Leverage Your Expertise, Devise Strategies For Better Resource Management In Nigeria's University System-LASU VC Charges Auditors - EDU-BIZNEWS


Thursday, November 16, 2023

Leverage Your Expertise, Devise Strategies For Better Resource Management In Nigeria's University System-LASU VC Charges Auditors


Members of the Committee of Heads of Internal Audit Department/Units in Nigerian Universities (CHIADINU) have been charged to always leverage their expertise and devise strategies for better resource management in the university system

Vice Chancellor of Lagos State University, Prof. Ibiyemi  Olatunji-Bello, gave the charge during the opening ceremony of the 36th National Conference and Annual General Meeting of the body held at the Conference Room, African Centre of Excellence for Innovative and Transformative STEM Education (ACEITSE) Building, main campus, Ojo, Lagos.

University managers according to her,  need all the resources at their disposal to overcome the economic uncertainties that have put unbearable strains on their lean resources.

The Vice Chancellor, who was represented by the Deputy Vice Chancellor, Academic, Prof. Olufunsho Omobitan, averred that auditors of organisations must ensure that its financial system operates following the highest standards of integrity, which is crucial for effective risk management. 

The 5-day conference has its theme  "Governance, Risk Management and Compliance: Issues and Insights for University Internal Audit"

Her words, "..at LASU, our auditors scrutinise our books and ensure we comply with the laid down policies and procedures that are globally acceptable. By addressing governance, risk management, and compliance issues, university auditors help promote accountability, minimise wastage, and protect the reputation of our institutions."

Earlier , the Professor of Physiology had  stated that Lagos State University regards its auditors as an indispensable stabilising force in the management of the university's finances at this period of challenging economic malaise in Nigeria.

The Director, Directorate of Internal Audit, LASU and Chairman, CHIADINU, Mrs Margaret I. Ogunkoya, in her address described "Governance, Risk Management and Compliance (GRC)" as a framework that enables institutions (public and private) to align their strategies, objectives and operations with regulatory requirements and industry best practices. 

According to her, “Effective GRC practices can help organisations build trust with stakeholders, enhance reputation and improve overall business performance. A well-planned GRC strategy with an integrated approach goes a long way in helping institutions manage risk and maintain their integrity”.

The Auditor-General, Lagos State, Mr Moshood A. Adewuyi was represented by Mrs Olufunmilola R. Coker, and stated in his good will message that the role of internal auditors cannot be overemphasised in any organisation be it private or public as they are indispensable in ensuring compliance with extant financial rules and regulations leading to the internalisation of processes and procedures in the application of resources.

The Chairman, Lagos State Audit Service Commission, Mrs Oluwatoyin A. Adegbuji-Onikoyi, in her goodwill message, affirmed that good governance and auditing have a close relationship as auditing plays a crucial role in ensuring good governance by ensuring compliance, transparency and accountability of public funds, examining financial statements, assessing internal controls and identifying areas for improvement. “Their work help promote transparency and integrity in organisations, which are key components of good governance” she said.

Lead Paper Presenter, Mr Abayomi Abiona, while delivering his paper on the theme of conference, highlighted the roles of internal auditors which is to educate, make recommendations to management and the board of directors, to support the organisation in meeting it's goals, objectives and in fulfilling these responsibilities, internal auditors must demonstrate professionalism, objectivity, knowledge, integrity and leadership.

The opening ceremony was well attended by the University Management, members of staff of Lagos State University, and delegates from other universities in the country.

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