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ICAN to set up Fund to promote ‘Whistle-blowing’

by Business News Report

Institute of Chartered Accountants of Nigeria (ICAN) said it would set up a Fund to encourage Whistle-blowing on corrupt practices.

This was disclosed by the 50th President of the Institute, Mr. Chidi Ajaegbu in his inaugural address delivered during his investiture as the 50th and Golden Jubilee President of the Institute.

Ajaegbu said that under his leadership, ICAN will pursue public interest and policy advocacy. He said among other things, ICAN will encourage ‘whistle-blowing’ by setting up a Fund.

Promising to defend the ideals of the Institute, Ajaegbu said, “In line with our public interest mandate, we will continue to provide thought leadership on business, finance and economic issues to enhance the leading edge of the Chartered Accountant. As part of its increased strategic advocacy role, the Institute will partner with and support the government in its quest to build a progressive and caring society by contributing to public policy discourse. In other words, we will play leadership role in influencing public policy, standards and regulations in the public interest. As the conscience of the nation, our Institute will be at the forefront of the crusade to curb sharp practices in the society, by promoting compliance to global best practices and proactively raising the bar of accountability and transparency in governance. We will continue to provide technical   support to government to ensure that the on-going transition to International Public Sector Accounting Standards, as the new financial reporting framework, is pursued to its logical    conclusion and sensitize the public and private sectors about the irreversible match towards accrual accounting (IPSAS) and IFRS respectively.”

Ajaegbu also promised that his leadership will work towards raising the quality of financial reporting in the country. He said, “The Council, in line with its statutory mandate, will provide support to small and medium practitioners (SMPs) by encouraging joint audits, alliances as well as strengthen, its on-going Practice Monitoring Initiatives. Similarly, we will sanction any infraction without fear or favour in line with our enabling Act. Our goal of enhancing and sustaining the confidence of stakeholders in our attestation obligation is non- negotiable. Indeed, the driving philosophy for this year shall be the conscientious defence of the public interest essentially a strong advocacy disposition.”

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