Noble Patrick Onwura Nzechukwu, Pioneer President/CEO, Society for West African Internal Audit Professionals (SWAIAP) and the Honourable Minister of Education, Prof Tahir Mamman, have endorsed internal auditing as tool for preventive-anti-corruption and anti-fraud strategies.
The duo took the position while speaking at the third edition of the Induction, Fellowship Award, cum National Dialogue on Internal Auditing which has the theme, “Internal Auditing, Tool for Preventive-Anti-Corruption & Anti-Fraud Strategies & Code of Ethics Agent”.
The event which took place at the Lagos Chamber of Commerce and Industry (LCCI) on Saturday, 16th December, 2023 and graced by crème de la crème in the internal auditing profession, has other topical issues including but not limited to the Role of Internal Auditor as a Catalyst for Achieving Corporate Objectives; Making the Internal Auditor Acceptable Agent of Change and Auditing the Information Technology Environment, the Requirements of Internal Auditor.
According to Noble Nzechukwu, SWAIAP was incorporated on the 18th of June, 2018 with a vision to institutionalize internal auditing in West Africa and its environ as a foremost tool to prevent and detect corruption and fraud and to enhance business processes and performance and mitigate to the barest minimum all forms of financial and nonfinancial risks in both private and public sectors.
Nzechukwu spoke on reason for the formation of the society “Our motivation at SWAIAP was drawn from the dearth of effective internal auditing in the sub-region, instituted by overemphasis on statutory auditing and enforcement of anti-corruption and anti-fraud laws at the expense of preventive measures which involves effective internal auditing. All geared towards discovery and recovery of financial improprieties and malfeasances.”
Noble Nzechukwu spoke further that emphasis has always been laid on cure rather than prevention of financial and non-financial risks. “Emphasis is laid on cure rather than prevention of financial and non-financial risks. This practice has given rise to a soaring high level of corruption, wastes, inefficiencies, ineffectiveness, etc. The result is a relegation of internal auditing to the background by the existing local professional bodies, institutions of learning and government organizations both at the federal and state levels,” he stated.
Speaking on what he called a knowledge gap created by dearth of internal auditing, Nzechukwu disclosed that a recent survey of Nigerian public sector (and by extension, the private sector), has identified among others, a serious lack of internal audit education and training. He said it was observed that an accounting background has been seen as the most important requirement for entry into internal auditing work. However, such requirement does not provide internal auditors with the knowledge of adequate analytical tools necessary for carrying out their professional responsibilities.
The survey further revealed that the scope and professional content of internal auditing work was severely limited to Low level financial and compliance audit; Pre-audit; and Non-audit work such as witnessing the hand-over of stores, cash and personnel transfers.
It was equally noted that the prevalence of such limited scope of internal audit work was attributed to the low level of education, training and experience of internal auditors; Lack of management awareness of the functions and contributions of internal auditing; the prevalence of weak internal control systems in organizations in which internal audit is an integral part; among others.
Noble Nzechukwu gave a peep into the formation of SWAIAP. “I floated a body called West African Internal Auditors Forum (WAIAF) in 2017. This body metamorphosed into today’s Society for West African Internal Audit Professionals (SWAIAP). What we have done in SWAIAP is to bring together the various assurance providing fields under one umbrella to offer a holistic assurance providing skills at affordable rate but not taking anything away from quality.”
Activities of SWAIAP according to Nzechukwu include train and certify members as Student Technician of West African Internal Audit (STWAIA), Associate West African Internal Auditor (AWAIA), Certified West African Internal Auditor (CWAIA) and Fellow West African Internal Auditor (FWAIA).
Earlier, the Honourable Minister of Education Prof Tahir Mamman ably represented by Omada David Director/Principal, Federal Science and Technical Colleges (FSTC) Yaba stated that in celebrating the achievements of the distinguished practitioners, efforts should be made to collectively reflect on the role of internal auditing tools in fortifying the defenses against corruption and fraud. “These tools are not just instruments; they are vigilant guardians of trust, ensuring that the principles of transparency and accountability are engraved into the very fabric of our practices; thereby certifying the integrity of our educational institutions.
“As we embark on this journey to strengthen anti-corruption and anti-fraud strategies, it is imperative that we establish a robust code of ethics for every internal Auditor practicing in the education sector across West Africa which is your area of coverage. The emphasis on a robust code of ethics for each agent involved in internal auditing reinforces our commitment to fostering a culture of ethical conduct, ensuring excellence, and championing integrity as the cornerstone of our profession, he added.
Prof Tahir Mamman stated that in an ever-evolving business landscape such as the West African Sub Region, where challenges and opportunities abound, the internal auditor serves as a linchpin in ensuring not only compliance to standard practice but also ensuring the effective achievement of corporate goals and objectives as well as upholding the highest standards of professionalism.
“The multifaceted role of an internal auditor in achieving corporate goals and objectives in various institutions especially educational establishments is enormous ranging from risk management, ethical oversight, process improvement, to financial reliability this makes them indispensable contributors and strategic partners to the overall success of the various organizations. As we recognize the significance of their role, let us continue to support and empower our internal auditors, acknowledging the catalytic impact they have on the realization of corporate goals,” he asserted.
He disclosed that the internal auditor is also a potent change agent within the education sector and other sectors of the economy, as their role goes beyond the traditional auditing functions to actively driving and facilitating positive change in the organizational environment.
He mentioned such area as Objective Assessment; Risk Management Expertise; Process Improvement Advocates; Compliance and Ethical Governance; Data-Driven Decision Making, others.
He said in this era of Information Technology (IT) when auditing an information technology environment, the role of the internal auditor becomes crucial in ensuring the security, reliability, and efficiency of IT systems, adding that the internal auditor is required to have some essential skill set which is not limited to Technical Proficiency Internal auditors will require a solid understanding of IT systems, networks, and technologies, including knowledge of hardware, software, databases, cybersecurity, and emerging technologies. Technical proficiency enables auditors to assess the design and effectiveness of IT controls, among others, he said.
Dignitaries at the event include Mr Babafemi Gbadewole, Group Chief Internal Auditor, Dangote Sugar Refining Plc, representing Group Managing Director; Biodun Jimoh, Forensic Auditor; Femi Fatobi, Chief Audit Executive for RMB, Nigeria; Mrs Abosade Adebusiye, Senoir Manager, Internal Audit, Dangote Sugar Refining; Mrs. Olatunji Oluwabusola, Internal Auditor, ICPC, Lagos Office, among others.
