How technology can curb corruption, by experts

To tackle the menace of corruption in Nigeria, experts have once again advised on the use of technology.

The experts noted that adopting and harnessing this technology would reduce the opportunities for corruption, ensure transparency, accountability, and promote ethical practices. They stressed that irrespective of the organisation, products or services, there is a technology solution that suites your need.

The experts, who spoke at the Institute of Chartered Accountants of Nigeria (ICAN) 13th Western Zonal Conference in Ikorodu, Lagos, however, noted that driving accountability requires political will and corporate governance at this crucial time of the economy of Nigeria. They called for the development of innovative leaders to stir economic growth.

Identifying corruption as one of the major issues in Nigeria, Managing Director, Systemspecs, John Obaro, said “We cannot stop people from stealing but, one can trace funds and its use, if the political will is there. Then one can make good examples of the culprit with a view to discourage others”.

Obaro, who was represented by the Group Head, Business, Systemspecs, Gbenga Oludaisi, added that leaders in business are meant to enshrine accountability and uphold ethical values with attending laws and regulations of the country

“As a people we need to improve our laws and enforcement with the political will that keeps everyone under the law. This is germane to achieving the change and democracy we want,” he added.

Obaro advised accountants to embrace digital transformation and continually upgrade their skills that will make them stand out.

On the presentation titled: Fostering an impactful leadership through accountability and technology, he said accountants can only remain relevant in the changing financial tech ecosystem if they take deliberate steps to understand trends and its application.

“Of all human endeavour, managing financial activities of organisations and government has engaged technology the more. This implies that accountants cannot afford to be redundant to technology advancements, or you risk losing your job to the younger tech savvy generation.
“An accountant can be trained on information security, audit and communications, and others as determined by his area of specialisation. I encourage training and retraining realising that technology is integral to the success of any career. You can’t say you have reached your peak as a Chartered Accountant. There is more to know,” he stressed.

Registrar/Chief Executive, ICAN, Rotimi Omotosho, urged accountants to put public interest before when acting on the ethics of confidentiality and noncompliance.

“To boost our reputation and position the profession for greater roles, accountants should report noncompliance to laws and regulations, especially auditors and other professional accountants in public practise. This will position our Institute as a catalyst for change,” he added.

Meanwhile, Head, Department of Accountancy, Babcock University, Prof. Rufus Ishola Akintoye, decried that accountants have suffered insufficient or unavailable data to optimise decision process.

Akintoye stressed that asymmetric information (information failure), occurs when one party to an economic transaction possesses greater material knowledge than the other party, and it’s worsened or managed by creativity.