Accounting Students Exposed to Dynamics of Internal Auditing
Auditing should be a way of life for every accountant, therefore, every accounting professional should have internal auditing ability in them and be able to deploy it whenever they are called upon, a professional accountant, Mr. Olusola Olowoyeye, has declared.
Mr. Olowoyeye, the Managing Director/Chief Executive Officer, Betaplus International Synergy Limited, Lagos, made this declaration at a recent Town and Gown seminar of the Department of Accounting, Covenant University, where he was the Guest Speaker and presented a paper titled, ‘Evolution and the Future of Internal Audit’.
While making his presentation, the internal audit expert explained that Internal Auditing has moved beyond just checking for facts to being accountable for them at any given time as there is no internal audit outside risk management. He stated that internal audit is beyond corporate management, describing it as the process put in place to help an organisation accomplish its purpose.
For instance, he said, an Internal Auditor cannot maintain a single view, but must balance his views by getting different perspectives in order to carry out a good audit. The Internal Audit structure of an organisation mirrors the structure of the organisation and if an Internal Audit must be successful in a place, it must have the full support of management, he pointed out.
‘’Internal Audit is about risk and control. You must be able to assess how much risk you have been able to mitigate by setting up controls. It is not in the volume of reports you write, there must be evidence to show that the system is working,’’ said Olowoyeye, who is a member of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN) and the Institute of Internal Auditors, USA.
He emphasised the need to always ensure that internal audit controls established in a business place are reported by way of creating awareness about them and then ensuring that the controls are corrective, preventive and fully automated.
In her remarks, the Head, Department of Accounting, Dr. (Mrs.) Olubukola Uwuigbe, appreciated the Guest Speaker, as well as the members of the department for their support in ensuring the success of the seminar. She said that the whole essence of the Town and Gown seminar was to prepare the students for what to expect at the end of their studies in Covenant University in terms of the practical aspects of their chosen careers.
Also at the event were some faculty and staff of the Department of Accounting and the College of Business and Social Sciences.