The Internal Audit Unit was established in 1982 as an integral part of the Bursary Department. The Bursar deployed Accountants to actualise the audit functions.

The Unit was later upgraded to a Department under the Vice-Chancellor’s Office in 1989 during the administration of Late Prof. Peter Bodunrin the then Vice-Chancellor while Mr. B.F. Oso was the pioneer Head of Internal Audit Department.

The Department in Nigerian University system was upgraded to a Directorate in the Year 2000 i.e. to be headed by a Director.  This was supported by the recommendation of the Committee of Heads of Internal Audit Department in Nigeria Universities (CHIADINU) and the University Law.  The dream came to manifestation on the 22^nd of June, 2012 as the University Governing Council appointed Dr. K.O. Adekanmbi as the first Director and Sir. W. O. Adebayo as first Deputy Director. Dr K. O. Adekanmbi later pen down on the 21st of June 2021 after he had served the University meritoriously.

Sir Wiliams Olukayode Adebayo take up the mantle of leadership. A man of exceptional leadership values and qualities, under his watch the Directorate of Internal Audit has been performing excellently

The Directorate in a bid to achieve and to enhance efficient and effective audit service delivery segregated the Directorate into four divisions to be headed by Deputy Directors and eight units to be headed by Chief Internal Auditors as spelt out by the Directorate Organogram.

Professional Attributes Exhibited by Internal Auditors are:

Professional Attributes of Internal Auditor

Independence

Independence is an essential condition for ensuring that the work of the Internal Auditor must be free from any form of bias or influence and is in fact impartial. Internal Auditors, like External Auditors, hold independence as a goal. Although Internal Auditors cannot be disassociated from their employers in the eyes of the public, they seek operational and reporting independence.

Operationally, Internal Auditors of the University should be independent when obtaining evidence in the sense of being free from direction or constraint by the Management of the University. Their independence is enhanced by having the authority and responsibility to report to the Chief Executive Officer of the University. The Internal Auditor of the University shall have the right of access to the Financial and Accounting records, other relevant records and shall also be entitled to require from the Officers maintaining such records, information and explanations as he thinks necessary for the performance of his duties.

Objectivity

Objectivity in carrying out professional responsibilities is another attribute that is essential to ensure the credibility of auditing. Objectivity includes:

(i) Being independent in fact and appearance when carrying out audit engagements.

(ii) Maintaining an attitude of impartiality,

(iii) Having intellectual honesty.

(iv) Unbiased in his opinion

Proficiency and Due Professional Care

The quality of Internal Audit work relate to proficiency and due professional care.  The credibility and reliability of audit findings and recommendations rest on these two important attributes. Auditors are to apply knowledge, skills, and experience needed in performing Internal Audit Services. As a matter of general policy and practice, Internal Auditors should:

(i) Engage only in those services for which they have the necessary knowledge, skills, and experience.

(ii) Perform internal auditing services in accordance with the Internal Auditing Standards and other authoritative guidance.

(iii) Improve their proficiency, skills and effectiveness on a continuous basis to enhance the quality of their service

Confidentiality

The term confidentiality means and applies to all sensitive or restricted information. It relates to being privy to both information obtained from a Faculty or Unit during the course of audit and the results of the audit itself. These are privileged information. Internal Auditors, unless authorized by the Internal Audit Charter or required by law, should take care not to disclose any information obtained during the audit process.

When information is requested by third parties, including government they should be advised to approach the management of the University. Information obtained during the audit process should only be used for the purpose of the audit. Such information should not be used inappropriately for personal gain or in a manner contrary to the legitimate interests of the entity.

Internal Audit and Internal Control

The Internal Audit activities assist the University in maintaining effective controls by evaluating their effectiveness and efficiency and by promoting continuous improvement. Internal audit evaluates the adequacy and effectiveness of controls encompassing the University’s governance, operations, and information systems regarding the reliability and integrity of financial and operational information; effectiveness and efficiency of operations; safeguarding of assets; and compliance with laws, regulations, and contracts. Internal control involves everything that controls risk to in organization. The Internal Audit activity is responsible for ascertaining the extent to which operating and program goals and objectives have been established and conform to those of the University. Operations and programs are reviewed to ascertain the extent to which results are consistent with established goals and objectives to determine whether operations and programs are being implemented or performed as intended. Internal audit staff ascertains the extent to which management has established adequate criteria to determine whether objectives and goals have been accomplished.

The internal control is all of the policies and procedures that management put in place to achieve the following goals through the Internal Auditor:

• Safeguard University Assets: Well defined internal control protect assets from accidental loss, pilfering or loss from fraud
• Ensure the reliability and integrity of financial information: Internal controls ensure that management has accurate, timely and complete information, including accounting records, in order to plan, monitor and report organization operations
• Ensures compliance: Internal controls ensure the University system is in compliance with the appropriate Federal, State and Local laws and regulations and even the set up laws guiding the university community as a whole.
• Promote efficiency and effective operation: Internal control provides environment in which management and staff can maximize the efficiency and effectiveness of their operations

Accomplishment of goals and objectives: Internal controls system provides a mechanism for management to monitor the achievement of operational goals and objectives.