Financial Audit Book Launch, Stakeholders Praise Author
A book, Risk-Based Approach to Financial Auditing, authored by Mr. Akindele Dolamu which was launched in Abuja drew praise from stakeholders who described the book as a handbook for academics, auditors and public officials.
Book reviewer, Professor Inuwa Musa-Fodio, Vice Chancellor of the University of National Accountants Association of Nigeria (ANAN), said the author’s chosen field is very unique.
Professor Fodio further said that the book presents a philosophical and logical sequence, the use of the International Standard for Supreme Audit Institutions which guides public sector auditing across the world.
“There are so many things that are unique about the book that I pointed out during my review, one is the fact that the area that was chosen by the author is a very unique area. author decided to carve out a niche for himself in this unique field.
“Another unique feature of this book is the philosophical and logical sequence in which the content has been organized. Just say you’re really getting into a hands-on auditing exercise, how to do that is what’s been detailed in this particular book.
“You will also see a unique feature of this book which, as I said, is the use of the International Standard for Supreme Audit Institutions which actually guides public sector auditing worldwide. Throughout the book you will see references made to these standards.
“It’s something very fantastic, in fact as an academic at the professorial level, it’s the first time I’ve seen a book using this size and writing like this.
“Another very unique feature of the book is that you see practical experience brought into the book, you can see someone writing with passion, originality, so you will see that the man really brought experience into the book, it’s not the kind of book you’ll find anywhere in the world where someone comes in and copies here and there and puts it together.
“It’s a book that comes from someone who has experience and you will see the experience in the book. So it’s the book that I have already recommended and will also recommend to audit schools, I recommend this book to those who teach auditing at all levels, it is good for the civil servant who wants to have basic knowledge about auditing.
The book launch chair, Senator Ibikunle Amosun, who was represented by Senator Tolu Odebiyi, representing Ogun West Senatorial District, praised the author for penning his thoughts.
He said the book comes at the right time as funds are lacking in the country and there is a need for proper auditing to ensure transparency in the functions.
“I would like to commend the author for putting his thoughts and knowledge on paper to impact society. This book is very fitting as it comes at a very critical time in the state of our country where there is has a shortage of funds and the country is challenged right now, and the normal way of auditing now has to be prioritized because we don’t have the luxury of having funds to go around and just do the regular audit.
“It’s very good that he did that and I congratulate him, I think this book will be useful for those who come up behind and even people in the financial industry and young people today,” said- he noted.
While expressing his delight, the author, Mr. Dolamu Akindele, said the book was born out of his belief that he should give back to society.
He said he encountered difficulties while writing, such as having to wake up at night and health issues from sleepless nights just to put his thoughts aside.
He said, “I’m so happy; having this caliber of people around me today gives me a lot of joy. I am a selfless person, all my life I want to give back to the society that cared for me. Now I feel satisfied to have done something important for society.
Speaking of the ledger, he said, “What sets this risk-based approach apart from others is that from the ledger to the tri-balance, pull balances from the ledger to ensure arithmetic accuracy of all tri-balance digits up to this point, is garbage in garbage. But when you get to the financial statements, you talk about billions and how would you feel, that an auditor that you appointed came into your organization and didn’t look at the millions or the billions that are in the financial statements but continue looking at spending N10,000? It’s risky.
“What opinion will he draw from such an activity? So, for a risk-based approach to financial auditing, we are looking at a situation where the auditor will review the control in place in the organization, review the financial statements, and check for any misstatements in the one of the components of the financial statements. and one that is relevant for that matter.
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