Book on financial auditing launched, stakeholders laud author

A book, Risk-Based Approach to Financial Auditing, written by Mr. Akindele Dolamu which was launched in Abuja has attracted commendations from stakeholders who described the book as a manual for academia, auditors, and public servants.

The book reviewer, Professor Inuwa Musa-Fodio, who is the Vice Chancellor of the Association of National Accountants of Nigeria (ANAN) University, said the area that has been chosen by the author is very unique.

Professor Fodio further stated that the book featured 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 which I pointed out in the course of my review, one is the fact that the area that has been chosen by the author is a very unique area. The author has decided to create a niche for himself in this particular unique area.

“Another unique feature in this book is the philosophical and logical sequence in which the content has been arranged. Just say that you are really going into a practical audit exercise, how to do it is what has been itemized in this particular book.

“You will also see a unique feature of this book which I said is the use of the international standard for supreme audit institutions which actually guide public sector auditing all over the world. Throughout the book, you will see references made to these standards.

“It is something very fantastic, in fact as an academic at the professorial level, it is the first time I am seeing a book utilizing this size and a write-up like this.

“Another very unique feature of the book is that you see some practical experience brought to bear in the book, you can see someone writing with passion, originality, you will see therefore that the man has really brought in experience in the book, it is not the kind of book that you will find everywhere in the world where somebody goes in and copy from here and there and put together.

“It is a book that is coming from somebody who has an experience and you will see the experience in the book. Therefore it is the book I have already recommended and I will also recommend to auditing schools, I am recommending this book to those teaching auditing at all levels, it is good for the public servant who wants to have basic knowledge about auditing.”

Chairman of the book launch, Senator Ibikunle Amosun, who was represented by Senator Tolu Odebiyi, representing Ogun West Senatorial District, commended the author for penning down his thoughts.

He said the book is coming at the right time when there is paucity of funds in the country and the need for proper auditing in order to achieve transparency in office.

“I want to congratulate the author for putting to paper his thoughts and his knowledge to impact society. This book is very apt because it is coming at a very critical time in the state of our country when there is a paucity of funds and the country is challenged at the moment, and the normal way of auditing needs now to be prioritized because we don’t have the luxury of funds to be going around and just doing the normal auditing.

“It is very good that he has done this and I congratulate him, I think this book will be useful for those that are coming behind and even people in the financial industry and the youths of today”, he noted.

While expressing joy, the author, Mr. Dolamu Akindele, said the book was borne out of his conviction that he is expected to give back to society.

He said he encountered some challenges while writing such as having to wake up at night and health challenges as a result of sleepless nights just to put down his thoughts.

He said, “I am so happy; to have 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 groomed me. Now, I feel fulfilled that I have done something that is important for the society.”

Talking about the book, he said “What makes this risk-based approach distinct from others is the fact that from the ledger to the tri-balance, extract balances from the ledger to ensure Arithmetical accuracy for all the figures in the tri-balance up to that stage, is garbage in garbage out. But when you get to the financial statement, you are talking of billions and how would you feel, that an auditor you are appointed came to your organization and did not look at the millions or billions that are in the financial statement but keeps looking at the expenses of N10,000? It is risky.

“What opinion is he going to generate from such activity? So for a risk-based approach to financial auditing we are looking at a situation whereby the auditor will examine the control in place in the organization, will examine the financial statement, and check whether there are misstatements in any of the components of the financial statements and the relevant one for that matter.”

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