INTERNAL AUDIT UNIT
The Internal Audit Unit of the Agency is made by an Auditor from the Central Internal Audit Unit under the Governor’s Office and report directly to the Executive secretary who is the accounting officer of the Agency.
The Unit is saddled with responsibilities of providing assurance of effective risk management; internal control and to report the overall governance process to the management.
ACTIVITIES AND BUSINESS PROCESS OF THE UNIT
INTERNAL CONTROL EVALUATION
- The Audit unit periodically carried out Internal Control Evaluation by Examine the existence of internal control measure to determine the adequacy of the existing controls for prevention and early detection of fraud and ascertain if existing controls are fully complied with through self-assessment, review and internal audits.
- The Internal Audit Unit takes (i) Records and assigned internal audit control number on payment vouchers forwarded for audit. (ii)Check vote books for proper classification and control. (iii) Ascertain proper preparation of the payment vouchers. (iv) Examine the attachments to ensure proper authorization and valid documents backing the payment and Conduct physical inspection of all item purchased
- Procedures to ensure proper accountability are exercise by the Internal Audit Unit on all items of procurement. Store Verification is regularly carried out, Tally cards; Store receipt vouchers, Store Issue vouchers, Invoices, Store Ledger and other registers are critically examined and physical inspection of all item delivered is taken by matching balances on the records with physical balances as well as checking of the receiving, recording storage and maintenance.
VERIFICATION OF OFFICE FURNITURE AND EQUIPMENT
- Asset Register, Inventory Cards, and Maintenance Register are checked bi-annually to ensure that asset register is maintained and that inventory cards are hung in each office and all items of office Furniture and equipment are serially labeled and properly represented in the asset register and inventory cards.
INSPECTION OF OFFICIAL VEHICLES
- Physical inspection of the official vehicle is carried out quarterly and Vehicle Maintenance register, vehicle files, and other statutory records are obtained for verification on a quarterly basis.
POST PAYMENT AUDIT
Paid vouchers are examined to ensure that
- All payment vouchers are properly receipted and retired.
- Approved sums are used for the payment which they were meant for and
- Ensure that all paid vouchers were stamped…PAID.
- All statutory deductions are duly taken into account.
CONDUCT TEST ON THE BANK RECONCILIATION STATEMENT.
- The Internal Audit obtain Bank Reconciliation from the Account Directorate In respect of all bank accounts maintained and confirm the correctness of the reconciliation statement by checking the cheque stub, confirmation letter, cash books balances, List of un-presented cheques and all credited lodgements are cross-referenced to ascertain the correctness of the bank reconciliation statements and early detection of unauthorized transaction if any.
STAFF AUDIT EXERCISE
- Staff Audit is carried out monthly to ascertain actual existing staff of LASTVEB, to minimize the existence of ghost names on the payroll and ensure the correctness of the nominal roll.
Staff Audit memo is written out to the entire departments/units by notifying them of the date of the exercise and Audit requirement. Staffs are physical sighted for audit clearance after vouching through the necessary documents such as Letter of Appointment, Confirmation Letter, Last promotion Letter, evidence of change of name etc
MONTHLY REPORT OF THE OVERALL GOVERNANCE PROCESS TO THE MANAGEMENT AUDIT
- Collations of all the Audit Activities for the month are reported in an apparent language to the Accounting Officer and copy the Director CIAD for information and necessary action/directive.
Staff in the Department
- Mr. Atitebi F. Adetunji
- Mr Owolabi Saliu Babatunde