FRC, Auditor General, FMITI Urge Auditors to Adopt AI with Responsibility, Governance, Professional Ethics
Dike Onwuamaeze A call has been made to auditors and assurance providers in the Nigerian financial system to adopt Artificial Intelligence (AI) with responsibility, appropriate governance and unwavering commitment to
The Financial Reporting Council of Nigeria (FRC), the Auditor General for the Federation (AudGF), and the Minister of Industry, Trade, and Investment (FMITI) have urged auditors and assurance providers in Nigeria to adopt Artificial Intelligence (AI) responsibly, with appropriate governance and unwavering commitment to professional ethics.
This call came during the "FRC 2026 Annual Audit and Assurance Summit" held in Lagos, with the theme "Redefining Audit Integrity in the Age of Artificial Intelligence: Auditor Independence, Financial Reporting Responsibility and the Future of Assurance."
Dr. Rabiu Olowo, the Executive Secretary/Chief Executive Officer of FRC, emphasized that AI is no longer a distant or emerging concept but is already part of the business and financial reporting environment. He urged the adoption of AI with responsibility, appropriate governance, and a steadfast commitment to professional ethics.
Olowo highlighted several questions that must be considered while embracing technology, such as preserving professional scepticism in an increasingly automated audit environment, ensuring technology complements rather than replaces professional judgement, addressing risks of algorithmic bias, inaccurate or incomplete data, manipulation, and cybersecurity threats, and maintaining independence in the audit profession.
Dr. Jumoke Oduwole, the Minister of Industry, Trade, and Investment, cautioned against resisting technological change and placing unquestioning trust in technology. She urged a balanced approach, neither fearing AI nor assuming it to be infallible.
Shaakaa Kanyitor Chira, the Auditor-General for the Federation, stressed that while AI is transforming the audit landscape, it must remain an enabler of professional judgement rather than a substitute for it. Chira emphasized that technology cannot assume accountability for the judgement and urged participants to move the conversation beyond the question of whether AI will transform audit to how we will govern that transformation responsibly.
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