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Institute charges accountants, firms on ethical practices

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Institute of Chartered Accountants of Nigeria. Photo/Nairametrics

The Institute of Chartered Accountants of Nigeria (ICAN) has implored members, firms, and organisations to uphold the best ethical business practices in the discharge of professional services.
 
The 56th President of ICAN, Dame Onome Joy Adewuyi gave the charge at the 2021 faculties induction ceremony of the institute in Lagos.

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She noted that adherence to best practices was an enduring attribute that guaranteed success in the pursuit of career fulfillment.

She warned that without accuracy and integrity as guiding compass, practitioners may drift from the fundamental principles of integrity, objectivity, competence, confidentiality, and other professional behaviour.
 
First launched 20 years ago, ICAN’s Faculties were established to provide technical support to members based on their peculiar professional needs and help the institute regulate the practice of special branches of accountancy in which some members operate.

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Adewuyi explained that the services of certified insolvency practitioners and corporate finance managers were pivotal to achieving strong and competitive firms in the country.      
   
“You have to constantly justify this confidence by leveraging the best-in-class training you have received in the course of the programme. To ascertain adherence of faculties’ members to high ethical and professional conduct, we educate them on their peculiar statutory duties and responsibilities such that a culture of best practice is evolved in each specialist area of practice.

This would not only assist our members to always assume a professional disposition and conduct, but it would also promote a society where ethics and professionalism are enshrined as the norm rather than the exception,” she said. 

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She explained that the services of forensic accountants were crucial in unraveling and arresting the disturbing trend in financial malpractices across organisations.
   
According to her, forensic accountants are not just providers of experts’ evidence in investigation but are also expected to work with solicitors in eliciting the right information from alleged suspects and other persons of interest.

She stressed that their services, which extended beyond the rendering of expert advice, were part of the eco-system of professionals tackling corruption that had impeded the growth and development of the country.

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She said, “I implore you to remain worthy ambassadors of the institute in your various spheres of influence. You have to distinguish yourselves from the masses not just by your professional qualifications but in the quality of services you render to your clients. As knowledge is a perishable good, you need to deliberately preserve your professional knowledge through active participation in the activities of the different faculties you belong to and also embrace the culture of life-long learning.
 
“It is also important that you all remain at the frontiers of the various technological disruptions impacting the accounting profession. You should have a global view while addressing local challenges. Technology has afforded you a great opportunity to increase effectiveness and efficiency.”

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