WHY WE BACK CBN'S CASHLESS ECONOMY POLICY -ICAN

ICAN president, Prof Francis Ojaide, who said this while addressing reporters as part of his working visit to Akwa Ibom State over the weekend, stressed that the cashless policy would be a further step to economic development.

'A cashless economy will curb corruption, eradicate or to a large extent, minimize robberies. It will help international trade relations because it builds confidence in the system.'

According to him, if Nigeria wants to become one of the world's 20 most developed economies, it should embrace the cashless economy policy as postponing it now would only amount to postponing the evil day.

Ojaide said that chartered accountants were not responsible for detecting fraud in an organization, nor responsible for the release of financial statements since the release of financial statements is the duty of the management of an organization

He, however, added that accountants in the course of auditing organizational financial statements, could give advice to the management, should some discrepancies which could suggest fraud, are observed.

The ICAN boss disclosed that graduates in other disciplines such as Law and Journalism with credit passes in Mathematics and English language are eligible to write the professional ICAN examinations and would be inducted as chartered accountants provided they pass all the levels of the examination.

On the rigidity of ICAN examinations, Ojaide, who lectures at the University of Jos, said the institute had to resort to such rigorous procedures in order to make the ICAN qualification the best in the country and acceptable anywhere in the world.

According to him, 'lecturers send in a certain number of questions each, the questions are randomly chosen by the examination board. The chosen questions are sent for reviewing and could be corrected or re-phrased, and in the marking, different people mark different questions. Finally, there are checkers who check to ensure that the score tallies with marking scheme. In the long run, the lecturers have no idea of the examination questions.'

While thanking the ICAN team for addressing the media each time the intitutes's leadership visits the state, the Akwa Ibom State chairman of Nigeria Union of Journalists (NUJ), Mr. Joseph Effiong, appealed to Nigerians to learn from ICAN on peaceful change of leadership.

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