Sen. Pam Dachungyang Mwadkwon, The Senator representing Plateau North actively participated in a critical public hearing convened by the Senate Committee on Establishment and Public Service. The session focused on deliberating a bill to amend the Institute of Chartered Accountants of Nigeria (ICAN) Act No. 15 of 1965.
The purpose of this amendment is to bring about significant adjustments that will improve the accounting profession’s ethical standards and financial transparency. The hearing was part of the legislative process that allows for extensive stakeholder engagement before the bill’s potential passage.
Senator Dachungyang highlighted the bill’s importance in his remarks, emphasizing its role in strengthening the regulatory framework that governs the accounting industry. According to him, the proposed revisions are critical for encouraging honesty and technical excellence, ensuring that Nigeria’s accounting methods meet international standards. “This amendment is not just about updating regulations; it’s about safeguarding public interest by upholding the highest ethical standards and technical competencies,” he said.
The proposed changes to the ICAN Act are designed to address contemporary challenges in the financial sector. They seek to enhance transparency by mandating more strict reporting and auditing standards. Also, the amendments aim to introduce measures that will regulate the behavior and practices of accountants, thereby reducing the likelihood of financial malpractices. These reforms are expected to increase greater confidence among investors and the general public in Nigeria’s financial reporting system.
During the hearing, various stakeholders, including representatives from the accounting profession, regulatory bodies, and civil society, presented their views on the amendment. The discussions highlighted the need for a strong regulatory framework to adapt to the evolving financial landscape. Senator Dachungyang welcomed these contributions, noting that they reflect a collective commitment to improving governance and accountability within the sector.
Senator Dachungyang optimistically anticipates the successful passage of a bill aimed at improving financial regulation in Nigeria, setting a precedent for other sectors to follow in enhancing transparency and ethical conduct.
