF HISTORY

The Internal Audit of the Federal University, Akure started in 1983. It was created as a Unit in the office of the Vice-Chancellor with the head responsible and reporting to the Vice-Chancellor.

The Audit was started by Mrs. D. Adesida who was the only staff of the department.

DUTIES OF INTERNAL AUDIT

The Internal Audit has been designed to carry out an independent appraisal activity within the University for the reviewed of the accounting, financial and other operations of the University, including performance audit otherwise known as value for money audit as a basis for protective service to the Management of the University under the 3e’s.

Internal Audit function as a control to other controls which measures and evaluates the effectiveness, the other control within the system. Thus, the Internal Audit activity in the Federal University of Technology, Akure is in practical terms a quality assurance test to confirm that financial and other controls are effective and efficient in both design and operations.

The other controls are:

SUCCESS RECORDED

The development was elevated to a Directorate in 2007 under the able leadership of Mr. N.O. Dahunsi. Appreciable savings and cost reductions have been achieved by the Directorate through the performance audit carried out which is quite different from the traditional auditing of skin.

There has been recorded improvement in the tools employed by the Directorate in carrying out its duties. Also offices have been created in both Centre of Continuing Education (CCE) and Secondary School under the current Ag. Director, Mr. J.A. Falope to bring Audit services closer to revenue centres. In all, this is to position the Directorate to meet the challenges of changing auditing environment particularly in a University environment.

OBJECTIVES OF INTERNAL AUDIT

There are typically four different audit objectives:

To ensure that proper controls are established. A control is a procedure or task that prevents staff from failing to follow policy.

The best way to verify that the proper procedure was followed is to take a random selection of documents or information from a data set. These documents are tested for evidence of compliance.

It is paramount to ensure that assets and liabilities of an organization are safeguarded.

The risk of audit error is important. This value is the chance that the auditor arrived at the wrong conclusion

Typically, the final output of any audit is the audit opinion. The report is issued by the auditor to identify the procedures used, the scope of the audit, and the results of the tests. This is the final audit objective and is the report that usually is reviewed by business owners, investors, and other interested agencies