Tuesday, April 16, 2019 / 08:46PM / By Proshare News / Header Image Credit: articles.bplans.com
The Chartered Institute of Forensic and Investigative Auditors of Nigeria Bill was yesterday thrown out after spirited debates by proponents and opponents of the proposed Act.
While trite, it is noteworthy that some of the strong proponents of the bill will be serving in the new legislative chambers including the Nigerian Senate;
For The Records
Excerpts from the Forensic Audit Bill as listed on Order no 8 at session in HOR are as follows:
Plenary proceedings of the House of Representatives for Tuesday, April 16, 2019.
The Speaker of the House, Rt. Hon. Yakubu Dogara Presiding.
Re. A Bill for an Act to Establish the Chartered Institute of Forensic and Investigative Auditors of Nigeria for effective Regulation, Registration of Members and Determination of what Knowledge and Skills that a Practitioner is required to attain in Order to Qualify to Practice as a Forensic and Investigative Auditor; and for Related Matters (HBs.1540, 1340 and 1455) (Senate) (Leader), (Hon. Uzoma Nkem-Abonta, Hon. Kayode Oladele and Hon. Ekpoattai I. Owoidighe) – (Adjourned Debate: 11/4/2019) - Second Reading.
Hon. Igariwey Enwo who was mandated alongside 2 other Members to ascertain the true stand of how the debate should proceed enlightened the House that a Body for forensic auditors exists in some commonwealth nations and other nations in the North American region.
Hon. Yussuff Lasun stated that since the word audit is being contested, it could for clarity purposes be coined to read forensic investigators or experts. He explained that in the form the Bill is, it could look like an exclusive accounting Bill, but with his advice it would be more encompassing for other fields.
Hon. Nkem Abonta stated that the word audit is encompassing and could be used as investigation and the Bill should not be watered down just because accountants don't feel comfortable with it. He also ascertained that the Bill as it is is not an exclusively accounting one, but all encompassing.
Hon. Sunday Adepoju stated that by the very definition of the word auditor, one must have gotten an accounting degree, so the Bill as it is, is in contradiction to laid down rules of accounting.
Hon. Simon Arabo stated that if the word auditor is the only contention, it can be expunged to accommodate the content of the Bill.
Hon. Abdulrahman Shuaibu praised the work being done by auditors nationwide, he however decried the fact that the reports of auditors are not being taken seriously by those in the position to implement them. He pointed out that if the Bill is communicated to the President as it is, he was sure it would not gain Presidential Assent, and hence the relevant changes should be made or the Bill should be thrown out.
Hon. Kayode Oladele stated that since it has been ascertained by the Three-man Committee set up by the Speaker that other countries had the proposes body, the Bill needs to be Passed.
Hon. Dimeji Ayodele stated that if the proposed Bill was proposing to establish an association, it would be okay, but the fact that the proposed Institute seeks to be chartered, then it was contradictory to laid down Law.
Hon. Shehu Garba stated that auditing is one responsibility strictly reserved for accountants and Passing the proposed Bill as it is would be creating confusion of Agency roles in the minds of Nigerians. Hon. Babangida Ibrahim stated that an auditor is a professional state attained by being an accountant first of all, so the word audit should be expunged the way it is being applied in the proposed Bill or the Bill should not be Passed. Hon. Nkem Abonta in exercising his right of reply stated that the term audit in the Bill is just to investigate and does not seek to take anything away from the accounting profession.
The Bill was ‘voted on’ and was declined Passage for Second Reading.
Records obtained from the Media Unit, Office of the Honourable Speaker, House of Representatives.
The Case By ICAN Against The Bill