ICAN presents award for academic research in accounting in Rome

The Institute of Chartered Accountants of Nigeria (ICAN) has presented the 2014 Prize for Academic Research in Accounting to Klaus Backhaus, Hans- Jurgen Kirsch and Christina Rossinelli, professors and authors of the winning paper on “Future Perspectives on the Auditing Profession – A scenario Analysis.”

Presenting the award at the ongoing World Congress of Accountants in Rome, Italy recently, Chidi Ajaegbu, the 50th president of ICAN, explained that old theories are being challenged and previously established practices called to question by emerging complex business scenarios, hence the need for a research.

In his words, since many countries of the world are struggling to emerge from the challenges of the global economic crisis, a paradigm shift in governance, reporting and need for continuous research are inevitable.

According to him, “the calls for advocacy, greater fiscal responsibility and transparency have become more stringent than ever, and the need for reform is an ongoing imperative.”

Ajaegbu observed that this was more critical in developing economies as we try to promote best practices, encourage fiscal responsibility especially in governance and gain better understanding of associated risks.

To address the challenges, the ICAN boss suggested a collective effort to bridge the gaps between theory and practice, between the academia and the real world, adding that the Academic Research initiative was therefore a critical step in the strategic process to encourage fresh thinking , stimulate new perspectives that could proactively impact on the way businesses are done.

To him, the “Institute’s sponsorship of the academic research award was the crystallisation of its strategic vision over the years and a concrete way of showing commitment to the development of the accountancy profession in Nigeria and globally.”

He further disclosed that as a founding member of the International Federation of Accountants (IFAC) ICAN for the past 50 years has been at the forefront of grooming professional accountants in Nigeria, for Africa and the rest of the world.

Through its Accounting Research Foundation, the Institute annually gives grants to numerous doctoral accounting students in tertiary institutions in Nigeria as well as award scholarships to the best and brightest students to write the ICAN certification examinations.

“This award today is the internalisation of our vision of supporting research,” he concluded.

The 19th world congress of Accountants of Accountants has the theme: Learning from the Past, Building the Future.

A delegation of about 700 chartered accountants were led to the world congress in Rome by Chidi Ajaegbu, the president of ICAN.