‘Raise audit standards to prevent fraud in banks, others’

The Chartered Institute of Forensic and Investigative Auditors has called on the Federal Government to raise the audit standards in the country so as to curb the high level of fraud in the country’s financial system.

The President of the institute, Victoria Enape, who said this in Abuja, noted that the move would inspire public confidence in the Nigerian financial system.

The fraudulent activities documented by the Nigeria Deposit Insurance Corporation rose by 3.33bn from the 8.68bn reported in 2016 to 12.01bn in 2017.

Enape said that in view of the rising cases of fraud and corrupt practices in the country, raising the audit standards would engender integrity, objectivity and trust in the accounting and financial reporting process.

She stated that currently, the practice of auditing had no dedicated professional body regulating it, noting that this had given financial accountants the opportunity to claim autonomy of the field.

The implication of this, she warned, was that the ability to control and prevent fraud, corruption and other financial crimes by accountants would be limited.

Enape said, “The separation of the accountant-general’s office and auditor-general’s office shows that someone has to prepare the financial statements and another person has to check them.”

 

SOURCE – Punch

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