Forensic audit, tool for preventing, tackling corruption – Audit association

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The Association of Forensic and Investigative Auditors (AFIA) says corruption can be prevented and effectively tackled with the use of forensic and investigative audit skills.

President of the association, Dr Victoria Enape, said this on Thursday in Abuja, at the opening of training for accountants and auditors on transition to forensic and investigative audit.

She said that Nigeria’s public sector had moved to a stage where looters engaged sophisticated digital technologies in perpetrating fraud, adding that such frauds were increasing with the same magnitude.

“These are white-collar fraudsters who do not seat at the place of the crime to create havoc for any government or a company anymore, but sit thousands of miles away at their homes.’’

Enape said that inability of internal audit and limitation of statutory audit to sniff out financial fraud was due to lack of knowledge of the use of digital technologies to detect and prevent financial fraud.

She said that the situation had led to the current state of the nation’s economy.

“If as a nation we must make progress in our collective prevention and fight against financial fraud, we must develop and increase the standard of an advanced audit system.

“A system that engenders integrity, objectivity and trust in accounting and financial reporting process to inspire public confidence in the Nigerian financial and economic system.

“We need anti-fraud and investigation processes and knowledge on the use of science and technology and use of sophisticated mechanisms.

“With this, we can sniff out fraud no matter how big or small in public sector and stand judicial combat to the point of securing convictions at anytime and anywhere,’’ she said

Enape said training would popularise the art and use of science and technology of forensic investigation for financial fraud prevention and detection as was practised in developed countries.

The training drew participants from various Ministries, Departments and Agencies (MDAs) and the private sector. (NAN)

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