Event Round-up: Unpacking the Public Audit Process in Nigeria I Agora Thursday New Dispensation 6/6
Key speaker Olusegun Elemo I Date: 13th July, 2023
- The public audit process in Nigeria operates under the guidance of the Constitution of the Federal Republic of Nigeria, the Audit Act of 1956, and the Nigerian Standards on Auditing (NSAs).
- Olusegun Elemo shed light on the responsibilities of the Auditor-General in conducting public audits, with a primary goal of ensuring the accuracy and reliability of financial statements.
- Despite its importance, the public audit process faces formidable challenges, including limited funding, legal ambiguities, a shortage of auditors, lack of cooperation from management, and corruption.
- Addressing these challenges is vital to improving the accuracy and reliability of financial statements and bolstering financial transparency in Nigeria.
In a recent space series conversation on #AgoraThursday, we had the privilege of delving into the intricacies of the public audit process in Nigeria. The event, held on July 13, 2023, featured speaker Olusegun Elemo, who provided valuable insights into the challenges and complexities surrounding this essential mechanism for financial accountability and transparency.
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