• Seghosime, others task accountants on ethics, innovation

To effectively tackle insecurity and promote economic development, the Institute of Chartered Accountants of Nigeria (ICAN) has called for financial transparency, stronger accountability and independent auditing of security expenditure, agricultural interventions and other public funds.

ICAN, in a communiqué yesterday at the end of the 21st Northern Zonal Accountants’ Conference held in Yola, Adamawa State, urged the presidency and the National Assembly to strengthen public financial accountability by ensuring an independent and adequately empowered federal audit service.

Also, the ICAN President and Chairman of Council, Queensley Seghosime, urged chartered accountants and professional firms to embrace innovation and adapt to changing regulatory demands without compromising ethics and integrity.

Seghosime, who was represented by a member of the governing council, Mrs Olaitan Babatunde, at the 70th anniversary of HLB Z. O. Ososanya & Co., held in Ibadan, Oyo State, noted that while the tools of the profession might change, society would continue to expect chartered accountants to demonstrate credibility, sound judgment, transparency and trust.

This comes as the Governor of Adamawa State, Ahmadu Fintiri, represented by the Commissioner for Finance, Augustina Wandamihya, described accountability as a foundation for national security and economic development.

ICAN also called for defence expenditure, security votes and security trust funds to face appropriate and transparent audit, as well as legal reforms, including the enactment of the proposed Audit Service and Procurement Bills.

The conference further recommended stronger financial controls in security procurement, including pre-qualified suppliers, defined spending limits, joint logistics coordination and mandatory post-procurement audits.

It further called for continuous verification of personnel records, payrolls, bank mandates, pension and related payments to reduce leakages and corruption within security institutions.

On agriculture, the body said accountability gaps in intervention programmes had undermined efforts to achieve food security, noting that insecurity disrupts farming, market access and livelihoods.

Therefore, the body recommended independent audits, beneficiary verification, transparent disbursement and repayment reporting, as well as evidence-based planning and long-term funding for agricultural programmes, rather than politically-driven interventions.

Moreover, the body urged greater involvement of professional accountants in combating kidnapping, terrorism financing and organised crime through the tracing of illicit financial flows and identification of suspicious transactions, among others.

Meanwhile, Seghosime also urged accounting firms to invest in their people and prepare younger professionals to assume leadership responsibilities, stressing that firms with long histories should not merely preserve their legacies but also build on human capital, innovation and high standards of professional conduct.

Also, the Chairman of ANN Plc, Dr Olatokunbo Awolowo-Dosumu, urged professional institutions to embrace technology and new opportunities without compromising the values upon which they were founded, stating that the firm’s seven-decade journey demonstrated the imperative of professionalism, integrity, trust and enduring relationships in surviving generations.