The Bank of Industry (BoI) has accredited 186 external auditors to help Small and Medium Enterprises (SMEs) prepare reliable financials. This, the bank said, is to facilitate increased access to its loan facility.
The bank also announced plan to step up loan disbursement to SMEs from the last year\’s N5.6billion to over N10billion in 2016.
Although, Company and Allied Matters Act(CAMA) prescribes that all firms prepare annual audited accounts, BoI stated that it decided to appoint its own external auditors in order to be able to ascertain the authenticity of financials submitted before it.
The 186 accredited auditors are members of the Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN).
Speaking during the induction of the external auditors in Abuja at the weekend, managing director, BoI, Mr Rasheed Olaoluwa, explained that the appointment of the auditors was part of the bank strategies to develop an ecosystem of credible developmental partners to help SMEs in the country.
He stated that the moves became imperative if the bank must rely on some of the financials being presented to it by some firms prospecting for loan, stressing that the bank had discovered that most of the financials were, more often than not, doctored.