70 banks’ auditors trained in accurate financial reporting

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in collaboration with the Financial Institutions Training Centre (FITC) has held a two-day training for Internal Audit Staff on Internal Control Over Financial Reporting to deepen capacity of internal auditors of banks to detect fraud and mitigate risks.

 The event, which had in attendance 70 internal auditors, drawn from 41 member-banks was aimed at equipping the internal auditors with the knowledge and competence to assess the effectiveness of internal controls, risks-based internal audit, regulatory requirement and the Committee of Sponsoring Organisations (COSO) framework, among others.

 It was meant to integrate such knowledge and experience into working collaboratively with others to ensure that their organisations provide accurate financial reporting.

 It also sought to identify the components of Internal Control over Financial Reporting (ICFR) and their significance in protecting the integrity of financial statements, recognise regulatory requirements governing Internal Control over Financial Reporting (ICFR) and their implications for organisations and explain COSO framework and its role in establishing robust internal control systems while appreciating the roles and responsibilities of key stakeholders in the implementation, evaluation and assessment of ICFR.

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 Chairman of the Association, Prince Akamadu, stated that the association is committed to training and raising a generation of internal auditors that has the capacity to meet the challenges of the audit profession.

 Akamadu said the association deemed it fit to ensure that auditors have the requisite skillset to audit processes.

Second Vice Chairman of ACAEBIN and the Sub-Committee Chairman on Emerging Issues, Mogbitse Atsagbede whose team was responsible for organising the training, noted that capacity development is at the core of the Association’s mandate.