Internal auditors are critical stakeholders needed by organisations to realise their set goals and sustainable growth, the Managing Director/CEO Coronation Merchant Bank Limited, Abubakar Jimoh has said.
Speaking at the 37th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos recently, Jimoh, who spoke on the theme: “Internal Audit: Defence, Advisory and Consulting,” said companies that focus on excellence always ensure that their Internal Audit Departments maintain global standards in process and resource considerations.
He cited the Institute of Internal Auditors (IIA) position that internal auditing as an independent, objective assurance and consulting activity meant to add value and improve an organisation’s operations.
He added that the internal auditing brings systematic, disciplined approach to evaluation and improvement in the effectiveness of risk management, control, and governance processes.
“This definition of internal audit provides comprehensive guidelines for the framework of internal audit and should be a critical reference point in formulating the complete internal audit approach. “The internal audit activity must be free from interference by any influence that hinders the progress of work, including matters of audit selection, scope, procedures, frequency, timing, or report content to permit maintenance of a necessary independent and objective mental attitude,” Jimoh, who was represented by the bank’s Executive Director, Enterprise Mrs. Onome Komolafe said.
Continuing, he said internal auditors must exhibit the highest level of professional objectivity in gathering, evaluating, and communicating information about the activity or process being examined. Internal auditors must make a balanced assessment of all the relevant circumstances and not be unduly influenced by their own interests or by others in forming judgments.
Also speaking, ACAEBIN Chairman, Abiodun Aderoju, commended Coronation Merchant Bank Limited, which hosted.
He disclosed that ACAEBIN formerly known as Committee of Chief Inspectors of Banks and Discount Houses in Nigeria (CCIBN) has been in existence for over 20 years and has been promoting interaction among CAEs.
“It also seeks to promote competence, ethical standard and professional behaviour amongst member organisations, while also building a common front in the fight against fraud in the industry,” he said.