Selected internal auditors will participate in a five-day training programme in Ikeja called “Revenue Systems Audit Champions,” thanks to a contract the Office of Internal Auditor has with the University of Calgary in Canada.
At the opening ceremony on Monday, Dr. Oyeyemi Ayoola, the Special Adviser to the Governor of Lagos State on Internal Audit, gave an explanation of the training’s rationale. He said that the training’s purpose is to expose selected Internal Auditors in service to international standards and procedures for auditing electronic revenue collections and revenue management.
The Special Adviser insisted that the State Government must increase its non-tax internally produced revenue in order to meet the demands of Lagosians for a high standard of living and to continue implementing the THEMES Plus developmental agenda of the current government.
She claims that the employment of auditors by the Lagos State Government will help the government prevent revenue leaks, lower the risk associated with revenue collections, and eventually work with other stakeholders to increase non-tax IGR from 18% to 40%. This will free up more funds for projects that will improve the security, health, and education sectors of the Lagos economy, ultimately improving the general standard of living for Lagos residents.
She also said that the training programme covers sophisticated systems revenue auditing methods, emphasising the non-tax revenue collection cycle, and equips internal auditors with the auditing instruments they need to handle intricate financial and revenue management systems.
“The partnership between Lagos State and the University of Calgary is evidence of our commitment to cultivating an international alliance that will support the economic expansion and sustainability of the same in Lagos,” the speaker stated. By means of this collaboration, Lagos State has established itself as a leader in cutting-edge financial tactics, capitalising on global proficiency to optimise its earnings prospects.
It is anticipated that the cross-cultural sharing of expertise will enhance the training programme by giving auditors a global perspective on financial compliance and non-taxable revenue management. She revealed that the joint training initiative also opens avenues for knowledge exchange between internal auditors in Lagos and their counterparts in Canada.
Dr. Ayoola said that although internal auditors are expected to perform both preventive and corrective duties in auditing, the training will emphasise strict adherence to applicable standards of revenue collections from revenue payers while closing any loopholes in the revenue collection cycle system that are found.
As revenue production precedes expenditure, she advised the state’s compliance officers, the auditors, to refocus their attention from primarily auditing expenditures to auditing revenues.
Speaking to participants at the workshop, Mr. Abdukabir Ogungbo, Special Adviser to the State Governor on Taxation and Revenue, said that the goal of the programme is to make sure that non-taxable revenue rises dramatically, enhancing the State’s financial capacity.
In order to guarantee that the State is in the forefront of upgrading its internally generated revenue for developmental reasons, he hailed the collaboration project with the University of Calgary, Canada, as a positive development for the State Government.
The Office of Internal Audit’s Permanent Secretary, Mrs. Kikelomo Dawodu, FCA, asserted that in order for the State to continue developing its infrastructure, it must have enough money, which means it must increase its non-tax internal revenue.
She added that the training will introduce participants to various strategies for closing detected gaps using cutting-edge technology, enabling the auditor to spot mistakes and fix them right away. She stated that the auditing of Lagos State’s revenue system is focused on stopping leaks.