Embrace forensic audit to eradicate corruption, auditors tell FG
The Association of Forensic and Investigative Auditors in Nigeria has said that the high rate of corruption in the country will require the implementation of a sophisticated forensic audit system by the government to eradicate it.
The association argued that if the nation must make progress in the quest to prevent and fight financial frauds, there was a need to develop and embrace an advanced audit system that would engender integrity, objectivity and trust in the accounting and financial reporting processes.
This, it noted, would help to inspire public confidence in the Nigerian financial system.
The AFIA President, Mrs. Enape Ayishetu, said these on the sidelines of an event to mark the association’s training and induction of new members in Abuja.
She said the adoption of the forensic audit system would instil confidence and help the country to attract foreign investors, who are afraid to invest in Nigeria due to fear of fraud.
Ayishetu described forensic and investigative audit as a modernised way of improving and setting high technical standards for accounting and auditing professionals.
She stated, “Forensic auditing is an accounting specialty that integrates accounting, auditing and investigative skills with specialised forensic audit equipment and tools in order to support or resolve allegations of fraud, and to put in place mechanism to prevent it, and it encompasses both litigation support such as expert witness testimony and presentation of documents showing fraud.
“It is a statement of fact that as distasteful as it is to hear that our nation Nigeria is rated among countries with very poor prevention, detection, investigation and financial fraud and crimes records in the world, it is even more worrisome to know that despite the Federal Government’s renewed efforts in tackling corruption and financial crimes, very little results has been achieved, especially in the area of securing conviction against perpetrators of financial fraud in government organisations.”