Ican uk seminar - “Chartered Accountants’ fortified Engagement on Anti-Corruption for Sustainable Development”

ICAN-UK 2016 Pre-Nigeria Independence Day Seminar

“Chartered Accountants’ fortified Engagement on

Anti-Corruption for Sustainable Development”

By: Abdul ‘Dewale Mohammed

Founder & Executive President Africa Asia Scholars Global Network (AASGON)

Executive Chairman

Sino-African Diaspora Forum & Awards

(SADFA)

DATE: Friday 23rd September 2016

VENUE: Nigeria High Commission.

9 Northumberland Avenue, London. WC2N 5BX

THE SINO-AFRICAN DIASPORA FORUM AND AWARDS (SADFA) IS A STRATEGIC FORUM OF THE AFRICA

ASIA SCHOLARS GLOBAL NETWORK (AASGON), A NOT-FOR-PROFIT ‘ACADEMIC, SOCIO-ECONOMIC

AND CULTURAL THINK TANK’, ESTABLISHED TO PROMOTE SUSTAINABLE DEVELOPMENT AND

FACILITATE BUSINESS, INVESTMENTS, AND MUTUAL UNDERSTANDING BETWEEN OVERSEAS CHINESE

AND AFRICAN ENTREPRENEURS AND THE ACADEMICS.

SADFA’S STRATEGIC PLATFORM BRINGS TOGETHER INNOVATORS, ENTREPRENEURS, BUSINESSMEN,

INVESTORS AND INDUSTRIALISTS KEENLY INTERESTED IN DOING BUSINESS IN AFRICA OR CHINA AND

CONTRIBUTING TO WORLD PEACE AND PROSPERITY

PROMOTING SUSTAINABLE SOCIO-ECONOMIC AND CULTURAL RELATIONSHIPS AND THE EXCHANGE

OF BEST PRACTICES BETWEEN CHINA AND AFRICA, SADFA CREATES THE ENABLING ENVIRONMENT

FOR HEADS OF AFRICAN AND CHINESE GOVERNMENTS AND DIPLOMATIC MISSIONS TO ENGAGE WITH

BUSINESSES, EDUCATIONAL AND RESEARCH INSTITUTIONS, THE MEDIA, AND CIVIL SOCIETY

ORGANISATIONS LARGELY BASED IN EUROPE AND AMERICA.

TO HELP PROMOTE THE CHINA-AFRICA COOPERATION BY PROVIDING INTERACTIVE NETWORKING AND

BUSINESS DEVELOPMENT OPPORTUNITIES, OUR UNIQUE PLATFORM ESSENTIALLY CONDUCTS

INVESTMENT WORKSHOPS, SEMINARS, LUNCHEONS, DINNERS, AND ANNUAL INVESTORS AWARDS.

• STRENGTHENING SINO-AFRICA RELATIONS, SADFA PROVIDES PROFESSIONAL SUPPORT FOR

COMPANIES WISHING TO ESTABLISH BUSINESSES IN AFRICA OR CHINESE COMMUNITIES.

• SADFA EXCELS OFFERING CONSULTING SERVICES AND ASSISTING WITH THE IDENTIFICATION OF

POTENTIAL PARTNERS AND INVESTORS, AND THE EXCHANGE OF VALUABLE INFORMATION ON

COMMERCIAL, INVESTMENTS AND TRADE RELATIONS BETWEEN CHINA AND AFRICA.

H.E. Obed Mlaba

The High

Commissioner

of South Africa to the

United Kingdom,

…wishing SADFA growth and success.

“We need to invest more in our people, our

scholars and students.

That is why AASGON’s work is so strategic and

vital in our endeavour to overcome the massive

difficulties that confront our continents.

With our effective partnership and active

participation, I’m confident that AASGON can

help foster the socio-economic developments of

the Asia and Africa”

- H.E. Ambassador Yuri Octavian Thamrin

Director–General

Asia-Pacific and African Affairs,

Foreign Affairs Ministry Republic of Indonesia

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“CHARTERED ACCOUNTANTS FORTIFIED ENGAGEMENT ON ANTI-CORRUPTION FOR SUSTAINABLE DEVELOPMENT

".

WITH THE CALL FOR CHANGE BY THE BUHARI ADMINISTRATION, THE AIM OF THIS SEMINAR, I BELIEVE IS TO

ENHANCE AND PROVIDE NEW CONCEPTS, VALUES AND PRACTICES IN PUBLIC FINANCIAL MANAGEMENT

AND STEWARDSHIP IN NIGERIA.

WITH ITS ADVANTAGE OF BEING OPERATIONAL IN THE UK, THE ICAN–UK IS STRATEGICALLY LOCATED, IN A

COUNTRY WHERE CHARTERED ACCOUNTANTS WITH A ROYAL CHARTER, EQUIVALENT TO THE AMERICAN

CERTIFIED PUBLIC ACCOUNTANT DESIGNATION, WERE FAR BACK IN 1854 IN SCOTLAND, THE FIRST

ACCOUNTANTS TO FORM A PROFESSIONAL ACCOUNTING BODY, THE EDINBURGH SOCIETY OF

ACCOUNTANTS, FOLLOWED BY THE GLASGOW INSTITUTE OF ACCOUNTANTS AND ACTUARIES AND THEN IN

1967, THE ABERDEEN SOCIETY OF ACCOUNTANTS. HOWEVER THE INSTITUTE OF CHARTERED

ACCOUNTANTS IN ENGLAND AND WALES (ICAEW) WAS ESTABLISHED BY ROYAL CHARTER IN 1880 AND HAS

CLOSE T0 I50,000 MEMBERS.

WITH SUPPORT FROM THESE HOME BASED, WORLD CLASS PROFESSIONAL INSTITUTES OF CHARTERED

ACCOUNTANTS, ICAN-UK HAS THE TREMENDOUS ADVANTAGE OF EXPLORING THE ENORMOUS RESOURCES

AT ITS DISPOSAL TO HELP RESTORE THE IMAGE OF NIGERIA’S PUBLIC FINANCIAL MANAGEMENT AND

STEWARDSHIP, PARTICULARLY WITH REGARDS TO CURTAILING BAD PRACTICES WITHIN THE PROFESSION

AND RELATIVE CONCERN ABOUT THE DEPTH OF CORRUPTION IN NIGERIA’S PUBLIC SERVICE.

CORRUPTION - OBSTACLE TO GROWTH

• WE ALL KNOW THAT IN AFRICA ENDEMIC CORRUPTION IS A CONSIDERABLE OBSTACLE TO

ECONOMIC AND SOCIAL DEVELOPMENT AND CONTINUES TO NEGATE ON SUSTAINABLE

DEVELOPMENT IN THE VASTLY ENDOWED CONTINENT.

• TARNISHING THE REPUTATION, VALUES AND ETHICS OF HONEST AND TRULY DEDICATED

PROFESSIONALS, THE LACK OF FINANCIAL PRUDENCE AND ACCOUNTABILITY GENERALLY IN THE

PUBLIC SERVICE HAS EXTENSIVELY IMPEDED GROWTH AND WEALTH CREATION AS WELL AS

DISCOURAGE GENUINE INTEREST OF LOCAL AND INTERNATIONAL INVESTORS IN THE DEVELOPMENT

OF THE NIGERIAN ECONOMY, THE WORLD’S MOST POPULOUS BLACK COMMUNITY.

• IN THE PUBLIC INTEREST, THE COUNTRY URGENTLY REQUIRES ROBUST ANTI-CORRUPTION MEASURES

AND PRACTICES TO PROTECT THE REPUTATION OF THE SOVEREIGN NATION AND CREATE A

SUSTAINABLE ECONOMY FOR ITS TEEMING POVERTY TRAUMATIZED POPULACE.

ICAN-UK

WITH THE MANDATE TO CONTRIBUTE TOWARDS THE FULFILMENT OF ICAN'S

MISSION BY PRESENTING ICAN AS A PROFESSIONAL BODY OF WORLD CLASS

ACCOUNTANTS WITH HIGH ETHICAL STANDARDS, AND PROTECT THE QUALITY

AND INTEGRITY OF THE ACCOUNTANCY AND FINANCE PROFESSION, ICAN-UK

DISTRICT'S VISION SUPPORTS THE INSTITUTE OF CHARTERED ACCOUNTANTS OF

NIGERIA IN FULFILLING ITS OPERATIONS AMONGST WHICH ARE:

- To produce world-class chartered accountants

- regulate and continuously enhance their ethical standards, and

- Technical competence in the public interest'.

ICAN’s Code of Conduct for members draws extensively from the

guidelines of the international federation of accountants (IFAC).

CA’S VALUES IN PUBLIC LIFE

ABLE TO COMPLETE PUBLIC COMPANIES AUDITS AS PER IACP

QCR REQUIREMENTS, A REPUTABLE FIRM OF CHARTERED

ACCOUNTANTS REQUIRES PROFESSIONALLY EXPERIENCED

CHARTERED ACCOUNTANTS FOR PREPARATION OF PUBLIC

COMPANIES AUDIT REPORTS.

TODAY CHARTERED ACCOUNTANTS HOLD INFLUENTIAL

POSITIONS AROUND THE WORLD, AS BUSINESS LEADERS,

DECISION-MAKERS AND TRUSTED ADVISERS.

FROM THE LARGEST LISTED COMPANIES TO THE MOST

INTERESTING AND INFLUENTIAL ORGANISATIONS, YOU’LL

FIND A CHARTERED ACCOUNTANT SHAPING THEIR

SUCCESS.

CHARTERED ACCOUNTANTS (CA)

ENABLE BUSINESSES, ORGANISATIONS,

AND GOVERNMENT TO ACHIEVE THEIR

FINANCIAL AND STRATEGIC GOALS.

– SADLY DUE TO BAD GOVERNANCE,

THE CA’S RIGOUR AND INTEGRITY HAS

BECOME QUESTIONABLE IN AFRICA.

IFAC PRINCIPLES AT PLAY

IFAC - THE INTERNATIONAL FEDERATION OF ACCOUNTANTS ADVISES THAT A

HIGH-QUALITY, ROBUST, AND EFFECTIVE ACCRUAL-BASED FINANCIAL

REPORTING SYSTEM, WHICH ALLOWS FOR GOVERNMENT ASSETS AND

LIABILITIES (INCLUDING DEBT) TO BE APPROPRIATELY RECORDED, REPORTED,

AND DISCLOSED—AND HENCE EFFECTIVELY MONITORED SHOULD BE ADOPTED

BY PROFESSIONAL CAS’.

THE IMPLICATIONS OF NOT HAVING APPROPRIATE SYSTEMS IN PLACE INCLUDE:

A POTENTIAL FAILURE BY GOVERNMENT TO DELIVER SERVICES AND PRODUCTS

IN THE MOST EFFECTIVE AND EFFICIENT MANNER, AND IN A WAY THAT

MAXIMIZES SUSTAINABLE SOCIAL BENEFIT; MAKING DECISIONS TO INVEST, OR

NOT INVEST, TODAY IN PROJECTS AND PROGRAMS THAT RESULT IN FOREGONE

POTENTIAL BENEFITS, AND WHICH REPRESENT AN OPPORTUNITY COST WHERE

CITIZENS IN THE FUTURE WILL PAY FOR THE MISMANAGEMENT OF TODAY; AND

POOR DECISION MAKING THAT MAY BE, AT BEST, MADE WITH A SHORT-TERM

FOCUS OR, AT WORST, MADE IN THE SELF-INTEREST OF POLITICIANS AND

PUBLIC SERVANTS WHO HAVE INCENTIVES TO OPERATE IN A PARTICULAR

FASHION.

DEC 9, ANTI - CORRUPTION DAY CELEBRATION

FOR THE REALIZATION OF A MORE TRANSPARENT GLOBAL ECONOMY, THE UN GLOBAL COMPACT’S 10TH

PRINCIPLE STATES THAT “BUSINESSES SHOULD WORK AGAINST CORRUPTION IN ALL ITS FORMS, INCLUDING

EXTORTION AND BRIBERY.”

CORRUPTION IS A COMPLEX SOCIAL, POLITICAL AND ECONOMIC PHENOMENON THAT AFFECTS ALL COUNTRIES

AND UNDERMINES GOOD GOVERNANCE AND DEMOCRATIC INSTITUTIONS

IN ITS CAMPAIGN AGAINST ANTI-CORRUPTION, AND WITH THE SUPPORT OF THE INTERNATIONAL FEDERATION OF

ACCOUNTANTS (IFAC), ICAN SHOULD AND MUST ENSURE THAT ADEQUATE RISK ASSESSMENT, REPORTING AND

SUPPLY CHAIN PRACTICES. PREVAIL IN THE NIGERIA PUBLIC AND PRIVATE SECTOR.

IT SHOULD IN COLLABORATION WITH THE NIGERIAN ASSOCIATION OF CHAMBERS OF COMMERCE, INDUSTRY,

MINES AND AGRICULTURE (NACCIMA) AND OTHER STAKEHOLDERS, INFLUENCE AND JOIN FORCES WITH BOTH

GOVERNMENT AND BUSINESS OPERATORS TO PROVIDE A UNITED VOICE AGAINST CORRUPTION IN NIGERIA.

MEETING THE HIGHEST ETHICAL AND TECHNICAL STANDARDS AND AS FINANCIAL EXPERTS, ACTING IN THE

PUBLIC INTEREST, ICAN SHOULD OFFER HELPFUL INSIGHTS THAT WILL SHAPE GOVERNMENT POLICY AND

REGULATION AS WELL AS FACILITATE BUSINESS AND THE ECONOMY, WITHOUT COMPROMISING ETHICAL

STANDARDS.

IN SEARCH OF GOOD GOVERNANCE

LATELY AN INCREASE IN GLOBAL HIGH-PROFILE CASES OF BRIBERY AND CORRUPTION HAS

LED SOME EMERGING ECONOMIES SUCH AS CHINA TO CONTINUE TO DEVELOP AND

IMPROVE ON RULES OF CORPORATE GOVERNANCE. WITH A NUMBER OF FORENSIC

ACCOUNT INVESTIGATIONS AND PROSECUTION GOING ON IN NIGERIA, THE GOVERNMENT

NEEDS VIABLE INTERNAL CONTROLS AND ACCOUNTING SYSTEMS BACKED BY A CHANGE

TO POSITIVE CULTURE AND TRANSPARANCY THAT WILL EXTOL SOUND FINANCIAL

MANAGEMENT, INTEGRITY AND GOOD BUSINESS PRACTICES THAT UPHOLDS PRINCIPLES

AND PUBLIC LOYALTY. DISTORTED

FOR MORALITIES IN GOVERNANCE TO PREVAIL THROUGH THE ELIMINATION OF FINANCIAL

CRIME AND UNETHICAL PRACTICES IN AFRICA, MORE NEEDS TO BE DONE TO GENUINELY

ENHANCE INTERNAL AUDITING AND THE FORENSIC ACCOUNTING ROLE OF APPLYING

APPLICABLE TRAINING IN INVESTIGATIVE SKILLS, PROVISION OF LOGISTIC AND FINANCIAL

SUPPORT FOR TRANSPARENT LITIGATION, IMPARTIAL REPORTING, AND ADEQUATE

PROVISION OFOTHER RELATED SERVICES AND DOCUMENTATIONS.

ICAN-UK SHOULD FOR INSTANCE KEEP NIGERIA ABREAST OF EMERGING TECHNOLOGIES, ESPECIALLY IN THE AREA OF FORENSIC ACCOUNTING.

COMPLEXITY OF ANTI-CORRUPTION CAMPAIGN - CALL FOR COLLECTIVE ACTION

SIMILARLY ON THE GLOBAL FRONT AND CONSIDERING THE VALUE

CHAIN OF AFRICANS’ IN THE DIASPORA TO THE WEALTH AND

PLAUSIBLE SUSTAINABLE DEVELOPMENT OF THEIR RESPECTIVE

COUNTRIES AND CONTINENT AT LARGE, IT HAS BECOME

PERTINENT FOR ICAN –UK TO COLLABORATE WITH THE AFRICA

ASIA SCHOLARS GLOBAL NETWORK (AASGON\ AND THE SINO-

AFRICAN DIASPORA FORUM AND AWARDS (SADFA) IN THEIR ANTI-

CORRUPTION INITIATIVES, AS WELL AS ESTABLISHED UK BASED

AFRICAN INSTITUTES OF CHARTERED ACCOUNTANTS AND

CHAMBERS OF COMMERCE SUCH AS THE RENOWNED SOUTH

AFRICAN CHAMBER OF COMMERCE HERE IN LONDON.

WITH EFFECT FROM JANUARY 2017 ICAN-UK AND ITS CONTEMPORARIES IN EUROPE,

ARE WELCOME TO JOIN SADFA AND AASGON IN ORGANISING ITS WEEKLY

INTERACTIVE FORUM AT THE CHINA EXCHANGE IN CENTRAL LONDON.

THE HIGHLY STRATEGIC FORUM IS DESIGNED TO:

- PROVIDE A CONSISTENT PLATFORM FOR LEARNING, DIALOGUE AND ACTION TO

ENHANCE THE EFFECTIVENESS OF AFRICA’S DEMOCRATIC GOVERNANCE

- PRIVATE AND PUBLIC SERVICE MOTIVATION TO PROACTIVELY IMPLEMENT THE

10TH PRINCIPLE OF THE UN GLOBAL COMPACT

- SCALE UP IMPACT THROUGH LOGICAL INITIATIVES ON ANTI-CORRUPTION AND

AFRICA’S SUSTAINABLE DEVELOPMENT

- PROMOTE CHINA-AFRICA WIN-WIN COOPERATION FOR COMMON DEVELOPMENT

- OBSERVATION, COMMENDATION, AND PROMOTION OF GOOD GOVERNANCE TO --

ELIMINATE CORRUPTION AND DRASTICALLY REDUCE POVERTY.

"China-Africa relations have today reached a stage of growth unmatched in history. Let's join hands and open a new era

of China-Africa Win-Win cooperation and common development“ says the Chinese President Xi Jinping at the 2015,

1st FOCAC AFRICA SUMMIT in Johannesburg.

Believing that the growing Sino-African relations might challenge the U.S. dominated global political and economic

order, a report by U.S. think tanks, including the RAND Corporation, the Heritage Foundation and the U.S. Council on

Foreign Relations claimed China was one of the largest rivals for the United States in Africa in the future and urged for

full strategies to weaken China's influence in Africa.

THE CHILKD IS THE FUTURE OF MAN. FOR OUR RESTFUL OLD AGE, WE ALL OWE THE WORLD’S CHILDREN, I MEAN EVERY

CHILD ON EARTH - A BETTER AND HEALTHY LIFE FAR FROM WHAT OBTAINS IN TODAY’S WORLD.

WHAT WE SOW OVER THE PAST AND PRESENT IS WHAT WE ARE NOW REAPING AND ACCORDING TO THE UN, AND IN

MY BELIEVE, IN THE INTEREST OF OUR OWN FUTURE, ITS TIME IN THE OVERALL PUBLIC INTEREST, THAT WE BEGIN TO DO

THINGS DIFFERENTLY AND POSITIVELY. DISALLOW GREED, SELFISHNESS AND OVERZEALOUSNESS TO OVERCOME OUR

INTUITION.

MIND YOU, WHEN THE CHIPS ARE DOWN THE CRY OF THE RICH IS WORSE, COUNTLESS AND INJURIOUS TO HEALTH THAN

THAT OF THE POOR.

IN REALITY ITS GREAT TO EARN MONEY BUT MUCH WISER AND SKILFUL TO BUILD GOODWILL AND UNDENTED

REPUTATION.

CORRUPTION IS ONE OF THE CONSEQUENCES OF POOR GOVERNANCE.

THOUGH IT’S NOT THE DUTY OF A CHARTERED ACCOUNTANT TO DETECT CORRUPTION, THEY ARE IN VANTAGE

POSITION TO DETECT FOUL PLAY AND INCOSTENCIES. THE NEED TO MAINTAIN CLOSE RELATIONS WITH ESTABLISHED LAW

ENFORCING AGENCIES AND HELP IN IMPROVING OVERALL FINANCIAL ACCOUNTABILITY, BY STRONGLY SUPERVISING

(AUDITING), CREATING A CLIMATE OF TRANSPARENCY, ADAPTING TO GOOD GOVERNANCE, UPHOLD INSTITUTE’S CODE

OF CONDUCTS AND PROFESSIONAL ETHICS, TO REDUCE CORRUPTION AND ILLICIT FINANCIAL ACTIVITIES.

CHARTERED ACCOUNTANTS SACRED ROLE IN

GLOBAL ANTI-CORRUPTION CAMPAIGN

PUBLIC SECTOR FINANCIAL MANAGEMENT

• WITH REFERENCE TO THE INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC), GOVERNMENTS MUST

IMPLEMENT THE NECESSARY INSTITUTIONAL ARRANGEMENTS REQUIRED TO ENHANCE PUBLIC SECTOR

FINANCIAL MANAGEMENT TRANSPARENCY AND ACCOUNTABILITY. AN INTEGRAL AND ESSENTIAL PART OF

THESE ARRANGEMENTS IS THE USE OF ACCRUAL-BASED ACCOUNTING—THROUGH THE ADOPTION AND

IMPLEMENTATION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSASS)—WHICH

PROMOTES GREATER TRANSPARENCY AND ACCOUNTABILITY IN PUBLIC SECTOR FINANCES AND ALLOWS

FOR ENHANCED MONITORING OF GOVERNMENT DEBT AND LIABILITIES FOR THEIR TRUE ECONOMIC

IMPLICATIONS.

• AS RECOMMENDED BY EXPERTS, ICAN – UK SHOULD SUPPORT ICAN IN ENSURING THAT THE LEGISLATIVE

ARM OF GOVERNMENT INFLUENCE THE EXECUTIVE IN GRANTING FULL AUTONOMY TO THE AGENTS OF

GOVERNMENT THAT ARE CHARGED WITH ENFORCING ACCOUNTABILITY.

• FOR PUBLIC GOOD, THE OFFICE OF THE AUDITOR-GENERAL OF THE FEDERATION, THE ECONOMIC AND

FINANCIAL CRIMES COMMISSION, INDEPENDENT CORRUPT PRACTICES COMMISSION, AND CODE OF

CONDUCT BUREAU, SHOULD BE FULLY INDEPENDENT ENTITIES FREE TO DO THEIR JOBS WITHOUT UNDUE

MEDDLING AND INTERFERENCE.

REGULATORY COMPLIANCE

• WITH BUSINESSES SUBJECTED TO REGULATORY OVERSIGHT,

SUCCESS OR FAILURE IN COMPLIANCE CAN BE VERY

DETRIMENTAL. IT WAS OBSERVED THAT MANY PUBLIC AND

PRIVATE COMPANIES IN NIGERIA ARE KNOWN TO IMBIBE THE

CULTURE OF MAKING THE MISTAKE OF FALLING INTO

NEEDLESSLY NON-COMPLIANT HABITS.

• RANGING FROM THE LACK OF WRITTEN PROCEDURES, FAILURE

TO FOLLOW PROCEDURES FULLY, AND POOR INVESTIGATIONS

OF DISCREPANCIES OR FAILURES. ASIDE FROM HAVING

EXPERIENCE IN AUDIT AND CORRECTIVE ACTIONS AND

IMPLEMENTATIONS RELATING TO INTERNATIONAL REGULATION

AND STANDARDS, IN MOST CASES THE NON-COMPLIANCE

CULTURE OVERRIDES GOOD GOVERNANCE AND EXEMPLARY

LEADERSHIP IN THE COUNTRY.

GOOD PRACTICE

Source: Sox Compliance Audit Success

There is need for accrual-based

public sector accounting which is

recognized by many

governments around the world

that already prepare financial

statements on an accrual basis,

as against the use of cash basis

of accounting and reporting

systems which provide minimal

disclosures.

INTERNAL AUDITING

Internal audit helps to appraise the reliability

and competence of accounting, operating and

administrative controls.

Successful internal audit operations have fallen

short in Africa due to the lack of honest and

experience auditors, the intimidation, the

gagging and containment of the operational

independence of auditors on site.

DATA ANALYTICS

THE INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB) IS

AN INDEPENDENT STANDARD-SETTING BODY THAT SERVES THE PUBLIC INTEREST

BY SETTING HIGH-QUALITY INTERNATIONAL STANDARDS FOR AUDITING,

ASSURANCE, AND OTHER RELATED AREAS, AND BY FACILITATING THEIR ADOPTION

AND IMPLEMENTATION.

WITH A FOCUS ON DATA ANALYTICS ICAN –

UK SHOULD EXPLORE AND ASSIST ICAN IN

THE ADOPTION AND TRAINING OF THE

‘GROWING USE OF MODERN TECHNOLOGY IN

THE NIGERIA AUDIT SYSTEM.

On the 5th of December 2015, in South Africa, the Chinese President Xi Jinping promised to

strengthen China’s ‘Win-Win Cooperation for Common Development’ philosophy with Africa, through

“Five major pillars”:

•political equality and mutual trust,

•win-win economic cooperation,

•mutually enriching cultural exchanges,

•mutual assistance in security,

•solidarity and coordination in international affairs.

.

Committed to the UN Sustainable Development Goals, the core

principles that led to the creation of SADFA is significantly relevant to

the objectives of the Forum on China-Africa Cooperation (FOCAC),

the promotion of Business ties and Cultural Exchanges between

Chinese and Africans in Diaspora, and Positive Chinese investment in

African economic growth and infrastructure.

SADFA is a rallying

platform for the

exchange of

information and

promotion of

China – Africa

Economic & Trade

Cooperation &

Cultural Exchange

Framework

Abdul ‘Dewale Mohammed, Executive Chairman, Sino-African Diaspora Forum &

Awards (SADFA) with Sir Vince Cable, former UK Secretary of State for

Business, Innovation and Skills, at the 2016

48 Group Club Icebreaker Awards, held at the Chinese Embassy in London.

TO ENSURE SMOOTH IMPLEMENTATION OF THE SINO-AFRICA INITIATIVES

PRESIDENT XI ANNOUNCED, CHINA WILL OFFER 60 BILLION U.S. DOLLARS OF

FUNDING SUPPORT, INCLUDING 5 BILLION DOLLARS OF FREE AID AND INTEREST-

FREE LOANS, 35 BILLION DOLLARS OF PREFERENTIAL LOANS AND EXPORT CREDIT

ON MORE FAVOURABLE TERMS, 5 BILLION DOLLARS OF ADDITIONAL CAPITAL FOR

THE CHINA-AFRICA DEVELOPMENT FUND AND THE SPECIAL LOAN FOR THE

DEVELOPMENT OF AFRICAN SMES EACH, AND A CHINA-AFRICA PRODUCTION

CAPACITY COOPERATION FUND WITH THE INITIAL CAPITAL OF 10 BILLION DOLLARS.

XI STRESSED CHINA’S READINESS TO SHARE, WITHOUT ANY RESERVATION,

ADVANCED APPLICABLE TECHNOLOGY WITH AFRICA AND HELP STRENGTHEN

"AFRICA'S INTERNAL DRIVE FOR ECONOMIC DEVELOPMENT.

"WE SHOULD RESPECT EACH OTHER'S CHOICE OF DEVELOPMENT PATH AND NOT

IMPOSE OUR OWN WILL ON OTHERS...CHINA STRONGLY BELIEVES AFRICA BELONGS

TO THE AFRICAN PEOPLE AND AFRICAN PROBLEMS SHOULD BE HANDLED BY THE

AFRICAN PEOPLE" AFFIRMED THE CHINESE PRESIDENT XI JINPING.

SADFA & THE ACCOUNTABILITY OF CHINA – AFRICA RELATIONS

: Equal consultation, enhancing understanding,

expanding consensus, strengthening friendship and promoting

cooperation. The Committee has a secretariat comprised of director

general-level officials from the Ministry of Foreign Affairs, Ministry of

Commerce, Ministry of Finance and Ministry of Culture with the

director general of the Department of African Affairs of the Ministry of

Foreign Affairs as the secretary general, set up at the Department of

African Affairs of the Ministry of Foreign Affairs. The Minister of

Foreign Affairs and Minister of Commerce as the honorary chairmen

and vice-ministers responsible for the related areas of the two

ministries as chairmen

Over 45m Africans and 6m Chinese reside in America, while

about 4million Chinese and 15m Africans live in Europe.

With the dearth of engagement and investment between

Chinese and Africans in Diaspora, SADFA’s key mission is to

help bridge the gap and actively involve the two clan in the

accomplishments of FOCAC and Africa’s Sustainable

Growth.

FOCAC was formally established at the 2000 Ministerial Conference of the Forum on China-

Africa Cooperation in Beijing in October 2000 under the joint initiative of China and Africa

with the purposes of further strengthening friendly bilateral cooperation under the new

circumstances, jointly meeting the challenges of economic globalization and seeking

common development between China and Africa.

The Ministry of Foreign Affairs,

Ministry of Commerce,

Ministry of Finance,

Ministry of Culture,

Ministry of Education,

of Science and Technology,

Ministry of Agriculture,

Ministry of Industry and Information Technology,

Ministry of Land and Resources,

Ministry of Environmental Protection,

Ministry of Transport (Civil Aviation Administration of China),

International Department of the CPC Central Committee,

National Development and Reform Commission,

National Health and Family Planning Commission,

People's Bank of China,

General Administration of Customs,

General Administration of Quality Supervision,

Inspection and Quarantine,

The National Tourism Administration,

Information Office of the State Council,

The State Council Leading Group Office of Poverty Alleviation and

Development,

Chinese Communist Youth League,

China Council for Promotion of International Trade,

China Development Bank,

Export-Import Bank of China,

Bank of China and People's Government of Beijing Municipality,

State Administration of Press, Publication, Radio, Film and TV.

AFRICA’S CA’S & POLITICAL ACCOUNTABILITY

IN LINE WITH IFAC'S MISSION AND PROGRAMS, IT’S MANDATORY FOR AFRICA’S CAS’ IN ALLIANCE WITH

THE BUSINESS OF FOCAC AND THE GOVERNMENTS OF AFRICA, TO CLEARLY DEMONSTRATE THEIR

COMPLIANCE WITH THE SEVEN STATEMENTS OF IFAC MEMBERSHIP OBLIGATIONS (SMOS).

SMO 5, TITLED INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS AND OTHER IPSASB

GUIDANCE, 6 SETS OUT THE OBLIGATIONS OF IFAC MEMBERS AND ASSOCIATES IN RELATION TO IPSASS

AND OTHER GUIDANCE ISSUED BY THE IPSASB.

Acting in the public interest

.

Chinese infrastructure initiatives such as the China-led

Africa Growing Together Fund (AGTF) are expected

to play a significant role ranging from financing to

technology transfer.

INSTITUTIONAL ARRANGEMENTS

IFAC HOWEVER WARNS THAT THE ADOPTION OF IPSASS AND THE PREPARATION OF FULL ACCRUAL-

BASED FINANCIAL STATEMENTS ALONE WILL NOT ENHANCE THE TRANSPARENCY AND

ACCOUNTABILITY OF GOVERNMENTS. TO ENHANCE PUBLIC SECTOR FINANCIAL MANAGEMENT IFAC

RECOGNIZES THAT, GOVERNMENTS MUST IMPLEMENT THE NECESSARY INSTITUTIONAL

ARRANGEMENTS TO SUPPORT TRANSPARENCY AND ACCOUNTABILITY, INCLUDING MEASURES SUCH

AS: THE PREPARATION AND DELIVERY OF HIGH-QUALITY AND TIMELY ACCRUAL-BASED FINANCIAL

REPORTING FOR THE PUBLIC SECTOR.

AS SYSTEMS DEVELOP, GOVERNMENTS SHOULD AIM TO HAVE INFORMATION PUBLICLY AVAILABLE ON

AT LEAST A MONTHLY BASIS; THE PUBLICATION, IN A TIMELY MANNER—NO LONGER THAN WITHIN

SIX MONTHS FROM THE END OF THE REPORTING PERIOD—OF INDEPENDENTLY AUDITED FINANCIAL

STATEMENTS FOR THE PUBLIC SECTOR; THE PREPARATION AND PUBLICATION OF PUBLIC SECTOR

BUDGETS AND APPROPRIATIONS ON THE SAME BASIS; THAT IS, ON AN ACCRUAL BASIS AND IN A

TIMELY MANNER; FULL TRANSPARENCY—PREPARATION AND PUBLICATION—OF ALL FINANCIAL

REPORTING (POSITION AND PERFORMANCE), BUDGETS, AND APPROPRIATIONS IN A SUFFICIENTLY

APPROPRIATE AMOUNT OF TIME AHEAD OF ELECTIONS; ESTABLISHED, WELL-DEFINED, AND PUBLICLY

AVAILABLE PRINCIPLES FOR FISCAL MANAGEMENT AND CONTROL, WITH FULL TRANSPARENCY

(PUBLICATION IN A TIMELY MANNER) TO DEMONSTRATE THAT PRINCIPLES ARE BEING FOLLOWED.

WHISTLE-BLOWING TO PROTECT PUBLIC FINANCE

THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES (ICAEW) STATES THAT

ACCOUNTANTS IN BUSINESS OR PRACTICE MAY HAVE STATUTORY OR CONTRACTUAL OBLIGATIONS TO

REPORT TO A REGULATOR OR OTHER THIRD PARTY OR ESTABLISHED LAW ENFORCEMENT AGENCIES

UNDER THE ANTI-MONEY LAUNDERING REQUIREMENTS. THEY MAY ALSO WHISTLE-BLOW TO A THIRD PARTY

WHERE IT WOULD BE IN THE PUBLIC INTEREST TO DO SO, EVEN THEY HAVE NO LEGAL OBLIGATION TO DO

SO.

IN SOUTH AFRICA THE PROTECTED DISCLOSURES ACT (NO 26 OF 2000) MAKES PROVISION FOR

PROCEDURES IN TERMS OF WHICH EMPLOYEES IN BOTH THE PUBLIC AND PRIVATE SECTOR WHO DISCLOSE

INFORMATION OF UNLAWFUL OR CORRUPT CONDUCT BY THEIR EMPLOYERS OR FELLOW EMPLOYEES, ARE

PROTECTED FROM OCCUPATIONAL DETRIMENT.

TO PROTECT PUBLIC FINANCES AND INDIVIDUALS MAKING DISCLOSURES MORE SHOULD BE DONE TO

ENCOURAGE AFRICAN GOVERNMENTS’ TO ENACT UNFETTERED LAWS AND PROTOCOLS THAT WILL NOT

INHIBIT PATRIOTIC CIVIL SERVANTS, MOST ESPECIALLY CHARTERED ACCOUNTANTS FROM

WHISTLEBLOWING ANY DETECTED ACT OF FRAUD OR FINANCIAL CRIME.

FOR GOOD GOVERNANCE TO INFILTRATE INTO THE NIGERIAN SYSTEMS ICAN SHOULD ENSURE THAT

EXISTING LAWS SHOULD BE STRENGTHENED TO PROVIDE MORE PROTECTION AND ENCOURAGEMENT.

ETHICS & VALUES

Quotable Quotes

'As complexity increases, better ethical behaviour is needed

and the principles come into play rather than the procedures

around them.'

- Rashika Fernando, director, enterprise project portfolio

management office, CIBC, Canada

'The board of directors and board committees are where all

policies are made and people are nominated. If the root

structure goes wrong, the upper part cannot be sound.'

- Marisa Wu, head of finance and senior VP, DBS Bank,

China

'How ethics is handled has a bearing on the long-term

sustainability of the company. A CFO, as risk manager, must

understand how it affects the company.'

- Yee Wing Peng FCCA, MD, Deloitte, Malaysia

'Things change, people change, values change and a lot of

external factors affect a person. But when it comes to ethics,

the profession needs a gold standard.'

- Wayne Soo, managing partner, Fiducia, Singapore

IN LINE WITH INTERNATIONAL STANDARDS,

ANY ICAN MEMBER WHO HAS BEEN

DECLARED GUILTY OF PROFESSIONAL

MISCONDUCT BY THE INSTITUTE’S

DISCIPLINARY TRIBUNAL SHOULD NOT BE

ELIGIBLE EITHER TO SERVE ON THE

INSTITUTE’S COUNCIL OR COMMITTEES FOR

A PERIOD OF 5 YEARS FROM THE DATE OF

RE-ADMISSION.

WHERE THE GRAVITY OF THE OFFENCE IS

HIGHLY UNPROFESSIONAL AND

INCOMPREHENSIBLE, IN MY OPINION SUCH

MEMBERS SHOULD IN PUBLIC INTEREST BE

BANNED FROM PRACTICE FOR LIFE.

ACCSEP

’16/17

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