The Speaker of the House of Representatives, Aminu Waziri Tambuwal, has challenged Nigerian financial experts to fashion out an audit act that will facilitate international best practice and assist in the elimination of corruption in the financial system.
Speaking yesterday at the opening ceremony of the public hearing jointly organised by the House Committees on Public Account and Justice, on a bill to repeal the nation’s audit act of 1956, Tambuwal said Nigeria must align with modern trend in digital auditing.
He regretted that the extant Audit Act, which was bequeathed to Nigeria by the colonial masters some 60 years ago, does not give the Office of the Accountant General of the Federation the required instrument to fight corruption nor allows it to streamline the practice as it is done in other climes.
The Speaker said the new Audit Act, when it eventually becomes law, is intended to create Audit Service Commission which will allow the Office of the Auditor General of the Federation, the latitude to restructure auditing practice in Nigeria thereby subjecting it to modern trend in digital auditing.
Accordingly, he said the public hearing offers experts in the field ample chance to make input in the bill before the House on the repeal of the extant act as well as allow the parliamentarians the platform to gather sufficient information that will impact on the overall interest of the bill.