Internal Audit & Controls Service
Strengthen Assurance. Improve Controls. Drive Accountability.
Internal audit has evolved far beyond traditional transaction testing. Today’s internal audit functions are expected to provide strategic business assurance, evaluate risk management, and add value through insight and foresight. Yet many Nigerian organisations operate with internal audit functions that are under-resourced, focused on compliance rather than risk, and disconnected from strategic priorities. The FRC has emphasised that internal audit must remain credible and properly governed, and recent regulations require audit firms to maintain registration and quality standards. At Qeeva Advisory, we provide internal audit and controls services that help you strengthen assurance, improve controls, and drive accountability.
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Why Nigerian Organisations Need Internal Audit & Controls Services
Internal audit is the third line of defence in the governance framework, providing independent assurance over risk management and internal controls. Here are the most critical gaps we help you address.
Weak Internal Audit Functions – Many organisations have internal audit functions that lack independence, adequate resourcing, or the skills required to address complex risks. Without a strong internal audit function, organisations cannot be confident that controls are effective.
Evolving Risk Landscape – Organisations face an increasingly complex risk landscape, including cyber risk, fraud risk, regulatory risk, and strategic risk. Internal audit must evolve to address these risks effectively.
Fraud and Misappropriation – Weak internal controls create opportunities for fraud and misappropriation. Internal audit plays a critical role in detecting and preventing fraud.
Regulatory and Compliance Pressure – Regulators including the SEC, CBN, FIRS, and FRC are increasing scrutiny on internal controls and assurance. Organisations must demonstrate robust internal control frameworks.
Control Failures and Inefficiencies – Without regular control testing, control failures go undetected, and inefficiencies persist. Internal audit identifies control weaknesses and recommends improvements.
Strategic Alignment Gaps – Internal audit is most valuable when it addresses the risks that matter most to the business. Many internal audit functions focus on low-risk areas while missing significant risks.
Management and Board Assurance Needs – Management and boards need independent assurance that controls are effective and risks are managed. Internal audit provides this assurance, supporting informed decision-making.
Resource and Capability Constraints – Many organisations lack the internal resources and skills to deliver comprehensive internal audit coverage. Co-sourcing or outsourcing can provide access to specialist expertise.
The Solution: Strategic Internal Audit & Controls
We provide internal audit and controls services that help you strengthen assurance, improve controls, and drive accountability. Our approach combines deep internal audit expertise, risk focus, and practical recommendations.
We assist with the transformation of the internal audit function from its traditional, transactions-based model to one that delivers strategic business assurance and value. Our approach includes diagnostics and analytical review before making audit planning decisions, and we help organisations move from compliance-focused internal audit to risk-based, strategic internal audit.
At Qeeva Advisory, we understand that internal audit is most effective when it is risk-based, independent, and aligned with strategic priorities. Our team brings deep expertise in internal audit, risk management, and internal controls. We help you design internal audit functions, execute internal audit programmes, and strengthen controls.
Whether you need internal audit co-sourcing, outsourcing, transformation, or controls advisory, we provide the expertise and commitment to help you succeed.
Our Comprehensive Internal Audit & Controls Services
We offer end-to-end internal audit and controls services tailored to the Nigerian business environment.
Internal Audit Function Design and Transformation
We help you build internal audit functions that deliver value.
Internal Audit Function Design – We design internal audit functions that are independent, adequately resourced, and aligned with strategic priorities.
Internal Audit Charter Development – We develop internal audit charters that define purpose, authority, and responsibilities.
Internal Audit Strategy and Planning – We develop internal audit strategies and risk-based audit plans that address the risks that matter most.
Internal Audit Transformation – We transform internal audit from traditional transaction-based models to risk-based, strategic assurance.
Internal Audit Maturity Assessment – We assess the maturity of your internal audit function against leading practices and recommend improvements.
Internal Audit Policy and Procedures – We develop internal audit policies, procedures, and methodologies that ensure consistency and quality.
Internal Audit Co-Sourcing and Outsourcing
We provide internal audit resources and expertise.
Internal Audit Co-Sourcing – We provide specialist internal audit resources to supplement your in-house team, filling capability gaps and providing additional capacity.
Internal Audit Outsourcing – We provide fully outsourced internal audit functions, acting as your internal audit team.
Specialist Audit Support – We provide specialist audit support for complex areas, including IT audit, fraud risk, and financial instruments.
Audit Team Training – We train your internal audit team on risk-based auditing, fraud detection, and specialist areas.
Quality Assurance Reviews – We conduct quality assurance reviews of internal audit functions, assessing compliance with professional standards.
Risk-Based Internal Audit
We conduct internal audits that address the risks that matter most.
Risk Assessment – We conduct comprehensive risk assessments to identify and prioritise risks for internal audit coverage.
Risk-Based Audit Planning – We develop risk-based audit plans that allocate resources to the highest-risk areas.
Process Audits – We audit key business processes, including procurement, sales, payroll, inventory, and financial reporting.
Control Testing – We test controls to assess their design and operating effectiveness.
Compliance Audits – We audit compliance with laws, regulations, and internal policies.
Operational Audits – We audit operational efficiency and effectiveness.
Strategic Audits – We audit strategic initiatives and projects.
Fraud Audits – We audit fraud risk and anti-fraud controls.
IT Audits – We audit IT systems, IT general controls, and cybersecurity.
Project Audits – We audit project delivery, including capital projects and IT implementations.
Follow-Up Audits – We follow up on previous audit findings to ensure remediation.
Internal Controls Advisory
We help you design, implement, and strengthen internal controls.
Internal Control Framework Design – We design internal control frameworks aligned with COSO and leading practices.
Control Design Assessment – We assess whether controls are designed effectively to address risks.
Control Effectiveness Testing – We test controls to assess operating effectiveness.
Segregation of Duties Review – We assess segregation of duties and recommend compensating controls where segregation is not possible.
Control Documentation – We document controls, including risk and control matrices, process narratives, and control descriptions.
Control Remediation Support – We support remediation of control deficiencies, including root cause analysis and action planning.
ICFR Documentation – We document internal control over financial reporting (ICFR) for organisations that require it.
Controls Training – We train process and control owners on their control responsibilities.
Fraud Risk Management
We help you manage fraud risk.
Fraud Risk Assessment – We assess fraud risks, including asset misappropriation, financial statement fraud, and corruption.
Anti-Fraud Controls Design – We design anti-fraud controls that prevent and detect fraud.
Fraud Awareness Training – We deliver fraud awareness training for employees, managers, and executives.
Whistleblower Mechanism Design – We design whistleblower mechanisms that encourage reporting while protecting whistleblowers.
Fraud Investigation Support – We support fraud investigations, including evidence gathering and loss quantification.
Forensic Audits – We conduct forensic audits to detect and investigate fraud.
IT Audit and Cybersecurity Assurance
We provide IT audit and cybersecurity assurance services.
IT General Controls (ITGCs) Audit – We audit IT general controls, including access management, change management, and IT operations.
Application Controls Audit – We audit application controls that ensure the accuracy, completeness, and validity of transactions.
Cybersecurity Assessment – We assess cybersecurity controls, including network security, data protection, and incident response.
IT Risk Assessment – We assess IT risks and recommend mitigation.
Data Analytics for Audit – We use data analytics to identify anomalies, patterns, and fraud indicators.
System Implementation Audits – We audit system implementations to ensure controls are built in.
Business Continuity and Disaster Recovery Audit – We audit business continuity and disaster recovery arrangements.
Compliance and Regulatory Audit
We audit compliance with laws and regulations.
Regulatory Compliance Audit – We audit compliance with applicable laws and regulations, including CAMA, SEC, CBN, FIRS, and NDPA requirements.
Tax Compliance Audit – We audit compliance with tax obligations, including CIT, VAT, WHT, and PAYE.
AML Compliance Audit – We audit compliance with anti-money laundering requirements.
Data Protection Audit – We audit compliance with data protection regulations, including the Nigeria Data Protection Act.
Contract Compliance Audit – We audit compliance with contractual obligations, including debt covenants.
Grant Compliance Audit – We audit compliance with grant conditions and donor requirements.
Internal Audit Analytics
We leverage data analytics for internal audit.
Data Analytics Strategy – We develop data analytics strategies for internal audit.
Continuous Auditing – We implement continuous auditing that monitors controls and transactions in real-time.
Transaction Analysis – We analyse transactional data to identify anomalies and fraud indicators.
Benford’s Law Analysis – We apply statistical techniques to identify suspicious patterns.
Duplicate Payment Detection – We identify duplicate payments and overpayments.
Dashboard and Reporting – We implement dashboards that provide visibility into audit findings and control status.
Board and Audit Committee Advisory
We support boards and audit committees in their oversight role.
Audit Committee Effectiveness Review – We assess audit committee effectiveness and recommend improvements.
Audit Committee Training – We train audit committee members on their responsibilities, including financial reporting oversight and internal audit oversight.
Internal Audit Oversight – We advise audit committees on overseeing internal audit, including approving audit plans and reviewing findings.
Risk Oversight – We advise boards on risk oversight and risk appetite.
Governance Advisory – We advise on governance frameworks and practices.
Quality Assurance and Improvement
We help you ensure internal audit quality.
Quality Assurance Reviews – We conduct quality assurance reviews of internal audit functions, assessing compliance with IIA Standards.
Internal Audit Performance Measurement – We develop performance measures for internal audit.
Internal Audit Benchmarking – We benchmark internal audit functions against peers and leading practices.
Continuous Improvement – We help internal audit functions continuously improve.
Our Internal Audit Methodology
We follow a rigorous, risk-based methodology for internal audit.
Phase 1: Planning – We understand the business, assess risks, and develop the audit plan.
Phase 2: Risk Assessment – We conduct diagnostics and analytical review to assess risk and inform audit planning decisions.
Phase 3: Audit Execution – We execute audit procedures, including walkthroughs, control testing, and substantive testing.
Phase 4: Reporting – We report findings, root causes, and recommendations clearly and constructively.
Phase 5: Follow-Up – We follow up on findings to ensure remediation and validate control improvements.
Industries We Serve
We provide internal audit and controls services across multiple sectors in Nigeria.
Banking and Financial Services – We help banks, insurance companies, and financial institutions strengthen internal audit and controls to meet regulatory requirements.
Manufacturing – We help manufacturers audit production, inventory, procurement, and financial controls.
Oil and Gas – We help energy companies audit operations, procurement, joint ventures, and regulatory compliance.
Technology and Digital – We help tech companies audit IT controls, cybersecurity, and financial controls.
Retail and Consumer Goods – We help retailers audit inventory, sales, and financial controls.
Healthcare – We help healthcare organisations audit patient billing, procurement, and compliance.
Professional Services – We help professional service firms audit billing, expenses, and financial controls.
Real Estate and Construction – We help developers audit project costs, procurement, and financial controls.
Public Sector – We help government entities strengthen internal audit and controls.
Non-Profit and NGOs – We help mission-driven organisations audit grant management, donations, and financial controls.
SMEs – We provide internal audit and controls services tailored to SME needs.
Why Choose Qeeva Advisory for Internal Audit & Controls
Deep Internal Audit Expertise – We have deep expertise in internal audit, risk management, and internal controls. We understand the IIA Standards and leading practices.
Risk-Based Approach – We take a risk-based approach, focusing audit resources on the risks that matter most.
Strategic Business Assurance – We assist with transforming internal audit from traditional transaction-based models to strategic business assurance that adds value.
Fraud Detection Expertise – We bring specialist expertise in fraud detection and investigation. Matthew Ogagavworia, FCA, CFAN, brings over 20 years of experience with specialist expertise in Forensic Accounting and Taxation.
Technology-Enabled – We leverage data analytics and audit technology to deliver efficient, insightful audits.
Practical and Actionable – We provide practical recommendations that improve controls and drive performance.
Audit-Ready Documentation – We produce documentation that withstands audit scrutiny and supports governance.
End-to-End Support – We provide comprehensive services from function design to audit execution to remediation.
Co-Sourcing and Outsourcing Flexibility – We provide flexible engagement models, including co-sourcing and outsourcing.
Long-Term Partnership – We build lasting relationships, providing ongoing support as your organisation evolves.
Confidentiality and Integrity – We treat your information with the highest level of confidentiality.
Related Services
ICFR Documentation Services – Document your controls, strengthen confidence, and achieve compliance.
Learn More About ICFR Documentation Services
Forensic Accounting & Security Analysis Services – Detect fraud, quantify losses, and strengthen security.
Learn More About Forensic Accounting & Security Analysis Services
Risk Management Services – We specialize in identifying and managing business interruption risks, including regulatory compliance and internal audit support.
Learn More About Risk Management Services
Audit and Assurance Services – We provide audit and assurance services to ensure your financial records are accurate and compliant.
Learn More About Audit and Assurance Services
IFRS Advisory Services – Achieve compliance, improve reporting quality, and build investor confidence.
Learn More About IFRS Advisory Services
Financial Liability Valuation Services – We provide IFRS-compliant valuations for debt instruments, derivatives, provisions, and employee benefits.
Learn More About Financial Liability Valuation Services
Intercompany Reconciliation Burndown Services – Reconcile with confidence, close faster, and report accurately.
Learn More About Intercompany Reconciliation Burndown Services
Fixed Asset Verification and Asset Control Services – Know what you own, protect what you have, and optimize what you use.
Learn More About Fixed Asset Verification and Asset Control Services
Information Systems and Financial Systems Consulting Services – Modernise your systems, integrate your data, and drive financial performance.
Learn More About Information Systems and Financial Systems Consulting Services
Financial and Management Training Services – Build financial literacy, strengthen management capability, and drive business performance.
Learn More About Financial and Management Training Services
Suggested Reading
Internal Control – An Overview – Internal control is the integrated process and procedures implemented by an organization to provide reasonable assurance that business objectives are achieved.
Common Accounting Errors That Affect Profitability in Nigeria – Accounting errors quietly drain profits, attract penalties, and limit growth.
Preparing a Business for External Audits in Nigeria – External audits can be daunting, but with the right preparation, they become an opportunity to demonstrate your business’s financial integrity.
Deferred Tax Asset Validation Burndown: Complete Guide for Nigerian Businesses – Deferred tax asset validation is a critical financial reporting discipline that has become even more important with the enactment of the NTA 2025.
Anti-Money Laundering Compliance for Non-Financial Firms in Nigeria – Money laundering represents one of the most significant threats to global financial integrity.
Frequently Asked Questions (FAQ)
1. What is internal audit?
Internal audit is an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluating and improving the effectiveness of risk management, control, and governance processes.
2. What is the difference between internal audit and external audit?
Internal audit is conducted by employees or contracted resources of the organisation, providing ongoing assurance and advisory. External audit is conducted by independent external auditors, providing an opinion on financial statements.
3. What is risk-based internal audit?
Risk-based internal audit focuses audit resources on the risks that matter most to the organisation. It involves assessing risks, prioritising audit coverage, and allocating resources accordingly.
4. What is internal audit co-sourcing?
Internal audit co-sourcing involves supplementing your in-house internal audit team with external specialist resources, filling capability gaps and providing additional capacity.
5. What is internal audit outsourcing?
Internal audit outsourcing involves engaging an external provider to deliver the entire internal audit function, acting as your internal audit team.
6. What is the three lines of defence model?
The three lines of defence model describes how risk management and control responsibilities are distributed: the first line (operational management) owns and manages risk; the second line (risk and compliance functions) monitors and oversees risk; the third line (internal audit) provides independent assurance.
7. What is ICFR?
Internal Control over Financial Reporting (ICFR) is the framework of controls that ensures the reliability of financial reporting and the preparation of financial statements in accordance with applicable standards.
8. What is a control deficiency?
A control deficiency exists when the design or operation of a control does not allow management or employees to prevent or detect misstatements on a timely basis.
9. Do you provide internal audit for SMEs?
Yes. We provide internal audit and controls services tailored to SME needs, including co-sourcing and outsourcing arrangements.
10. Do you serve businesses outside Lagos?
Yes. While our head office is in Ikeja, Lagos, we serve businesses across Nigeria. Our internal audit and controls services are available to clients regardless of location.
11. How do I get started?
Contact us to schedule your free consultation. We’ll discuss your internal audit and controls needs, assess your situation, and provide recommendations for how we can help.
Contact Us
Strengthen assurance, improve controls, and drive accountability. Let us build a partnership that helps you establish and maintain effective internal audit and controls.
Schedule Your Free Consultation to discuss your internal audit and controls needs and explore how we can help.
Phone: +234 802 320 0801, +234 807 576 5799
Email: info@qeeva.com
Address: 5, Ishola Bello Close, Off Iyalla Street, Alausa, Ikeja, Lagos, Nigeria
Business Hours: Monday to Friday, 8:00 AM – 6:00 PM WAT