The Internal Audit Unit was established in July, 2002 with the appointment of Mr A. J. Patunola (Auditor 1) as head of Unit. In January 2005, Mr Tunde Adesina joined the Unit as Auditor 1. Today the staff structure of the Audit Unit is as detailed below.
(a) Staff and Staffing
(i) Mr A. J. Patunola (Chief Internal Auditor) – July 2002 to date
(ii) Mr T. Adesina (Auditor I) – January 2005 to July 2010
(iii) Mrs Esther Ogunleye (Auditor II) – 2 July, 2010 to date
(iv) Mr S. O. Adeniji (Auditor I) – 2 December 2011 to date
(v) Mrs Adebukola Olapade (Auditor II) – 1 March, 2012 to date.
(b) Functions and Duties At inception, the functions of the Internal Audit were limited to vouching of payment vouchers (Pre-payment Audit), physical verification of store items and other items delivered by suppliers (when necessary), monitoring activities at construction sites and supervision of financial activities as it relates to direct labour contracts.
With the expansion of the University, the Unit in its bid to meet up with the emerging challenges was reorganized and now performs series of activities aimed at policing the policy of the Main Campus Iwo; the Pre-Degree School, Osogbo; and the Teaching Hospital, Ogbomoso. In these three locations, the following activities are paramount.
Daily monitoring of office imprest
Monthly review of treasury activities
Monthly post payment audit
Monthly monitoring of Bank Reconciliation function
Monthly vouching of Salaries & Wages Quarterly monitoring of Student Fees
Daily prepayment audit
Occasional indexing of assets (University properties)
Occasional visits to construction sites
Occasional taking delivery of store, library, hospital and other items
Occasional overseeing of the activities of Bowen University ventures i.e. Cleaning, Water Factory, Cafeteria, Guest House etc.
The Audit Unit is generally responsible for carrying out independent and continuous appraisal of all operations under management control and also to review and report their findings to the management objectively. These include:
The soundness, adequacy and application of those controls.
The extent of compliance with established policies, plans and procedures.
The extent to which the organization’s (Bowen University) assets and interests are safeguarded from losses due to waste, fraud, and / or inefficiency.
The suitability and reliability of financial and management information.
The Unit has been able to achieve all the above to an appreciable level and management is duly informed of its critical findings and recommendations for appropriate actions.