ACAEBIN tasks auditors to embrace AI for data efficiency, fraud detection

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has advocated the need for auditors to harness the power of artificial intelligence (Al) tools to rapidly process vast volumes of data, uncover fraud as well as identify risks, patterns and anomalies in the financial system.

This came as the association commended the Central Bank of Nigeria’s (CBN) circular mandating all Tier-1 wallet and accounts to be linked to Bank Verification Number (BVN) or National Identification Number (NIN), noting that it would significantly reduce the amount of fraud via Tier-1 accounts.

The call was made, yesterday, at the ACAEBIN’s 57th quarterly general meeting (QGM) held in Lagos and themed, ‘Artificial Intelligence: Game Changer for 21st Century Chief Audit Executives and Auditors’.

The Chairman, ACAEBIN, Prince Akamadu, recommended that the fintechs be mandated to set up fraud desks and hotlines that could be reached when necessary as well as stricter regulatory oversight on the activities of the bureaux de change (BDC).

He noted that the class of operators in the financial services industry must be made to verify the BVN of all customers who transact above $10,000.

Akamadu said the world is transforming with technological advances, reshaping industries and businesses at an unprecedented pace, adding that in this rapidly changing era, auditors must embrace new technologies that can enhance their abilities and revolutionise their profession.

He said in this era of immense disruption, Al is emerging as a game changer, propelling auditors into uncharted territories of efficiency, accuracy, relevance and strategic insights as well as presenting an opportunity to unleash true potential.

“Imagine a world where auditors are armed with Al-driven tools that can analyse transactions within seconds, minimise errors and ensure compliance. With Al, Auditors can significantly enhance their ability to identify risk, uncover fraud, and provide recommendations for improvement. Furthermore, Al equips the auditor with the ability to continuously learn and adapt, helping us remain agile in the face of an ever-evolving business landscape”, he said.

Akamadu said that gone are the days when auditors were buried under piles of documents and struggled to analyse the vast amounts of data at their disposal, noting that by harnessing the power of Al, auditors can rapidly draw once unimaginable insights.

He said while auditors embrace the transformative technology, there are potential challenges and ethical considerations that come hand in hand, noting that Al is not a panacea but a tool that must be guided by human expertise, judgment and ethical principles.

Akamadu further noted that auditors must remain vigilant in ensuring that Al-driven systems are designed to uphold transparency, fairness and accountability.