Dr Victoria Enape, President, Chartered Institute of Forensic and Investigative Auditors (CIFIA ), says fraudsters are sophisticated, thereby rendering traditional auditing helpless in tracking fraud.
Enape said that forensic and investigative auditing emerged on the realisation that fraudsters had taken advantage of the 21st digital revolution, to perpetrate undetectable fraud by conventional and statutory auditing.
Enape, who spoke in an interview with newsmen on Wednesday in Abuja, stressed the need for the existence of a professional body like CIFIA in Nigeria.
According to her, “it is a useful addition to the enormous task of checkmating the unremitting influence of corruption, fraud, money laundering and other financial crimes.’’
She said that CIFIA represents a global paradigm shift from traditional auditing practice to skilful deployment of science and technological tools to prevent and detect fraud.
“CIFIA also exposes possible criminal activities concealed in financial accounts,’’ she said.
Enape noted that if Nigeria must make progress in the fight against financial fraud, the standard of advanced auditing system that engenders integrity, objectivity and trust must be increased.
She disclosed that the CIFIA Bill, which passed through its second reading at the National Assembly on Jan. 31, would be beneficial to Nigeria.
According to her, the bill will save Nigeria the cost of inviting foreign forensic auditors to investigate fraud cases.
Enape said that the bill would also help to strengthen the nation’s institutional frameworks, thereby bringing Nigeria at par with other developed countries, in line with global standards and competitiveness.
“It will stimulate public confidence and enhance transparency and accountability in our economic system, government business and the society,’’ she said.
Enape, who described the body as unique, being the only professional body that has forensic in its bill, urged the Federal Government to adopt it in order to succeed in its anti-graft war.
According to her, CIFIA is very important because it trains and equips many Nigerians with the skill of using science and technology to track and prevent fraud.
“The latest training CIFIA held was on April 7, 2018, where professors, associate professors, doctors of philosophies, accountants general for states and LGAs’ executives and others were inducted.
“By mere knowledge of forensic auditors in an organisation, fraudsters are running because they know that when they commit fraud, they will be tracked and caught,’’ Enape said.