ACAEBIN Recommits to Enhancing Internal Audit Process

Oluchi Chibuzor

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has reaffirmed its commitment to strengthening internal audit processes and capacity within banks to enhance transparency, regulatory compliance, and public trust. 

This was disclosed recently during ACAEBIN’s 59th Quarterly General Meeting (QGM) held in Lagos, with the theme ‘Building and Sustaining Trust in the Nigerian Banking Industry: The Role of Internal Auditors’.

In his address, ACAEBIN Chairman, Prince Akamadu, emphasised the increasingly critical role of internal auditors in promoting transparency, accountability, and strong corporate governance within the evolving banking landscape. 

Akamadu also said ongoing efforts to harmonize internal audit framework for the industry will serve as a comprehensive guide for new and experienced chief audit executives.

According to him, “As Chief Audit Executives, we are at the forefront of fostering and promoting trust. Our role goes beyond executing audits; we ensure transparency, accountability, and compliance within our institutions.”

Speaking at the event, the Managing Director of Sterling Bank Limited, Abubakar Suleiman, represented by the Executive Director of Operations, Raheem Owodeyi, underscored the banking sector’s significant contribution to Nigeria’s economy.

He noted that the sector contributed approximately N3.8 trillion to the national GDP in 2023, a 26.5 percent increase from the previous year. 

On his part, the Executive Secretary of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo, who was represented by Mr. Titus Osawe, noted that, “internal auditors are pivotal in ensuring robust governance structures, which are necessary to maintain public confidence in financial institutions.”