The Roles of Internal Audit at Ensuring Value for Money in Higher Education Management in Nigeria- A Desktop Perspective

Abstract

The roles played by internal audit at ensuring adequate value for scarce financial resources of higher education in Nigeria cannot be over-emphasized. This paper therefore examined the roles played by internal audit unit of tertiary institutions in Nigeria adopting desktop research approach. The primary objective of this study is to x-ray these roles and see how internal audit ensures judicious utilization of public funds in the higher educational subsector in Nigeria economy. The study therefore concluded that the roles played by internal audit unit in the higher institutions in Nigeria were geared towards ensuring value for money. It was recommended that in order to have commensurate value for money in higher institutions in Nigeria, all hands must be on deck to ensure accountability, transparency, probity by the Accounting officers and the needs to eschew waste and extravagance were also recommended.

Keywords: Internal Audit roles, value for money audit, higher education.