ICAN Unveils New Code of Ethics to Fight Financial Fraud

By Modupe Gbadeyanka

The management of Institute of Chartered Accountants of Nigeria (ICAN) has introduced a new code of ethics for its member with the aim to reduce or possibly eliminate financial corruption from the profession.

Addressing journalists this week in Lagos, President of ICAN, Mr Isma’ila Zakari, explained that the ethical standard applies to all categories of professional accountants, including auditors and others in the public and private practices, including those in the not-for-profit organisations.

He noted that it would make practitioners exhibit high level of professionalism, as well as boost government’s war against corruption.

The International Ethics Standard Board for Accountants (IESBA), a global body for accountancy profession, had from July 15, 2017, authorised a new standard for implementation after over six years of extensive consultation, based on a multi-sector approach and stringent due process.

Tagged the ‘Non-compliance With Laws And Regulations (NOCLAR)’, the ethical code will guide help professional accountants to take appropriate action in the public interest when aware of a potential illegal act committed by a client or employer.

“This new code of ethics provides auditors and other professional accountants on what step to about the disclosure of potential non-compliance situations to appropriate public authorities in certain situations without being constrained by the ethical duty of confidentiality,” Mr Zakari informed newsmen.

He noted that professionals will no longer have an excuse for concealing potential financial corruption because there would be adequate punishment for such.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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