ShareThe Institute of Chartered Accountants of Nigeria (ICAN) has concluded plans to investigate its members: Akintola Williams and Co and Adekanola and Co. that were indicted by the House of Representatives Ad-hoc Committee on Fuel Subsidy Management.
According to a statement signed by the President of the Institute, Prof Francis Ojaide, noted that though the Institute was yet to receive a formal complaint from the government or any group or individual on the matter, the Accountants’ Investigating Panel would conduct a preliminary investigation and make recommendations to the Accountants’ Disciplinary Tribunal for trial, if any of its members is discovered to have a case of professional misconduct to answer.
“As a professional body charged with the responsibility of regulating the practice of accountancy in the country, we are aware of the grave consequences of the allegations and its implications for the oil sector, the nation’s economy and the accountancy profession by virtue of the alleged involvement of two firms of chartered accountants,” he stated.
He pointed out that if found guilty, such member could face any of the penalties ranging from suspension for months or years, reprimand and/or warning, withdrawal of certificate and practising licence to striking off of the names of such members from the Institute’s register.
“It is instructive to mention that the Accountants’ Disciplinary Tribunal is not established to deal with criminal cases such as fraud. These are left to the regular courts of law. We reiterate our commitment to zero-tolerance of fraud and any professional misconduct. Any member/ member-firm found wanting, irrespective of status, will be sanctioned in line with the provisions of our Act.”
Meanwhile, the management of Akintola Williams Deloitte says it acted professionally on fuel subsidy role.
Chief Executive Officer, Deloitte West Africa & Central Africa, Adeniyi Obe, said the firm carried out its work on fuel subsidy within the mandate of the agreement with the Budget Office of the Federation and with the highest professional standards expected of any responsible professional services provider.
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Subsidy probe: ICAN to investigate members