Stakeholders Seek Global Audit Standards To Boost Governance

Stakeholders in Nigeria’s governance and corporate oversight sectors have called for the adoption of globally recognised internal audit standards to enhance accountability, improve compliance systems and strengthen organisational integrity in public and private institutions.

At a knowledge-sharing and advocacy session with internal auditors in Abuja, the chairman of the House Committee on Anti-Corruption, Hon. Kayode Moshood Akiolu, emphasised that stronger internal monitoring systems are crucial to Nigeria’s anti-corruption efforts.

He described internal auditors and compliance officers as “critical actors” in safeguarding organisational systems and preventing unethical practices.

Akiolu, who represents the Lagos Island II Federal Constituency, said his experience working with multinational organisations reinforced the central role of internal monitoring in improving service delivery and organisational credibility.

“I have worked with different multinational companies, and this was the first time I realised how vital internal monitors are to the development of any sector. Nigeria is not satisfied with the current state of affairs. We want to improve the quality of our products and services, and internal monitors have a much Lagos Island II Federal Constituency, noted that his experience working with multinational organisations reinforced the central role of internal monitoring in improving service delivery and organisational credibility.

“I have worked with different multinational companies, and this was the first time I realised how vital internal monitors are to the development of any sector. Nigeria is not satisfied with the current state of affairs. We want to improve the quality of our products and services, and internal monitors have a much stronger role to play even before external oversight comes in,” he said.

The president and board chairman of the Institute of Internal Auditors (IIA) Nigeria, Mr Mmaiye Simon-Jude, described this year’s theme, “Identifying and Assessing Risks” as timely, given the increasing complexity of financial, operational and cyber risks faced by institutions. He said that internal auditors must continuously update their skills to provide assurance on the strength of their organisations’ control environments.

“It is important for auditors and the organisations they support to benefit from improved knowledge of risk identification, assessment and mitigation. A strong control environment builds resilience, strengthens governance and contributes to a better society,” he said.

Also, the interim chief executive officer of IIA Nigeria, Mr Don Umeha, said the event formed part of the institute’s long-term strategy to deepen professional capacity in the internal audit profession.

“Our focus is to ensure that when an organisation has an internal auditor, the management can sleep with their two eyes closed. Internal auditors identify risk areas, prevent things from going wrong, and recommend procedures that mitigate risks,” he said.

The chief internal auditor of the Abuja Electricity Distribution Company (AEDC) and board member of IIA Nigeria, Mrs Irene Nwankwo, urged internal auditors to adopt the Global Internal Audit Standards (GIAS), describing them as the audit profession’s equivalent of IFRS for accountants.

“These are our standards. They provide global guidelines on how to identify, assess and respond to risks. As developers and trusted advisers, you must always look at both sides of the coin,” she said.