Prince Akamadu, who serves as the chairman of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), reiterated the organization’s commitment to enhancing internal audit processes and capabilities within banks.
During the 59th quarterly General Meeting of ACAEBIN in Lagos, themed ‘Building and sustaining trust in the Nigerian banking industry: Role of internal auditors,’ it was highlighted that auditors play a crucial role in preventing financial misinformation in the banking sector. The agency aims to promote transparency, regulatory compliance, and public trust.
Prince Akamadu emphasized that the agency’s primary goal is to foster trust in the banking sector and promote credibility among stakeholders. He highlighted the importance of the internal audit function in managing risks and upholding corporate governance standards.
Abubakar Sulieman, representing Sterling Bank, stated that a robust banking sector is vital for economic growth, stability, and development in Nigeria. Trust is seen as fundamental for maintaining stability in the banking system and ensuring the efficient functioning of the financial sector.
To build and sustain trust in the Nigerian banking industry, internal auditors must promote ethical practices, leverage advanced audit technologies, invest in professional development, and align with regulatory requirements.
The recommitment by ACAEBIN signifies a step towards strengthening internal audit functions across banks, ensuring regulatory compliance and building and maintaining public trust in the sector’s stability and growth.
Source link