The Nation Newspaper

Tag: accountants

  • Budget 2016 ‘ll fix economy, say accountants

    The Association of National Accountants of Nigeria (ANAN), yesterday praised President Muhammadu Buhari for designing the 2016 budget,  to, in its opinion, acheive sustainable growth of the  economy.

    The accountants therefore urged the Buhari to work his talks to diversify the economy, manage inflation, import substitution, export promotion and other creative ways to achieve overall macro-economic stability.

    Its President, Anthony Nzoma, who spoke in Ilorin, the Kwara State capital during the first session of the 2016 Mandatory Continuing Professional Development (MCPD), said the budget will  fulfill the change agenda of the Federal Government.

    He  said government’s effort at revamping the oil sector is a positive indicator for the economy.

    “This will enhance home-grown oil production capacity and reduce the volume of fuel importation. We also enjoin the government to curtail issues bordering on oil bunkering, damage of oil pipelines, spillage, illegal oil exportation and environmental concerns in oil producing areas.”

    On the war against insurgency, Nzoma said: “We enjoin the government to ensure the safety and rehabilitation of internally displaced persons (IDPs). Government should provide resources for our brave soldiers confronting the menace of terrorism on the war fronts. Government should consolidate on the victories by harnessing support from the international community as terrorism has become a global menace.

    “Robust safety precaution and enlightenment should be carried out in the country, especially in the Northeast; community radio stations should be set up in the zonebecause through this way, the message will get to the desired audience.”

    He urged all the ministers in the president’s cabinet to work assiduously to “preserve the commonwealth of the people, develop and implement ideas for the betterment of our dear nation.”

    He urged accountants to be in tune with the International Public Sector Accounting Standards (IPSAS), which is the latest trend in financial reporting. He said this will enable them to possess the leverage and expertise in the ever dynamic world of accountancy.

    “Accountants’ expertise in this aspect of financial reporting is highly encouraged in order to further ANAN’s goal of advancing the science of accountancy through the acquisition of requisite knowledge and skills to promote Nigeria’s status as a key player in the global economy,” he said.

  • Ex-ICAN boss to accountants: Join anti-graft crusade

    The immediate past President of Institute of Chartered Accountant of Nigeria, Mr. Chidi Ajegbu has impressed on members of the Institute, the need to be in the vanguard of the anti-corruption crusade.

    08, Ajegbu  said there are provisions in the Act setting up Independent Corrupt Practices and Other Related Offences (ICPC) and Economic and Financial Crimes Commission (EFCC) which  empowers professional accountants in the fight against graft.

    According to him, the EFCC and ICPC enabling acts stipulate that the accountants should be included in the forensic analyses of financial crimes which would give lot of credibility to the cases of financial fraud.

    He lamented that many money laundering and financial crime cases suffer setback in court because there are no proper forensic investigation done on the cases thus they die prematurely.

    “Professional accountants are in the best position to assist the anti-corruption agencies in doing forensic investigation because of their professional know-how and firm principles on integrity, firmness an transparency,” he said.

    Expatiating, he said: “As far as I know the EFCC as it is today, do not have the competence in dealing with the complex financial issues and I think accountants are in a better position to help.”

    In his presentation, the  Pwc Partner/Head of Tax and Corporate Advisory, Mr. Taiwo Oyedele charged accountants across the country to take advantage of  opportunities in the single treasury account policy of the federal government.

    Oyedele, who lauded the federal government  for introducing the policy, however noted that there was need for proper planning and consultation with stakeholders on the possible impact on the economy.

    Earlier, in his welcome address,  Joseph Aborowa, the Coordinator of the group charged fellow accountants to be professional.

  • Lagos accountants urged to invest in agric

    Accountants in the Lagos State public service have been urged to take advantage of the present economic situation in the country by investing in the agricultural sector.

    President, Institute of Chartered Accounts of Nigeria (ICAN), Otunba Femi Deru, who spoke yesterday at the fifth Annual Public Lecture of Lagos State Public Service Chapter of the association, said agriculture before now contributed about 42 per cent to the country’s revenue, adding that it remains one area that the country is capable of utilising to resolve its economic challenges.

    In his opening remarks, Chapter chairman, Mr. Abdul Adekunle, said agriculture has the potential to contribute immensely to the economy of the country if well harnessed.

    He explained that the theme for the lecture was carefully chosen after appraising recent happenings in the nation  urging the accountants to take advantage of the opportunities within the sector.

    “ICAN, since its formation, has consistently been in the fore front of awakening its immediate society in the areas of national issues with the aim of providing a platform by which issues of national interest are discussed. There cannot be a more appropriate time than this with the emergence of a new government which inherited a bewildered economy.”

    He said the Nigerian economy has largely depended on the proceeds from the sale of oil, which is at the expense of other sectors such as solid minerals and agriculture that contribute significantly to the nation’s economy.

    In his lecture titled ‘Agriculture: Catalyst for Socio-economic Development’, Permanent Secretary, Lagos State Ministry of Agriculture and Cooperatives,  Dr. Yakubu Bashorun, stressed the need to diversify and explore opportunities within the sector.

  • Accountants urged to uphold high standards

    The President, Institute of Chartered Accountants of Nigeria (ICAN)), Mr. Chidi Onyeukwu Ajaegbu, has  called on accountants to exhibit high standards of professionalism to ensure that its image is not dragged into public ridicule.

    He said as professionals they should continue to uphold the core values of integrity and accountability and also demonstrate best practice in corporate governance.

    Speaking at the  54th induction  of  new members  in Lagos, Ajaegbu  said  good governance and accountability had become crucial and the pivot of all enterprises and  members  need  to  hold this  to  protect the  image of the  profession.

    He said the role of the accountants is to interpret financial issues to help individuals to understand what pertained in the public and private sectors to enable them make informed judgment in any situation.

    He  said it was always perceived that the accountant’s duty is synonymous with corruption adding that  members   need to get involved in the fight against this social cankerworm to ensure that its incidence is mitigated.

    He said the institute  is embarking on rigorous reforms to ensure that members are equipped with the needed skills to carry out their duties effectively.

    According  to him,  development in the profession is ever assuming diverse trends and the institute  must keep capacities updated.

    He stated the profession could no longer be premised on the old system of accounting, adding that  new areas had surfaced and to remain in the field, practitioners should adapt to the changing system.

    He  called on members of the body to ensure transparency in financial reporting.

    He said ICAN has a critical role to play in building and sustaining corporate governance culture as well as sound financial reporting in institutions in the country.

     

     

  • ANAN chief urges accountants on integrity

    The President, Association of National Accountants of Nigeria (ANAN), Sakirudeen Labode has challenged accountants  on the need to exhibit integrity and professionalism in the discharge of their duties.

    Speaking in Lagos at the Presidential Dinner organised in his honour by the South West Zone of ANAN, he said such virtues will boost perception of accountants locally and internationally.

    He said the economy will also benefit from the role of accountants, when their jobs are done professionally.

    Labode said ANAN is giving priority to technical capacity building of its members to boost transparency and accountability in the economy. He said accountants need better knowledge and technical capacity to do deliver quality and professional services on the job.

    The ANAN chief noted that the association had fulfilled its national and international obligations, particularly in International Federation of Accountants (IFAC), Financial Reporting Council (FRC) among others.

    The group also embarked on a rigorous campaign against corruption and championed the whistle-blowing campaign.

    He appealed to members of the association to be upright and show reciprocal gratitude to their employers. “The nation has supported ANAN and we must show gratitude for that support. The government and the citizens of Nigeria stood by us,’’ he said.

    The ANAN Chief said the body is currently exporting accounting knowledge to key African countries. “We went global and there is a prize to pay for it. ANAN’s position in the global arena is being redefined,’’ he said.

    The ANAN president explained that at the end of the year, the association would become a full member of the IFAC. He said Chinese and other languages would soon be added to the syllabus of the Nigerian College of Accountancy (NCA), Jos, the training arm of the association, apart from French presently being thought in the college.

    Also speaking at the event, Governor Abiola Ajimobi of Oyo State urged accountants to be acquainted with International Public Sector Accounting Standards (IPSAS), adding that accountants are expected to be good record keepers of internally generated revenue.

    Ajimobi ,who was represented by the state Director of Finance and Accounts, Olaojo Adeniyi, said the dinner held in honour of an Labode  was well deserved because of his immense contributions to the accounting profession.

    Also, the Coordinating Chairman of the South West Zone of ANAN, Mrs Elemanya Ebilah said, Labode is creditably discharging his responsibilities to the association and the country.

    She said the Southwest zone of ANAN comprises of Ikeja, Lagos Mainland, Shomolu, Ogun, Oyo, Osun, Ekiti and Ondo branches in six states.