Performed by professionals with an in-depth understanding of the business culture, systems, and processes, the internal audit activity provides assurance that internal controls in place are adequate to mitigate the risks, governance processes are effective and efficient, and organizational goals and objectives are met.

Evaluating emerging technologies. Analyzing opportunities. Examining global issues. Assessing risks, controls, ethics, quality, economy, and efficiency. Assuring that controls in place are adequate to mitigate the risks. Communicating information and opinions with clarity and accuracy. Such diversity gives internal auditors a broad perspective on the organization. And that, in turn, makes internal auditors a valuable resource to executive management and boards of directors in accomplishing overall goals and objectives, as well as in strengthening internal controls and organizational governance.

Seems like a lot to ask from one resource? Maybe for some, but for internal auditors — it’s all in a day’s work.

Our Story
The conversation that sparked the formation of the Association of Certified Fraud Examiners (ACFE) occurred in 1985 on an office porch in downtown Austin, Texas. During a casual exchange between ACFE founder and Chairman Dr. Joseph T. Wells, CFE, CPA, an accountant turned FBI agent, and the foremost criminologist in the country, Dr. Donald Cressey, the ACFE began to take shape. 
At that time, fraud detection and deterrence were handled by two different groups: accountants who didn’t know anything about investigating fraud and investigators who didn’t know anything about accounting.

“What you need to do is combine these disciplines,” Cressey suggested matter-of-factly.
A few years later, Wells did just that. The culmination of these insights led to the formation of a common body of knowledge known today as fraud examination and has since bridged a gap in disciplines.
Still based out of its original headquarters in Austin, Texas, the ACFE supports more than 90,000 members in over 180 countries. Members include CPAs, auditors, lawyers, investigators, law enforcement officers, security professionals, executives, managers and anyone whose job involves preventing, detecting or deterring fraud.

The Scheme comprises three main categories of membership. These are Fellows, Associates and Graduates.

Fellows
Conferment of Fellowship is on application, after an applicant must have satisfied the Council that as an Associate member of the Institute, he/she has acquired at least 5 years cognate experience either in tax practice or administration.

Associates
In accordance with the Charter and Rules and Regulations of the Institute, a person is admitted as an Associate on application provided that: He/she is a graduate member of the Institute and has acquired the relevant tax experience; or Was admitted through direct application into the Institute’s membership

Graduate Members
These comprise of candidates who had passed the prescribed examinations of the Institute. Before final upgrade into Associate membership cadre, graduate members must have acquired practical experience in tax practicing firms as required by Council. The minimum period of full practical experience is 18 months which may be acquired before or after qualification.

The Scheme comprises of four (4) Levels – Foundation, Intermediate, Professional Examination 1 and 2. These are all designed to test the knowledge, skills and understanding you will need to work as a chartered accountant.

Members of the Institute are entitled to use one of the following designatory letters after his name:

• In the case of a Fellow, the letter ‘FCA’ (representing the words ‘Fellow of the Institute of Chartered Accountants’.
• In the case of the Associate, the letter ‘ACA’ (representing the words ‘Associate of the Institute of Chartered Accountants’).
• In the case of Registered Members, the letters ‘RA’ (representing the words ‘Registered Accountant’).

All accountancy graduates with B.Sc. and HND from Nigerian Universities and Polytechnics, are eligible to commence a three-year training programme to qualify with the Association and earn the designation Certified National Accountant (CNA). This is similar to the system adopted by the Institute of Chartered Accountants of Scotland (ICAS).

The Association also accepts specific overseas professional qualifications which are recognized under ANAN Act #76 of 1993 Schedule 4.

All students aspiring to become members of the Association must attend the Nigerian College of Accountancy, Jos in preparation for the Association’s examination program.

Professional Examination ‘A’ are written in the last week of January and five months of intensive studies.

Professional Examination ‘B’ are written in the first week of May each year after nine months of intensive studies.

There are 2 exam sittings each year:
-June
-December

All students who wish to sit for the ACCA examinations must: Register as a student with ACCA , Register to sit specific exams with ACCA (you will be sent an exam entry form once you have registered with ACCA).

To qualify to enter the examinations, candidates must have passed the West African School Certificate or GCE Ordinary level examinations with credits in four subjects, including English Language and Mathematics, at not more than two sittings.

Holders of higher national Diploma, other professional qualifications, and university degrees from institutions recognized by the institute may be granted exemptions from some subjects as approved by the Governing Council.

Objective of the Exam

One of the basic objectives of the Institute is promoting Banking Education in Nigeria through conducting banking examinations. The objective of promoting banking education is to amongst others:

• Keeping abreast of latest developments in the banking industry;
• Promote and ensure highest level of adherence to sound and generally accepted banking practices; and
• Uphold the integrity of the banking profession in order to instill public confidence in the banking system.

You can study for ACS qualification if you have a minimum of first university degree or an HND in any subject. If you have a professional business qualification approved by the CIS Council for student registration, you will be able to study for ACS qualification and you may also qualify for exemption from some or all subjects in Level 1 of the current examination. You do not need to have studied finance or related subject at degree level.

The new ACS examination comprises two levels, Level 1 and Level 2 of twelve subjects each.

The Institute’s enabling charter provides for three broad categories of membership. These are: individual, Corporate and honourary membership.

Professional grade member use the following letters to show their status.
Fellow FCIPM
Full Member MCIPM
Associate ACIPM