Auditors Beg Senate to Quickly Pass Forensic Audit Bill

By Modupe Gbadeyanka

The need for the National Assembly, especially the Senate, to quickly pass the Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill has been emphasised by the Association of Forensic and Investigative Auditors (AFIA).

According to the group, the passage of the bill will aid the Federal Government’s anti-corruption fight and prevent growing fraud in public accounting system.

The proposed Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill has scaled through first reading at the Senate. The bill aims to facilitate the transition from the traditional audit to forensic and Investigative audit.

Forensic and Investigative audit is a system that ensures objectivity and transparency in advanced audit. It will also engender investors trust and public confidence in the country’s accounting and financial reporting systems.

President of AFIA, Mrs Victoria Ayishetu Enape, speaking recently at the training and induction of new members, lamented that the number of reported cases of fraud and corruption has continued to grow radically in Nigeria in the past 10 years.

She stressed that with the bill in place, huge funds could be saved by blocking leakages and curbing corruption. She added that this will adequately address issues of under-development, especially in the areas of youth unemployment, health care and poor infrastructures across the country.

Mrs Enape, therefore, appealed to the Federal Government to patronise Nigerian forensic auditors by ensuring the speedy passage of the Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill.

“More importantly they will put together and implement the right systems and meaningful controls to prevent internal and external fraud from happening again,” she said.

She said when in place the system would also save Nigerian government the cost of inviting foreign Forensic Auditors to undertake forensic audit anytime huge sums of money are found unaccounted for.

“It is worth of note that AFIA is the last hope for our country Nigeria, because traditional audit has failed us and already expired long ago. This is the reason why in 2014, $20 billion could miss in NNPC without any detection without any prescience of internal and External Auditors.

“AFIA is capable of transforming traditional or statutory Auditors through training and certification to enable them get the necessary skills that can help them to detect and prevent fraud.

“This will in turn assist in restoring sanity in Nigeria Financial Management system and bring back our economy to its original condition,” she said.

The AFIA leader, while speaking on the topic ‘Transition to Forensic and Investigative Audit,’ disclosed that financial scams were depriving corporate entities and governments an estimated 60 percent of their annual revenues.

But she said this can be addressed if her members were given the chance to perform, noting that forensic and investigative auditors were trained with advanced auditing knowledge which enables them to see and detect what Statutory Auditors cannot see.

She said that while the regulatory measures and internal controls in reporting requirements help to lessen the possibilities for falsified activities to take place, history has shown that indigenous employees could manipulate even the best control systems for personal gain.

“Our work is to prevent, detect and put in place some measures to stop the wrong from taking place in future, through the use of science and technology,” she said.