The Accountancy Profession and National Anti-Corruption Strategy Prof. Oyedokun.pptx
•Download as PPTX, PDF•
0 likes•26 views
The accounting profession is a crucial part of the business world, providing financial information and analysis for decision-making, regulatory compliance, and financial system transparency. Technological advancements have impacted the accounting profession with utilizing automation, data analytics, and Intelligence to improve efficiency and become strategic advisors also upholding ethical standards. These efforts aim to raise awareness about the adverse effects of corruption and promote ethical values and zero tolerance for corruption. Specialized anti-corruption agencies or commissions are established to investigate and prosecute corruption cases, ensuring the effectiveness of anti-corruption mechanisms. International cooperation is another important aspect of these strategies
Report
Share
More Related Content
Similar to The Accountancy Profession and National Anti-Corruption Strategy Prof. Oyedokun.pptx
Similar to The Accountancy Profession and National Anti-Corruption Strategy Prof. Oyedokun.pptx (20)
More from Godwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR
More from Godwin Emmanuel Oyedokun MBA MSc PhD FCA FCTI FCNA CFE FFAR (20)
Recently uploaded
Recently uploaded (20)
The Accountancy Profession and National Anti-Corruption Strategy Prof. Oyedokun.pptx
- 1. The Accountancy Profession and National Anti-Corruption Strategy Being a Retreat organised by the Association of National Accountants of Nigeria (ANAN) at Abuja on Tuesday 25th July 2023. Prof. Godwin Emmanuel Oyedokun Professor of Accounting and Financial Development Department of Management & Accounting Faculty of Management and Social Sciences Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Chartered Accountants, Tax Practitioners & Forensic Auditors)
- 2. ND (Fin), HND (Acct.), BSc. (Acct. Ed), BSc (Fin.), BSc. (Bus. Admin), MBA (Acct. & Fin.), MSc. (Acct.), MSc. (Bus & Econs), MSc (Tax), MTP (SA), PhD (Acct), PhD (Fin), PhD (FA), FCA, FCTI, FCIB, ACS, ACIS, MNIM, FCNA, FCFIP, FCE, FERP, CICA, CFA, CFE, CIPFA, CPFA, ACAMS, ABR, CertIFR, IPA, IFA, FFAR, FPD-CR, FSEAN, FNIOAM, ACIrb
- 3. The Accountancy Profession and National Anti-Corruption Strategy
- 4. Contents Introduction Accounting and Accountancy Profession Roles of Accountancy Professionals in Nation Building Corruption and Components of Anti-Corruption Strategy Anti-Corruption Strategy Components of a National Anti- Corruption Strategy Roles of Professional Accountants in fighting Corruption Anti-Corruption Strategies and the Accountancy Profession Corruption fighting Strategies Conclusion and Recommendation
- 6. Introduction The accountancy profession is a crucial part of the business world, providing financial information and analysis for decision-making, regulatory compliance, and financial system transparency Technological advancements have impacted accountancy profession with utilizing automation, data analytics, Artificial Intelligence to improve efficiency and become strategic advisors also upholding ethical standards These efforts aim to raise awareness about the adverse effects of corruption and promote ethical values and zero tolerance for corruption Specialized anti-corruption agencies or commissions are established to investigate and prosecute corruption cases, ensuring the effectiveness of anti-corruption mechanisms International cooperation is another important aspect of these strategies
- 7. Introduction Countries collaborate with international organizations, regional bodies, and other nations to share best practices, exchange information, and recover stolen assets This cooperation strengthens legal frameworks, improves investigative techniques, and supports efforts to combat cross- border corruption National Anti-Corruption Strategies provide comprehensive frameworks to combat corruption, promote transparency, and foster a culture of integrity By addressing the root causes of corruption and implementing preventive, investigative, and punitive measures, countries can make significant progress in reducing corruption and building fair and prosperous societies
- 8. Accounting and Accountancy Profession Professionalism is conducting oneself with responsibility, integrity, accountability, excellence, and excellence, and always finding a way to be productive Employers want their workers to be responsible, ethical, and team oriented, to possess strong strong communication, interpersonal, and problem-solving skills the attributes expected of of professionalism Accounting involves the management, measurement, recognition, preparation, analysis, and and disclosure of reliable financial and relevant non-financial information or auditing of or or provision of assurance and advisory services on financial information and, where applicable, applicable, non-financial information The field of accountancy involves practice in a broad range of areas, including accounting, accounting, financial reporting, control systems, auditing, finance, financial management, taxation, strategic planning, business and financial advice, risk management and management management processes for public interest
- 10. Accounting and Accountancy Profession Technical competence Professional skills Professional values, ethics, ethics, and attitudes
- 11. Roles of Accountancy Professionals in Nation Building Advising businesses on how to comply with regulations Providing businesses with with financial advice Analyzing financial data Preparing financial reports Professional Development Ethical Responsibility
- 12. Challenges of Accounting Profession Regulatory Complexity Technological Advancements Increased Accountability Ethical Dilemmas Workload and Deadlines Skill Diversification Continuous Professional Development
- 14. Corruption and Components of Anti-Corruption Strategy Corruption refers to the abuse of entrusted power for personal gain or the the violation of ethical standards for dishonest or fraudulent purposes Corruption involves the misuse or manipulation of authority, often in positions of public or private power, to obtain undue benefits or advantages advantages Corruption can manifest in various forms, including bribery, embezzlement, embezzlement, nepotism, favouritism, fraud, money laundering, and other other illicit activities Corruption undermines the principles of transparency, fairness, and accountability in both public and private sectors Corruption erodes trust in institutions, weakens the rule of law, distorts distorts economic systems, hampers development efforts, and perpetuates perpetuates social inequality
- 15. Corruption and Components of Anti-Corruption Strategy The consequences of of corruption are far- far-reaching, as it negatively impacts governance, democracy, economic growth, and overall societal well-being Corruption has severe consequences consequences as it undermines trust, weakens democracy, democracy, impedes impedes economic development, and exacerbates inequality, poverty, social division, and the environmental crisis Corrupt practices encompass actions such as bribery, accepting inappropriate gifts, double-dealing, and defrauding investors investors Government intervention in the economy often contributes to corruption, but preventive measures measures can be implemented through effective checks and balances balances Ultimately, corruption represents an abuse abuse of power, benefiting those in authority at the expense of others
- 16. Classification of Corruption • It often has a significant impact on the economy and public trust Grand Corruption • It involves small-scale bribery, facilitation payments, or favours in exchange for services or benefits. Petty Corruption • It can involve bribery, illicit campaign financing, abuse of power, or vote-buying to gain advantages in elections or policy making Political Corruption • Systemic corruption often involves networks of corrupt officials who collude to maintain their influence and control Systemic Corruption • Corporate corruption refers to corrupt practices within businesses and corporations Corporate Corruption • Financial corruption includes illicit activities in the financial sector, such as money laundering, insider trading, or embezzlement of funds Financial Corruption
- 17. Anti-Corruption Strategy Anti-corruption encompasses a broad range of actions, strategies, and measures implemented to combat corruption in corruption in both public and private sectors Anti-corruption strategy involves the establishment of laws, regulations, and policies aimed at promoting integrity, integrity, transparency, and accountability while deterring corrupt practices Anti-corruption efforts extend beyond prosecution and encompass preventive measures such as strengthening strengthening institutions, enhancing transparency, and promoting good governance These initiatives also raise awareness, encourage reporting of corruption, and protect whistle-blowers International cooperation is often sought to address transnational corruption and uphold global standards of integrity integrity It aims to foster a culture of integrity, combat corruption's threats to economic development and social stability, and stability, and ensure fair utilization of public resources, thereby promoting trust and accountability in society
- 19. Aim of Anti-Corruption Strategy Commit public administration and political actors to combat corruption effectively Promote the identification of corruption and the transparency of decision- decision-making Seek to improve the ability of authorities to hold those who have engaged in corrupt practices accountable for for their actions Facilitate the creation of of national situation awareness of corruption corruption The aim of anti-corruption strategy is to intensify the fight against corruption in the short term, and in the long term to build a society where corruption has no chance of success
- 20. Components of a National Anti-Corruption Strategy Public Participation Prevention and and Risk Assessment International Conventions and Commitments Asset Recovery Recovery and Financial Investigations Whistle-blower Protection Monitoring and and Evaluation Transparency and Open Data
- 21. Roles of Professional Accountant in fighting Corruption • The preventive role of the professional accountant is targeted towards the elimination or minimization of minimization of the opportunity factor • It is characterized by the development and institutionalization of financial reporting standards, corporate corporate governance structures and internal control mechanisms in line with global best practices The Preventive Role • The detective role of professional accountants, with reference to the forensic accountants and auditors, auditors, involves a series of interrelated and complex concepts and processes usually carried out by by forensic accountants and auditors • The role weakens the strength of pressure and further serves as deterrence for the commission of any any corrupt practice The Detective Role • Studies have revealed that one of the best ways to prevent corrupt practices is to enforce both preventive as preventive as well as strong enough punitive measures • In fulfilling this role, forensic accountants are expected to precisely document the sort of proof required for required for successful criminal indictment; could work in a complex litigation and regulatory environment; environment; and with reasonable accuracy, reconstruct missing, destroyed, or deceptive accounting records accounting records The Punitive Role
- 22. Others roles of professional accountants in combating corruption are: Exhibit honesty and making valuable effort towards eradicating corruption in Nigeria Create climate for good corporate governance Promote integrity, trust and fairness as guiding principle Improve financial accountability and probity by strong supervision Conduct check on the internal control system to enhance compliance with relevant laws and regulation Establish mechanism that prevents and detects flaws in place of work Disassociate from illegal activities Provide reliable information in both public and private sectors Create climate for transparency Promote professional ethnics and code of conducts
- 24. Anti-Corruption Strategies and the Accountancy Professionals Corruption poses a significant challenge to global development, eroding trust in institutions institutions and hindering efficient resource allocation To address this issue, many countries have implemented National Anti-Corruption Strategies Strategies as comprehensive plans These strategies involve collaboration between government agencies, civil society, the private private sector, and citizens to combat corruption across different sectors They focus on establishing strong legal frameworks, regulatory mechanisms, and anti- corruption laws to prevent and prosecute corrupt practices Governance reforms are also emphasized, aiming to enhance transparency, efficiency, and and accountability in the public sector through initiatives such as e-governance systems and systems and improved procurement procedures
- 25. Anti-Corruption Strategies and the Accountancy Professionals Education, awareness, awareness, and capacity-building play a a crucial role in National Anti- Corruption Strategies A national anti- corruption strategy is a a coordinated plan implemented by governments to combat combat corruption comprehensively It involves collaboration collaboration among various stakeholders to to prevent, detect, and and deter corruption at at different levels of society The strategy aims to promote transparency, transparency, integrity, integrity, and accountability in both public and private sectors
- 26. Anti-Corruption Strategies and the Accountancy Professionals The key components involves include robust legal frameworks, governance reforms, education and awareness awareness initiatives, effective anti-corruption institutions, and international cooperation cooperation Successful implementation requires sustained commitment, strong leadership, and engagement from all stakeholders Monitoring, evaluation, and periodic updates are are crucial for its effectiveness and the strategy aims to reduce corruption, build fair accountable societies, and and foster economic development
- 27. Corruption fighting Strategies Compliance and Risk Management Financial Transparency and Accountability Forensic Accounting and Investigation Whistle-blower Protection and Reporting Mechanisms Capacity Building and Training Collaboration with Government Agencies
- 29. Conclusion The accountancy profession plays a crucial role in the overall effectiveness of a national anti- corruption strategy Accountants, auditors, and financial professionals possess the skills and knowledge necessary to detect, prevent, and combat corrupt practices Their expertise in financial management, internal controls, and risk assessment enables them to identify red flags and irregularities that may indicate corruption Professional Accountants’ adherence to professional ethics and standards promotes transparency and accountability in financial reporting
- 30. Recommendation Support research and innovation Promote robust ethical standards and professional conduct Enhance capacity building and training programmes Encourage public-private partnerships Providing anti-fraud training and education for members among other stakeholders
- 32. Prof. Godwin Emmanuel Oyedokun Professor of Accounting and Financial Development Lead City University, Ibadan, Nigeria Principal Partner; Oyedokun Godwin Emmanuel & Co (Chartered Accountants, Tax Practitioners & Forensic Auditors)