The Institute of Chartered Accountants of Nigeria (ICAN) has recently taken a significant step to reinforce the importance of strict adherence to ethical standards within the accounting profession. This was clearly emphasized during the inauguration of the Ako Jaya District Society, an event that marks a crucial milestone in bridging the gap between ICAN’s national body and its members across Nigeria.
At the inauguration, Mrs. Florence Akinsola, the pioneer district chairman, passionately urged all members to continuously uphold the core values that define the institute: integrity, accountability, and excellence. These values are not just ideals but essential principles that guide the professional conduct of accountants in every sector.The president of ICAN further highlighted the indispensable role accountants play as gatekeepers of the nation’s economy. According to him, every organization that aims to thrive and sustain its operations must have competent accountants who can provide sound financial guidance. Accountants help ensure that organizations do not exhaust their resources prematurely and maintain financial sustainability over time.
In addition to technical competence, ICAN stressed the need for accountants to be morally upright, emphasizing qualities such as honesty, independence, and objectivity. These ethical standards must be upheld even when faced with high stakes or pressure, ensuring that the profession maintains its credibility and trustworthiness.To maintain these standards, ICAN has established a disciplinary framework whereby any reported infractions by members are thoroughly investigated. Cases that show probable violations are referred to the accountant disciplinary tribunal, ensuring accountability and reinforcing the institute’s commitment to ethical conduct. Beyond professional ethics, ICAN is also actively engaging with communities through initiatives such as setting up libraries and educational programs aimed at nurturing young talent interested in accounting. These efforts are designed to expand the institute’s presence and influence, making accounting a more accessible and respected profession across Nigeria. For tax consulting firms, this renewed focus on ethics and professionalism by ICAN serves as a critical reminder of the vital role accountants play in safeguarding financial integrity. Upholding these ethical standards not only protects clients but also enhances the reputation and sustainability of consulting practices. As the financial landscape grows increasingly complex, tax consultants must align themselves with these principles to provide trustworthy, objective, and high-quality services that clients can rely on.
For professional advice on Accountancy, Transfer Pricing, Tax, Assurance, Outsourcing, online accounting support, Company Registration, and CAC matters, please contact Sunmola David & CO (Chartered Accountants & Tax Practitioners) at Lagos, Ogun state Nigeria offices, www.sunmoladavid.com. You can also reach us via WhatsApp at +2348038460036.
