Environmental, social, and governance (ESG) issues, increasing pressure on companies to achieve sustainability-related goals as components of business success.
This were some of the key topics discussed when the Grant Thornton Nigeria hosted leadership of the Institute of Chartered Accountants of Nigeria (ICAN) to a courtesy call at its Corporate Headquarters in Victoria Island, Lagos recently.
The ICAN delegation comprised the 59th president, Dr. Innocent Okwuosa, FCA; the Vice President, Chief Davidson C.S. Alaribe, MA, CFA, FCA; Registrar/Chief Executive, Lanre Olasunkanmi, Ph.D., FCA, and other council members.
They were received by members of the board, partners, directors, and managers of Grant Thornton Nigeria, including Dr. (Mrs.) Ngozi Ogwo, the Managing Partner/CEO; Mr. Orji Okpechi, Mr. Victor Usifo, and Mr. Nkwachi Abuka, heads of the Advisory Services, Audit and Assurance, and Tax Services, respectively.
Dr. Ogwo commended the leadership of ICAN on the many innovative projects it executed within a year of its inauguration, emphasizing particularly the ICAN-NGX award, an advancement from the ICAN Accountability Index.
“(the institute’s advocacy tool for accountability and transparency in the management of public funds), to advocacy to the private sector through the ICAN-NGX Corporate Reporting Award”.
“We at Grant Thornton support the award initiative because we understand that ESG and sustainability are strategic requirements for sustainable success and relevance as embracing and integrating ESG criteria drive innovation, attract investors, and build resilience,” she said.
In his speech, Dr. Okwuosa reiterated the Institute’s commitment to undertaking projects that facilitate capital inflows to the market and collaborating with NGX RegCo on such initiatives to promote market growth among accountants and other professionals.
According to the statement released by the Organisation, he stated that the partnership between NGX RegCo and ICAN is expected to significantly benefit the Nigerian capital market by enhancing investor confidence, improving regulatory oversight, and raising professional standards.
The ICAN president said that some of the notable projects and initiatives embarked on by the Institute include the successful signing of an Audit Delegation Agreement after more than four years of negotiations with the Financial Reporting Council (FRC) of Nigeria.
“A turning point that allows ICAN to closely monitor members’ practices; encouragement of mergers of small firms, like SIAO, to increase capacity, and the establishment of Small, Medium Practice (SMP) firm help desk to assist SMEs with technical issues and provide training on quality and professionalism, etc.
“Another significant development is the internationalization of ICAN, which would enable qualified members to take up membership of ICAEW and Chartered Institute of Public Finance and Accountancy (CIPFA) UK, without having to write any exams. This arrangement is at its final stage with CPA Canada and exists for CIMA,” said Dr. Okwuosa.
Mr. Nkwachi Abuka, head of the Tax Service line in Grant Thornton Nigeria, explained how finance leaders can add value to the ESG agenda. “This could be achieved by understanding where your organization is investing the most in terms of environmental, social, and governance factors”.
Stressing that this is crucial, he added that “This may involve discussing with the sustainability lead in larger organizations or the board/owners in smaller ones. Once you have a clear picture, you can align your tax efforts accordingly to support the organization’s ESG agenda”.
The Institute of Chartered Accountants of Nigeria (ICAN) was established by Act of Parliament No. 15 of 1965, with mission to produce world-class Chartered Accountants, regulate and continually enhance ethical standards and technical competence in the public interest.
There are over 38,000 Chartered Accountants certified by the institute who are engaged in value creation in various sectors of the economy.
Nigeria is a strategic growth market (SGM) within the Grant Thornton International Ltd (GTIL) global network which comprises independent assurance, tax, and advisory firms made up of over 76,000 people across 151 countries.
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