President of the Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIA), Mrs Enape Vitoria Ayishetu wants the quick signing of the Bill for an Act to Establish the Chartered Institute of Forensic and Investigative Auditors of Nigeria for registration and regulation of membership.
The Pro-tem CIFIA President believes signing the Bill that was passed by the Senate on July 5th, 2018 will fill a huge gap in the preparation and audit of financial statements both in public and private sectors. Ayishetu identified the fact that no professional body in Nigeria has forensic and investigative audit in their enabling Act, pointing to lack of specialization and regulation for auditing as an aspect of accounting as major constraints to having world-class forensic auditors.
“It is wrong for financial accountants to regulate the preparation of corporate financial accounts, perform the audit and at the same time conduct the forensic and investigative audit of corrupt and fraudulent accounting practices thereof,” the CIFIA Boss argued.
There have been concerns from many foreign investors in Nigeria about the safety and guarantee of their investments in the country necessitated by high rate cases of fraud and manipulation of official documents.
“The primary focus of CIFIA is to introduce a new anti-fraud regime where vital evidence concealed in existing accounting practice can be secured for effective prosecution of offenders,” Ayishetu said at a press conference to commend the Senate for the successful passage of the Bill. She argued that the present accounting practice cannot achieve the objective being pursued by CIFIA. “There is need for specialization in Nigeria as it is practiced in other countries of the world.” She said establishment of the institute will save Nigerian government the cost of inviting foreign forensic auditors for fraud investigation; help to train government investigative agencies and staff on the use of science and technology of forensic and investigative audit skills. She said it will also help to stimulate confidence in government and enhance transparency and accountability in its economic system.
“If Nigeria must make progress in our collective prevention and fight against fraud, we must develop and increase the standard of advanced auditing system that engender integrity, objectivity and trust in Accounting and Financial Reporting Process to inspire public confidence in the Nigerian Financial and Economic system,” Ayishetu claimed.
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