J.O. Oluyori, MBA, M.Sc, FCA, CISA

J.O. Oluyori, MBA, M.Sc, FCA, CISA

Head of Internal Audit

Internal auditing is a systematic objective appraisal by internal auditors of the diverse operations and controls within an organization. It is a managerial control which function by measuring and evaluating the effectiveness of internal control systems in an organization.

The Internal Auditors carry out objective assessment of evidence to provide an independent opinion or conclusion regarding a process, system or other subject-matter.

The objective of internal audit is to;

  • Determine whether financial and operating information is accurate and reliable
  • Ensure that risks to the organization are identified and minimized
  • Ensure external regulations and acceptable internal policies and procedures are followed
  • Ensure satisfactory operating criteria are met
  • Ensure resources are used efficiently and economically and
  • Ensure the organization’s objectives are achieved.

Internal auditing function in any organization is similar to that of watchdog function. However, in the face of recent economic reforms of the Federal government, the functions of Internal audit of government establishments are being reviewed and modernized to enhance the use of Information Communication Technology (ICT) to ensure risk-based audit by paying attention to issues that are fundamentally important to the survival and prosperity of an organization.

The emphasis of modern day internal audit is focused on the risk analysis which serve the following purposes among others

  1. It helps in identifying risk and threats to an organization assets that would need to be addressed by the management.
  2. It helps the auditor in his /her evaluation of controls in audit planning
  • It assists the auditor in determining audit objectives
  1. It supports risk-based audit decision making


At the Institute of Agricultural Research and Training (IAR&T), the Head of the Internal Audit report directly to the Executive Director and enjoys unfettered support of the CEO for optimal performance. The internal audit functions of the Institute are currently being computerized to ensure conformity with the best practices. The unit is divided into four sections for effective performance and monthly manpower development programme is being carried out to keep abreast of the latest developments in the accounting world. The sections in the unit include;

  • Financial Records Section
  • Outstations and Externally Funded Section
  • Inventory and Advances Section
  • IGR/Price Monitoring Section

These sections are manned by highly seasoned and resourceful personnel. The Internal Audit of IAR&T currently carries out the following types of Audits among others to enhance the achievement of the objectives of the department;

  1. Compliance Audits: This involve adherence to specific regulations and management directives
  2. Financial Audits: This is to assess the accuracy of financial reporting by carrying out detailed substantive testing. This kind of audit relates to financial information integrity and reliability.
  3. Operational Audits: This is to evaluate the internal control structure in a given process or area.