ICAN introduces new ethical standards for members
To eliminate financial corruption, the Institute of Chartered Accountants of Nigeria (ICAN), yesterday, unfolded new ethical standards called, ‘Non-compliance With Laws And Regulations (NOCLAR). If applied, this will further guide practitioners to exhibit high level of professionalism, as well as, boost government’s war against corruption.
The International Ethics Standard Board for Accountants (IESBA), a global body for accountancy profession, had from July 15, 2017, authorised a new standard for implementation after over six years of extensive consultation, based on a multi-sector approach and stringent due process.
NOCLAR, now a new section in the Code of Ethics for professional accountants, sets out a ‘first-of- its- kind framework’ to guide professional accountants in what actions to take in the public interest when they become aware of a potential illegal act committed by a client or employer.
Speaking with newsmen in Lagos on the take off the law, the President of ICAN, Alhaji Isma’ila Zakari, said the standard applies to all categories of professional accountants, including auditors and others in the public and private practices, including those in the not-for-profit organisations.
“The benefit and importance of the code is that it would provide a clear pathway for auditors and other professional accountants to disclose potential non-compliance situations to appropriate public authorities in certain situations without being constrained by the ethical duty of confidentiality…,” he said.