Forensic service can boost investors’ confidence in Nigerian economy

The expertise of forensic and investigators has a huge potential to boost investors’ confidence in the Nigerian economy, a communiqué by the Chartered Institute of Forensic and Investigative Auditors in Nigeria (CIFIAN) has said.
The communiqué issued after the 2nd Annual Conference/Induction of New Members of CIFIAN held in Abuja, was signed by CIFIAN’s Pro tem President, Dr Victoria Enape.
The communiqué said that CIFIAN commended the Federal Government for the ongoing synergy between government and its agencies (MDAs) in ushering a significant paradigm shift in the minds of Nigerians in the war against corruption and fraud in public service.
The communiqué said that CIFIAN lauded the courage of the Senate in passing the CIFIAN Bill, and enjoined the House of Representatives to follow suit in a short time.
“ CIFIAN advocates the professionalisation of forensic and investigative auditing, recognized globally as an effective mechanism in corruption and fraud prevention and gathering of prosecutorial evidence in such crimes;
“ The Conference x-rays the changing landscape of corruption, fraud and financial crimes and note with dismay that Nigeria is lagging behind in terms of capacity to effectively mainstream forensic and investigative auditing in her anti-fraud drive as exemplified by undue reliance on expatriate forensic and investigative auditors to carry out corporate fraud.
“ The Conference observes that with the specialised skills and training, CIFIAN possesses a global mind-set, with Nigerian and African insights, leveraging its local and international expertise and networks of diverse stakeholders, to contribute to meeting Government’s efforts in the task of Section 15(5) of the Constitution (As Amended), with huge potentials for investor confidence with multiplier effects on the growth and development of the economy.
“ The Conference concludes that forensic and investigative audit being a reliable responsorial approach to preventing and detecting fraud, CIFIAN should be seen as an institutional mechanism designed to provide the statutory framework for the professional development and discipline of forensic and investigative experts with an obligation to contribute to the country’s war against corruption.’’
The communiqué urged the Federal Government to ensure the adoption of a statutory framework for effective practice and regulation of forensic and investigative auditing as well as sustain the evolving synergy between Government and CIFIAN in championing the required reforms in extant anti-fraud mechanisms and practices in Nigeria.
According to the communiqué, CIFIAN is professionally distinct from other accounting bodies both in its mission and membership composition.
It said that its vision and mission were to promote transparency in Advanced Audit through certification, continuing professional education and training, conferences and seminars in forensic and investigative audit.
The communiqué said that CIFIAN sought to validate and enhance members’ standing as forensic and investigative auditors with a credible, comprehensive and internationally recognized certification.
“Instill employer confidence in members’ competences and career opportunities with a credential that certifies their expertise and capacity to expand their boundary of knowledge and skills in forensic and investigative audit.
“Perform forensic and investigative audit in accordance with international best practices, using a common globally recognised body of knowledge,’’ she said.
The communiqué said it was the foregoing that provided the context of the convocation of the 2nd Annual Conference and Induction ceremony of new members on the Paradigm of Forensic and Investigative Audit in Changing the Landscape of Fraud and Corruption.