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The President of Institute of Chartered Accountants of Nigeria, ICAN, Mrs. Elizabeth Omeresan Adegite, has called on members of the institute to continue to uphold the virtues of honesty, integrity and excellence in their respective spheres of influence in consonance with the profession’s mandate as the conscience of the nation.
Adegite also tasked the members to rise to the challenge of positively impacting the governance process in the nation’s quest for economic re-engineering, political rebirth and social renaissance.
Anchoring her charge to the new fellows on emerging issues in Public Sector Accounting Standards, IPSAS, the ICAN boss noted that the importance of the standards cannot be over-emphasised, having been demonstrated to point towards public sector accountability, transparency and disclosure in strengthening public sector financial management reforms.
“The nation is looking up to us as chartered accountants to bring our expertise to bear in this process. Indeed the challenge of our time demands that we positively impact the governance process of our dear nation with our expertise. Generations yet unborn will not forgive us if we shirk the historic responsibility of helping the nation not only to redefine its values but also to promote compliance.
“It is in this respect that I urge you, to see your new and enviable status as a clarion call to greater service to your Institute, profession and the nation, particularly in the provision of strategic leadership and continuous training on the use of internationally acceptable best practices. You must bring your new mark of distinction to bear in the discharge of your professional and other duties. Only then can we successfully bequeath to future generations a banner without stain,” she stressed.
Describing the accounting profession as one that has pioneered various initiatives and made remarkable progress in various fields by leveraging on the expertise of its members, Adegite stressed the need for members to continue to demonstrate great ideals and thrive on good virtues through exemplary conduct in practice.
“We cannot legitimately claim to be the conscience of the nation if we go back on these noble ideals. These are historical and professional mandates that we must guard zealously,” she said.
She advised the fellows on the importance of updating themselves on emerging issues in financial reporting, particularly International Financial Reporting Standards (IFRSs), which Nigeria is moving towards adopting given that it has become imperative in global private sector financial reporting framework.
According to her, the globalisation of business and finance has inevitably called for a common set of high quality global accounting standards. And as a result, the use of a common accounting and financial reporting language applied consistently will facilitate investment and other economic activities across borders.
The conferment ceremony took the number of ICAN members who are fellows to 6,204, constituting 22.3 per cent of the Institute’s total membership of 27,749