Traditional Accounting System Aiding Fraud, Says Expert

By Concise News Correspondent

Failure of traditional accounting system and fraud control is responsible for the increase in cases of cyber and accounting fraud, says Society for Forensic Accounting and Fraud Prevention (SFAFP).

Chairman of the association, Benjamin C. Osisioma, noted at the inaugural induction of associates that traditional audit models are no longer able to provide financial oversight for corporate activities.

He said the association, incorporated in 2011, was initiated to aid and ensure professional distinction in the training and development of forensic accountants.

“Fraud is the global largest industry and has mortgaged the future of many. It also kills societal values, especially in a society that celebrates materialism.

“Nigeria has paid great price for fraud, simply because traditional controls had failed in keeping back the floodgate,” he stated.