Arguably, it was stated that so far, since the discovery of last year that led to various banking reforms in the country, there has been significant improvement in banks auditing systems and regimes.
This was the view of the Deputy Director, Banking Supervision Department, CBN, Mr. Onyebuchi Ibedu, at a post-event interview with The Guardian at the weekend in Lagos. He said the need for Nigerian banks in the 21st century to take the issue of auditing with all seriousness has become highly imperative, stressing that most financial institutions across the globe facing one challenge or the other failed significantly because of poor and improper auditing system.
According to him, Nigerian banks must imbibe the culture of sound auditing system to be able to move the sector forward.
His word, “I must tell you significantly, Nigerian banks must brace up on the need to have sound auditing regime to be able to compete globally. Though, I will tell you that most banks are doing well now, but those CBN-intervened banks, I mean those banks that were rescued by the apex bank last year are still having issues in this area. They need to brace up and improve on risk-based internal auditing.”
Read More:http://www.ngrguardiannews.com/index.php?option=com_content&view=article&id=29239:cbn-tasks-financial-institutions-on-auditing-system&catid=31:business&Itemid=562
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