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60 % revenue lost to fraud in MDAs – Auditors

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Emma Ujah, Abuja Bureau Chief

Fraud in public organisations have continued unabated, with  60 % revenue lost  in Ministries, Departments and Agencies (MDAs) at various levels..

This was the position of Forensic Auditors under the aegis of the Association of Forensic and Investigative Auditors (AFIA) disclosed during its training programme in Abuja, at the weekend.

According to the organization, MDAs lacking proactive fraud preventive measures were the most vulnerable.

The President of the association, Mrs Victoria Ayishetu Enape, noted that, while the regulatory measures and internal controls in reporting requirements help to lessen the possibilities for falsified activities to take place, history had  shown that indigenous employees could manipulate even the best control systems for personal gain.

She explained that forensic and investigative auditors were trained with advanced auditing knowledge which enables them to see and detect what Statutory Auditors cannot see.

Enape  called on the Nigerian government to patronise Nigerian forensic auditors to grow Nigeria by ensuring the speedy passage of the Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill, which is currently at the Senate.

Her words, “Our work is to prevent, detect and put in place some measures to stop the wrong from taking place in future, through the use of science and technology.

“This implies that after training of members they will be equipped with advanced audit skills that enables them find out who, what, where, why, when and how the wrong took place.

“More importantly they will put together and implement the right systems and meaningful controls to prevent internal and external fraud from happening again.”

The  AFIA boss  said that forensic Auditors looked beyond figures in financial statement as they focus on investigating the inadequacies and shortcomings in the existing financial system and  tackling them.

“In the past 10 years, the number of reported cases of fraud and corruption has continued to grow radically across regions.

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