By Tunde Oso

Certified National Accountant, Tax Practitioner & Auditor, Professor Oyedokun Godwin Emmanuel has urged public and private sector to proactively identify and address financial irregularities to prevent losses and reputational damage to their respective establishments and organisations.

Speaking at a training organised by OGE Business School (OBS) for Association of Forensic Accounting Researchers, AFAR, Oyedokun also told these organizations to comply with relevant laws, regulations, and accounting standards to mitigate legal risks.

While charging them to build robust action plan as forensic accountants, Oyedokun, who is a Professor of Accounting & Financial Development, Lead City University, Ibadan, told his audience to create a comprehensive audit program outlining procedures and tests to address identified, risks and Maintain clear records of all decisions, changes, and justifications throughout the audit process.

He also told them to “Implement robust documentation practices to record audit procedures, findings, and conclusions,” while planning the audit.
Programme Director, Dr. Titilayo Fowokan identified tax-related corruption as tax evasion, fraudulent tax schemes, money laundering through tax evasion, income concealment and false statements of tax return.
In tackling the scourge to achieve economic growth, Fowokan urged collaboration among tax authorities, law enforcement agencies, financial institutions and tax professionals.
In particular, Fowokan stressed a deep knowledge of fraud detection,achievable through skills update to Investigators be ahead and abreast of criminal behaviour.
On detection too, Fowokan said, “Fraud examiners must be familiar with tools of data analytics and technology to identify patterns, trends and anomalies in tax payer data.”
“As we navigate increasingly interconnected global economy, financial crimes have become more complex and pervasive. The imperative of understanding and detecting these crimes cannot be overstated in the pursuit of a fair, transparent and equitable tax system.
“By detecting and addressing tax crimes, authority can ensure that revenues are collected fairly and used efficiently to benefit society as a whole”, she submitted.