Senate and Chartered Institute of Forensic and Investigative Auditors in Nigeria (CIFIA) have advocated forensic accounting to be employed as vital tool to control fraud in the country.
This was the outcome of a Public Hearing organised by Senate Committee on Establishment and Public Service chaired by Senator Emmanuel Paulker.
The objective of the hearing hinged on four bills, namely Chartered Institute of Forensic and Investigative Auditors in Nigeria; Chartered Institute of Finance and Control in Nigeria, and Chartered Institute of Forensic Accountants of Nigeria as well as the Institute of Mediators and Conciliators Bill.
Chairman of the Senate Committee, Senator Emmanuel Paulker explained that “the passage of the bill on Chartered Institute of Forensic and Investigative Auditors in Nigeria would promote high ethical standards and stamp out cases of compromised auditing in the country.”
The President of CIFIA, Mrs Victoria Enape yesterday said if the bill for Chartered Institute of Forensic Accountants of Nigeria is passed “it will help Nigeria to have skilled professionals to deepen the fraud prevention, detection and preserve money in government treasury for infrastructural development that is fast disappearing in our country today”.
She further noted that the bill on CIFIA would serve as a check to the financial statements prepared by accountants and also achieve the agenda of the federal government in combating fraud, corruption and other financial crimes in the country.
Representative of the Institute of Forensic Accountants of Nigeria, Prof. Usman Ali Awheela lamented that forensic accounting has not been practiced in the country because there is no law backing it.
“Forensic accounting is the unique blend of education and experience in applying accounting, auditing skills and investigative techniques to uncover truth, form legal opinions in order to assist in litigation support”.
On the contrary however, the Institute of Chartered Accountants of Nigeria (ICAN), has kicked against the proposed bills, saying their functions and responsibilities were already contained in the 1965 Act that established the Institute and would therefore amount to needless duplication of functions. This was stated by ICAN President, Mr Ismaila Zakari.