‘Absence of Framework for Forensic Auditing Portends Danger for Financial System’

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Adedayo Akinwale in Abuja

The Chartered Institute of Forensic and Investigative Auditors of Nigeria (CIFIAN), has said the absence of appropriate legal framework for the regulation of forensic and investigative auditing in Nigeria portends a great danger to the integrity of the Nigerian financial system.

The Pro-tem President, Dr. Enape Ayishetu, said CIFIAN Bill which was passed by the Senate since 5th July, 2018, was being unnecessary delayed by the House of Representatives for the past seven months.
She clarified that CIFIAN was neither an accountancy body nor was it coming as a duplicate or triplicate of existing accountancy bodies in Nigeria.

Ayishetu, stressed that the primary domain of forensic and investigative auditing is to work within the legislative process from the scene of fraud to the court, providing information and evidence for administration of justice; and to ensure that courts are presented with the best evidence and reliable witnesses.

According to her, “The absence of the appropriate legal framework for the regulation of forensic and investigative auditing practice in Nigeria portent great danger to the integrity and safety of the Nigerian financial system.
“The noticeable consequence of such lacuna is that Nigeria currently spends hundreds of millions of her scarce foreign exchange to hire forensic experts to investigate corporate fraud

“To avoid quack practice in forensic audit and investigations in future, we hereby call on the House of Representatives to CIFIAN bill based on its merit by giving a possible concurrence to it just as it was done by the Senate, and posterity will remember you for doing that.”