A SWOT ANALYSIS OF

DIRECTORATE OF
INTERNAL AUDIT AND
RECOMMENDATION FOR
PROPELLING WEALTH
CREATION FOR THE
UNIVERSITY

PREFACE
Before starting any planning or analysis process
there is need to have a clear and smart goal or
objective. What is it that you need to achieve or
solve? Ensure that all key stakeholders (relevant to
the issue being explored) buy into this objective or
goal.
Also, when conducting an Internal Audit, you may
find part of your organisation is not performing up to
the expectations. One of the tools that can help fixing
the situation is a SWOT analysis. This breaks the
problem down into specific strengths, Weaknesses,
Opportunities and Threats and can isolate ways to
inform strategic planning to rectify the poor Audit
results.

INTERNAL AUDIT DEFINITION

Internal Auditing is defined as an independent
appraisal activity within the organisation for the
review of operations as a service to management.
It is a management control that functions by
measuring and evaluating the effectiveness of
other controls.
Whereas Internal Control is designed as the
whole system of controls, financial and otherwise,
established by the management of an
organisation in order to carry out the business of
the enterprise in an orderly and efficient manner,
to ensure adherence to managerial policies and
directives, to safeguard the assets and secure, as
far as possible the accuracy and completeness of

SWOT ANALYSIS FRAMEWORK

Environmental Scan

Internal Analysis
External
Analysis
-Strengths
-Opportunities
-Weaknesses
-Threats

SWOT definitions
Strengths: These are internal factors that are
likely to have a positive effect on (or be an
enabler to) achieving the institutions objectives
Weaknesses: Internal factors that are likely to
have a negative effect on (or be a barrier to)
achieving the objectives
Opportunities: External Factors that are likely
to have a
positive effect on achieving or exceeding the
institutions objectives, or goals not previously
considered
Threats: External Factors and conditions that are
likely to have a negative effect on achieving the
objectives, or making the objective redundant or

INTERNAL AUDIT SWOT ANALYSIS

Strengths of Internal Audit are:
- Qualified and recognised members of
professional bodies of ICAN and ANAN.
- Decentralization of the office work for
effectives
and timelines.
- Support from the Chief Executive or
Management.
- Staff adaptable to change; positive
attitude.

Weaknesses of Internal Audit are:

- Staff attitude to work.
- No good computer system to work with.
- Lack of training to improve staff skills,
knowledge and capabilities.
- Ordering of goods not needed.

Opportunities of Internal Audit are:

- Establishment of procurement directorate.
- Educate stakeholders on internal audits role
and capabilities.
- Training of staff.
- Greater involvement in Universitys strategic
decisions

The Threats are:

- Improper description of materials or
items to be vetted.
- Wrong perception of audit work.
- Non adherence to policies initiatives
e.g. Budget and other control.
- Refusal to take audit advice e.g. on
consumables.
- Strike action.
- Lateness in retiring cash advances.

HOW TO CREATE WEALTH

- Reasonable cutting of cost and expense without
attaching an
emotion.
- Fee Drive to include Audit Directorate.
- Reduction of unnecessary overhead cost.
- Making use of data/bundles provided by the ICT unit
and compelling all staffs to be ICT compliant in other to
use e-mail for sending memos to reduce cost in support
of management in going paperless.
- Stable academic calendar.
- Centralisation of project binding for final year student.
- Collaboration with ENACTUS student to
commercialised their products.
- Empowerment of skill acquisition programme to train
outsider at low cost.
Planting of Tick and other economic value trees
because of the aesthetic value, wind breaker, prevention
of erosion as well as income generation.

CONCLUSION
In conclusion, Directorate of
Internal Audit is available to every
member of the University.
We are commissioned to do our
duties in fairness and in align with
University policies, principles and
precepts.
Internal Auditors are your
friends, be friendly with them to
move the University forward.

THANK YOU