Osun assembly seeks external auditors lautech

Here is the information you requested:

OSUN ASSEMBLY SEEKS EXTERNAL AUDITORS FOR LAUTECH

The Osun State House of Assembly has sought the services of external auditors to conduct a thorough investigation into the financial activities of the Ladoke Akintola University of Technology (LAUTECH), Ogbomoso.

The decision was taken during a plenary session of the Assembly, where the lawmakers expressed concerns over the financial mismanagement and irregularities allegedly perpetrated by the university's management.

According to reports, the Assembly has invited the Auditor-General of the State, Mr. Samuel Olufemi, to conduct a forensic audit of the university's financial transactions, including its accounts, assets, and liabilities.

The move is aimed at uncovering any financial irregularities, misappropriation of funds, and other financial malpractices that may have occurred in the university.

The Assembly has also directed the university's management to provide all necessary documents and information required for the audit exercise, which is expected to be completed within a specified timeframe.

The decision to seek external auditors is seen as a proactive step by the Assembly to ensure transparency and accountability in the management of LAUTECH's finances, and to restore public confidence in the institution.

Background

LAUTECH has been embroiled in a series of financial controversies and management crises in recent years, which have led to concerns about the university's financial sustainability and academic reputation.

In 2020, the university's governing council was dissolved, and a new council was inaugurated to oversee the institution's affairs. However, the new council has faced challenges in addressing the financial and administrative issues plaguing the university.

The Osun State Government, which is the major stakeholder in LAUTECH, has been under pressure to address the financial and management crises in the university, and the Assembly's decision to seek external auditors is seen as a step in the right direction.

Conclusion

The decision by the Osun State House of Assembly to seek external auditors for LAUTECH is a welcome development that is expected to bring transparency and accountability to the university's financial activities. The audit exercise is expected to uncover any financial irregularities and mismanagement, and to provide a roadmap for the university's financial recovery and sustainability.