Traditional accounting system blamed for increase in fraud
Society for Forensic Accounting and Fraud Prevention (SFAFP), has blamed the increase in cases of cyber and accounting fraud on failure of traditional accounting system and fraud control.
Board Chairman of the association, Benjamin C. Osisioma, yesterday, at the maiden induction of associates, noted that traditional audit models are no longer able to provide financial oversight for corporate activities.
According to him, the association, incorporated in 2011, was initiated to ensure professional distinction in the training and development of forensic accountants.
“Fraud is the global largest industry and has mortgaged the future of many. It also kills societal values, especially in a society that celebrates materialism.
“Nigeria has paid great price for fraud, simply because traditional controls had failed in keeping back the floodgate,” he stated.
The society, Osisioma further said, is positioned to deliver high quality service to foster integrity and excellence in fraud prevention.
In his remarks, the Executive Secretary (SFAFP), Dr. Abuchi Ogbuju, said his organisation would develop the necessary skills for forensic accountants and fraud managers.