Dr Victoria Enape, Pro-term President of the Chartered Institute of Forensic Investigative Auditors of Nigeria (CIFIAN), says the passage of Bill on Forensic would help in the fight against corruption.
Enape, an audit expert, in a statement in Abuja on Sunday stated the bill when assented to would in no small measure curb financial fraud and looting of government treasury.
The expert commended the Senate for its focus and commitment to ensuring transparency in governance.
‘’The bill represents a global paradigm shift from traditional auditing practice to skilful deployment of science.
“The bill when assented to will further help to deploy technological tools to prevent, detect, or resolve financial fraud or expose possible criminal activity concealed in financial accounts.”
Enape noted that the inadequacies in traditional audit had led to increase in corruption in the country over the years.
She also said that the creation a professional body as enunciate in the bill would champion and regulate a specialised area of accounting and enhance transparency in advanced audits, when passed into law.
“The separation of Accountant General’s office and Auditor-General’s Office shows that someone has to prepare the financial statements and another person has to check it.
“Anti-fraud professionals whose academic background cut across accounting, law, criminology, cyber security, banking, economics, are tasked with resolving and exposing concealed or suspected financial fraud.
“The separation of powers in the three tiers of government is another good example.
“Merging of Forensic and Investigative auditing with accounting professional body is like merging the Executive with Legislature and Judiciary which can never work.
The CIFIAN boss said the passage of the bill would also help to achieve the Federal Government in combating fraud, corruption and other financial crimes as enshrined in Section 15(5) of the Constitution(as Amended).
Enape stressed that for Nigeria to make progress in prevention and fight financial fraud, the standard of advanced auditing system must be developed.
The standard she said must be such that engendered integrity, objectivity and trust in Accounting and Financial Reporting Process to inspire public confidence in the Nigerian Financial and Economic system.
“The Chartered Institute of Forensic Investigative Auditors of Nigeria Bill, when assented to, will provide a platform where qualified and dedicated professionals will use forensic science and technology to discharge their functions.
“It will also provide a platform for practitioners to eliminate cases of compromised auditing process, camouflaging accounting facts and figures and help in the anti-graft fight.
“It will further provide home based forensic and investigative auditors who will save the Federal Government the cost of hiring foreign forensic auditors for investigation of fraud cases.“