The Institute of Chartered Accountants of Nigeria, ICAN, Abuja Chapter, has offered to assist the Federal Government to prepare its annual budgets early enough to enable the legislature pass them at the beginning of each fiscal year.
The newly elected chairman of the Abuja district of ICAN, Mr. Shehu Aladire said at his investiture, that the orgainsation would assist in raising the quality of account personnel in ministries, departments and agencies, MDAs, in this regard.
“The new executives’ focus will be to serve as a vehicle in the link between ICAN and the government in such areas as manpower development, financial advisory and budget implementation and further buy-ins to the President’s decision to appoint technocrats like chartered accountants to join him in the smooth sailing of the nation’s ship.
“Chartered Accountants are hereby implored to take their rightful position in the lead for the adoption of International Financial Reporting Standards which has a deadline for transition by financial institutions on January 1, 2012”, he said.
Federal Government budgets have witnessed delays in both preparation and passage by the National Assembly, thereby causing low implementation.
Mr. Aladire disclosed that in 2007, only 48 per cent of the N831bn capital vote was implemented. In 2008, the level of implementation of the N860bn capital vote was about 50 per cent while 2009 had an implementation rate of 60 per cent.
Issues of ethical standards and technical competence of members, the chairman said, would be given priority in order to produce world class accountants who could make the nation proud.