By Franklin Alli
Auditors have thrown their weight behind the Centra Bank of Nigeria (CBN)â€™s new policy guidelines for a uniform accounting year_end for banks, saying it will curb doctored reports and interbank lending in the financial sector. They said â€œUniform Year End for banks is good.
It is because of the social problems in the country that banks tends to doctor their annual accounts and reports, and we find all kinds of interbank money moving up and down at various year ends,â€ said Mr. Lateef Bakare, Chartered Accountant, Deloitte Adetona Issichie & Co.
He further said â€œI believe with a uniform year end for banks (December 31, at any point in time, we will be able to know the total money in the banking system and the total money in a bank so that when we are talking about money supply, M1 narrow money supply, M2, bigger money supply, all of this thing will be known because every bank will be forced to report their balance sheet on the same day.Â And, the question of a bank giving money to another bank in order to shore up its balance sheet will not arise.â€
Speaking at an event to honour Ex-Deloitte staff who were trained by the accounting and auditing firm in the last 35 years, drawn from different parts of the country, he urged the apex bank to sustain the policy since it will bring sanity into the industry.
Giving insight on Ex-Deloitte, he explained that these were people that were trained by Deloitte in the 1970s and 80s, adding that they have all achieved greatness in their various fields, they included, the CEO, Akintola William Deloitte West/Central Africa, Mr. Adenyi Obe, Seyi Onajide, Managing Director designate R.T.Briscoe, Ano Anyanwu, Executive Director, Spring Bank PLC, and Sade Ogunde, Finance Director, UAC Property including Abdul Kadir Bello, Executive Director, UBA PLC, etc.
â€œAll of them happened to have passed through the tax firm, and what we are doing really is to celebrate them for what they have achieved.Â We hope we are going to have a bigger forum to celebrate our reunion and networking.â€ He advised those who are still in practice not to become too friendly with their clients so that they donâ€™t compromise the ethic of the profession-integrity and trust.Â If anything happens anywhere, you will go,â€ he warned.
The ex-Deloitte, recounted their fond memories at the company in these words: â€œDeloitte taught us value and integrity and laid the foundation for our successes.Â We have come a long way. We shall remain in this spirit.â€
â€œ I am very happy I came through Deloitte.Â I had wanted to be a banker. I applied for employment to all the banks in the country but none of them invited me for a job interview excerpt Deloitte,â€ said Sade Ogunde.