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MasterCard advises ICAN on technology, ethics

By BusinessNews Staff on May 25, 2015

The Divisional President, sub-Sahara Africa, MasterCard Worldwide, Mr. Daniel Monehin, has urged the Institute of Chartered Accountants of Nigeria to leverage technology to boost accounting practice in Nigeria.

He also called on all professional accountants to raise the bar of ethical standard the institute promotes, saying “ICAN is an unmistakable contributor to the development of Nigeria’s economy.”

Monehin, who was the guest lecturer at the 50th anniversary of the institute in Lagos, described the body as an excellent organisation.

He said, “ICAN does demand integrity, but it is the individual accountant who must decide to uphold integrity. ICAN does require transparency, but it is the individual accountant who must choose to be transparent. ICAN does command ethics, but it is the individual accountant who must be unyielding when faced with ethical dilemmas.”

According to him, a chartered accountant without ethics is like a big ship without a rudder.

He explained that the relevance of the organisation would be anchored on leveraging technology to carry out financial activities.

He said, “An institute that shapes the future is one where technology is not only the name of a department, but is a way of comportment and engagement. A test of whether an organisation will lead in the technology of the future is how well it uses the technology of today.”

The President of ICAN, Mr. Chidi Ajaegbu, restated the commitment of the body to enhancing economic growth.

As a result, he said the institute would continue to promote qualitative financial reporting, professionalism and anti-corruption crusade.

He said, “The institute has been in the vanguard of quality financial reporting required to drive inflow of foreign direct investment.”

He noted that the mandate of the institute, which was established in 1965, was to set standards and regulate the practice of accountancy in Nigeria.

While highlighting the impact of the organisation in the last 50 years, the ICAN leader said the institute had contributed to capacity building, established a whistleblower fund, and fought relentlessly against unethical practices and corruption.

“Recently, the institute established a whistleblowers’ fund in the sum of N50m as part of its contributions to the anti-corruption crusade. As champions of integrity, we must continue to defend our public interest mandate without fear,” he stated

The occasion was used to launch a book, which documented the achievements of the organisation.

Authored by Mr. Kola Olutimehin and Prof. Emma Emenyounu, the book, titled “Indelible footprints: the ICAN story”, it gives insights into the history of the institute and its contributions to the development of the accountancy profession and the national economy.

[Punch]

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