Auditors
By Chijioke Okoronkwo
Abuja, May 3, 2018 (NAN) Dr Victoria Enape, President, Chartered Institute of Forensic and Investigative Auditors in Nigeria (CIFIA) says the expertise of forensic auditors are vital in investigation and prosecution of fraud cases.
Enape spoke at the opening ceremony of a 3-day Training and Induction of Professors and Doctors of Accounting and other Executives on Thursday in Abuja.
She said that the primary domain of forensic and investigative auditing was to work within the investigative process from the scene of financial fraud to court- providing information and evidence for administration of justice.
“CIFIA ensures that the courts are presented with the best evidence and reliable witnesses.
“It is necessary to provide the legal framework for the registration, training, regulation and certification of practitioners in line with global best practices.
“CIFIA is not a threat to anybody in Nigeria; besides, it is wrong for financial accountant to regulate the preparation of corporate financial accounts; perform the audit and at the same time conduct the forensic and investigative audit of fraudulent accounting practices.
“There must be specialisation for efficiency and transparency.’’
Enape said that the emergence of forensic and investigative auditing on global scene stemmed from the realisation that fraudsters had now devised sophisticated means of perpetrating crimes.
She said that CIFIA would bridge the gap with the use of modern technological tools, aside from locally acquired skills to save foreign exchange for the country.
The CIFIA boss said that it was the duty of the National Assembly to grant legislative recognition or charter to professional body under deserving circumstance.
She added that the passage of the CIFIA Bill presently before the Senate, would not usurp the statutory mandate of any existing accounting professional body.
“After all, there is no existing accounting professional body in Nigeria that has anything forensic at the moment in their enabling law and let alone forensic and investigative audit which is even on a rescue mission.
“We are most for prevention of fraud, for prevention is better than cure. There is need for specialisation as it is done in other countries.
“Accounting profession has many branches with divergent responsibilities and the activities of each of these branches are regulated by their respective professional bodies,’’ she said.
On his part, Prof. Bayero Muhammad of the Department of Accounting, Usman Danfodio University, Sokoto, told newsmen that CIFIA was focusing on not only identifying the perpetrators of crime but also providing evidence for prosecution.
He said that the Economic and Financial Crimes Commission (EFCC) continued losing cases due to lack of forensic investigators.
“The gap can be filled by CIFIA which is specifically established to prevent crime and find out criminals as well as providing evidence in ways that will be acceptable to the court system so that judgements can be delivered fast,’’ he said.
Also, while fielding question with newsmen, a Professor of Accounting and Financial Management, Wilson Herbert, said that traditional accounting had been found wanting while forensic accounting and auditing had taken over globally.
Wilson, who is from the Federal University, Utoke, Bayelsa State, said that passing the CIFIA Bill would help in addressing the challenges related to fraud as identified in the system.
According to him, the institute is a remedial measure to addressing the challenges of corruption in the country.
NAN reports that no fewer than 150 inductees are participating in the exercise. (NAN)
CJ/IS
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