An auditor, Mr Andrew Ogochukwu Onwudili has called for more focus on risk based auditing in public and private sectors in Nigeria.
Mr Onwudili, who is the Director of Audit, overseeing Office of the Auditor-General for the Federation (OAuGF), made the advocacy on Wednesday in Abuja at a book launch titled: “Risk Based Approach to Financial Auditing.”
The book, a 67-page book with 14 chapters that analysed topics such as types of audit risks, audit process for a risk based approach among others, was written by Mr Wasiu Akindele, a Director in the same office.
Represented by Mr Benjamin Angbo, a Director of Audit, Inspectorate of the OAuGF, he emphasised the importance of auditing to efficient service delivery.
“This book is very educative and timely as it will help young officers and auditors on risk based approach to financial auditing in our public and private sectors.
“It’s an auditors’ kit that every auditor should have as it will serve as a proper guide to writing your professional reports,” he said.
The author of the book, Mr Wasiu Akindele, noted that the book is a product of over 30 years of experience as an auditor in both his professional and civil service career.
He said the book focuses on a new area of auditing and would ultimately ensure more professional auditors and efficient service delivery in public and private sectors.
He maintained that the book will be very useful in the sense that it dwells on the meticulous examination of financial statements and in the process of examining it you are likely to come across some misstatements and how to mitigate them.
On the benefit to the nation, he said that auditors will be well armed before carrying out their assignment and this will ultimately lead to better accountability and transparency in public and private organisations.
Mr Akindele then stressed the need for professional auditors to explore new ways of ensuring value for money in government financial activities for the benefit of the nation.