Audit executives urged to uphold ethics, professionalism

Audit executives have been charged to uphold high ethical standards, technical proficiency and professionalism to navigate the multifaceted challenges facing the banking industry, economic volatility, regulatory changes and technological advancement.

This charge was given at the 58th quarterly general meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), held in Lagos.

The Chief Executive Officer of Standard Chartered Bank Nigeria Limited, Dalu Ajene, emphasised the importance of maintaining high ethical standards and empathy in the audit profession amidst the rapid technological and regulatory changes.

He stated that the role of an audit has always been complex but is now more demanding, requiring not only technical proficiency and an unwavering commitment to ethical standards but also the ability to navigate the human aspects of work.

Ajene urged auditors to develop strategies for enhancing the resilience and integrity of the banking sector, emphasising that their collective efforts are crucial for the stability and growth of the financial sector.

“Behind every transaction, financial statement, and compliance check, there are people whose lives and livelihoods depend on your diligence, transparency, accountability, and integrity. As auditors, you find yourselves at the forefront of ensuring that our institutions remain robust, transparent, and trustworthy amidst these challenges,” he said.

He reminded the attendees that their efforts safeguard not only the assets of banks but also the trust placed in financial institutions by stakeholders and the broader community.

The Chairman of ACAEBIN, Prince Akamadu, noted that the role of chief audit executives has become more demanding than ever, especially as the country grapples with socio-economic challenges.

He emphasised their role in ensuring compliance, mitigating risks, adapting to changing technologies, regulatory policies, and global economic conditions.

Akamadu said this is an opportunity for the chief audit executives to reflect on these challenges and explore how they can continue to be effective auditors while maintaining their humanity.

He reaffirmed the association’s commitment to professional growth, integrity, transparency, excellence and resilience in the banking system, adding that it is crucial for the stability and growth of the country’s financial sector.