By Charles Okonji
The Institute of Chartered Accountants of Nigeria (ICAN) has restated its commitment towards upholding the highest ethical standards, noting that it would continue to adapt to the digital age that has been responsible for business and economic growth across the globe.
The 59th President, ICAN, Dr. Innocent Okwuosa, at a press conference to join the rest of the world to celebrate the 2023 International Accountancy Day, explained that in view of the fact that economies across the world are facing some of the most trying times in history, chartered accountants have emerged as beacons of stability, guiding their organizations through difficult times and providing sound financial advice and expertise.
According to him, the past couple of years have been challenging for businesses, governments, and individuals worldwide due to certain factors including geopolitical tensions, the economic slowdown, increasing debt burden, rising unemployment and high inflation among others.
“Our resilience, commitment, and adaptability have been crucial in navigating the changing business landscape. In the constantly evolving landscape of finance and commerce, high-quality audits stand as one of the critical pillars supporting the edifice of economic confidence,” he said.
In his words,”Recognizing this, ICAN has consistently championed the pursuit of excellence in auditing practices. Our commitment to professional development, oversight, and advocacy has never been stronger.”
He pointed out that a cornerstone of to achieving this feat is its collaborative relationship with regulatory bodies, stressing that the Institute’s collaborative efforts with regulators are multifaceted and dynamic, reflecting its shared commitment to uphold the highest standards of audit quality.
“We understand that an effective audit system is not just about adherence to standards; it’s about a culture of diligence, accuracy, and unwavering ethics. Through these cooperative efforts, ICAN facilitates a regulatory environment where high-quality audits are not just an aspiration but a reality,” the President added.
The ICAN boss also opined that effective management of public finances is widely recognized as an essential element for fostering a prosperous and inclusive society, adding that the Institute has always been at the forefront of promoting financial transparency and accountability.
“We recognize the significant role that we, as chartered accountants must play in ensuring the effective management of public finances.
Our ICAN Accountability Index (ICAN AI) is a groundbreaking tool designed to assess and monitor the accountability and transparency of public finance management in Nigeria,” he said.
“The Index ranks the three tiers of government on pillars, indicators, and dimensions. The Index has been endorsed by respectable institutions such as the World Bank, and the International Federation of Accountants (IFAC). We have, by assessing and highlighting areas of success and concern, brought about positive change, improved accountability, and established more robust groundwork for our country’s well-being,” he added.
He noted that the landscape of the accountancy profession is often marked by legislative frameworks that both scaffold and shape the practice.
“In this context, the Amendment of the ICAN Act presents a unique set of challenges and opportunities for our profession. The initial ICAN Act of 1965 was a pioneering piece of legislation, one that established the accounting profession on a firm statutory footing in Nigeria and paved the way for the standards of excellence we uphold today,” he averred.
“Today, we join the International Federation of Accountants (IFAC), the Pan African Federation of Accountants (PAFA), the Association of Accountancy Bodies in West Africa (ABWA), and other Professional Accountancy Organizations (PAOs) globally to commemorate this auspicious occasion. This shows the global nature of today’s event and the premium placed on our noble profession,” he noted.
“We acknowledge the transformative impact our profession has on economies, businesses, and individuals alike. International Accountancy Day thus becomes a focal point for us to advocate for the profession’s advancement, to highlight the integral role of accountants in driving ethical financial practices, and to renew our commitment to the highest standards of our noble craft,” he said.
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