VP stresses need for accountability among professionals

The Vice President, Prof.

Osinbajo, who spoke when he declared open the 46 Institute of Chartered Accountants of Nigeria (ICAN) conference, also said that public and private officials should be held accountable for their actions.

According to him, everything we consider as a problem in our nation today is probably related to the concept of accountability, accountability in the profession, government and commerce.

Osinbajo noted that a lot of people say that here in Nigeria we have all manners of great ideas adding “since we got into government, I found out that there is practically nothing that has not been written or researched about.’’

He, however, observed that unfortunately such write ups lay somewhere unutilised.

“People are actually having new ideas but the main problem is getting things done especially in government.

“Part of the reasons that it is difficult to get things done is because public officials are hardly ever held to account.

“In most private organisations, there is some performance measurements, some way of measuring performance, and it is the way of measuring performance that ensures promotion.

“That is not always the case in government; so it is possible for you to set targets and for those targets not to be met,’’ he said.

Turning to the ICAN members, the VP added that accountants are supposed to be liable for financial statements they make and financial advises they give.

“There are several situations we have seen in the country where banks have been certified over time as being reasonably fit.

“Of course there are all manners of argument but what matters is that we certify them only to the extent of what they have shown us.

“But if we are to scrutinise what had been done, many accountants would be found wanting in not being careful enough to make some other financial statements than the financial judgments they make.

Osinbajo recalled that some accounting firms abroad that failed in their disclosures were met with closures and abandonment.

He, therefore, urged the Nigerian professionals to live above board as everyone depended on expert advice in many activities.