At the 17th Annual Retreat for Internal Auditors in Lagos, the Head of Service, Bode Agoro, highlighted the need for auditors to embrace digital transformation. He stressed that the profession is evolving beyond traditional financial reviews, requiring auditors to develop expertise in digital governance, cybersecurity, and data analytics. Speaking at the event held at Dover Hotel, Ikeja, Agoro emphasised that auditors must be equipped to analyse large datasets, detect patterns, and assess risks associated with technological advancements to remain relevant in the digital age. He praised the Office of Internal Audit for adopting the theme “Internal Audit in the Digital Age,” which he said aligns with the global shift towards technology-driven governance.
Permanent Secretary of the Office of Internal Audit, Kikelomo Dawodu, echoed similar sentiments, urging auditors to continuously adapt to emerging technologies. She noted that the profession demands ongoing learning and Innovation to maintain efficiency and credibility. According to her, internal auditors must integrate digital tools into their work to enhance accountability and ensure fiscal discipline in government operations. She encouraged participants to collaborate, engage actively, and explore modern solutions that would redefine auditing practices in Lagos State and beyond.
Digital tools will enhance transparency and reduce risks.
Moreover, a facilitator at the retreat, Dr. Adedeji Awobotu of ADRAC Professional Services Consulting, highlighted the benefits of digital adoption in Public Sector auditing. He maintained that leveraging digital tools would not only improve governance but also help mitigate financial risks and boost public confidence in government processes. Therefore, auditors must see themselves as strategic partners in governance, rather than mere compliance officers, to help drive transparency and efficiency in public financial management, a key aspect of good governance.
The call for digital transformation in auditing reflects broader efforts to modernise governance across Nigeria. As more government functions become digitised, auditors will play a crucial role in ensuring that digital initiatives enhance efficiency rather than introduce new vulnerabilities. Many government agencies are already investing in data-driven decision-making, and internal auditors must keep pace with these changes to remain effective in their oversight functions. This shift requires continuous learning, collaboration with Technology experts, and the adoption of advanced auditing tools to navigate the complexities of digital governance.
Private sector auditors must adapt to the digital shift.
Furthermore, Private Sector auditors must also keep pace with digital advancements as businesses increasingly rely on artificial intelligence and automation for financial management. Traditional auditing focused on reviewing records and ensuring compliance, but digital auditing requires expertise in assessing automated systems’ reliability. Without these skills, auditors may struggle to detect fraud, errors, or regulatory breaches in technology-driven financial processes. As companies integrate digital tools to enhance efficiency, auditors who fail to adapt risk losing relevance in a rapidly evolving industry.
However, digital transformation comes with challenges, particularly cybersecurity risks and Data Privacy concerns. The growing reliance on digital tools exposes financial records to potential breaches, making cybersecurity expertise essential for auditors. Ethical issues also arise, as auditors often handle sensitive financial data that must be protected from misuse. While digital tools enhance efficiency, they must be adopted with caution to maintain trust in financial oversight. A balanced approach is needed, one that prioritises both innovation and security.
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Ultimately, the retreat reinforced the need for auditors to evolve alongside technological changes. As automation and artificial intelligence reshape financial processes, they must acquire digital expertise to maintain oversight and detect risks. This shift enhances transparency and governance while strengthening public trust. However, adapting to new challenges requires continuous learning and a commitment to innovation, ensuring auditors remain vital in an increasingly digital world. With financial systems becoming more complex, it is necessary to adapt.