Internal Auditors Recommit To Enhancing Trust

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has reaffirmed its commitment to strengthening internal audit processes and capacity within banks to enhance transparency, regulatory compliance, and public trust.

This was announced during ACAEBIN’s 59th Quarterly General Meeting (QGM) held in Lagos, with the theme, ‘Building and Sustaining Trust in the Nigerian Banking Industry: The Role of Internal Auditors’.

Speaking, chairman of ACAEBIN, Prince Akamadu, emphasised the increasingly critical role of internal auditors in promoting transparency, accountability, and strong corporate governance within the evolving banking landscape.

“As chief audit executives, we are at the forefront of fostering and promoting trust. Our role goes beyond executing audits; we ensure transparency, accountability, and compliance within our institutions,” Akamadu stated.

He highlighted that the internal audit function is vital in managing risks and upholding the highest standards of corporate governance, which are essential for maintaining public trust.

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He added that the Association has been actively involved in developing the skills and competencies of internal auditors across the industry.

The managing director of Sterling Bank Limited, Abubakar Suleiman, represented by the executive director of Operations, Raheem Owodeyi, underscored the banking sector’s significant contribution to Nigeria’s economy, noting that the sector contributed approximately N3.8 trillion to the national GDP in 2023, a 26.5 per cent increase from the previous year.

Owodeyi stressed that public confidence in the integrity and safety of funds is crucial for the sector’s stability and growth.

The executive secretary of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo noted that internal auditors are pivotal in ensuring robust governance structures, which are necessary to maintain public confidence in financial institutions.

The event, attended by key stakeholders, including regulators and law enforcement agencies, concluded with a collective agreement on the need for a stronger, more independent, and proactive internal audit function in banks.

The discussions highlighted ACAEBIN’s crucial role in fostering a culture of transparency, accountability, and trust in the Nigerian banking industry.

This commitment by ACAEBIN signifies a proactive step towards strengthening the internal audit functions across banks, ensuring that the sector not only meets regulatory standards but also continues to build and sustain public trust, which is fundamental to its stability and growth.