The Institute of Chartered Accountants of Nigeria, (ICAN), has expressed its willingness to partner with the Special Control Unit Against Money Laundering (SCUML), the Nigerian Financial Intelligence Unit (NFIU), the Financial Reporting Council of Nigeria (FRC) and other stakeholders in the fight against corruption.
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The President of the Institute, Dr. Innocent Okwuosa, FCA made the commitment in Lagos during a retreat of the Governing Council of the Institute, according to a statement by the Assistant Director, Corporate Communications, Olubunmi Owolabi
Dr Okwuosa said the retreat, which had representatives of the SCUML, NFIU, FRC and the Big Four Accounting firms in attendance, was organised to review the institute’s processes in view of its upward trajectory mandate to deepen its advocacy and thought leadership mandate in national development, among other initiatives
The president seized the opportunity to appeal to SCUML to review some of its operational processes that make direct registration difficult, forcing stakeholders to register through consultants. He also promised that the Institute would leverage the template received from SCUML to implement market entry control checks on licensed firms.
In his submission, Mr. Matthew Enu, FCA who represented Mr. Daniel Isei, Director at SCUML stated that as a global standard setter, self–regulatory bodies, like ICAN, should take the necessary measures to prevent criminals or their associates from being professionally accredited or hold a significant, controlling interest or management function in accounting firms. He further urged ICAN to always partner law enforcement agents or relevant authorities in conducting background checks on intending licencees.
Executive Secretary of FRC, Ambassador Shuaibu Adamu Ahmed, FCA, traced the origin of the Council to ICAN’s establishment of the then Nigerian Accounting Standards Board (NASB), which later metamorphosed to Financial Reporting Council.
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