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Forensic Auditors To Utilise S&T For Fraud Prevention, Detection

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Professional forensic auditors under the aegis of Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIA) plan to deploy science and technology (S&T) of forensic for the audit of financial statements and for fraud prevention and detection.

Speaking at a press conference in Abuja on the need for forensic auditors in the country, the forensic auditors’ chief promoter, Dr. Enape Victoria Ayishetu said the emergence of forensic and investigative auditing on the global scene followed the realization that fraudsters had gone sophisticated and, in some instances, taken advantage of the 21st digital revolution to perpetuate that which is undetectable by traditional auditing.

She contended that the introduction of forensic auditing system would help wage the war against fraud and high rate of financial corruption in the society through the deployment of state of the art science and technology apparatus.

She said: “One major advantage that this body would bring to our anti-corruption fight and crusade is that it will not only partner with relevant government agencies but will also help to train their agents and staff through certification on the use of science and technology for forensic and investigative audit skills for auditing financial statements and put in place some advanced mechanisms to prevent frauds in their various organisations to avoid reacting to fraud issues taking place which has not yielded results in our country over the years.”

Recall that a bill for the establishment of the CIFIA was passed by the senate on July 5, 2018. The bill currently awaits similar passage by the House of Representatives and presidential assent to become law.

Giving the distinction between forensic and investigative auditors and other existing traditional accounting professional bodies, Aiyshetu said the bill was conceived to address a fundamental challenge of the accounting profession by bringing about a systemic forensic auditing system in place that would be controlled by certified professionals as it is done in developed countries.

“We know that change is one of the most difficult things for human beings, but it is very important to ensure we return sanity to our system which has been corrupted by fraudulent individuals. We need to embrace CIFIA for it is the hope of our survival at a time like this,” she added.

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