Introduction

The Internal Audit of the Federal University of Agriculture, Abeokuta is an active and integral part of control put in place by Management to forestall and enforce all the instituted controls and ensure compliance to all financial regulation requirements of the Federal Government.

The Unit metamorphosed into a Directorate in the year 2010 and since had two Directors to date. The head of the Directorate has always been a fellow of the (Institute of Chartered Accountants of Nigeria) and is directly responsible to the Vice-Chancellor. There are twenty-six (26) auditors in the Directorate amongst which fifteen (15) are qualified professional Accountants.

The Internal Audit is saddled with the responsibility of vouching and verifying all purchases of goods and services into the various sections of the University, evaluating and ensuring total compliance with Council’s directives, management guidelines, and directives of the National Universities Commission, Gazettes, extant circulars and Financial Regulations of the Federal Government.

Vision

To be a leading Internal Audit Department among Nigerian Universities in enhancing adequate and efficient Internal Controls in compliance with all relevant statutory regulations and extant laws. Providing an up-to-date advisory service to Management.

 Mission

• To uphold the integrity and transparency policy of the Management in line with the University tripodal mandate and statutory regulations of the Federal Government;
• To provide independent assurance services which will enhance the overall Internal
• Controls and reduce risk to the barest minimum.

Activities

1. The sensitisation of the University community on the expectations of the Directorate;
2. Defining and describing the regulatory environment of the Directorate;
3. Highlighting the audit processes and procedures.
4. Safeguarding the assets of the University.

Functions

1. Ensures 100% prepayment audit of all financial activities/transactions of the University;
2. Ensures due diligence in all University’s financial transactions and price intelligence monitoring procedures;
3. Ensures compliance with all statutory regulations and University policies;
4. Ensures adequate security of all fixed assets as contained in the asset registers;
5. Ensures that the University is secured against fraud, waste, and other avoidable losses;
6. Ensures that all payments are properly authorised and procedurally correct;
7. Provides a complete and continuous audit of accounts and records of receipts, payments, and stores;
8. Reviews continually the internal control systems applicable to different departments and colleges within the University with a view to ensuring that the controls are adequate, relevant, and are strictly adhered to;
9. Gives an up-to-date report on the financial and non-financial activities of Colleges, Departments, Directorates, Centres, and Units of the University to Management for proactive measures;
10. Ensures that due process is followed in the awarding of contracts and verifying whether the contract in question passed the three tests of due process namely:
    • Process is Right
    • Winner is Right
    • Cost is Right
11. Helps the Management to reduce risk through investigation and System Audit.

Operational Manuals Of The Directorate

1. Audit Plan/Programme of works for each year prepared by the Directorate and approved by the Vice-Chancellor;
2. Uniform Internal Audit Manual for Nigerian Universities produced by Committee of Heads of Internal Audit Department/Units in Nigerian Universities;
3. Internal Audit guide from Audit Monitoring Department of the Office of Accountant General of the Federation;
4. Federal Treasury circulars and relevant extant laws
5. Financial Regulation of the Federal Republic of Nigeria.

Structure

The Directorate has been structured into Units for effectiveness and efficiency. The Units are:

• Budget and Expenditure Control;
• College Finance Audit;
• Treasury and Post Payments;
• Payroll and Staff Matters;
• Investment and Cost Centres;
• Price Intelligence and Monitoring;
• INHURD and Special Audit.