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Tag: ICAN

  • LIRS hires tax experts from ICAN, CITN

    LIRS hires tax experts from ICAN, CITN

    The Lagos State Internal Revenue Service ((LIRS) has engaged 1,200 members of the Chartered Institute of Taxation of Nigeria (CITN) and the Institute of Chartered Accountants of Nigeria (ICAN) as Tax Audit Monitoring Agents (TAMAs).

    The TAMAs are authorised to act as agents of LIRS for tax audit and assurance purposes. The LIRS carried out a review of the appointment and operational procedure of the TAMAs in order to enhance efficiency in its audit exercise.

    In a statement, the LIRS said their duty would be to collect requisite information during tax audit field exercises, collate, prepare and submit tax audit reports based on the facts gathered for use by the LIRS.

    Executive Chairman of LIRS, Olufolarin Ogunsanwo, implored the TAMAs to demonstrate the highest level of professionalism.

    “We believe you will demonstrate a high sense of responsibility and integrity in this noble assignment in line with international best practices as we hope to improve the internally generated revenue of the state and ultimately engender a sustained culture of voluntary compliance amongst tax payers in Lagos. I have no doubt in my mind that your professionalism will be of tremendous value during this year’s exercise and beyond,” he said.

    The revised tax audit manual was also presented formally. It highlights the systematic steps of auditing, ethical standards and codes in line with international best practices.

    “The TAMAs at the Training undoubtedly emerged to be the best in the stock of applications that we received.

    The selection process was quite painstaking and took into consideration a number of preconditions, professionalism and track records in the most vital areas,” LIRS’ Board Secretary, Jimi Aina said.

    Advising the TAMAs at the workshop, Director, Tax Audit, Bolaji Akintola, said.

    “The Image and reputation of LIRS is key in tax audit, therefore we charge you to stand for what LIRS stands for, by avoiding any form of compromise, illegality, unprofessional conducts and shunning all under the table transactions.

  • ICAN confers fellowship on 969 members

    ICAN confers fellowship on 969 members

    The Institute of Chartered Accountants of Nigeria (ICAN) has conferred Fellowship awards on 969 members.

    ICAN President, Otunba Femi Deru charged new Fellows to inculcate honesty and discharge their duties excellently for them to contribute to the development of the economy.

    He said: “The nation is waiting for us as chartered accountants to make things work as the positive impact of the governance process of the country should be focused on.”

    One of the inducted Fellows, Mrs. Yeside Idowu, expressed happiness to be among the new fellows to be conferred with the honour. She described the experience as ‘a thing of joy and noble to be recognised by ICAN’.

    Former Minister of Health and Chairman of Juli Pharmacy, Prince Julius Adelusi-Adeluyi urged the professionals to rise and contribute positively to building the economy.

    Adelusi-Adeluyi said from inception,  the military and politicians have failed, and have been left alone because the professionals are too busy to be part of the nation-building project.

    He said true professionals, who imbibe professional ethics of good corporate governance,  can effect the desired change needed in the country. He noted that patriotic professionals need not cut corners, beg, live ostentatious lifestyles or be greedy.

    Speaking on the progress of the accounting profession, he said mentoring programme should be given focus by the body, digital language education should be taught both old and new members, and a bridge of understanding should be built between the old and the young in the profession.

  • ICAN confers fellowship award on 969 members

    ICAN confers fellowship award on 969 members

    The Institute of Chartered Accountants of Nigeria (ICAN) has conferred Fellowship awards on 969 members.

    ICAN President, Otunba Femi Deru charged new Fellows to inculcate honesty and discharge their duties excellently for them to contribute to the development of the economy.

    He said: “The nation is waiting for us as chartered accountants to make things work as the positive impact of the governance process of the country should be focused on.”

    One of the inducted Fellows, Mrs. Yeside Idowu, expressed happiness to be among the new fellows to be conferred with the honour. She described the experience as ‘a thing of joy and noble to be recognised by ICAN’.

    Former Minister of Health and Chairman of Juli pharmacy, Prince Julius Adelusi-Adeluyi urged the professionals to rise and contribute positively to building the economy.

    Adelusi-Adeluyi said from inception of the country,  the military and politicians have failed, and have been left alone because the professionals are too busy to being part of the nation-building project.

    He said true professionals, who imbibe professional ethics of good corporate governance,  can effect the desired change needed in the country. He noted that patriotic professionals need not cut corners, beg, live ostentatious lifestyles or be greedy.

    Speaking on the advancement of the accounting profession, he posited that mentoring programme should be given focus by the body, digital language education should be taught both old and new members, and a bridge of understanding should be built between the old and the young in the sector.

  • Ajimobi advises ICAN

    Ajimobi advises ICAN

    Oyo State Governor Abiola Ajimobi has urged the Institute of Chartered Accountant of Nigeria (ICAN) to train its members on how to manage resources and acquire effective communication skills.

    Ajimobi spoke yesterday when ICAN leadership, led by its National President, Otunba Samuel Deru, visited him in Ibadan.

    According to him, ICAN needs to expand its curriculum and lay more emphasis on management of resources rather than keeping financial records and financial activities of companies.

    “ICAN should place more emphasis on management of resources, personnel and activities of institutions. It should also try to improve the communication skills of members.

    “I have met with so many of your members before who are very intelligent but their communication skill is very bad.

    “Oyo State will be prepared to assist the institute in anyway in the capacity building of its members. We shall also approve the land application by the institute before February 29,” he said.

  • ICAN visits Adeosun, supports Public Finance Reforms

    The ongoing reforms in the nation’s public finance sector received a boost on Thursday when the Institute of Chartered Accountants of Nigeria (ICAN) endorsed the measures being undertaken. It passed a vote of confidence on the Minister of Finance, Mrs. Kemi Adeosun, during a courtesy visit to the Ministry of Finance in Abuja.

    The leader of the delegation and President of the Institute, Otunba Olufemi Deru, commended the efforts of the Minister and her team thus far, said ICAN is solidly behind the Federal Government in its efforts to rid the civil service of grafts and other fraudulent activities.

    He lauded the effort of the Minister to achieve cost savings and eliminate ghost workers, saying money recovered from these exercises could be invested for the benefit of the Nigerian people.

    He disclosed that in a bid to key into the government’s programme, ICAN is training its members on forensic investigation so as to assist the Federal Government to trace illicit funds in Nigeria and abroad.

    Mrs. Adeosun said the present administration is resolute on its resolve to plug all loopholes and ensure judicious use of the nation’s resources.

    She explained that the Federal Government is committed to reforming the public finance of the country as one of the levers to unlock the nation’s economic prosperity. She stated that the government plans to introduce a risk-based internal audit system and implement adequate controls.

    She said efforts are being made to present a bill to the National Assembly so as to pass the proposed internal audit into law.

    Mrs. Adeosun also spoke about efforts being made to strengthen the capacity of small and medium enterprises, explaining that the Federal Government is introducing a programme that will mandate big accounting firms to partner with small firms as a condition to be eligible for government business.

    Mrs. said the programme would yield significant benefits including the desired knowledge of the local context that small scale accounting firms would bring to bear across the country, as well as the capacity enhancement that the small scale firms would gain from partnering with their more established counterparts.

  • ICAN woos pupils

    ICAN woos pupils

    The Institute of Chartered Accountants of Nigeria (ICAN) is seeking to shore up the number of its members by inspiring pupils to take up accountancy and going all the way to becoming chartered accountants.

    According to the ICAN chairman of Minna District, Mr. Victor Onoche, the current number of chartered accountants in the country which has risen to 40,000 is not enough to cope with the population of the economy as the volume of work has become too much for them to handle.

    Addressing students drawn from various schools in Niger South Senatorial District in ICAN’s Catch Them Young Programme at the Federal Polytechnic, Bida, Onoche said that the institution wants to get the young ones to join the profession for the benefit of the economy.

    “There is no business in this world, both in the public and private sector that can go on without the participation or contribution of an accountant. Every business collects and disburse money, so we need accountants to help. We are not talking about just an accountant but professionally qualified accountants.”

    He said that the idea of the Catch Them Young Programme is to sensitize the young ones especially at the secondary school level in order to join the accountancy profession generally and ICAN in particular and to promote a platform for socio-academic interaction among various secondary school students.

    Onoche said that currently, the institution has not less than 150,000 registered students at various stages of the qualifying professional examinations.

    He however said that the accountancy profession is a disciplined profession that is not for lazy people with doubtful characters while highlighting various qualities a professional accountant must have to play his roles efficiently and effectively.

    He then gave the students an insight into what the accountancy profession entails and the benefits of becoming an ICAN certified chartered accountants adding that it is open to students in any discipline.

    A paper presentation on ‘The Roadmap to Becoming a Chartered Accountant’ and Motivational talks were given to the students while the students were given the floor to ask questions about ICAN and accountancy.

    Secondary schools from Kateregi, Agaie, Bida, Edati, Enagi, Lapai, Lemu, Badegi, Kutigi and Lemu in Niger South Senatorial District attended the programme.

  • ICAN backs Buhari’s anti-graft war

    ICAN backs Buhari’s anti-graft war

    • Ambode urges support

    The Institute of Chartered Accountants of Nigeria (ICAN) yesterday threw its weight behind President Muhammadu Buhari’s anti-corruption war.

    Speaking with State House correspondents after leading a delegation to President, its 51st President, Otumba Olufemi Samuel Deru said Buhari’s war is in line with ICAN’s professional integrity and accountability.

    He led the delegation on courtesy visit to the president after ICAN marked its Goldeen Jubilee.

    He said: “Government interest is our interest. We are into integrity and accountability. We have like minds. I’m so grateful to the President for giving us time to articulate our papers.

    “ICAN is the voice of business. Accountability is our business     and we uphold the tenets of transparency and we must be transparent in what we do.

    “We also have the whistle blowing fund so that anybody who misbehaves and they want to penalise our members, we have N50 million set aside to fight such course so that our people can work and be transparent and be unbiased.”

    Noting that not everybody that is called an accountant is a chartered accountant, he said chartered accountants are only 40,000 in number in Nigeria.

    On his part, Lagos State Governor, Akinwunmi Ambode, who is a chartered accountant, said what President Buhari has come up with in the last 100 days is about credibility and integrity for those in public offices.

    He said: “Buhari has come up with moral leadership in the last 100 days and that is what is needed to fight corruption in the country.

    “Nobody is judging anyone; what we have seen since May 29 is about strong leadership that had shown direction to all Nigerians; the mantra of such leadership that is being reflected by the president is what we are seeing in other states.

    “Everybody is beginning to feel that they must obey the rule of law. All revenue agencies are now paying to a single account and that makes everyone to be accountable.”

    Earlier, Governor Ambode  had appealed to members of ICAN to support ongoing anti-corruption and re-orientation efforts of President Buhari.

    Ambode spoke during the opening ceremony of the 45th Annual Conference of  ICAN, at the International Conference Centre, Abuja, yesterday.

    He said the pivotal role played by accountants in the day-to-day running of government means that they must be above board in discharging their duties.

    He said: “I once heard someone says “only accountants can save the world-through peace, goodwill and reconciliations. That tells me that the people who can save Nigeria are in this hall today. We must kick-start that process now by developing mechanisms that will make it compelling for members of the Institute to exhibit a high level of integrity wherever we find ourselves.”

    According to him, as custodians and managers of financial resources, accountants must be above board and resist the temptation to compromise professional ethics and personal integrity.

    He also tasked accountants in the country to commence the process of raising the bar of integrity through a pragmatic rebuilding of the nation’s value system so as to redefine the vision of the profession.

    The governor recalled that since the establishment of ICAN in 1965, the Institute has lived up to the expectations and dreams of the founding fathers, which has berthed world class chartered accountants offering quality services at the top echelon of both the public and private sector organisations.

    “From a mere 250 members to over 40,000 membership, the Institute has, no doubt, made a remarkable achievement that is worth celebrating. This is in addition to the continuous reforms in response to the evolving changes in the 21st century.

    “Today’s celebration however, presents a golden opportunity for the present leadership to bequeath to the coming generation, legacies and landmarks that will be worthy of celebration in the next 50 years. That legacy, in my mind, can be found in our motto”Accuracy and Integrity,” he said.

    Stressing that there is going to be synergy between Lagos and Federal Government now that they are of the same party, he said  the last 100 days in Lagos State has been continuity with improvement.

    On whether he is probing his predecessor, he said: “I have said it is continuity with improvement.”

  • Golden ICAN @ 50

    How time flies! Exactly 50 years ago on 1st September, The Institute of Chartered Accountants of Nigeria (ICAN) got its Charter, and since then it has been continuous delivery of excellent services and worthy sacrifice all the way.  ICAN, the first Accountancy professional body recognised and registered by the government in Nigeria is unequivocally standing tall with laurels, landmark successes and records of impeccable achievements by virtue of its seasoned professionals, founding fathers and members, who have been pillars of support and institutions which have remained friends and great sources of encouragement to the Institute.

    Celebrating ICAN, therefore, is celebrating the achievements of these icons and great Nigerians. By their collective labour, ICAN has continually been able to create opportunities for millions of Nigerians and non-Nigerians home and abroad to realise their ambitions and potential and help build a Nigeria that hopefully everyone will be proud of. With about 40, 000 members and approximately 30, 000 students of ICAN, the Institute is no doubt one of the largest concentrations of professionals in Nigeria and Africa.  To our the Doyen of Chartered Accountants in Nigeria, Pa Akintola Williams, who turned 96 in August this year, this is clearly a marvelous moment of rich fulfillment.

    Many would testify today that ICAN, for all intents and purposes, has done well for itself and lived up to the founding fathers’ expectations even in the face of myriads of challenges. The path to becoming a member of the Institute looks simple enough. Pass the ICAN examinations and arm yourself with 36 months of audit training and you have your VISA to membership of this towering professional body which is a founding member of International Federation of Accountants (IFAC), Association of Accountancy Bodies of West Africa (ABWA) and Pan African Federation of Accountants (PAFA).

    Yet, not so fast! Many also would swear that the examinations are the most difficult to pass! True, the examination is not for the lily-livered. The integrity of the process which is rigorous and unassailable, is awe-inspiring and the result is that many are called but only few are chosen and those ‘few’ are the ones rendering excellent services in the public interest and making the Institute tick today in various walks of life within and outside the country. The process is simple and not so simple, but doubtlessly based on pure merit, leading to professional and academic excellence!

    ICAN formation was unique. In order to forestall proliferation of accountancy bodies, the forerunner of the Institute ensured that all the professional bodies represented in the country at inception were accommodated to create a formidable body with a solid foundation. This was due to the foresight and ingenuity of the founding fathers led by the Doyen himself, Pa Akintola Williams who is now reverently referred to as the Avatar of Integrity.

    By implication of the Act which was handed over to ICAN in 1965 by Chief Richard Akinjide, SAN, the Institute is saddled with enormous responsibilities and the statutory role of setting the standards of knowledge and skill to be attained by persons wishing to become members of the Accountancy profession in Nigeria, upgrading skills, experience and competences of all practitioners, encouraging and expanding professionalism in Audit and Accountancy in Nigeria and Africa.

    These responsibilities ICAN has sought to achieve over the years through rigorous but qualitative training with a view to producing thoroughbred professionals who can hold their own anywhere in the world; effective statutory regulatory and supervisory role that contribute in no small way to the growth and development of the private and public sectors of the economy; delivery of world class Audit and Accountancy services to individual and corporate citizens, governments, NGOs and other clients in Nigeria, Africa and all over the world in consonance with prevailing laws, statutes and guidelines; collaboration with other local and foreign professional bodies in the pursuit of global best practices and good governance and in discharging professional services in its core specialisations.

    It is also public knowledge that ICAN has always been at the forefront at every stage of the crusade against corruption in Nigeria, with its members serving on probe panels, participating in audit and forensic investigations and giving professional advice and trusted solutions when contacted.

    In the present probe exercise of the present administration which is a commendable step in the right direction, it goes without saying that not much could be achieved without the expertise of chartered accounts and ICAN whose members are responsible for auditing many of the quoted companies in the country.

    However, if any probe would be effective, President Muhammadu Buhari (PMB) would do well to note the following which are in line with the ICAN motto of Accuracy and Integrity: There must be no sacred cow, injustice or sympathy for any individual or institution, no matter his relationship to any member of the ruling government; the exercise must be thorough, honest, extensive, and exhaustive; there must be fair hearing and the exercise must permeate the states and local governments; due process, transparency, and the rule of law must be strictly adhered to; probe must not be ‘open ended’, it must have time frame, and such timing must not be unduly prolonged; all prosecutors and judges must be well paid, protected, monitored and made to live in secluded areas or reserved location while probe lasts; special courts and judges have always been  favoured by the majority in Nigeria because of the busy schedule of the conventional courts and time constraints; probe

    should not be a distraction to PMB who has the onerous task of fulfilling the promise of economic rebirth and human welfare development which he made to Nigerians.

    It is noteworthy that PMB will be judged by his achievements in terms of the exchange rates, cost of living, state of infrastructure, inflation, external reserve, standard of education, other micro and macroeconomic and human development indices – not only probe!

    The structure established over time by ICAN is available for the present administration to latch on to for the purpose of realising its objectives. For one, ICAN has established whistle blowers’ protection fund, aimed at reducing corruption in the public and private sector.  The motive of this idea is to ensure financial, ethical, moral and legal standards among members of the Institute in the discharge of their duties.  The fund aims at protecting members and the public from any form of reprisal or victimisation when an alarm is raised on financial impropriety in any public or private establishment against individuals or groups within the country.

    ICAN also has a strict Code of Conduct and Professional Ethics by which its members must abide, the breach of which is sanctioned.  As testament to the professional worth of this golden body and that of its members, its members are still the first choice and the preferred option of all blue chip and multinational companies within and outside Nigeria as duly licensed and recognised auditors because of the proven track records of satisfactory performance and non-compromise of integrity, code of conduct and international standard.

    ICAN has really come a long way and the founding fathers and the entire membership should roll out the drums as they are doing in the first week of September to commemorate the 50th anniversary of this phenomenal body which has become a household name in the country today and the envy of many a professional body.

    • Bammeke is a Lagos-based Chartered Accountant and ICAN Council Member

     

  • ICAN okays Caleb varsity’s accounting programme

    ICAN okays Caleb varsity’s accounting programme

    Caleb University’s Vice-Chancellor, Prof. Ayodeji Olukoju has said the re-accreditation of the institution’s Accounting programme by the Institute of Chartered Accountants of Nigeria (ICAN) has further validated the university’s claim of academic excellence.

    He said the programme’s re-accreditation, which is domiciled in the Department of Accounting and Finance, Faculty of College of Social and Management Sciences, has gone a long way to boost the confidence  stakeholders have in the institution.

    “We can go extra miles to comply with the rules and regulations guiding accreditation of our academic programmes.  We are giving parents the best quality and we will not stop at anything to make our students compete favourably with their peers anywhere and succeed in their academic endeavours,” he said.

    He attributed the giant stride attained by the university to the support of the founder, Dr. Oladega Adebogun, the lecturers and students.

    The ICAN Accreditation Certificate was presented to the Dean, College of Social and Management Sciences (COSOMAS), Prof. Nosa Owens-Ibie by the ICAN President, Mr. Chidi Onyeukwu Ajaegbu at the ICAN Office Annex, Ebute Metta, Lagos.

    With the re-accreditation, which is for another five years, Owens-Ibie said accounting students will be exempted from writing some stages of ICAN examinations.

    He added that ICAN has agreed to offer automatic scholarship to First Class students of the Department for further education.

    He said the feat achieved by one of its students in who became a chartered accountant in 300-Level, and the selection of another to join 11 others from various universities to participate in the Chartered Institute of Taxation of Nigeria contest, showed that the university is doing well.

    “Caleb University is the only private university selected for the contest and Esther Eniayewu is to represent the institution,” he said.

    Given the facilities put in place by the university to enhance quality training of the students, the Acting Head of Department of Accounting and Finance, Mr. Michael Nwidobe, said the department is concluding arrangements to begin postgraduate programmes in collaboration with the Chartered Institute of Bankers of Nigeria (CIBN).

    He said the department positions the students to acquire their educational and professional certificates at the same time before graduation.

    Nwidobe, who noted that the Department has an Accounting Laboratory with the latest accounting software, added that capacity development of workers is a top priority at the college.

    He said no fewer than eight members of the academic staff of the college are ICAN members.

  • IBBUL partners ICAN to boost accounting programme

    The Institute of Chartered Accountants of Nigeria (ICAN) has expressed its determination to give all the needed support to the Management of Ibrahim Badamasi Babangida University, Lapai (IBBUL) towards regaining full accreditation for its accounting programme this year.

    The university lost accreditation for the programme during last year’s accreditation exercise by the National Universities Commission (NUC).

    IC AN President and Chairman, of Governing Council, Mr Chidi Ajaegbu, assured the university management during the council’s visit to the university that it would provide professional support to bolster the accounting programme with the required human capital and academic curriculum that meet international standard.

    Ajaegbu pointed out that the collaborative arrangement between the university and the institute would result in nurturing the students into professionals that can compete favourably on the global stage.

    The ICAN boss underscored the critical role accountancy professionals play in the development of every economy and enjoined the university to adhere strictly to global accounting standards by prudently utilizing the resources made available for its development.

    Responding, the IBBUL Vice-Chancellor, Prof Muhammad Nasir Maiturare, expressed delight with the visit and assured that no effort would be spared to strengthen the partnership.

    He said that concerted efforts are being made to regain the accounting programme and any other that suffered similar misfortune during the last accreditation exercise.