Business and Economy

ICAN to collaborate SCUML, FRC and NFIU in the fight against corruption

The Institute of Chartered Accountants of Nigeria says it will collaborate in the fight against corruption with the Special Control Unit Against Money Laundering (SCUML), the Nigerian Financial Intelligence Unit (NFIU), the Financial Reporting Council of Nigeria (FRC), and other stakeholders.

The commitment was made during a retreat of the Institute’s Governing Council. The President of the Institute, Dr. Innocent Okwuosa, stated that the retreat was organized to review the institute’s processes in light of its upward trajectory mandate to deepen its advocacy and thought leadership mandate in national development, among other initiatives, with representatives from the SCUML, NFIU, FRC, and the Big Four Accounting firms in attendance.

The president took advantage of the opportunity to urge SCUML to reconsider certain of its operational procedures that make direct registration impossible, forcing stakeholders to register through consultants. He also pledged that the Institute would use the SCUML framework to execute market entrance control checks on licensed enterprises.

Mr. Matthew Enu, FCA, who represented Mr. Daniel Isei, Director at SCUML, stated in his submission that as a global standard setter, self-regulatory bodies, such as ICAN, should take the necessary steps to prevent criminals or their associates from becoming professionally accredited or holding a significant, controlling interest or management function in accounting firms. He also asked ICAN to constantly work with law enforcement or other relevant authorities to conduct background checks on prospective licensees.

Ambassador Shuaibu Adamu Ahmed, FCA, Executive Secretary of FRC, traced the Council’s origins back to ICAN’s formation of the then-Nigerian Accounting Standards Board (NASB), which eventually evolved into the Financial Reporting Council.

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