Nigerian Auditors Urged to Adopt AI Responsibly

Auditors and assurance providers in Nigeria's financial sector are being called upon to embrace Artificial Intelligence (AI) with a steadfast commitment to responsibility, robust governance, and unwavering professional ethics. This crucial message was delivered at the Financial Reporting Council of Nigeria (FRC) 2026 Annual Audit and Assurance Summit in Lagos.

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AI is no longer a distant or emerging concept. It is already part of the business and financial reporting environment.

Dr. Rabiu Olowo, Executive Secretary/CEO of the FRC, highlighted the significant transformation occurring in the audit and assurance profession due to technology. He noted that AI is no longer a future concept but an integrated part of the current business and financial reporting landscape. Olowo stressed the importance of guiding AI adoption with ethical principles to build a technologically advanced, competent, and trustworthy profession.

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Let us ensure that the adoption of AI in audit and assurance is guided by responsibility, appropriate governance and unwavering commitment to professional ethics.

Discussions at the summit, themed "Redefining Audit Integrity in the Age of Artificial Intelligence: Auditor Independence, Financial Reporting Responsibility and the Future of Assurance," focused on balancing technological opportunities with inherent risks. Questions were raised about maintaining professional skepticism in automated environments, ensuring technology enhances rather than replaces professional judgment, and mitigating risks associated with algorithmic bias, data integrity, and cybersecurity.

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Together, we can build an assurance profession that is technologically enabled, professionally competent, ethically grounded and worthy of the confidence of investors, businesses, government and the Nigerian public.

Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, represented by Permanent Secretary Dr. Chris Osa Isokpunwu, cautioned against extremes, either resisting technological change or placing blind trust in AI. The overarching sentiment was that while AI offers immense potential, its integration must be carefully managed to uphold the core values and independence of the audit profession, ensuring it remains worthy of public confidence.

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How do we ensure that the cornerstone of the audit profession, independence, is never compromised?