The Register and Chief Executive Officer of the Chartered Institute of Treasury Management, Adedoyin Olumide said the CITM in her self-appointed role as a custodian of integrity, due process and transparency would keep on being the conscience of objectivity and promoting harmonious relationship within the confines of the financial management practitioners’ community.
He stated this on Friday at a public hearing organized by the Senate Committee on Establishment and Public Service chaired by Senator Cyril Fasuyi on Thursday in Abuja.
He said, the CITM came into life by the Act of parliament, stressing that the areas being sought for amendment by the Institute of Chartered Accounts of Nigeria, ICAN would undermine their responsibility and a pathway to clash of interests.
“By enjoining this distinguished assemblage to expunge from this amendment Bill all the listed areas of specialization already covered and passed into an Act of the National Assembly by this August Body the amendment should focus on enhancing ICAN’s core competencies in accounting, auditing, and financial reporting.
“Collaborate with Other Bodies: ICAN should work with other professional bodies to delineate clear boundaries and avoid overlapping jurisdictions.
“Ensure that any amendments align with existing laws and judicial rulings to maintain regulatory clarity and professional integrity.
In conclusion, he said, while the bill aims to modernize ICAN’s framework, careful consideration and revision are needed to prevent conflicts and ensure that each professional domain maintains its integrity and expertise.
The sponsor of the Bill senator Adeola Solomon Olamilekan who said he is proud member of ICAN asked for total support of the amendment as the act had not been be since 1965, since the establishment of this institution.
“As the last speaker said most of other professional bodies that came after the establishment of this institute are all indirectly or indirectly members of this great institute.
“And as such, the amendment we are searching for is to make ICAN to be more formidable, to be more competitive, and also to be in line with current global practices and come to professionalism.
“We aware of the fact that a lot of things are ongoing, we cannot be left behind. We need to do all that we need to do to let us take our rightful place among the commity of nations and the profession in the world.
“As a sponsor of this meeting. As I’ve said, the act came into being on 1st September 1965, some 59 years ago.
“The Act empowered the Institute to set standard and regulate the practice of accounting professionally in Nigeria.
“In line with the dynamics of the environment, development in the economy, and changing needs of chartered accountants over the years, it has become imperative to amend certain provisions of the Act, as well as to start new provisions to bring the Act up to the current realities.”
He said a total number of 26 amendments have been sought by ICAN.
The Chairman of the Committee, Senator Cyril Fasuyi, told the stakeholders that they have no need to doubt the integrity of the committee on the public hearing
He said the sponsor was not a member of the committee of 25 members adding that there are only four Accountants in their midst, hence he promised that justice will be done.
