Firm seeks credibility among auditors

The Lead Partner of Stransact Partners, Eben Joels, has said there is need to enhance credibility in the audit profession and ensure adequate manpower.

Joels spoke during a press briefing in Lagos by Stransact Chartered Accountants, the correspondent firm of the RSM network, a large network of independent audit, tax and consulting firms worldwide.

During the event, the firm presented its tenets of auditor credibility, a simple guide for chartered accountants on compliance with international ethics and best practices in their professional practice.

He said, “Auditor credibility is very important. There are lots of audit firms out there that are one man firms, and such firms are out for the fees because there is a limit to what just one person can do. Also, corruption has gone deep into our system, we have had scenarios where the regulators will decide not to look at certain things because they do not have manpower.

“However, there are companies that issue two versions of accounts or accounts that are not a true and fair view of the transaction that has taken place. Such auditors have come in without independence, lacking honesty and skepticism as they take on the job.”

According to him, auditors are trained not to believe everything seen until testing is done.

He added that every auditor should have a credible outlook and being seen as independent and honest was very key.

Speaking in its operations, he said, “We are a firm, and we do not do any work, and it is because we have chosen to maintain our integrity. This is Nigeria, and there are certain things that happen with government contracts that you do not want to be involved in.

“In essence, we do not want to open the door for any person to start negotiation, so we focus on working for private companies, however, this doesn’t negate the fact that once the government sees a good thing, they would not show us.”