The Institute of Chartered Accountants of Nigeria (ICAN), yesterday, charged accountants in the country to reaffirm their pledge towards upholding the highest standards of integrity, transparency and accountability, which the profession is noted for.

Its President, Dr. Innocent Okwuosa, gave the charge at the International Accounting Day organised by ICAN in Lagos.

The International Accountants Day, which is celebrated on 10 November yearly, is an opportunity to acknowledge the great work accountants do to make businesses thrive, support the economy and help people navigate the complexities of finance.

Okwuosa said ICAN has been a beacon of excellence, a standard-bearer of ethics and a bridge to global practices, adding that commitment to excellence in practice and professional development must remain strong.

He enjoined its over 60,000 members to commit to continuous learning, adapting to the digital age, lead businesses and the economy with integrity, transparency and foresight.

“We will continue to chart the course of prosperity for our beloved country, Nigeria, and contribute to the global economy with unwavering dedication,” he said.

The president lamented the activities of quacks in the profession, urging the public to always patronise only chartered accountants, who are registered with ICAN.

He also expressed worries over attempts in some quarters to diminish what the profession stands for, especially regarding its areas of competence.
The president, however, said the issue was being addressed by the institute through engagement with relevant stakeholders.

According to him, 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, Okwuosa said chartered accountants have emerged as beacons of stability, guiding their organisations through difficult times and providing sound financial advice and expertise.

“Our resilience, commitment and adaptability have been crucial in navigating the changing business landscape. 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. Recognising this, ICAN has consistently championed the pursuit of excellence in auditing practices”.

A cornerstone of this endeavour is our collaborative relationship with regulatory bodies,” he said.

The ICAN president said the institute has always been at the forefront of promoting financial transparency and accountability, and recognise the significant role that chartered accountants must play in ensuring the effective management of public finances.

Okwuosa said: “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.”