External auditors begin audit of Benue property company
External auditors, PKF Professional Services, has begun an audit of Benue Investment and Property Company Limited (BIPC).
Dr. Raymond Asemakaha, Managing Director (MD/CEO) of BIPC, who disclosed this to journalists on Monday in Makurdi, said PKF professional services was a “tier-one” auditing firm.
Asemakaha also stated BIPC had in Dec. 2023, secured approval of Gov. Hyacinth Alia, to engage PKF to conduct a comprehensive forensic audit of the company’s activities from 2021-2023.
PKF is a global family of legally independent firms bound together by a shared commitment to quality, integrity and the creation of clarity in a complex regulatory environment.
The MD explained that the audit was necessary and mandatory for the restructuring of the company into a profitable venture; and to drive its revitalisation efforts.
The BIPC helmsman explained that the audit encompassed a meticulous review of all financial records, property evaluations, physical verification, and strategic planning for future operations, including the implementation of geofencing technology on all BIPC properties.
The MD added that the auditors had been working on other critical segments of the audit since December last year, and were in the company to conclude the exercise.
He said in compliance with the auditors’ demands, some members of staff of the company in the Internal Audit and Control; Finance and Accounts; Real Estate and Infrastructure, and Security departments, were made to proceed on immediate compulsory leave, to enable the auditors to have a seamless exercise.
According to Asemakaha, the leader of the delegation, Mr. Odunuga Tola, requested a comprehensive list of properties of the company with their locations, Certificate of Occupancy, the company’s CAC registration, valuation, and fixed asset reports, as well as its risk register for the forensic audit.
He also requested all payment vouchers for validation, expenses retirement receipts, documents for verification and confirmation covering the period under review.
He further sued for support from the company’s personnel to have a hitch-free exercise.
