An Address - The Institute of Chartered Accountants of Nigeria

More documents

Recommendations

Info

team was also informed that information about SCUML was already on the Institute’swebsite and it had been enlightening its members. It is instructive to mention that manyprofessional bodies, elegantly described as designated non-financial institutions (DNFIs),are affected by the requirements of SCUML. Very recently, many banks have beenpublishing information on know your customer (KYC) criteria expected of DNFIs. Iwould like to express my appreciation to Past President Agbebiyi for the good work he isdoing in that body.Institute’s Image13. Over the years, the Institute has maintained very visible and cordial relationship withmembers of the fourth estate of the realm with positive impact on its image. Since myassumption of office, I have sustained this longstanding relationship such that all ouractivities were given adequate publicity. This strategy has made it easier for us to reachout to our members nationwide and helped very significantly to sustain the toweringimage of Chartered Accountants in the comity of professionals. In the months ahead, weintend to continue with this strategy as well as press forward with aggressive marketing ofthe Institute and its members.Forum of Firms14. The 2012/2013 edition of the Institute’s Forum of Firms was held at the ICAN SecretariatAnnexe, Ebute Meta, Lagos on August 16, 2012. This edition reviewed the InternationalFinancial Reporting Standards (IFRS) and challenges being encountered in itsimplementation. The views of the participants shared at the event were noted andincorporated into the topics lined up for subsequent seminars to be conducted by theICAN faculty.Courtesy Call on the Financial Reporting Council (FRC) of Nigeria15. Since the passage of the Financial Reporting Council (FRC) of Nigeria Act 2011, therehave been a lot of issues arising from its implementation prime of which is the registrationof chartered accountants with the body. The huge fees of N17, 500 set for registration isan issue bordering a lot of our members. Accordingly, I led a delegation of the Institute tothe corporate headquarters of FRC on Friday, July 27, 2012 at Alausa, Ikeja, Lagos.10
During the visit, I congratulated the Executive Secretary/Chief Executive Officer of theCouncil, Mr. Jim. O. Obazee, FCA on his appointment and for being the first ExecutiveSecretary/Chief Executive Officer of the body. Thereafter, I stressed the fact that the visitwas both to show support for the Council and to seek clarification on grey areas of theroles/powers of the body including who should register with the Council: firms orindividuals, only members in practice or all members of the Institute, essence ofregistration fees when members had paid their subscriptions to ICAN, etc. In his response,Mr. Obazee welcomed me, stating that the visit will foster greater collaboration betweenthe two bodies and promote the Government’s transformation agenda. He explained thatall chartered accountants are required to register with the body and that such register willbe done for only financial members of the Institute. He also added that firms of charteredaccountants are required to register with the Council for effective control of theprofession. He promised to continue to collaborate with the Institute. Furthermore, he tookquestions and answers from members of the President’s entourage and took time to clarifythe grey areas of the Act establishing the Council. Efforts are on to improve relationshipsbetween the Institute and the Financial Reporting Council of Nigeria. Two members of theInstitute- Mr. Olutayo Phillips and Dr. Etofolam Osuji have been nominated to representthe Institute on the Governing Board of the Council.All issues raised with respect to the Institute’s 2012 financial reports have been addressedand agreed with the Council.Growth of Membership16. During the Induction ceremonies held in November, 2012, a total of 1,096 newly qualifiedyoung men and women were admitted into the disciplined Accountancy Profession. At theend of the ceremonies, (which included technical paper presentations and formaladmission), the membership of our Institute rose to 36,890. We are proud of this regularcontribution to capacity building in the country. I must thank all past presidents who wereable to grace the occasion with their esteemed presence.Association of Accounting Technicians17. Similarly, the membership of the AAT rose to 15,972 following the admission of 1,042newly qualified young men and women into the fold in June and December 2012. As Past11
Page 1 and 2: An AddressbyMr. Adedoyin Idowu Owol
Page 3 and 4: appreciation for the mind rubbing s
Page 5 and 6: through at the National Assembly. C
Page 7 and 8: and the best and preferred one by s
Page 9: 11. Part of the strategies approved
Page 13: 2013 and Thursday, February 14, 201
Page 17 and 18: • Should play a bigger role in th
Page 19 and 20: INTERNATIONAL ACTIVITIESMentoring o
Page 21 and 22: On May 18, 2012, that is, towards t

An Address - The Institute of Chartered Accountants of Nigeria

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?