Artificial Intelligence will curb fraud in auditing processes – Firm

A development training institute, Coinmac International, has suggested the adoption of Artificial Intelligence to curb fraud and misappropriation so as to improve auditing processes in the public sector.

Its Managing Director, Mr Ayo Salam, gave the suggestion in Abuja on Monday at the opening of a training workshop on Developing, Improving and Monitoring the Internal Audit Function.

The training was organised for Internal Audit staff of the National Hydroelectric Power Producing Areas Development Commission (N-HYPPADEC).

He said the new administration should do more to reduce corruption in the public sector by training and retraining auditors in the country.

According to him, when auditors are properly trained, there will be adequate knowledge to block corruption loopholes.

“Adopting new technologies on auditing processes will help many organisations.

“As the business world changes at an accelerating rate, auditors need to continually add to their skills and knowledge to stay relevant; they need to remain educated on changes in business in general, and in audit processes.

“There has to be transparency and accountability; information and communication technology currently rules the world.

“We can, as much as possible, discourage corruption with institutional development. We can do this by ensuring we have schools for auditing that can build capacity for auditors. That is the purpose for this meeting.

“Internal auditors are key agents in preventing corruption and ensuring compliance to relevant laws and policies. Auditing the public sector will prevent mistakes and shortcomings in public administration.”

Salam said that raising the internal audit quality in N-HYPPADEC would ensure that the establishment continued to be free of corruption, while financial transparency and accountability would receive a boost.

He added that establishing and strengthening internal audit departments in government establishments would mitigate the misuse and abuse of public offices and complement efforts of anti-graft agencies.

The Managing Director, N-HYPPADEC, Alhaji Abubakar Yelwa, in a remark, said that the workshop would upgrade the Commission’s Audit Unit into a robust one.

“We shall build an honest and responsible workforce in line with the aspirations of the Presidency,” he declared.

Yelwa urged participants to embrace new ideas and solutions to auditing challenges so as to promote innovation and creativity.

He expressed optimism that his officers would gain more knowledge on the significance of professional ethics such as confidentiality and independent viewpoint in auditing.

“We expect that they understand the risks and ethical responsibilities of compromising auditing process to suit personal interests or the interests of senior officers.

“The participants should also know that workshops such as this one, are not enough to make them exceptionally competent in their field.

“I, therefore, implore each of you to put in personal efforts towards enhancing your professional capacity,” he stated.

Source: News Agency of Nigeria