Auditors-General in Nigeria have identified delay in the submission of financial statements by Accountant-General to the Auditors-General; low staff capacity; poor funding and lack of basic autonomy as some of the challenges of financial auditing.

In a communiqué on Friday after their four -day 42nd bi-annual conference in Ilorin, they also said gaps in the Constitution and other legislation relating to the auditor-general as an audit officer; lack of proper follow up on reports of the Auditor-General and inadequate logistics and conducive working environment were other inhibiting factors.

They therefore recommended that it should be made mandatory for the account committees at the federal and state levels to complete the consideration of the auditors-general reports within three months of receiving them.

They also said there should be proper and timely follow-up action on the recommendations of the public accounts committee based on the auditor-general's report.

The Auditor-General of the Federation, Mr. Samuel Ukura, said during the conference that there was the need for Nigeria to have an audit law that would strengthen operations in the audit and the entire financial sector.

He said it was surprising that even small countries in the world had audit laws while Nigeria did not. He added that it would strengthen the work of auditors in the country.

Ukura said corruption had become rampant in the country, adding that auditors should participate actively in the fight against graft.

He also said there was the need to ensure implementation of auditors-general's report by state governors, adding that auditors-general should impress it on governors to implement such reports.

"Members should look into ways of strengthening the auditing institutions not just in Kwara State but in the nation as whole by passing into law, the audit bill. You will be surprised to know that even small countries have their audit laws but unfortunately, Nigeria as a whole has no audit law. It is one of the instruments that will strengthen the work of the auditors generally.

"One other thing which will help to strengthen this institution is the completion and implementation of audit reports," Ukura said.

He stated that the theme of the conference, ‘Supreme audit institution as a veritable tool for the achievement of the transformation agenda,' was timely. He added that it was intended to provide a window for auditors to exhaust the underlying concepts and be properly placed to advise on the way forward.