AFAR collaborates with professional bodies to achieve fraud-free business environment
Inducts new members
The Association of Forensic Accounting Researchers (AFAR), has concluded plans to collaborate with all relevant professional bodies worldwide, to achieve a fraud and corruption free society.
This is in line with the mandate of the association to strengthen its relationship with other bodies, and not to criminalise the practice of forensic accounting and fraud examination for those that are not its members.
The Global President of AFAR, Dr. Godwin Oyedokun, who disclosed this during AFAR’s first members’ induction recently, noted that every business transaction carried out in the country loses about 10 per cent of its revenue to fraud.While encouraging it’s members to specialise in one or more areas of forensic studies, he also urged them to sit for the examinations and ensure they are certified in order to be well exposed to all areas of forensics and promote specialisation.
The Guest Speaker, a Professor of Accounting, Bayero University, Kano State, Prof. Isa Dandago, who spoke on the impact of fraud to the economy and national development, stressed that fraud has huge impact on the people, society, economy and nation.To a large extent, he noted that fraud has hindered the progress of the country even as government has invested heavily in the investigation of fraudulent practice, which is diverting concentration away from developmental goals.
He said the amount Nigeria loses to fraud annually cannot be determined because of the level of fraud is huge, as it cuts across all industries and sectors, including government agencies.During the ceremony, about 150 fellows, 10 associates, and six patrons were inducted as members of the association.
AFAR also launched its first journal, the print version, and unveiled a book on forensic accounting research development.AFAR also gave awards of meritorious service to deserving Nigerians.
Earlier, the Vice President, Legal Service, Emmanuel Okewu, said the association would help pull together resources in forensic researches in Nigeria and Africa, adding that empirical research studies have shown that research and development are important contributors to economic growth.