Forensic Auditors Decry Traditional Auditing Inadequacies 

By Adedayo Akinwale in Abuja
The Association of Forensic and Investigative Auditors in Nigeria has lamented that the inadequacies of traditional auditing process and reporting have made the country to lose huge sums in revenue in the past few years to fraud and financial crime.
The President, Dr. Erape Victoria, made this known Tuesday in Abuja when she led a team to pay a courtesy visit to the Minister of Science and Technology, Dr. Ogbonnaya Onu,‎ in his office.
She said that the association was formed to provide forensic and superior investigative skills, techniques and mechanisms in the audit of financial records and fraud investigation in Nigeria.
According to her, “The association is well placed to fight the future ‘cyber war’ and corporate crime that can only be fought by an army of forensic and investigative auditors. Due to the inadequacies of traditional auditing process and reporting, Nigeria had lost huge sums in the past few years to fraud and financial crime.”
Victoria added that the alarming rate of financial fraud, and limitation of statutory audit were the stimulus for the birth of the association, while appealing to the minister to assist the association in the application of science and technology in the investigation of financial fraud and other related offences.
Details later…