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Internal Audit

INTRODUCTION

Internal Audit is an independent appraisal activity established by the management of an organization as a service to it. It independently and objectively examines, evaluates and reports on the adequacy of internal controls and the organization’s risk management processes as a contribution to proper economic, efficient and effective use of resources.
The Internal Audit Unit, hence, exists to examine and appraise the Uniform Accounting System of Nigeria of Nigerian Federal University ensuring that the University achieves her set objectives at a minimum cost and in accordance with laid down rules and regulations of management, standard Accounting practice and the laws of the Federal Republic of Nigeria.

MANDATE

For Internal Financial and other controls to be very effective operation of the system very efficient and fraud and management of funds discouraged, the following mandate has been prescribed.

1.            Carrying on of the University’s business in an orderly and efficient manner;

2.            Ensuring adherence to the Council’s and Senate’s policies.

3.            Safeguarding the institutional assets.

4.            Securing, as far as possible, the completeness and accuracy of the records;

5.            Carrying out of pre-payment audit examination of all payment vouchers as well as post-audit verification of all recurrent and capital payments in line with the expenditure control efforts of the University’s management;

6.            Examination of system of internal checks and controls to ensure the highest possible standard of efficiency and accuracy;

7.            Examining all the university accounts, books and other records and other documents and making periodic reports to the Vice-Chancellor;

8.            Notifying the Vice-chancellor of any financial irregularity, or suspected irregularity affecting funds, stores, facilities of the University without delay; taking follow-up actions as may appear reasonable to secure remedial actions;

9.            Having right to interview, query and receive (orally or in written) any explanations(s) as deemed appropriate for any assignment.

10.          Having access, at all time, to the books documents, facilities, etc of the Universities;

MISSION STATEMENT

To review accounting, financial and others operations of the University as a basis for protective and constructive service to the Management.

VISION

To use or develop an appropriate audit software as a working tool for positioning the Unit strategically for its role in best practice geared specifically towards the University’s needs and expectation.

GOALS AND OBJECTIVES

Within the context of our Mission and Vision, the Internal Audit Unit will pursue the following goals and objectives;

GOALS

i.              Computerizing audit functions;

ii.             Training and re-training the Unit’s staff to get more exposed to and acquainted with their duties.

iii.            Organizing other trainings for Deans, HODs, Director etc with respect to having an understanding of the general and specific requirements of audit checks and other internal control procedures;

iv.           Posting of the Unit’s staff to all Schools to serve as Desk Officers. They would be allocated an office where they carry out their duties for at least, 3 days.

The rest day would be spent writing/making reports in the Unit.

OBJECTIVES

i.              To ensure the existence of the University’s financial regulations issued by the authority of the University Governing Council, so  long as they are not inconsistent with any existing laws of Nigeria;

ii.             To ensure the application of the Annual Budget of Income and Expenditure on Revenue Accounts and payments on Capital Accounts as may be approved by the Governing Council or Senate or any of their standing ad hoc committee pursuant to any laws and statutes which may be in force.

iii.            To ensure the University’s books and records have been subjected to appropriate internal audit procedures and that the annual accounts have been properly extracted therefrom; To ensure budgetary controls efforts such that the authority to approve all expenditure of the University funds shall be subject to appropriate restrictions as will ensure public accountability and smooth flow of activities in accordance with the Council approval;

iv.           To determine whether the accounts comply in all material respects with the requirements of the University’s policies;

v.            To review the economy, efficiency and effectiveness of operations and of the functioning of non-financial controls;

vi.           To carry on special investigations;

vii.          To review the implementation of corporate policies, plans and procedures of the University;

viii.         To assess that the risks of the University are identified and minimized time to time;

ix.           To ensure the University’s books and records have been subjected to appropriate internal audit procedures and that the annual accounts have been properly extracted therefrom;

x.            To ensure budgetary controls efforts such that the authority to approve all expenditure of the University funds shall be subject to appropriate restrictions as will ensure public accountability and smooth flow of the activities in accordance with the Council’s approval;

xi.           To determine whether,  the accounts comply in all materials respects with the requirements of the University’s policies;

xii.          To review the economy, efficiency and effectiveness of operations and of the functioning of non-financial controls;

xiii.         To carry on special investigations;

xiv.         To review the implementation of corporate policies, plans and procedures of the University;

xv.          To assess that the risk of the University are identified and minimized.

xvi.         To ensure the University’s books and records have been subjected to appropriate internal audit procedures and that the annual accounts have been properly extracted therefrom;

xvii.        To ensure budgetary controls efforts such that the authority to approve all expenditure of the University funds shall be subject to appropriate restrictions as will ensure public accountability and smooth flow of activities in accordance with the Council’s approval;

xviii.       To determine whether the accounts comply in all material respect with the requirements of the University’s policies;

xix.         To review the economy, efficiency and effectiveness of operations and of the functioning of non-financial controls;

xx.          To carry on special investigation;

xxi          To review the implementation of corporate policies, plan and procedures of the University;

To assess that the risks of the University are identified and minimized.