The Institute of Chartered Accountants of Nigeria says it is committed to boosting accounting research aimed at taking the profession to its next level.
The President, ICAN, Mr. Chidi Ajaegbu, said this while presenting the 2014 Prize for Academic Research in Accounting to some scholars at the ongoing World Congress of Accountants in Rome.
The prizes were presented to Professors Klaus Backhaus, Hans- Jurgen Kirsch and Dr. Christina Rossinelli, who were authors of the winning paper on “Future perspectives on the auditing profession- a scenario analysis” .
Ajaegbu was quoted saying that old accounting theories were being challenged, while previously established practices had been called to question by emerging complex business scenarios.
The developments, he said, called for fresh research works.
A statement by the institute quoted the ICAN president as saying that since many countries of the world were struggling to emerge from the challenges of the global economic crisis, a paradigm shift in reporting and the need for continuous research were inevitable.
He said the calls for advocacy, greater fiscal responsibility and transparency had become more stringent than ever, while emphasising the importance of reform as an ongoing imperative.
The ICAN leader noted that this is more critical in developing economies as they try to promote best practices, and encourage fiscal responsibility especially in governance.
To address the challenges, he suggested a collective effort in order to bridge the gaps between theory and practice, as well as the academia and the real world.
Ajaegbu pointed out that the academic research initiative was a critical step in the strategic process to encourages fresh thinking, and stimulate new perspectives that could proactively impact on the way businesses were done.
According to him, the institute’s sponsorship of the academic research award underscores its strategic vision of showing commitment to the development of the accountancy profession in Nigeria and globally.
He explained that as a founding member of the International Federation of Accountants, ICAN had been at the forefront of grooming professional accountants in Nigeria, for Africa and the rest of the world.
“This award today is the internalisation of our vision of supporting research,” he concluded.
The 19th World Congress of Accountants has the theme: Learning from the past, building the future.
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