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Traditional Auditing, Inadequate To Track Fraud, Says Institute President



President, Chartered Institute of Forensic and Investigative Auditors (CIFIA ), Dr Victoria Enape, has said that fraudsters have gone sophisticated, rendering traditional auditing helpless in tracking fraud.

Enape stressed that forensic and investigative auditing emerged on the realization that fraudsters have taken advantage of the 21st digital revolution to perpetrate what used to be undetectable by conventional and statutory auditing.

She said this in an interview with the newsmen in Abuja, adding that the need to have a professional body like the Chartered Institute of Forensic and Investigative Auditors in Nigeria cannot be over emphasized.

According to her, “It is a useful addition to the enormous task of checkmating the unremitting influence of corruption, fraud, money laundering and other financial crimes.’’

She said that CIFIA represents a global paradigm shift from traditional auditing practice to skilful deployment of science and technological tools to prevent, detect and resolve fraud.

“CIFIA also exposes possible criminal activities concealed in financial accounts,’’ she said.

She pointed out that if Nigeria must make progress in the fight against financial fraud, the standard of advanced auditing system that engender integrity , objectivity and trust must be increased.

She disclosed that the CIFA Bill, which passed through its second reading in the National House of Assembly on Jan. 31, would be beneficial to Nigeria.

She said that the bill would save Nigeria the cost of inviting foreign forensic auditors to investigate fraud cases.

Enape note that the bill would also help to strengthen the nation’s institutional frameworks, thereby bringing Nigeria at par with other developed countries in line with global standards and competitiveness.

“It will stimulate public confidence and enhance transparency and accountability in our economic system, government business and the society’’, she said.

She said that CIFIA is unique as the only professional body that has forensic in its bill, urging the federal government to adopt it in order to succeed in its anti graft war.

CIFIA, she said is very important because it trains and equip many Nigerians with the skill of using science and technology to track and prevent fraud.

“The latest training CIFIA held was on April 7, 2018, where Professors, Associate Professors, Doctors of Philosophies, Accountant Generals for states and LGAs and Executives etc were inducted.

“By mere knowledge of forensic auditors in an organization, fraudsters are running because they know that when they commit fraud, they will be tracked and caught,’’ Enape said.