ACAEBIN Boosts Internal Auditors’ Capacity in Nigeria

Sunday Okobi

In a bid to consolidate its mandate to ensure the continuous up-skilling and capacity development of the Internal audit function, the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) in collaboration with the Financial Institutions Training Centre (FITC) yesterday held a two-day training for Internal Audit staff on internal control over financial reporting.

In a statement, it was noted that 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, and integrate such knowledge and experience into working collaboratively with others to ensure that their organisations provide accurate financial reporting.

The statement also noted that the training 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 organizations 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.

 In his welcome remarks, the Chairman of the association, Prince Akamadu, revealed 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 averred that the theme of the training is very apt, and as such, the association deemed it fit to ensure that auditors have the requisite skillset to audit processes.

 He also urged the participants to use the opportunity to network and form working groups where they share ideas and discuss issues that will enhance their work.

Earlier in his welcome address, the Second Vice Chairman of ACAEBIN and the Sub-Committee Chairman on Emerging Issues, Mogbitse Atsagbede, whose team was responsible for organising the training, stated that capacity development is at the core of the association’s mandate and that such trainings are usually bankrolled by the association at no cost to the banks.

 Atsagbede urged the participants to take the training seriously and make best use of the opportunity.

In her remarks, the first Vice Chairman of the association, Aina Amah, urged the participants to endeavour to organise in-house sessions in their respective banks to share the knowledge they acquired with their colleagues.