Advocated by the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), auditors must use artificial intelligence (Al) tools to quickly evaluate large amounts of data, find fraud, and spot patterns, dangers, and abnormalities in the financial system.
Because it would greatly lower the amount of fraud via Tier-1 accounts, the association applauded the Central Bank of Nigeria’s (CBN) circular requiring all Tier-1 wallets and accounts to be connected to Bank Verification Numbers (BVN) or National Identity Numbers (NIN).
The call was made at the 57th quarterly general meeting (QGM) of ACAEBIN, entitled “Artificial Intelligence: Game Changer for 21st Century Chief Audit Executives and Auditors,” in Lagos yesterday.
Prince Akamadu, Chairman of ACAEBIN, suggested that the fintech be required to establish hotlines and fraud desks that could be contacted in an emergency and that there be more stringent regulatory monitoring of the Bureaux de Change’s operations (BDC).
He pointed out that all consumers who transact more than $10,000 must have their BVN verified by the class of operators in the financial services sector.
Technology is altering the world at an unprecedented rate, according to Akamadu. He stated that auditors need to adapt to these fast-changing times by embracing new technology that can improve their skills and transform the auditing profession.
He claimed that in this period of profound upheaval, Al is becoming a game-changer pushing auditors into hitherto unexplored areas of effectiveness, precision, relevance, and strategic insights while offering them the chance to realize their full potential.
“Imagine a world in which auditors are equipped with Al-driven tools that enable them to minimize errors, assure compliance, and examine transactions in a matter of seconds. Auditors can find fraud, identify risk, and make improvement recommendations much more effectively with Al. Al also gives the auditor the capacity to continuously learn and adapt, which aids in our ability to be flexible in the face of a business environment that is always changing,” the speaker added.
The days of auditors struggling to assess the mountains of data at their disposal and being buried beneath stacks of documentation are long gone, according to Akamadu, who also noted that by using Al, auditors may quickly come to previously unthinkable conclusions.
Noting that Al is not a cure-all but rather a tool that needs to be directed by human skill, judgment, and ethical principles, he added that even though auditors support disruptive technology, there are possible problems and ethical considerations that go hand in hand.
Akamadu added that auditors need to be on the lookout for signs that Al-driven systems are built with accountability, justice, and transparency in mind.
