By PROVIDENCE OBUH

The Institute of Chartered Accountants of Nigeria (ICAN) has certified over 100 chartered accountants who undertook its various certification programmes.

Eighty three persons were certified from the Audit, Investigation and Forensic Accounting faculty, seven from the Insolvency and Corporate Re-engineering and 101 from the Corporate Finance Management faculty, International Financial Reporting Standards (IFRS)

Speaking during the institute’s induction ceremony in Lagos, ICAN President, Mr. Adedoyin Owolabi said that the need for forensic accounting knowledge and expertise in organisations cannot be over-emphasized given the rising spate of fraud in the public and private sectors as well as governance challenges at all levels.

Owolabi noted that forensic accounting is at the heart of the crusade against fraud and sharp practices, war against corruption, money laundering and terrorism financing.  “Therefore, this effort of the Institute is not only timely but also a reaffirmation of its commitment to the war against corruption, fraudulent and other social vices that have impeded the nation’s smooth match to development.

“Forensic certification of the chartered accountant is the company’s inevitable strategic partner as his/her expertise can significantly assist the entity to derive optimum value from its resources. Accordingly, the mandate of the Faculty is to technically equip its members, through this certification programme, with the expertise to restructure companies in distress to minimize their losses, improve their liquidity positions, optimize possible benefits from their scarce resources and continue to operate as going concerns.”

The Audit, Investigations and Forensic Accounting Faculty, one of the six Faculties, has produced 125 Certified Forensic Accountant” he stated.

Meanwhile, the Insolvency and Corporate Re-engineering Faculty is one of the six Faculties created by the Council and charged with the responsibility of enhancing the professional skills of members by providing a platform through which they can interact, share experiences and disseminate technical information that will positively impact their value creating efforts.

“Organizations, like human beings, have a life cycle: when it is incorporated, when it develops and grows, when it reaches maturity, when it declines. In all these stages, the chartered accountant are the company’s inevitable strategic partner as his/her expertise can significantly assist the entity to derive optimum value from its resources.” Owolabi added.