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ICAN Hypes High-quality Audits As It Marks International Accountancy Day

By: Bisi Akingbade 

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, the 59th President of the Institute of Chartered Accountant of Nigeria, ICAN, Dr. Innocent Iweka Okwuosa has said. 

Speaking at a press conference to mark the International Accountancy Day 2023, Okwuosa said that recognizing this, ICAN has consistently championed the pursuit of excellence in auditing practices. 

 According to him, a cornerstone of this endeavor is the institute's collaborative relationship with regulatory bodies.

  "ICAN's collaborative efforts with regulators are multifaceted and dynamic, reflecting our 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. Our shared goal with regulatory partners is clear: to ensure that audits in Nigeria are thorough, independent, and reflective of the highest levels of professional excellence. In doing so, we not only safeguard the interests of individual enterprises but also fortify the foundations of our national economy," he stated.

The ICAN President noted that effective management of public finances is widely recognized as an essential element for fostering a prosperous and inclusive society. He said that the Institute has always been at the forefront of promoting financial transparency and accountability, and recognizes the significant role that 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. 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.  

"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."

 Okwuosa explained that the day is a day of special significance for the profession and the global financial community, adding that on this day, accountants come together to mark International Accountancy Day, a day of global recognition set aside each year on November 10th. 

"This observance is not a mere date on the calendar; it is a celebration of a rich history that dates back to the time when Luca Bartolomeo de Pacioli, an Italian mathematician, paved the foundational stones of our profession.

On this day in 1494, de Pacioli published his work that meticulously documented bookkeeping practices — practices that would become the bedrock of modern accounting. It is this seminal contribution that bestows upon de Pacioli the esteemed title of the "Father of Accounting." The significance of this day extends beyond historical milestones; it is a testament to the enduring principles of transparency, integrity, and accountability that have transcended centuries and continue to be the cornerstone of our work. As we honor de Pacioli's legacy, we also celebrate the evolution, resilience, and adaptability of accounting through the ages.

"Today, we do not merely reflect on the past; we embrace the present and look forward to the future with the same pioneering spirit that de Pacioli exemplified. 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. In commemorating this day, we also recognize the synergy of tradition and innovation within our field, honoring age-old principles while adapting to an ever-changing business landscape. It is a day to underscore our role not just as accountants, but as custodians of economic truth and as architects of financial stability and growth.

"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.   

"As we celebrate this momentous occasion, we recognize that economies across the world are facing some of the most trying times in history. 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. In the face of these uncertainties, chartered accountants have emerged as beacons of stability, guiding their organizations through difficult times and providing sound financial advice and expertise. Our resilience, commitment, and adaptability have been crucial in navigating the changing business landscape.

"Professional colleagues, our dear friends from the press, distinguished ladies and gentlemen, as we celebrate our noble profession on this global day, I want to express immense gratitude to all accountants for their unwavering commitment to financial excellence, I also acknowledge our greatest asset and stakeholders, the over 60,000 members of our great Institute who have continued to adapt, learn and innovate in the ever-changing landscape of the Accountancy profession. I equally thank all our friends and members of the press for celebrating with us today.

"As the 59th President of The Institute of Chartered Accountants of Nigeria, I am immensely proud of the work we have done in elevating the standards of accountancy within our nation. ICAN has been a beacon of excellence, a standard-bearer of ethics, and a bridge to global practices. Our commitment to professional development, oversight, and advocacy has never been stronger. On International Accountancy Day, let us reaffirm our pledge to uphold the highest standards of our noble profession. Let us commit to continuous learning, to adapting to the digital age, and to leading our businesses and our economies with integrity, transparency, and foresight. Together, we will continue to chart the course of prosperity for our beloved country, Nigeria, and contribute to the global economy with unwavering dedication.

"God bless members of The Institute of Chartered Accountants of Nigeria, professional accountants globally, our noble accounting profession, and our great nation, Nigeria," the ICAN President stated.