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LANDMARK HOLDS 39 TH LUCRID WEBINAR
The 39th in the webinar series under the auspices of the Landmark University Centre for Research, Innovations and Discoveries in collaboration with the College of Business and Social Sciences examined internal control systems’ best practices in relation to their role in ensuring organisational efficiency. Speaking on the theme of the webinar, "Global Best Practices in Internal Control Systems for Enhanced Organisational Operational Process Efficiency", Mr. Segun Ayodele who is Head of Internal Audit and Control at the Niger Delta Petroleum Resources Limited Lagos, noted that internal control systems are an integral part of an organisation’s governance system. He defined internal control as the process implemented by an organization's governing bodies, management, and other personnel designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance. Having enumerated the objectives, components, and principles of internal control, which he grouped into five categories: control environment, monitoring activities, information and communication, control activities, and risk assessment, Mr. Ayodele emphasized that the operational efficiency of an organization can be delivered with fewer resources. In the same vein, he gave some of the best practices for internal control systems to include aligning the internal control framework with the organization's strategy and risk appetite; defining clear roles and responsibilities for internal control activities; establishing a culture of risk awareness and accountability; utilizing technology and data analytics to improve control effectiveness and efficiency; conducting routine reviews and audits to identify and address gaps and weaknesses; and communicating regularly with stakeholders. His conclusion revealed the requirements for evaluating and improving internal control systems which were assessing the design, implementation, operation, monitoring, and effectiveness of the controls that support the achievement of the organization’s objectives.
In her remarks, the Vice-Chancellor of Landmark University, Prof Charity O. Aremu who was ably represented by the Deputy Vice-Chancellor, Prof. John Ojediran, highlighted that global best practices are not only limited to finance but encompass all aspects of human life. She believed that the focus of the webinar would enlighten every participant, Landmark University, and the nation at large. She, therefore, called on organizations to embrace the best practices that would entrench the efficiency of internal control systems toward driving sustainable institutions for future generations.
The webinar had both onsite and online participants who were majorly staff and students from the Department of Accounting and Finance, Department of Economics, Directorate of Financial Services, and Internal Audit of Landmark University.
The 39th LUCRID Webinar facilitator, Mr Segun Ayodele speaking to the theme of the webinar “Global Best Practices in Internal Control for Enhanced Organisational Operational Efficiency”
The Deputy Vice-Chancellor, Professor John Ojediran representing the Vice-Chancellor, Professor Charity Aremu at the 39th LUCRID Webinar
The Deputy Vice-Chancellor, Professor John Ojediran and the Dean of the College of College of Business and Social Sciences, Dr Ben-Caleb Egbide at the 39th LUCRID Webinar
The Director of Financial Services, Mr Christopher Fatiregun making his contribution at the 39th LUCRID Webinar
Mrs Adenike Oladipo giving the appraisal of the 39th LUCRID Webinar
A cross-section of staff and student participants at the 39th LUCRID Webinar
A cross-section of student participants at the 39th LUCRID Webinar
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