Infraction: ICAN empowers accountants, auditors to expose employers

The Institute of Chartered Accountants of Nigeria has revoked its decades-long ‘confidentiality principle’ existing between professional accountants and their employers or clients.

This followed the launch of a new global ethical standard code by the International Ethics Standards Board for Accountants for professional accountants and auditors on July 15, 2017.

The code, called ‘Non-compliance with the Laws and Regulations’, is a whistle-blowing initiative which mandates professional accountants and auditors to expose any act of non-compliance to laws and regulations by their employers or clients to relevant government authorities.

The President, ICAN, Mallam Isma’ila Zakari, at a press briefing at the institute’s head office in Lagos on Saturday, announced the launch of the new global ethical standard in Nigeria.

Zakari said the introduction of NOCLAR in Nigeria had annulled the confidentiality principle  existing between professional accountants/auditors and their employers or clients.

He said, “The International Ethics Standards Board for Accountants, with effect from today July 15, 2017 authorised a new standard for implementation after over six years of extensive consultation, based on a multi-stakeholder approach and stringent due process.

“The dynamic nature of business environment in recent times has brought to the fore the need for professional accountants and regulatory bodies to exhibit high level of professionalism and due diligence in providing services to the public in the changing business environment.”

He added, “The era of poor financial reporting is over as corporate owners and other stakeholders now insist on having more reliable financial reports from professional accountants and auditors.”

According to the ICAN president, the whistle-blowing initiative is a new section in the code of ethics and it guides professional accountants and auditors in what actions to take in public interest when they become aware of a potential illegal act committed by a client or an employer.

He said NOCLAR applied to professional accountants in business, government, education, non-for-profit sector and other segments of the economy.

  Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: editor@punchng.com

 

Source: Punchng
Infraction: ICAN empowers accountants, auditors to expose employers

The post Infraction: ICAN empowers accountants, auditors to expose employers appeared first on Naijadailyfeed.