STAKEHOLDERS ADVOCATE GREATER TECHNOLOGY ADOPTION IN BANKING AUDIT SECTOR

Stakeholders in the financial services industry have called for increased adoption of technology in the banking audit sector to improve efficiency, transparency, and compliance.

They made the call during a forum focused on strengthening audit practices and enhancing financial oversight in the banking system.

According to experts, the integration of advanced technologies such as artificial intelligence, data analytics, and automation can significantly improve the accuracy and speed of audit processes.

They noted that traditional auditing methods are becoming less effective in addressing the complexities of modern financial transactions and evolving regulatory requirements.

Stakeholders also emphasized that digital tools can help auditors detect fraud more quickly and strengthen risk management frameworks within financial institutions.

They urged banks and regulatory bodies to invest in capacity building to ensure professionals are equipped with the skills needed to operate in a technology-driven environment.

The participants further stressed the importance of cybersecurity in safeguarding sensitive financial data as digital adoption increases.

Observers say the push for technological transformation in auditing reflects broader trends in Nigeria’s financial sector toward digital innovation and improved governance.