By Yinka Ajayi
Members of the Institute of Chartered Accountants of Nigeria (ICAN) have been asked to rebuild public confidence in the accountancy profession across Africa.
Speaking during the 48th Annual Accountants’ Conference tagged: ‘Securing Our Shared Future: A Collective Responsibility’ in Abuja, the Regional Director of the Institute of Chartered Accountants in England and Wales (ICAEW) in the Middle East, Africa and South Asia, Michael Armstrong said: “Our profession is currently under a great scrutiny regarding corporate failures, criticism of accountants and auditors, and sanctions being imposed on professionals.
The fundamental function of ICAEW and ICAN are for the protection of public interest. Due to the loss of public confidence, the key challenge facing the profession and our most immediate concern is the need to rebuild trust. Technology can be a vital tool to help rebuild trust in the accounting profession.”
Armstrong urged accountants to see the conference as a wake-up call to rethink and act fast : “We have to be prepared to think and act differently in the future. If we don’t address this now, one wonders if we will still have a profession in 20 years’ time”
He however stressed the need for collaboration amongst chartered accountants than before as ICAEW looks forward to collaborating with ICAN following the MoU signed earlier in the year.