IFAC advise ANAN on Economic Growth

IFAC advises ANAN on economic growth.

The International Federation of Accountants has tasked the Association of National Accountants to use its available manpower to grow the Nigerian economy. The President, IFAC, Mrs. Olivia Kirtley, said this on Wednesday in Abuja at a breakfast meeting with the President of ANAN, Mr. Anthony Nzom; Chairman, Economic and Financial Crimes Commission, Mr. Ibrahim Magu, and other members of the association.

In a statement by the association, Kirtley said that to grow the Nigerian economy, the roles of accountants were very important. According to her, Nigeria has been named as one of the three countries that produced 75 per cent of accountants in Africa, noting that Nigeria has a strong base as far as the accounting profession is concerned. She said, “ANAN should educate politicians and governments at all levels on the need to have stronger professional accountants. Accountants need to establish good relations with government at all levels and the political class to have firm regulation of the profession.”
The capability of accountants to provide financial information to companies and governments, she said, was vital if accountants were really going to grow the economy. The statement quoted Kirtley as urging accountants to comply with the international code of ethics and do the right thing with the right information at their disposal if they were to move the economy in the right direction.

Kirtley said that accountants should provide transparent information and put the necessary structures in place. She suggested that with their continental leadership roles in accountancy, Nigerian accountants could help other African nations with the best practices in the accounting profession. “To really get high level of professional capability, there is need for capacity building. There should also be strong governance as a key element of accountability. We need to empower people to have strong flair for governance. Good governance is very key to accountability and transparency,” she said. Kirtley also suggested that attention should be paid to technology as a vital tool for gathering information in the accountancy profession.

Nzom said that the association knew what it had gained since the visit. He said, “Having come here on the invitation of our sister body –the Institute of Chartered Accountants of Nigeria, we felt we should use the occasion to tell you how much ANAN appreciates your leadership. “Your leadership role has brought us to the forefront of the profession and made ANAN to be rated high in Africa. “We are now mentoring some accounting bodies in Africa like Malawi, which has been seeking our assistance. We were in Zimbabwe and they appreciated us.” The EFCC chairman said that the commission had been insisting that accountants must obey the rules and regulations. Magu said that people must do things in line with the law. According to him, most operatives of the EFCC are accountants and lawyers.

IFAC is the global organisation for the accountancy profession. It comprises more than 175 members and associates in more than 130 countries and jurisdictions, representing almost three million accountants in practice. …Culled from Punchng.com