Accountants induct forensic professionals, others
To assist the Federal Government in its fight against graft, the Chartered Institute of Accountants of Nigeria (ICAN) has inducted 71 additional certified forensic professionals into its fold making a total of 613 within the periods 2018-2019.
Also 14 financial reporting experts with certificate of proficiency in International Financial Reporting Standards (IFRS0), 16 insolvency-certified practitioners and eight corporate finance-certified accountants were welcomed into the profession.
Speaking at the ceremony in Lagos, the President of ICAN, Alhaji Razak Jaiyeola explained that recent developments in the market call for a shift from being just generalist to specialist in any chosen field of accountancy as revolutions in information technology has significantly changed the methodologies of accounting processes and quality of deliverables of chartered accountants, hence, the need to expand the responsibilities of professionals beyond the traditional attestation function.
In response to the changing times, he said the institute introduced, faculties of audit, investigation and forensic accounting, corporate finance management, financial reporting, insolvency and corporate re-engineering. He said its council created also created faculties of public finance management, consultancy and information technology and taxation and fiscal policy management.He charged the new fellows to make good use of the opportunities that the event provides, as they would be looked up to for professional advice in those special areas.
Jaiyeola charged them to discharge their roles in line with our tradition of high ethical disposition and continue to fly the profession’s flag of honesty, integrity and excellence with distinction in their respective spheres of influence, no matter the odds.
“Except you continue to demonstrate these great ideals and thrive on the virtues of the profession through exemplary conduct, we cannot legitimately claim to be the conscience of the nation”. Your remaining at the frontiers of knowledge in the various sub-fields would largely depend on your ability to leverage technology for improved service deliveries. It is in line with this that I wish to inform you that ICAN is organising its first Accounting Technology Summit in April 2019, which will hold in Lagos.
The aim of the Conference is to have extensive discussions on the different emerging technologies and how they would impact the accounting profession while taking into consideration the peculiarities of the Nigerian business landscape”, he stated.
According to him, specialisation would provide members opportunity to carve a niche for themselves as a professional in a particular field; effective and efficient deployment of skills and competencies for overall economic well being; creation of an avenue for the judicious use of human and material resources among others.
He said: “ICAN Faculties are centres of Excellence that serve as breeding grounds for specialized professionals to contribute to the growth and development of the nation. As a case in point, graduates of the Audit, Investigations and Forensic Accounting Faculty continue to bring to bear their professional training in assisting government to achieving its goal of fighting corruption in the polity. The graduates from this Faculty are occupying strategic positions in both the public and private sectors of the Nigerian economy. Graduates of other Faculties are playing similar roles in the different fields of accounting such as taxation, financial reporting, consultancy and IT, insolvency and so on.”
On what Nigeria stands to benefit from the new professionals, the chairman of the faculty of insolvency and corporate re-engineering, Mr Cyril Azobu said given the situation Nigeria went through as a result of recession, insolvency practitioners would offer solutions on ways by which companies could be revived and restructured as well as continue as a growing entities.
Azobu posited that forensic accounting provides evidence and support for organisations that want to address issues that are related to frauds and matters requiring investigation.
“To this extent we now have professionals who are competent and possess the right value and provide evidence in court or among disputing partners or corporates. They address issues of fraud risks, having clear policies in place and helping companies in instituting fraud prevention programmes in organization by professionals who are well trained. Government can leverage their competences in fraud case as they would be very useful”, he said.
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