ICAN restates commitment to capacity building for members

THE President of Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu has restated the institute commitment to the development and training of its members for optimum performance.

Speaking at a training programme organised by Education and Training Department of the Institute with the theme, ‘Intensive IFRS training for members of audit committee of quoted companies in Nigeria’, he said the institute as driver of positive change believes in capacity training of its members and non-members and has taken it upon itself not only to organise the programme but also to assist and equip members.

He was optimistic that at the end of the programme, the forum would have had profound positive impact not only on members and non-members, the participating audit firms and the quality of preparation of financial statements but also on the ability of the regulators to discharge effectively their statutory duties.

On the theme of the programme, he stated that the adoption of IFRS in Nigeria has begun with public quoted companies on January 1, 2012 and that this is an issue that is topical and germane to accountancy profession and the economy.

One of the facilitators, Audit Services KPMG Professional Services, Toyin Gbagi, Partner, in her presentation entitled, ‘Financial Reporting –An All important subject for Audit Committees’, noted 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 added that the work done by audit committees is vital to ensuring fairness and accuracy in financial reporting.

“The responsibility for good and effective financial reporting lies on the shoulders of the directors who prepare financial statements.

“Audit Committees have the responsibility to ensure that the directors live up to their expectation,” she said.

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