FG urged to enlist forensic auditors in fight against corruption, cyber crimes

CHARTERED Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN) has called on the Federal Government to enlist forensic auditors in the fight against corruption and cyber crimes.

Its Pro-tem President, Dr (Mrs.) Enape Victoria Ayishetu, made this call in Abuja while flagging-off free seminar for relevant professionals in Nigeria on the application of forensic and investigative auditing for prevention of fraud, corruption and cyber crimes in the country.

She said the absence of the appropriate legal framework for the regulation of forensic and investigative auditing practice in Nigeria portends great danger to the integrity and safety of the Nigerian financial system.

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Dr Ayishetu stressed that Nigeria has been burning with the fire of fraud, corruption, bribery, money laundering, while collar crimes and cyber crimes which have for long ravaged the economy and dwarfed development.

According to her, it has been shown by empirical research and legal pronouncements that these social vices that led to the collapse and failure of many of our companies were aided and abetted by invidious and insidious accounting practices.

“It is wrong for financial accountants to regulate the preparation of corporate financial accounts, perform the audit and at the same time conduct the forensic and investigative audit of corrupt and fraudulent accounting practices thereof. It is like the National Assembly setting up its Executive and Judicial arms within itself, or any of the other arms procuring the services of the others into its governance structure, and this will lead to conflict of interest.” She explained.

The president said the first noticeable consequences of such a lacuna is that Nigeria currently spends hundreds of millions of her scarce foreign exchange to hire forensic experts to investigate corporate fraud.