Governance problems killed old Nigerian companies, says Institute of Internal Auditors president

Uduak Nelson, president of the Institute of Internal Auditors (IIA), says governance problems killed old Nigerian companies.

Speaking at a press conference on Tuesday, Uduak said Nigeria would have had indigenous companies within the leagues of Cadbury and Nestle if internal auditors played their parts.

“Internal audit is crucial to organisational survival. It will proactively see risks coming and prepare for how the organisation will respond to it,” he said.

“This is because they have a view of every aspect of the business, they will be able to detect where there are weaknesses, whether it is in governance that will lead to the eventual collapse of the business.

“They look at the internal control structure and how effective their work is. When these things are not resolved, you cannot guarantee organisational sustainability.”

Uduak said the upcoming annual conference will be targeted at “providing cutting edge and up to date insights that participants could implement to position their internal audit functions as truly trusted and indispensable advisers to their organisations.

“We want to let internal auditors know that they have a key role in helping companies exist.

“The conference is not just for internal auditors, it’s for everyone who wants to run a sustainable business.”

The conference, which is themed ‘Advancing Internal Audit in a Disruptive Landscape’, will hold at the Oriental Hotel, Lagos between September 27 and 28.