Nigeria’s forensic accountants bill passes second reading at Senate

A bill seeking to establish the Chartered Institute of Forensic Accountants in Nigeria on Wednesday passed its second reading at the Senate.

Senator Dino Melaye moved the motion for the establishment of the institute and other related matters, which was debated by other senators. The bill was sponsored by Senator Gbenga Ashafa.

According to senator Barau Jubrin: “You cannot fight crime successfully without the help of forensic accountants” and Nigeria should move with what is trending in and around the world.”

He argued that the bill is desirable with the current situation in the country needing tackling corruption.

However, senator Alasodura shared a contrasting view. According to him, Nigeria should work on improving the standard of the accountants in the country because if any accountant fails in his duties he/she can go to court to defend his/her work.

Senator Ibrahim Gobir supported the view, arguing that accounting subject has many branches such as cost accounting, management accounting, among others.

The bill, if finally passed into law, would enhance the capacity of the Association of Forensic Investigative Auditors to support the federal government’s effort to tackle corruption and prevent graft in the system. It would also help to facilitate the transition from the traditional audit method to forensic and investigative audit.

The Senate president referred the bill to the committee on the establishment and public service which is to report back in four weeks.