The marginalisation of internal audit functions poses significant risks for business organisations, as highlighted by executives during the recent Audit Committee Institute Conference in Lagos. Internal auditors play a critical role in ensuring compliance, risk management, and the overall financial health of companies. However, many organisations overlook their importance, leading to potential vulnerabilities.
Esther Oluku, a prominent internal audit executive, stressed the urgency of this issue: "Neglecting internal audit functions can result in unchecked risks and financial mismanagement, which ultimately undermine stakeholder confidence." This sentiment reflects a growing concern among professionals who argue that a robust internal audit framework is essential for navigating today’s complex business landscape.
As organisations continue to evolve in response to market dynamics, the role of internal audit must be re-evaluated and strengthened. Stakeholders are urged to recognise the strategic value of internal audit, not merely as a compliance tool but as a vital partner in decision-making processes. Looking ahead, prioritising internal audit could enhance corporate governance and drive sustainable growth, benefiting both businesses and their stakeholders.
