AOCOED Provost warns internal auditors in tertiary institutions to work with management to check fraud.
The increasing growth of internet and e-payment frauds in the nation has been identified as the biggest threat to the performance of internal auditors in the nation’s tertiary institutions.
The Provost of the Adeniran Ogunsanya College of Education (AOCOED), Oto/Ijanikin, Lagos, Mr. Olalekan Bashorun made this known recentl y , while addressing the participants during the Opening Ceremony of the 16th Annual General Meeting of Committee of Head of Internal Audit Directorates in Colleges of Education (CHIADINCOE) recently.
The Provost represented by the Deputy Provost of the College, Mr. Wole Ajose, said that there was need for Internal Audit in Colleges of Education across the country to play a key role in working with Administrators, Management, Council and other stakeholders to establish stronger corporate governance so as to attain resulting benefits in terms of organizational performance and effective management of internal controls.
According to him, there is growing interest among institutions of higher education, to enhance risk management through better controls of internal checks, processes and procedure, and it has become necessary to promote the importance of accountability among all professionals.
The provost said that the process of measuring and evaluating the continuous effectiveness of internal controls system to ensures that various polices put in place by the management are strictly adhered may be one of the surest ways to improve the global competitiveness quality in our Colleges.
He therefore challenged the auditors to take a proactive measure that would strengthen the quality of educational services, provide the superficial changes and revamp the quality of education which to him “is nose-diving.
In his opening remarks, the Internal Auditor of AOCOED, Mr. Nathaniel Eluwande said “one of the purposes of the committee is to allow for the coming together of the various Heads of Internal Audit in all Colleges of Education in Nigeria, to discuss issues that have to do with internal controls for the day to day administration of our Colleges”.
Earlier, the Chairman of CHIADINCOE and Director Internal Audit, College of Education Akwanga, Nasarawa State, Mr. Barnabas Abudu stated that auditors were saddled with the responsibilities to make regulatory chains to enhance supervisory oversight of risk management and ensure internal control measures in Colleges of Education.
“The recent global financial crisis exposed a number of governance issues that resulted in educational institutions failures in Nigeria” he said.
He however appealed to the management of the various institutions across the nation for maximum cooperation that would enable these professional members to expresses their opinions in the financial activities of their Colleges.