The President, Institute of Chartered Accountants of Nigeria, Prof Francis Ojaide has said business insolvencies is on the increase and urged accountants to rise to the challenge of increasing corporate frauds. [/size]
Ojaide, who spoke at the induction ceremony for new members in Lagos, said there is so much corruption in the system as if the accountability mechanisms does not exist.[/font][/size]
"Professionals across a wide spectrum of professions have demonstrated indiscretion in their application of regulatory and ethical standards and within the accountancy profession, there is concern of inconsistencies and failure to comply with accounting and other regulatory requirements. As you are no doubt aware, it is the prevalence of corruption and sharp practices in low and high places in the nation that has accounted for the slow pace of development of this richly endowed nation and this is exacerbated by the absence of transparency and accountability," he said.[/font]
[/size]Ojaide lamented that the financial improprieties perpetuated by people in position of trust have been a recipe for undevelopment, increasing suffering of the citizens, unemployment and insecurity.
[/size]He said in pursuit of its mandate to promote sanity , the institute has adopted and implemented global professional standards and code of ethics for accountants in the country.
[/size]Ojaide said the Institute has over the past years, organised programmes to assimilate persons who passed the qualifying examinations and completed the required practical training, stressing that the institute is determined to project an image of confidence and respectability for the members.
[/size]He said the institute‘s membership has grown from 250 members to 35,744 in the last 46 years, adding that ICAN has made technology competence a prerequisite for its members.
[/font][/font]
TheNation