Anti-Corruption War: AFIA Wants Speedy Passage Of Forensic Audit Bill
BY EDMOND ODOK, ABUJA – The Association of Forensic and Investigative Auditors (AFIA) has called for prompt passage of the Forensic and Investigative Audit Bill to aid the Federal Government’s anti-corruption fight and prevent growing fraud in public accounting system.
According to the body, huge funds saved by blocking leakages and curbing corruption will adequately address issues of under-development, especially in the areas of youth unemployment, health care and poor infrastructures across the country.
Raising an alarm over what it described as increasing rate of public sector’s fraud and corruption in Nigeria and the African continent at large, AFIA said financial scams are depriving corporate entities and governments an estimated 60 per cent of their annual revenues.
The Association noted that organizations lacking proactive fraud preventive measures were the most vulnerable, adding; “In the past 10 years, the number of reported cases of fraud and corruption has continued to grow radically across regions.”
Speaking on the topic “Transition to Forensic and Investigative Audit” at the training and induction of new members, President of AFIA, Mrs Victoria Ayishetu Enape said forensic and investigative auditors were trained with advanced auditing knowledge which enables them to see and detect what Statutory Auditors cannot see.
She said that while the regulatory measures and internal controls in reporting requirements help to lessen the possibilities for falsified activities to take place, history has shown that indigenous employees could manipulate even the best control systems for personal gain.
Enape urged the Federal Government to patronise Nigerian forensic auditors by ensuring the speedy passage of the Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill, which is currently at the Senate.
The AFIA boss said; “Our work is to prevent, detect and put in place some measures to stop the wrong from taking place in future, through the use of science and technology, adding; “This implies that after training of members they will be equipped with advanced audit skills that enables them find out who, what, where, why, when and how the wrong took place.”
“More importantly they will put together and implement the right systems and meaningful controls to prevent internal and external fraud from happening again,” she said.
She said when in place the system would also save Nigerian government the cost of inviting foreign Forensic Auditors to undertake forensic audit anytime huge sums of money are found unaccounted for.
“It is worth of note that AFIA is the last hope for our country Nigeria, because traditional audit has failed us and already expired long ago. This is the reason why in 2014, 20 billion dollars could miss in NNPC without any detection without any prescience of internal and External Auditors.
“AFIA is capable of transforming traditional or statutory Auditors through training and certification to enable them get the necessary skills that can help them to detect and prevent fraud.
“This will in turn assist in restoring sanity in Nigeria Financial Management system and bring back our economy to its original condition,” she said.
AFIA is the World’s leading anti-fraud organisation and the premier provider of forensic and investigative training audit training in Nigeria.
The proposed Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill has scaled through first reading at the Senate. The bill aims to facilitate the transition from the traditional audit to forensic and Investigative audit.
Forensic and Investigative audit is a system that ensures objectivity and transparency in advanced audit. It will also engender investors trust and public confidence in the country’s accounting and financial reporting systems.
With the use of preventive forensic mechanisms, the occurrence of fraud and loss of public assets will be largely reduced. AFIA comprises accountants, auditors, lawyers, police and other security agencies, stock brokers, tax professionals, economists, judicial officers and court registrars, criminologists, computer specialists and bankers.
