Internal Audit Department

FUNAI Internal Audit Department was set up in 2012 by the Management of Federal University, Ndufu-Alike, and Ikwo to provide a complete and continuous audit of the accounts and records of revenue and expenditure, assets, allocated and unallocated stores of the University.

In addition to exercising its core mandate of providing a complete and continuous audit of the accounts and records of revenue and expenditure, assets, allocated and unallocated stores of the University, which are in line with Section 1701 sub-sections (i) and (ii), of the Federal Republic of Nigeria Financial Regulations (as revised in 2009), the Department performs amongst others the following duties:

• Maintenance of adequate checks against fraud and misappropriation of assets;
• Verification of assets and liabilities at regular intervals;
• Examination and constant scrutiny of all system of authorization of payment to ensure adequate control of expenditure;
• Ensuring that various policies as put in place by the Management are strictly adhered to;
• Ensuring that information required by the Management for effective performance is reliable, complete and timely;
• Conducting periodic examination of internal checks to ensure accuracy and efficiency;
• Reviewing accounting system and related internal controls;
• Examination of financial and operational information for management, including detailed testing of transactions and balances;
• Reviewing the economy, efficiency and effectiveness (Value for Money Audit) of operations and functioning of both financial and non-financial controls;
• Conducting special investigations; and
• Any other related functions as may be assigned by the Chief Accounting Officer