‘CIFIA ‘ll address increasing fraud cases’

Emergence of Chartered Institute of Forensic and Investigative Auditors (CIFIA) will address the ever increasing cases of fraud in the country, CiFIA, Protem President, Mrs. Victoria Enape Ayishetu, has said.

Mrs. Ayishetu, who said this at the one-day public hearing by the Senate Committee on Establishment and Public Service on a Bill for an Act to establish the Chartered Institute of Forensic and Investigative Auditors,

noted that the sophistication of modern day fraud made it imperative for the establishment of the body.

Presently, the Chartered Institute of Forensic and Investigative Auditors in Nigeria Bill, 2018, has passed second reading in the red chamber.

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“Forensic and Investigative auditors represent a global paradigm shift from traditional auditing practice to skilful deployment of science and technological tools to prevent, detect, or resolve financial fraud or expose possible criminal activity concealed in financial accounts.”

The CIFIA Protem President explained that the Bill when passed into law will not only save the country the cost of inviting Foreign Forensic Auditors for fraud investigation, it will also stimulate public confidence, and enhance transparency and accountability in the economic and national life.

Furthermore, she said, “it will also answer the question often posed by foreign investors as to the safety and guarantee of their direct foreign investments (DFIS) in our country.”

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