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INTERNAL AUDIT UNIT


INTRODUCTION
Internal Audit is a continuous and independent process of verification and review carried out by staff exclusively engaged on this work in an MDA or any other organization.
 The Unit report its’ activities to top management to reflect the following:

  1. The accuracy, reliability, cost of maintenance and usefulness of the entity’s recording, accounting and control procedures;
  2. The efficiency and effectiveness with which the Commission carries on its operations;
  3. The adequacy of its procedures ;
  4. The extent of compliance with laid down procedures; and
  5. The scope for taking remedial action.

Internal Audit is therefore, an independent appraisal activity within the Commission for the review of operations as a service to management.  It is a management control which functions by measuring and evaluating the effectiveness of other controls.

 

   
FUNCTIONS

 

The Internal Audit Unit of the Commission has the responsibility to review, examine, evaluate and report on:

    • The soundness, adequacy and application of internal control;
    • The extent of compliance of the activities of the organization to the established frame-work of internal control;
    • The extent to which the organization’s assets are accounted for and safeguarded from losses from;
    • Fraud and other irregularities,
    • Waste, extravagance, inefficiency and other abuses
    • The economy, efficiency and effectiveness of the operations of the Commission; and
    • The accuracy and integrity of the accounting and management information generated within the Commission.

    INDEPENDENCE OF INTERNAL AUDIT
    To enable the Internal Audit fulfill the responsibilities set out above, it shall operate with independence. To achieve this:

      • The Head of the Internal Audit has direct access to the Accounting Officer as well as all the Directors or other Departmental Heads.
      • The Internal Audit is independent of all financial systems operating within the Commission and is not  involved in any of its processes
      • The Head of the Internal Audit has the right of reporting, unedited and under his own signature directly to the Accounting Officer.

       

       

STRUCTURE

The unit’s existing organogram makes provisions for two key officers as follows:

  • Assistant Director as Head of the Unit. This position is occupied by      Mr. Henry O. Egbe and
  • Senior Accountant position occupied by Miss Patricia Okafor.

 

KEY OFFICERS

 

1. Mr. Henry O. Egbe: Ag. Deputy Director.   (Click here to read Profile)
2. Miss Patricia Okafor: Senior Accountant (Click to read Profile)

 

ACTIVITIES

    • Preparation of Annual Audit Programme.
    • Preparation of Audit Guide
    • Initiating appropriate policies that enables the efficient and effective operation of the Unit.
    • Attending to management and other ad-hoc meetings on behalf of the Unit.
    • Prompt rendition of statutory and management reports- monthly, quarterly, half-yearly and yearly reports.
    • Liaising with Office of the Accountant-General of the Federation for update from time to time on policy issues relating to Internal Audit.
    • Initiating investigation into issues relating to criminal misappropriation and other gross financial mismanagement.
    • Other duties that may be assigned from time to time by management.
   

 

 
  
 
         



 
 
   
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