Why the audit of UI account suffered ‘delay’ ― Alatise

The need for proper hand over of account of the premier university, the University of Ibadan by its erstwhile auditor to a new firm was responsible for the perceived delay in its audited report.

The institution’s bursar, Dr Michael Alatise made the clarification with newsmen in Abuja.

The bursar who spoke shortly after presentation before the House of Representatives Committee on Public Accounts said Messrs M.O. Kehinde & Co Chartered Accountants needed to do proper transfer to the new auditors, Messrs Oyedele Akinbode & Co. Chartered Accountants.

He assured that the new firm was working on some of the accounts which he said would be ready in the next few weeks for submission to the office of the Accountant General of the Federation.

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He said: ” All reports of the audited accounts of the University of Ibadan (UI) still outstanding to date would be submitted this year to the office of the Auditor General of the Federation (AGF).

”The University Council and management have resolved to ensure that UI has no outstanding audited accounts by the end of this year; all materials to give effect to this resolution are ready. All of these were mentioned to the House Committee on Public Accounts.”

Alatise described as misleading, information that the university has not been auditing its account.

”Last year, we placed adverts in the newspapers for the appointment of another firm that will take over from Oyedele Akinbode & Co, the firm that is handling the auditing of our accounts presently and seven(7) firms have already been shortlisted”

“There were some reasons for the delay but we have all the materials that are helping the auditors to do their job. Every institution is to be audited by a firm for a period of five years maximum before another company can take over. The firm that is retiring after five years must have a smooth handshake with the new firm before the University sends the report to the Office of the Auditor General of the Federation. All reports would be submitted this year. That is what I am assuring the members of the National Assembly.”