AUDIT AND INVESTIGATIONS.

*Introduction *Audit programme. *Departmental Accounts. -Grants Account. -P.G. School Account -Goods and Services Account. -Internally generated Revenue Account. *Reporting format * Conclusions.

INTRODUCTION
• Meaning of Investigation.-It is the analysis and examination of accounts of an organization for specific purposes. The review and the examination may involve both financial and non financial information. In most cases , investigations are commissioned to gain an insight into the affairs of an organization to take some business decisions. Types of Investigations:
Purchase of business Purchase of shares in a company. - Participation in partnership - Practical fraud, suspected or actual.
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AUDIT PROGRAMME
• • • • • • • • • Before the commencement of audit investigation, the auditor must sit down and draw up his audit programme. You need to obtain terms of reference Determine the scope of the assignment. Determine your duties as an auditor in relation to the assignment. Obtain information from the University management with respect to the suspected or actual fraud. Examine all the books of account and documents. Carry out the summary of income and expenditure in the period to determine the actual cash flow. Compare the cash flow with the balance on hand and in the bank. Carry out a review of assets purchased during the period and make verification by inspection for actual existence.

DEPARTMENTAL ACCOUNTS
• Most of the departments and faculties in the University have : - Goods and services account.
Grants account. P.G School account Internally Generated revenue account. Other relevant accounts.

Examine all the books of account and documents. - Look for the commitment cards.

- From the commitment cards you can note the payment vouchers number and the allocations to that department . - Examine the payment vouchers, particularly assets purchased. * Did all the vouchers pass through Internal Audit scrutiny? * Fish out salary advances that have not been cleared. * Are the internal control procedures with respect to payment observed? * How about the e-payment . Compare the name on the Voucher with what obtains on the e-payment details. -

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Carry out the summary of income and expenditure in the period to determine the actual cash flow. Compare the cash flow with the balance on hand and in the commitment card. Carry out a review of assets purchased during the period and make verification by inspection for actual existence.

Reporting Format
The report of investigation should follow the following pattern: 1. Subject matter – The subject matter should be clear from the heading of the report. 2. Analysis and tables-Details of computations and tables should be an appendix to the report. 3. Reservation- The auditor should include any reservation he has or where there are doubts in his report. 4. Simple language- The language of the report should be simple. Technical terms used should be defined. 5. Conclusion- The report should summarize the recommendations and conclusion.

CONCLUSION
• Modern audit &investigation are carried out in a computerized environment and as such requires the use of CAAT’s. -Audit Command Language (ACL) - Interactive Data Extraction & Analysis (IDEA) - Structural Query Language (SQL)

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