The Auditor-General for the Federation, Shaakaa Kanyitor Chira, says Nigeria’s Audit system is gradually shifting from traditional compliance-based auditing towards performance, risk-based and technology-driven approaches, noting that reforms have led to tackling financial leakages and improving auditing processes.
Chira said the transition would enable Auditors to move beyond identifying breaches of financial regulations to assess whether public resources were deployed economically and efficiently and whether government received value for money.
The AuGF disclosed this yesterday while outlining ongoing reforms at the Office of the Auditor-General for the Federation (OAuGF) and the Supreme Audit Institution (SAI) of Nigeria.
On the impact of Audit, Chira said recommendations from the Office had contributed to changes in public financial reporting and the budget process.
He cited measures requiring Ministries, Departments and Agencies to prepare stand-alone financial statements for audit before consolidation, saying the approach strengthened the accountability chain and provided greater assurance over the quality of government financial information.
According to him, the effectiveness of an Audit should ultimately be measured by whether identified weaknesses are corrected and prevented from recurring.
“The real value of an Audit is not simply the amount identified in an Audit query, but the extent to which the findings lead to corrective action, stronger systems and better management of public resources,” he said.
He explained that the Office had continued to strengthen the capacity of its Auditors in International Public Sector Accounting Standards, statistical analysis, computer forensics and specialised Audit techniques.
Chira stressed, however, that the transition to technology-driven auditing required sustained investment in people, systems and institutional processes.
“The transition is not something that happens overnight. It requires investment in people, systems, technology and institutional processes, and that transformation remains a priority,” he said.
Chira said the Office was paying greater attention to communication, stakeholder engagement and the accessibility of audit reports while strengthening mechanisms for following up audit recommendations issued to Ministries, Departments and Agencies.
The AuGF said public resources must be regarded as a trust held on behalf of Nigerians, stressing that integrity, professionalism, independence and objectivity remained central to Audit.