The President of the Institute of Chartered Accountants of Nigeria (ICAN), Mrs. Elizabeth Adegite, has called for accounting standards that would further impact the process of quality and reliability of financial statements, such that the confidence of the investing public would is sustained.
Adegite made the call in Lagos on Tuesday in her keynote address at a one day seminar on Nigeriaâ€™s transition from Statement of Accounting Standards (SAS) to International Financial Reporting Standards (IFRS), organised by the Audit, Investigations and Forensic Accounting Faculty of ICAN.
The ICAN President, who was represented by the Vice President, Major-General Sebastian Owuama (rtd), pointed out that the globalisation and rapid advancement in information and communication technology had resulted in the emergence of borderless business entities and growth of multinational corporations.
“The issues of corporate governance and compliance to the code of best practices as strategies for wealth creation gained ascendancy in public discourse. Nigeria has made significant progress with economic restructuring and re-engineering of the financial sector, such that its economy had started to attract massive inflow of foreign direct investments.” Adegite said.
She added that with this growth in investment, there is crucial need for not only for greater transparency, accountability and reliability of the financial statements of corporate entities but also for greater disclosure by persons in fiduciary positions. She disclosed that ICAN through its Professional Practice Monitoring Committee has successfully adapted and issued all the thirty-two International Standards on Auditing issued by the International Standards on Auditing and Assurance Board (IAASB).