Audit processes: Banks must adopt technology to tackle fraud – Dr. Ken Opara, President/Chairman of Council, CIBN

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  • Audit processes: Banks must adopt technology to tackle fraud – Dr. Ken Opara, President/Chairman of Council, CIBN

Amid the rapidly changing environment arising from digitalisation, the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has urged banks to adopt technological advancements in their audit processes which would make tasks such as analysing vast amounts of data, real-time monitoring, reduced human error and bias more efficient. 

According to the ACAEBIN, by doing so, banks can enhance their ability to detect and prevent fraud, ultimately protecting their customers and shareholders.

Delivering a keynote address tagged; Keeping up with the NextGen in Internal Audit during the 2023 Annual retreat and ACAEBIN Conference in Lagos recently, the Chairman of Council, the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, while commending the association for the good work done in fostering competence, ethical standards and professionalism of auditors of banks, stated that the COVID-19 pandemic which ravaged the world in 2020 led to the emergence of new technology which meant that the traditional methods of internal audit may no longer be adequate.

Opara noted that the theme is centered around embracing the new technology and added that internal auditors must be agile and have a thorough understanding of their organization’s strategy, operations and risk landscape.

Opara listed thorough understanding of the next generation workforce, collaboration, focus on risk management, agility, adoption and training as the recommendations for internal audit professionals.

“Essentially, next generation auditing practices are the last line of defense against fraud in a bank and technological advancements are needed to protect organisations against such fraud. Therefore, banks should adopt technological advancements in their audit processes”, he said.

Earlier in his welcome address, the Chairman, ACAEBIN, Felix Igbinosa, said there is a need to focus on promoting innovation within the internal audit role, aimed at consciously preparing the next generation of auditors to support firms in their goals of transforming the function into a more efficient and effective one.

“This is one of the cardinal objectives of the Association – to equip Auditors with the right skill set to be able to deliver on their jobs. We hope to continue to improve on this by focusing on the bottom-up approach, especially, as we transition to the next generation”,Igbinosa said.

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