ICAN drills members on IFRS
Posted by admin | 10 years ago | 1,206 times
The president of the Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu, says the institute believes in capacity building of its members, as well as none members as drivers of positive change.
Ajaegbu made the statement while speaking at a training programme organised by Education and Training Department of the Institute on the theme; ‘Intensive IFRS training for members of audit committee of quoted companies in Nigeria’.
IFRS is International Financial Reporting Standards.
He explained that the institute has taken it upon itself not only to organise the programme but also to assist and equip members of the institute with the requisite modern tools and skills needed to keep abreast in today’s economic, political and social environments in the world.
Speaking on the theme, Chidi stated that the adoption of IFRS in Nigeria has commenced with public quoted companies on January 1, 2012 and that it was an issue that has become topical and relevant to accountant profession and the economy.
The president expressed optimist that at the end of the programme, the forum would have had profound positive impact on, not only the institute’s members and none members, but also the participating audit firms. He explained that it would also have great impact on the quality of their preparation of financial statements as well as on the ability of the regulators to discharge effectively their statutory duties.
One of the facilitators, Toyin Gbagi, Partner, Audit Services KPMG Professional Services in her presentation titled; ‘Financial Reporting –An All important subject for Audit Committees’, stated that the purpose of financial reporting is to tell a company’s economic story, its financial position and the results of its operations, as completely, clearly and faithfully as possible.
She noted that the responsibility for good and effective financial reporting lies on the shoulders of the directors who prepare financial statements adding that work done by Audit Committees is vital to ensuring fairness and accuracy in financial reporting with the responsibility of ensuring that the directors live up to their expectation.
Source: Eberechi Obinagwam
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