The National President, Institute of Chartered Accountants of Nigeria (ICAN), Otunba Femi Deru has called for the implementation of the International Public Sector Accountancy Standards (IPSAS) as a way to improve accountability and transparency of the nation’s funds.
Speaking during the Northern Zonal Districts Accountants Conference with IPSAS Adoption in Nigeria: Implication on Accountability and Probity as theme in Minna yesterday, Deru said there is a need for people entrusted with public funds to be accountable.
He said IPSAS can work in Nigeria pointing out that it is designed to work effectively and efficiently unless in an environment with fundamental problems.
He then disclosed that the institute has so far trained 4,000 chartered accountants and 18,000 account technicians from 1965 to date in global based practice.
He assured that the institute and its members would continued to adhered strictly with the global tenant and principles of the profession just as it will not compromised in anyway against the ethics establishing the profession.
Deru further said the institute has contributed tremendously in both public and private sectors of the nation’s economy adding that it will not relent in its efforts in fighting corrupt tendencies in all aspect of financial dealings to uphold the integrity of the accounting profession.
In his address, the Niger State Acting Governor, Alhaji Mohammed Ketso said the adoption of the IPSAS in Nigeria will bring the nation into global trend of improving and reforming public accountability.
He said while IPSAS offers numerous benefits in medium and long term, it is a complex and comprehensive change management process, urging ICAN to come up with suggestions on engaging appropriate tools and strategies for the implementation.
“I am not unaware of the potential challenges with the adoption of IPSAS. It is a complex and comprehensive change management process. While it offers numerous benefits over the medium and long term, it also entails short term costs and challenges that need to be seriously addressed by the heads of all MDAs (ministries, departments and agencies) concerned.”
The Acting Governor however stated that the state has become IPSAS-compliant adding that effort is being made to ensure the publication of IPSAS compliant financial statements especially with the pressure from the legislature.
The Conference Chairman, Dr Salisu Abubakar that IPSAS are a set of Accounting Standards issued by the International Public Sector Accounting Standards Board (IPSASB) for use by public sector entities around the world in the preparation of financial statements.