Internal Audit Practice from A to Z

Patrick Onwura Nzechukwu (Fmr. Odunze) was born in Jos, Plateau State of Nigeria, in 1969, of Igbo parents. He completed his primary education at Ndionyemobi Primary School, Oguta LGA, Imo State of Nigeria, in 1981. He completed his high school (secondary school) education in 1986. He earned a national diploma in accountancy from Federal Polytechnic, Bauchi, in 1990, and a higher national diploma in accoun-tancy from Yaba College of Technology in 1994. He qualified as a chartered accountant in 2001 from the Institute of Chartered Accountants of Nigeria and earned his master’s in business administration in 2002. He also earned certifica-tion in Oracle 8i Database Administration in 2002 and a certificate in computer appreciation in 1995. He started his work career in 1995 after completing the compulsory one-year National Youth Service Corps with Equinox Petroleum & Petrochemical Co. Limited. In 2002, he joined Continental Transfert Technique Limited (CONTEC Global Ltd.), an international consultancy firm for Nigeria Immigration Service’s Combined Expatriate Residence Permit and Aliens Card (CERPAC) project, as an assistant accounts manager. In 2003, he was appointed production manager in charge of a CERPAC production center. In 2004, he was appointed as an internal auditor. Later in 2005, he became the accounts manager in charge of all CERPAC branches, including the head office (admin). In 2010, he had a stint with Continental Shipyard Limited, a joint venture partner with the Nigerian Ports Authority, as the internal audit manager. It was while in this employment that the idea of writing a book in internal auditing was conceived. Later in 2011, he joined Hitachi/Green Circle Network Africa Ltd. as the group financial controller. He held this office until 2012, when he established his consultancy firm, Patrickonsult Limited. Nzechukwu is a good researcher with interest on filling gaps in trending global economic issues. This trait was demonstrated when he noticed that there was no textbook by a Nigerian on internal auditing, maybe because the emphasis has been on external auditing, which has legislative backing. At that time, corrup-tion has driven the economy almost into recession. Also, internationally, there was a high level of business manipulation by managements in advanced economies, particularly in the United States. These discoveries gave rise to the writing of the first textbook on internal auditing in Nigeria by a Nigerian. The book was struc-tured into two parts: the practice part and the study part. The practice part is being released first, and the study part will follow later. Nzechukwu has written an unpublished textbook on forensic accounting, Forensic Accounting, A Mirror to Financial Undercutting. Besides his professional accounting background, he also engaged in manage-ment consulting, with particular interest on the balanced scorecard (BSC) meth-odology. This prompted his research on and writing of an unpublished textbook on BSC, Balanced Scorecard, A Tool Achieving Vision and Mission Statements. Nzechukwu has written some articles published in LinkedIn, Facebook, ResearchGate, Academic.edu, and Global Research & Development Services (GRDS), including the following: 1. Enterprise risk management (ERM) and internal auditing (IA)—the case of dual change agents to eradicate corruption in Nigeria 2. Strategy and operational/process excellence transformation consultancy programs 3. Business intelligence for oil and gas, construction/manufacturing companies, SME and conglomerates, government agencies and NGOs, etc. 4. Balanced scorecard overview 5. DasukiGate, a case of zero level project management (PM) in the Nigerian military 6. Balanced scorecard (BSC): strategy clarification, implementation and perfor-mance management, etc. In furtherance to its consulting work and to fulfill its vision of assisting cor-porate entities attain Fortune company status, Patrickonsult Limited was incor-porated in 2012. The company is a partnership with some foreign firms to form a consortium of international firms. The consortium firm was established in pursuit of the vision of assisting corporate entities in Nigeria to attain Fortune company status through service delivery and training in corporate governance, risk manage-ment and compliance, strategy, and operational transformation excellence, among others. It organizes training and certifications on BSC, Lean Six Sigma, big data predictive analytics, net promoter score, leadership development, and project man-agement, among others. The consultancy specializes on the strategy and process excellence transformation domain.

Introduction. Internal Audit Procedure. Internal Audit Charter. Managing the Internal Audit Function (Iaf). Internal Audit Practice Layout. Internal Audit Documentation and Reporting. Internal Audit Peer Review. What the Standards Say. Internal Control Checklist.