International Accountancy Day: ICAN Charges Accountants On Ethical Financial Practices

The Institute of Chartered Accountants of Nigeria (ICAN) has tasked its over 60,000 members to ensure they perform their duties with a high level of professionalism, a move the institution believes will increase investors confidence in the Nigerian economy.

Innocent Iweka Okwuosa, ICAN’s 59th President gave the charge in his remark at the celebration of International Accountancy Day 2023.

Okwuosa said, “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.

“We also recognize the synergy of tradition and innovation within our field, honouring 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.”

He said ICAN recognizes that economies across the world are facing some of the most trying times in history.

The institution’s boss noted that the past 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.

Okwuosa said, “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.

“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.”

According to him, ICAN has consistently championed the pursuit of excellence in auditing practices.

The president said ICAN’s collaborative efforts with regulators are multifaceted and dynamic, reflecting the institution’s shared commitment to uphold the highest standards of audit quality.

He said, “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.”