Olukoyede seeks enhanced ethics in accounting profession
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC) Mr. Ola Olukoyede has charged accountants across the country to show greater regard for the ethics of their profession and observance of the country’s financial regulations.
He gave the charge in Abuja on Tuesday, September17, 2024 while delivering a goodwill message at the 29th Annual National Conference of the Association of National Accountants of Nigeria, ANAN, with the theme, “Advancing Accounting Excellence in a Changing World.”
The EFCC boss noted that “As people with specialist knowledge and who are expected by their training to follow a standard procedure based on ethics in applying their technical knowledge to solving developmental challenges, how well you discharge your duties mirrors the nation’s essence.” Olukoyede, who spoke through the Director, Finance and Accounts of the EFCC, Commander of the EFCC, CE Ahmed Pate, however, regrets that the EFCC in the past 20 years, has had occasions to intervene decisively in events or outcomes of activities of members of the accounting profession that were criminal.
“Two former Accountant Generals of the Federation were investigated and indicted for fraud by the Commission. Without prejudice to ongoing prosecution in court, one of them, a Fellow of ANAN, placed pecuniary interests above professional and national interest in fiddling with the national till. We have also had accountants who were convicted for converting public funds and other corrupt practices, including schooling their clients to launder funds,” he said.
While further taking members of the profession to task on ethics and professionalism, Olukoyede disclosed that “Indeed, there is hardly any public sector fraud that is possible without the complicity of an accountant. Whether it is embezzlement, procurement fraud, payroll fraud or pension fraud, the enablers are often accountants.”
While stating that the EFCC desires to see a more responsible and efficient accounting profession that will earn the trust of all citizens, he urged ANAN to pick up the gauntlet of radical enforcement of codes of acceptable professional behaviour among its members, adding that “Those who are established to have violated such codes should be sanctioned, including withdrawal of license to practice as deterrent to others.”
The campaign for ethical rebirth in the accounting profession, he said “must also include impressing on members the necessity for full compliance with regulations and extant laws governing their practice. One of such laws is the Money Laundering (Prevention and Prohibition) Act, 2022. It is important that members of your profession pay close attention to the provisions of the relevant sections in relation to your reporting obligations to the Special Control Unit against Money Laundering, SCUML, and emphasis on customer due diligence, among others.
“The loss of one kobo by a Nigerian or foreigner through the shady deals of those entrusted with their hard-earned money or property is completely unacceptable and the Commission will not spare anyone who violates the law. We will continue to work with all professional bodies to improve professionalism across board.”
He further noted that excellence in practice was a compelling requirement for accountants to remain relevant in today’s fast-paced global economy and technological age.
