Against the backdrop of recent developments in the country and as part of its effort to improve quality services in the accounting profession, the Institute of Chartered Accountants of Nigeria (ICAN) has set up a committee to monitor the activities of its members.

Chairman Professional Practice Monitoring Committee of ICAN, Mr. Titus Soetan disclosed this at a seminar organized by the Institute in Lagos. Mr Soetan who spoke on the theme “The Independent Auditor’s Responsibility to Detect Fraud in an Audit of Financial Statements” said the institute is not only to improve on monitoring but also to educate its members on emerging issues in the financial sector.

He noted that ICAN members should set standards that will impact positively on the practice of the profession. The chairman said the committee has the responsibility to enforce compliance that would add value to the business of clients, such that the image of the profession and by extension, the institution can be seen in a positive light.

President of the institute Prince Babington-Ashaye threw more light on the issue of corporate governance as a collective responsibility, saying that the era of buck-passing is over and that all stakeholders in the financial reporting process, including external auditors are now liable for the fate of their organizations.

The ICAN president urged the practicing firms to invest more on capacity building in order to enhance the ability of their personnel to detect fraud, because of the sophistication in the information and technological environments. In his word “Investment in human capital development is germane to an auditor’s ability to detect fraud, which can manifest in different ingenious forms. In order words, regular skill renewal is crucial.”

He called on young auditors that are used by clients to perpetrate fraud in their organizations to desist from the act, as this could jeopardize their career and professional growth. He added, “They should not compromise their profession because of money, what is causing professional dross in accountancy is the appetite to get rich quick at the expense of professional ethics”