Forensic auditors decry poor fraud prevention in Nigeria
The Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIA) has revealed that Nigeria ranks among countries with very poor records of fraud prevention in the world.
According to the President, CIFIA, Mrs. Enape Victoria Ayishetu: “It is more worrisome to know that despite the Federal Government’s renewed efforts at tackling corruption and financial crimes, very little result has been achieved, especially in the area of securing conviction against perpetrators of financial fraud in government organisations.”Ayishetu, who disclosed this in Abuja, said high profile cases were either thrown out for lack of evidence or were delayed and stocked in court for years due to one reason or the other.
She said forensic and investigative audit represented a global paradigm shift from conventional auditing practice to skillful deployment of science and technological tools to prevent, detect and resolve financial accounts, adding: “CIFIA is a profound genre of anti-fraud professionals, whose academic backgrounds cut across accounting, law, criminology, cybercrime security, banking, economics and police detective, among others. ”
“The emergence of forensic and investigative auditing on the global scene was based on the realisation that fraudsters had gone sophisticated and in some instances taken advantage of the 21th Century digital revolution to perpetrate what conventional auditing did not detect,” she said.
While welcoming the successful passage of the Bill establishing the CIFIA professional body, she stated that accounting profession has many branches with different responsibilities.
She said there is need to have a professional body such as the CIFIA to serve as a check to the financial statements and also achieve the agenda of the Federal Government in combating fraud, and other financial crimes.
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