ACAEBIN partners FITC to train internal bank auditors on financial reporting

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), in collaboration with the Financial Institutions Training Centre (FITC), has enhanced the capabilities of internal auditors across the banking sector on Internal Control Over Financial Reporting (ICFR).

Both associations equipped over 70 internal auditors from 41 member-banks during a two-day training for internal audit staff, with the knowledge and competence to evaluate the effectiveness of internal controls, conduct risk-based audits, adhere to regulatory requirements, and implement the Committee of Sponsoring Organisations (COSO) framework.

The training also sought to emphasise the significance of ICFR components in safeguarding the integrity of financial statements and understanding the roles, recognising regulatory requirements governing ICFR and their implications for organisations.

The Chairman of ACAEBIN, Prince Akamadu, said the training explained the COSO framework and its role in establishing robust internal control systems while appreciating the roles and responsibilities of key stakeholders in ICFR implementation, evaluation and assessment.

He said the training also sought to integrate such knowledge and experience into working collaboratively with others to ensure that their organisations provide accurate financial reporting.

Akamadu emphasised that the training session represents a significant step forward in strengthening the internal audit functions of banks in Nigeria, ensuring the sector remains resilient and trustworthy.

He highlighted the association’s commitment to cultivating a proficient cadre of internal auditors capable of meeting the audit profession’s evolving challenges.

Akamadu stated that the theme of the training is particularly relevant, hence, the association’s dedication to ensuring that auditors possess the requisite skill sets to audit processes effectively.

Also speaking, the second Vice Chairman of ACAEBIN and Sub-Committee Chairman on Emerging Issues, Mogbitse Atsagbede, emphasised the association’s focus on capacity development, which is organised at no cost to the banks.

Mogbitse urged the participants to take the training seriously and make the best use of the opportunity.

In her closing remarks, the first Vice Chairman of the association, Aina Amah, encouraged participants to disseminate the knowledge acquired with their colleagues by organising in-house training sessions within their respective banks.