Pioneer President and Chief Executive Officer (CEO), Society for West African Internal Audit Practitioners (SWAIAP), Noble Patrick Nzechukwu, has lamented the inability of policymakers to carry out reforms in internal audits practices.
He said it is a deliberate act to continue to perpetuate the existing lacuna in the audit profession.
Nzechukwu said this at the second induction and awards of the society, which took place in Lagos.
Themed, ‘Internal Auditing, Tool to Effective Risk Management, Governance, Control and
Compliance and a Panacea to Hydra-headed Corruption Menace’, the event featured training, an interactive session and an award ceremony. Sixteen people received fellowship awards, seven, honorary fellowship awards and 14, certified inductees. Three associates were inducted while two academic excellence awards were conferred.
Some of the topics considered include ‘sustaining internal controls, risk management and business continuity in the public and private sectors among others.
According to Nzechukwu, internal auditors are key agents in preventing corruption and ensuring compliance in both public and private organisations to relevant laws and policies.
He highlighted some of the challenges of the internal auditor to include the lack of internal audit education and training.
“Accounting background has been seen as the most important requirement for entry into internal auditing work. However, such a requirement does not provide internal auditors with the knowledge of adequate analytical tools necessary for carrying out professional responsibilities as internal auditors,” he said.
