Department of Internal Audit
(IIA)
The Internal Audit Department of the Federal Ministry of Industry, Trade and Investment (FMITI) is an independent assurance and consulting arm established by law and guided by an Internal Audit Charter. Its core mandate is to evaluate, monitor, and strengthen the Ministry’s risk management, internal controls, and governance processes.
As a key mechanism of public sector accountability, the Department ensures that public funds are managed efficiently, policies are implemented effectively, and all Ministry operations comply with Financial Regulations, the Public Procurement Act (2007), and other financial management laws.
Mission & Vision
Vision Statement
To be a trusted guardian of public financial integrity, ensuring accountability, transparency, and efficiency in the Ministry’s operations.
Mission Statement
To conduct systematic and independent audits that strengthen internal controls, prevent misuse of public resources, and ensure compliance with financial rules and regulations.
Audit Objectives
- Enforce compliance with financial laws and regulations.
- Strengthen internal control systems to prevent fraud, corruption, and contract overpricing.
- Safeguard public resources while ensuring efficiency and value for money.
- Provide timely audit reports to guide management decisions and improve accountability.
Audit Scope & Core Functions
The Internal Audit Department conducts regular and special audits covering:
01
Compliance Audits
Monitoring adherence to Financial Regulations, Public Procurement Act, and Treasury Single Account policies.
02
Revenue Monitoring
03
Pre- and Post-Payment Audits
Reviewing payment vouchers, mandates, and cashbook records to prevent fraud, errors, and wastage.
04
Procurement Audits
Ensuring procurement processes comply with Public Procurement Act (2007) and free from irregularities.
05
Project Monitoring
Evaluating the implementation of Ministry programmes, contracts, and infrastructure projects nationwide.
06
Risk Assessment
Identifying and mitigating financial and operational risks to safeguard public resources.
07
Financial Reporting
Auditing FMITI’s General Purpose Financial Statements (GPFS) to ensure accuracy, accountability, and compliance with IPSAS.
08
Overseas & State Office Audits
Inspecting records of FMITI’s State Offices and Trade Offices abroad (Taiwan, China, and Geneva) to ensure compliance with Nigerian financial laws.
Why Internal Audit Matters
The Internal Audit Department acts as the watchdog of financial integrity within FMITI. By ensuring strict compliance, reducing financial risks, and monitoring revenue and expenditure, it protects public funds. It supports the Ministry’s mission of creating a conducive environment for industrial growth, trade development, and investment promotion.
Department Leadership
