Internal Auditors Boost Capacity On Financial Reporting

In a bid to consolidate its mandate at ensuring continuous upskilling and capacity development of the Internal Audit function, the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in collaboration with the Financial Institutions Training Centre (FITC) trained bank auditors.

ACAEBIN recently held a two-day training for Internal Audit staff on Internal Control Over Financial Reporting. The event which had in attendance 70 Internal Auditors, drawn from 41 member-banks was aimed at equipping the Internal Auditors with the knowledge and competence to assess the effectiveness of internal controls, risks-based internal audit, regulatory requirement and the Committee of Sponsoring Organisations (COSO) framework and integrate such knowledge and experience into working collaboratively with others to ensure that their organisations provide accurate financial reporting.

It also sought to identify the components of Internal Control over Financial Reporting (ICFR) and their significance in protecting the integrity of financial statements, recognize regulatory requirements governing Internal Control over Financial Reporting (ICFR) and their implications for organisations and explain COSO framework and its role in establishing robust internal control systems while appreciating the roles and responsibilities of key stakeholders in the implementation, evaluation and assessment of ICFR.

The chairman of the Association, Prince Akamadu, stated that ACAEBIN is committed to training and raising a generation of Internal Auditors that has the capacity to meet the challenges of the audit profession.
Akamadu noted that the theme of the training is very apt as such, the Association deemed it fit to ensure that Auditors have the requisite skill set to audit processes.

Also, the second vice chairman of ACAEBIN and the sub-committee chairman on Emerging Issues, Mogbitse Atsagbede noted that capacity development is at the core of the Association’s mandate and that such training is usually bankrolled by the Association at no cost to the banks.

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Mogbitse urged the participants to take the training seriously and make best use of the opportunity.

The first vice chairman of the Association, Aina Amah urged the participants to endeavour to organise in-house sessions in their respective banks to share the knowledge they acquired with their colleagues.

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) is a not-for-profit sub-committee of the Bankers’ Committee, committed to sustaining high ethical values, promoting competence and professional behaviour of members. It also fosters interbank cooperation and collaborates with the Law Enforcement Agencies and other stakeholders in the banking industry in the fight against banking fraud.