From Adanna Nnamani, Abuja

It was an economic summit of some sort when experts, businessmen, legislators and other professionals gathered at the Shehu Musa Yar’Adua Centre, Abuja, last week, for the launch of a book, “Risk-based Approach to Financial Auditing.” It was authored by Mr. Wasiu Dolamu Akindele, Director of Audit, Office of the Auditor General of the Federation (AuGF), Abuja.

The book was applauded as one of the best-published works that would help accountants, auditors and other actors in the business ecosystem increase their knowledge and operational capabilities. It would also help auditors identify high risk areas, either in private or public organisations, that should be areas of focus.

Chairman on the occasion, Senator  Ibikunle Amosun, hailed the author for condensing his over 30 years knowledge in business and economy in a book form to nourish readers’ minds and ultimately impact positively on the nation:

“A lot of people go through life having had the opportunity to gain all the knowledge, the experiences and exposure but they don’t have the opportunity to pen down some of their thoughts. As I am made to understand, this is not the first, this is about the third book he has written.

“This one is very apt because it is coming at a very critical time or stage of our country when there is scarcity of funds and the country is challenged at the moment. The formal way of auditing needs to now be prioritised because we don’t have the luxury of funds to be going around and just doing the  normal auditing.

“There is a need to work together to identify the high risk areas either in private or public organizations that auditors can focus on.”

Senator Amosun was represented by Senator Tolu Odebiyi.

The book reviewer, Professor Musa Fodio, who is also Vice-Chancellor, ANAN University, Plateau State, described it as unique, knowledge-packed and essential for all who are interested in learning or teaching the basics of financial auditing:

“Risk-based approaches, especially in the public sector, are rare to find. The author has made a very serious mark as far as knowledge in this area is concerned.

“Another unique feature is the philosophical and logical sequence in which the content has been arranged. You will see that you are really going into a practical audit exercise. How to do it is what has been itemized in this book.

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“You also see a unique feature in the use of the international standards for supreme audit institutions which are the standards that actually guide public sectors all over the world.  I think it is something that is very fantastic.

“As an academic in the professorial level, this is the first time I am seeing a book really utilising a write-up like this. Another unique feature is that you see some practical experience brought to bear.

“It is not the type of book that you find anywhere in the world where someone just goes in and copies from here and there and put together.

“It is, therefore, a book I am recommending to those teaching auditing at all levels, whether undergraduate or postgraduate. It is also good for public servants who want to have basic knowledge of auditing.”

The author, Akindele, said he was driven by the desire to share his knowledge and leave a lasting legacy: “All my life, I want to give back to the society that groomed me up. All that I am doing is to leave a legacy behind after I am gone. If I die today, what will society say about me? They may not know, but God will say ‘my son you have not done that which I sent you to the world to do.’

“One  of my biggest challenges was waking up at night and leaving my wife all alone to write. It was a challenge for me even though my wife never saw it as a challenge.

“Aside from that, it impacted my health too. At times, I don’t have to sleep for hours at night although, when I wake up the next day I feel fulfilled that I have done something that is important to the society.

“Honestly, I am so happy and I don’t know how to express it. The Lord has been on my side even from my youthful age. To have this caliber of people around me today gives me a lot of joy.

“What makes this risk-based approach distinct from others is the fact that from the ledger to the trial-balance, extract balances from the ledger to ensure Arithmetical accuracy; for all the figures in the trial balance up to that stage, is garbage in garbage out. But when you get to the financial statement, you are talking of billions.

“How would you feel, that an auditor you appointed came to your organisation and did not look at the millions or billions in the financial statement but kept looking at the expenses of N10,000? It is risky. What opinion was he going to generate from such activity?

“So, for risk-based approach to financial auditing, we are looking at a situation whereby the auditor will examine the control in place in the organisation; will examine the financial statement and check whether there are misstatements in any of the components of the financial statements and the relevant one for that matter.”