Why wrong financial information threatens economy – ICAN

Bisola David
Bisola David
Why wrong financial information threatens economy - ICAN

Accountants of Nigeria have said that financial information that is inaccurate, misleading, or handled improperly can have disastrous effects on the whole economy.

According to Independent News, the ICAN President, Mallan Tijjani Musa Isa, emphasized that this shows how significant and sensitive the function played by chartered accountants in any economy is.

Isa made this statement while addressing the newly inducted members of the Institute from the year 1978 at the 71st induction ceremony for new members at the ICAN Centre in Amuwo Odofin,

According to him, the accounting profession is a respectable endeavor that enjoys the support of the government and public organizations, as demonstrated by chartered accountants.

“We have the unique, if delicate, privilege of being the keeper of private financial data. If managed professionally, this material is a crucial component for mapping the growth tra­jectory of businesses, govern­ments, and economies.

“My dear inductees, by joining our esteemed Institute, you have earned a place in the favored class charged with molding the future of our honorable accounting profession.

“As a result of your recent professional advancement, you are now qualified to handle tasks including financial reporting, taxation, auditing, forensic accounting, corporate finance, business recovery and bankruptcy, and accounting systems and procedures.

“It is now your responsibility to use these skills for the benefit of the profession and the economy of our country. “The different stages of the tough examination ex­ercise have equipped you with the required competencies to make a meaningful contribution.”

“I kindly request that you keep upholding the greatest standards of morality, objectivity, honesty, and lack of conflicts of interest. You must uphold the highest standards of accuracy and integrity in a constantly changing world where problems are complicated and solutions aren’t always obvious. Let these characteristics guide you as you travel into the future.

“As we celebrate the accomplishment of induction, I urge you all to make a commitment to lifelong study and development. In order to be relevant in a professional environment that is constantly changing, it is imperative for professionals to adapt, innovate, and stay on the cutting edge of knowledge.”

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