CHARTERED ACCOUNTANTS (CA) ENABLE BUSINESSES, ORGANISATIONS, AND GOVERNMENT TO ACHIEVE THEIR FINANCIAL AND STRATEGIC GOALS. – SADLY DUE TO BAD GOVERNANCE, THE CA’S RIGOUR AND INTEGRITY HAS BECOME QUESTIONABLE IN AFRICA.

1. ICAN-UK
2016 Pre-Nigeria Independence Day Seminar
“Chartered Accountants’ fortified Engagement on
Anti-Corruption for Sustainable Development”
By: Abdul ‘Dewale Mohammed
Founder & Executive President
Africa Asia Scholars Global Network (AASGON)
Executive Chairman
Sino-African Diaspora Forum & Awards
(SADFA)
DATE: Friday 23rd September 2016
VENUE: Nigeria High Commission.
9 Northumberland Avenue, London. WC2N 5BX

3. THE SINO-AFRICAN DIASPORA FORUM AND AWARDS (SADFA) IS A STRATEGIC FORUM OF THE AFRICA
ASIA SCHOLARS GLOBAL NETWORK (AASGON), A NOT-FOR-PROFIT ‘ACADEMIC, SOCIO-ECONOMIC
AND CULTURAL THINK TANK’, ESTABLISHED TO PROMOTE SUSTAINABLE DEVELOPMENT AND
FACILITATE BUSINESS, INVESTMENTS, AND MUTUAL UNDERSTANDING BETWEEN OVERSEAS CHINESE
AND AFRICAN ENTREPRENEURS AND THE ACADEMICS.
SADFA’S STRATEGIC PLATFORM BRINGS TOGETHER INNOVATORS, ENTREPRENEURS, BUSINESSMEN,
INVESTORS AND INDUSTRIALISTS KEENLY INTERESTED IN DOING BUSINESS IN AFRICA OR CHINA AND
CONTRIBUTING TO WORLD PEACE AND PROSPERITY
PROMOTING SUSTAINABLE SOCIO-ECONOMIC AND CULTURAL RELATIONSHIPS AND THE EXCHANGE
OF BEST PRACTICES BETWEEN CHINA AND AFRICA, SADFA CREATES THE ENABLING ENVIRONMENT
FOR HEADS OF AFRICAN AND CHINESE GOVERNMENTS AND DIPLOMATIC MISSIONS TO ENGAGE WITH
BUSINESSES, EDUCATIONAL AND RESEARCH INSTITUTIONS, THE MEDIA, AND CIVIL SOCIETY
ORGANISATIONS LARGELY BASED IN EUROPE AND AMERICA.
TO HELP PROMOTE THE CHINA-AFRICA COOPERATION BY PROVIDING INTERACTIVE NETWORKING AND
BUSINESS DEVELOPMENT OPPORTUNITIES, OUR UNIQUE PLATFORM ESSENTIALLY CONDUCTS
INVESTMENT WORKSHOPS, SEMINARS, LUNCHEONS, DINNERS, AND ANNUAL INVESTORS AWARDS.
• STRENGTHENING SINO-AFRICA RELATIONS, SADFA PROVIDES PROFESSIONAL SUPPORT FOR
COMPANIES WISHING TO ESTABLISH BUSINESSES IN AFRICA OR CHINESE COMMUNITIES.
• SADFA EXCELS OFFERING CONSULTING SERVICES AND ASSISTING WITH THE IDENTIFICATION OF
POTENTIAL PARTNERS AND INVESTORS, AND THE EXCHANGE OF VALUABLE INFORMATION ON
COMMERCIAL, INVESTMENTS AND TRADE RELATIONS BETWEEN CHINA AND AFRICA.
H.E. Obed Mlaba
The High
Commissioner
of South Africa to the
United Kingdom,
…wishing SADFA
growth and success.

4. “We need to invest more in our people, our
scholars and students.
That is why AASGON’s work is so strategic and
vital in our endeavour to overcome the massive
difficulties that confront our continents.
With our effective partnership and active
participation, I’m confident that AASGON can
help foster the socio-economic developments of
the Asia and Africa”
- H.E. Ambassador Yuri Octavian Thamrin
Director–General
Asia-Pacific and African Affairs,
Foreign Affairs Ministry Republic of Indonesia
AASGON
ENDORSEMENT

5. “CHARTERED ACCOUNTANTS FORTIFIED ENGAGEMENT
ON ANTI-CORRUPTION FOR SUSTAINABLE DEVELOPMENT
".
WITH THE CALL FOR CHANGE BY THE BUHARI ADMINISTRATION, THE AIM OF THIS SEMINAR, I BELIEVE IS TO
ENHANCE AND PROVIDE NEW CONCEPTS, VALUES AND PRACTICES IN PUBLIC FINANCIAL MANAGEMENT
AND STEWARDSHIP IN NIGERIA.
WITH ITS ADVANTAGE OF BEING OPERATIONAL IN THE UK, THE ICAN–UK IS STRATEGICALLY LOCATED, IN A
COUNTRY WHERE CHARTERED ACCOUNTANTS WITH A ROYAL CHARTER, EQUIVALENT TO THE AMERICAN
CERTIFIED PUBLIC ACCOUNTANT DESIGNATION, WERE FAR BACK IN 1854 IN SCOTLAND, THE FIRST
ACCOUNTANTS TO FORM A PROFESSIONAL ACCOUNTING BODY, THE EDINBURGH SOCIETY OF
ACCOUNTANTS, FOLLOWED BY THE GLASGOW INSTITUTE OF ACCOUNTANTS AND ACTUARIES AND THEN IN
1967, THE ABERDEEN SOCIETY OF ACCOUNTANTS. HOWEVER THE INSTITUTE OF CHARTERED
ACCOUNTANTS IN ENGLAND AND WALES (ICAEW) WAS ESTABLISHED BY ROYAL CHARTER IN 1880 AND HAS
CLOSE T0 I50,000 MEMBERS.
WITH SUPPORT FROM THESE HOME BASED, WORLD CLASS PROFESSIONAL INSTITUTES OF CHARTERED
ACCOUNTANTS, ICAN-UK HAS THE TREMENDOUS ADVANTAGE OF EXPLORING THE ENORMOUS RESOURCES
AT ITS DISPOSAL TO HELP RESTORE THE IMAGE OF NIGERIA’S PUBLIC FINANCIAL MANAGEMENT AND
STEWARDSHIP, PARTICULARLY WITH REGARDS TO CURTAILING BAD PRACTICES WITHIN THE PROFESSION
AND RELATIVE CONCERN ABOUT THE DEPTH OF CORRUPTION IN NIGERIA’S PUBLIC SERVICE.

6. CORRUPTION - OBSTACLE TO GROWTH
• WE ALL KNOW THAT IN AFRICA ENDEMIC CORRUPTION IS A CONSIDERABLE OBSTACLE TO
ECONOMIC AND SOCIAL DEVELOPMENT AND CONTINUES TO NEGATE ON SUSTAINABLE
DEVELOPMENT IN THE VASTLY ENDOWED CONTINENT.
• TARNISHING THE REPUTATION, VALUES AND ETHICS OF HONEST AND TRULY DEDICATED
PROFESSIONALS, THE LACK OF FINANCIAL PRUDENCE AND ACCOUNTABILITY GENERALLY IN THE
PUBLIC SERVICE HAS EXTENSIVELY IMPEDED GROWTH AND WEALTH CREATION AS WELL AS
DISCOURAGE GENUINE INTEREST OF LOCAL AND INTERNATIONAL INVESTORS IN THE DEVELOPMENT
OF THE NIGERIAN ECONOMY, THE WORLD’S MOST POPULOUS BLACK COMMUNITY.
• IN THE PUBLIC INTEREST, THE COUNTRY URGENTLY REQUIRES ROBUST ANTI-CORRUPTION MEASURES
AND PRACTICES TO PROTECT THE REPUTATION OF THE SOVEREIGN NATION AND CREATE A
SUSTAINABLE ECONOMY FOR ITS TEEMING POVERTY TRAUMATIZED POPULACE.

7. ICAN-UK
WITH THE MANDATE TO CONTRIBUTE TOWARDS THE FULFILMENT OF ICAN'S
MISSION BY PRESENTING ICAN AS A PROFESSIONAL BODY OF WORLD CLASS
ACCOUNTANTS WITH HIGH ETHICAL STANDARDS, AND PROTECT THE QUALITY
AND INTEGRITY OF THE ACCOUNTANCY AND FINANCE PROFESSION, ICAN-UK
DISTRICT'S VISION SUPPORTS THE INSTITUTE OF CHARTERED ACCOUNTANTS OF
NIGERIA IN FULFILLING ITS OPERATIONS AMONGST WHICH ARE:
- To produce world-class chartered accountants
- regulate and continuously enhance their ethical standards, and
- Technical competence in the public interest'.
ICAN’s Code of Conduct for members draws extensively from the
guidelines of the international federation of accountants (IFAC).

8. CA’S VALUES IN PUBLIC LIFE
ABLE TO COMPLETE PUBLIC COMPANIES AUDITS AS PER IACP
QCR REQUIREMENTS, A REPUTABLE FIRM OF CHARTERED
ACCOUNTANTS REQUIRES PROFESSIONALLY EXPERIENCED
CHARTERED ACCOUNTANTS FOR PREPARATION OF PUBLIC
COMPANIES AUDIT REPORTS.
TODAY CHARTERED ACCOUNTANTS HOLD INFLUENTIAL
POSITIONS AROUND THE WORLD, AS BUSINESS LEADERS,
DECISION-MAKERS AND TRUSTED ADVISERS.
FROM THE LARGEST LISTED COMPANIES TO THE MOST
INTERESTING AND INFLUENTIAL ORGANISATIONS, YOU’LL
FIND A CHARTERED ACCOUNTANT SHAPING THEIR
SUCCESS.
CHARTERED ACCOUNTANTS (CA)
ENABLE BUSINESSES, ORGANISATIONS,
AND GOVERNMENT TO ACHIEVE THEIR
FINANCIAL AND STRATEGIC GOALS.
– SADLY DUE TO BAD GOVERNANCE,
THE CA’S RIGOUR AND INTEGRITY HAS
BECOME QUESTIONABLE IN AFRICA.

9. IFAC PRINCIPLES AT PLAY
IFAC - THE INTERNATIONAL FEDERATION OF ACCOUNTANTS ADVISES THAT A
HIGH-QUALITY, ROBUST, AND EFFECTIVE ACCRUAL-BASED FINANCIAL
REPORTING SYSTEM, WHICH ALLOWS FOR GOVERNMENT ASSETS AND
LIABILITIES (INCLUDING DEBT) TO BE APPROPRIATELY RECORDED, REPORTED,
AND DISCLOSED—AND HENCE EFFECTIVELY MONITORED SHOULD BE ADOPTED
BY PROFESSIONAL CAS’.
THE IMPLICATIONS OF NOT HAVING APPROPRIATE SYSTEMS IN PLACE INCLUDE:
A POTENTIAL FAILURE BY GOVERNMENT TO DELIVER SERVICES AND PRODUCTS
IN THE MOST EFFECTIVE AND EFFICIENT MANNER, AND IN A WAY THAT
MAXIMIZES SUSTAINABLE SOCIAL BENEFIT; MAKING DECISIONS TO INVEST, OR
NOT INVEST, TODAY IN PROJECTS AND PROGRAMS THAT RESULT IN FOREGONE
POTENTIAL BENEFITS, AND WHICH REPRESENT AN OPPORTUNITY COST WHERE
CITIZENS IN THE FUTURE WILL PAY FOR THE MISMANAGEMENT OF TODAY; AND
POOR DECISION MAKING THAT MAY BE, AT BEST, MADE WITH A SHORT-TERM
FOCUS OR, AT WORST, MADE IN THE SELF-INTEREST OF POLITICIANS AND
PUBLIC SERVANTS WHO HAVE INCENTIVES TO OPERATE IN A PARTICULAR
FASHION.

10. DEC 9, ANTI - CORRUPTION DAY CELEBRATION
FOR THE REALIZATION OF A MORE TRANSPARENT GLOBAL ECONOMY, THE UN GLOBAL COMPACT’S 10TH
PRINCIPLE STATES THAT “BUSINESSES SHOULD WORK AGAINST CORRUPTION IN ALL ITS FORMS, INCLUDING
EXTORTION AND BRIBERY.”
CORRUPTION IS A COMPLEX SOCIAL, POLITICAL AND ECONOMIC PHENOMENON THAT AFFECTS ALL COUNTRIES
AND UNDERMINES GOOD GOVERNANCE AND DEMOCRATIC INSTITUTIONS
IN ITS CAMPAIGN AGAINST ANTI-CORRUPTION, AND WITH THE SUPPORT OF THE INTERNATIONAL FEDERATION OF
ACCOUNTANTS (IFAC), ICAN SHOULD AND MUST ENSURE THAT ADEQUATE RISK ASSESSMENT, REPORTING AND
SUPPLY CHAIN PRACTICES. PREVAIL IN THE NIGERIA PUBLIC AND PRIVATE SECTOR.
IT SHOULD IN COLLABORATION WITH THE NIGERIAN ASSOCIATION OF CHAMBERS OF COMMERCE, INDUSTRY,
MINES AND AGRICULTURE (NACCIMA) AND OTHER STAKEHOLDERS, INFLUENCE AND JOIN FORCES WITH BOTH
GOVERNMENT AND BUSINESS OPERATORS TO PROVIDE A UNITED VOICE AGAINST CORRUPTION IN NIGERIA.
MEETING THE HIGHEST ETHICAL AND TECHNICAL STANDARDS AND AS FINANCIAL EXPERTS, ACTING IN THE
PUBLIC INTEREST, ICAN SHOULD OFFER HELPFUL INSIGHTS THAT WILL SHAPE GOVERNMENT POLICY AND
REGULATION AS WELL AS FACILITATE BUSINESS AND THE ECONOMY, WITHOUT COMPROMISING ETHICAL
STANDARDS.

11. IN SEARCH OF GOOD GOVERNANCE
LATELY AN INCREASE IN GLOBAL HIGH-PROFILE CASES OF BRIBERY AND CORRUPTION HAS
LED SOME EMERGING ECONOMIES SUCH AS CHINA TO CONTINUE TO DEVELOP AND
IMPROVE ON RULES OF CORPORATE GOVERNANCE. WITH A NUMBER OF FORENSIC
ACCOUNT INVESTIGATIONS AND PROSECUTION GOING ON IN NIGERIA, THE GOVERNMENT
NEEDS VIABLE INTERNAL CONTROLS AND ACCOUNTING SYSTEMS BACKED BY A CHANGE
TO POSITIVE CULTURE AND TRANSPARANCY THAT WILL EXTOL SOUND FINANCIAL
MANAGEMENT, INTEGRITY AND GOOD BUSINESS PRACTICES THAT UPHOLDS PRINCIPLES
AND PUBLIC LOYALTY. DISTORTED
FOR MORALITIES IN GOVERNANCE TO PREVAIL THROUGH THE ELIMINATION OF FINANCIAL
CRIME AND UNETHICAL PRACTICES IN AFRICA, MORE NEEDS TO BE DONE TO GENUINELY
ENHANCE INTERNALAUDITING AND THE FORENSIC ACCOUNTING ROLE OF APPLYING
APPLICABLE TRAINING IN INVESTIGATIVE SKILLS, PROVISION OF LOGISTIC AND FINANCIAL
SUPPORT FOR TRANSPARENT LITIGATION, IMPARTIAL REPORTING, AND ADEQUATE
PROVISION OFOTHER RELATED SERVICES AND DOCUMENTATIONS.
ICAN-UK SHOULD FOR INSTANCE KEEP NIGERIA ABREAST OF EMERGING TECHNOLOGIES, ESPECIALLY
IN THE AREA OF FORENSIC ACCOUNTING.

12. COMPLEXITY OF ANTI-CORRUPTION CAMPAIGN -
CALL FOR COLLECTIVE ACTION
SIMILARLY ON THE GLOBAL FRONT AND CONSIDERING THE VALUE
CHAIN OF AFRICANS’ IN THE DIASPORA TO THE WEALTH AND
PLAUSIBLE SUSTAINABLE DEVELOPMENT OF THEIR RESPECTIVE
COUNTRIES AND CONTINENT AT LARGE, IT HAS BECOME
PERTINENT FOR ICAN –UK TO COLLABORATE WITH THE AFRICA
ASIA SCHOLARS GLOBAL NETWORK (AASGON AND THE SINO-
AFRICAN DIASPORA FORUM AND AWARDS (SADFA) IN THEIR ANTI-
CORRUPTION INITIATIVES, AS WELL AS ESTABLISHED UK BASED
AFRICAN INSTITUTES OF CHARTERED ACCOUNTANTS AND
CHAMBERS OF COMMERCE SUCH AS THE RENOWNED SOUTH
AFRICAN CHAMBER OF COMMERCE HERE IN LONDON.

13. WITH EFFECT FROM JANUARY 2017 ICAN-UK AND ITS CONTEMPORARIES IN EUROPE,
ARE WELCOME TO JOIN SADFA AND AASGON IN ORGANISING ITS WEEKLY
INTERACTIVE FORUM AT THE CHINA EXCHANGE IN CENTRAL LONDON.
THE HIGHLY STRATEGIC FORUM IS DESIGNED TO:
- PROVIDE A CONSISTENT PLATFORM FOR LEARNING, DIALOGUE AND ACTION TO
ENHANCE THE EFFECTIVENESS OF AFRICA’S DEMOCRATIC GOVERNANCE
- PRIVATE AND PUBLIC SERVICE MOTIVATION TO PROACTIVELY IMPLEMENT THE
10TH PRINCIPLE OF THE UN GLOBAL COMPACT
- SCALE UP IMPACT THROUGH LOGICAL INITIATIVES ON ANTI-CORRUPTION AND
AFRICA’S SUSTAINABLE DEVELOPMENT
- PROMOTE CHINA-AFRICA WIN-WIN COOPERATION FOR COMMON DEVELOPMENT
- OBSERVATION, COMMENDATION, AND PROMOTION OF GOOD GOVERNANCE TO --
ELIMINATE CORRUPTION AND DRASTICALLY REDUCE POVERTY.

14. "China-Africa relations have today reached a stage of growth unmatched in history. Let's join hands and open a new era
of China-Africa Win-Win cooperation and common development“ says the Chinese President Xi Jinping at the 2015,
1st FOCAC AFRICA SUMMIT in Johannesburg.
Believing that the growing Sino-African relations might challenge the U.S. dominated global political and economic
order, a report by U.S. think tanks, including the RAND Corporation, the Heritage Foundation and the U.S. Council on
Foreign Relations claimed China was one of the largest rivals for the United States in Africa in the future and urged for
full strategies to weaken China's influence in Africa.

15. THE CHILKD IS THE FUTURE OF MAN. FOR OUR RESTFUL OLD AGE, WE ALL OWE THE WORLD’S CHILDREN, I MEAN EVERY
CHILD ON EARTH - A BETTER AND HEALTHY LIFE FAR FROM WHAT OBTAINS IN TODAY’S WORLD.
WHAT WE SOW OVER THE PAST AND PRESENT IS WHAT WE ARE NOW REAPING AND ACCORDING TO THE UN, AND IN
MY BELIEVE, IN THE INTEREST OF OUR OWN FUTURE, ITS TIME IN THE OVERALL PUBLIC INTEREST, THAT WE BEGIN TO DO
THINGS DIFFERENTLY AND POSITIVELY. DISALLOW GREED, SELFISHNESS AND OVERZEALOUSNESS TO OVERCOME OUR
INTUITION.
MIND YOU, WHEN THE CHIPS ARE DOWN THE CRY OF THE RICH IS WORSE, COUNTLESS AND INJURIOUS TO HEALTH THAN
THAT OF THE POOR.
IN REALITY ITS GREAT TO EARN MONEY BUT MUCH WISER AND SKILFUL TO BUILD GOODWILL AND UNDENTED
REPUTATION.
CORRUPTION IS ONE OF THE CONSEQUENCES OF POOR GOVERNANCE.
THOUGH IT’S NOT THE DUTY OF A CHARTERED ACCOUNTANT TO DETECT CORRUPTION, THEY ARE IN VANTAGE
POSITION TO DETECT FOUL PLAY AND INCOSTENCIES. THE NEED TO MAINTAIN CLOSE RELATIONS WITH ESTABLISHED LAW
ENFORCING AGENCIES AND HELP IN IMPROVING OVERALL FINANCIAL ACCOUNTABILITY, BY STRONGLY SUPERVISING
(AUDITING), CREATING A CLIMATE OF TRANSPARENCY, ADAPTING TO GOOD GOVERNANCE, UPHOLD INSTITUTE’S CODE
OF CONDUCTS AND PROFESSIONAL ETHICS, TO REDUCE CORRUPTION AND ILLICIT FINANCIAL ACTIVITIES.
CHARTERED ACCOUNTANTS SACRED ROLE IN
GLOBAL ANTI-CORRUPTION CAMPAIGN

16. PUBLIC SECTOR FINANCIAL MANAGEMENT
• WITH REFERENCE TO THE INTERNATIONAL FEDERATION OF ACCOUNTANTS (IFAC), GOVERNMENTS MUST
IMPLEMENT THE NECESSARY INSTITUTIONAL ARRANGEMENTS REQUIRED TO ENHANCE PUBLIC SECTOR
FINANCIAL MANAGEMENT TRANSPARENCY AND ACCOUNTABILITY. AN INTEGRAL AND ESSENTIAL PART OF
THESE ARRANGEMENTS IS THE USE OF ACCRUAL-BASED ACCOUNTING—THROUGH THE ADOPTION AND
IMPLEMENTATION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSASS)—WHICH
PROMOTES GREATER TRANSPARENCY AND ACCOUNTABILITY IN PUBLIC SECTOR FINANCES AND ALLOWS
FOR ENHANCED MONITORING OF GOVERNMENT DEBT AND LIABILITIES FOR THEIR TRUE ECONOMIC
IMPLICATIONS.
• AS RECOMMENDED BY EXPERTS, ICAN – UK SHOULD SUPPORT ICAN IN ENSURING THAT THE LEGISLATIVE
ARM OF GOVERNMENT INFLUENCE THE EXECUTIVE IN GRANTING FULL AUTONOMY TO THE AGENTS OF
GOVERNMENT THAT ARE CHARGED WITH ENFORCING ACCOUNTABILITY.
• FOR PUBLIC GOOD, THE OFFICE OF THE AUDITOR-GENERAL OF THE FEDERATION, THE ECONOMIC AND
FINANCIAL CRIMES COMMISSION, INDEPENDENT CORRUPT PRACTICES COMMISSION, AND CODE OF
CONDUCT BUREAU, SHOULD BE FULLY INDEPENDENT ENTITIES FREE TO DO THEIR JOBS WITHOUT UNDUE
MEDDLING AND INTERFERENCE.

17. REGULATORY
COMPLIANCE
• WITH BUSINESSES SUBJECTED TO REGULATORY OVERSIGHT,
SUCCESS OR FAILURE IN COMPLIANCE CAN BE VERY
DETRIMENTAL. IT WAS OBSERVED THAT MANY PUBLIC AND
PRIVATE COMPANIES IN NIGERIA ARE KNOWN TO IMBIBE THE
CULTURE OF MAKING THE MISTAKE OF FALLING INTO
NEEDLESSLY NON-COMPLIANT HABITS.
• RANGING FROM THE LACK OF WRITTEN PROCEDURES, FAILURE
TO FOLLOW PROCEDURES FULLY, AND POOR INVESTIGATIONS
OF DISCREPANCIES OR FAILURES. ASIDE FROM HAVING
EXPERIENCE IN AUDIT AND CORRECTIVE ACTIONS AND
IMPLEMENTATIONS RELATING TO INTERNATIONAL REGULATION
AND STANDARDS, IN MOST CASES THE NON-COMPLIANCE
CULTURE OVERRIDES GOOD GOVERNANCE AND EXEMPLARY
LEADERSHIP IN THE COUNTRY.

18. GOOD PRACTICE
Source: Sox Compliance Audit Success
There is need for accrual-based
public sector accounting which is
recognized by many
governments around the world
that already prepare financial
statements on an accrual basis,
as against the use of cash basis
of accounting and reporting
systems which provide minimal
disclosures.

19. INTERNAL AUDITING
Internal audit helps to appraise the reliability
and competence of accounting, operating and
administrative controls.
Successful internal audit operations have fallen
short in Africa due to the lack of honest and
experience auditors, the intimidation, the
gagging and containment of the operational
independence of auditors on site.

20. DATA ANALYTICS
THE INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD (IAASB) IS
AN INDEPENDENT STANDARD-SETTING BODY THAT SERVES THE PUBLIC INTEREST
BY SETTING HIGH-QUALITY INTERNATIONAL STANDARDS FOR AUDITING,
ASSURANCE, AND OTHER RELATED AREAS, AND BY FACILITATING THEIR ADOPTION
AND IMPLEMENTATION.
WITH A FOCUS ON DATA ANALYTICS ICAN –
UK SHOULD EXPLORE AND ASSIST ICAN IN
THE ADOPTION AND TRAINING OF THE
‘GROWING USE OF MODERN TECHNOLOGY IN
THE NIGERIA AUDIT SYSTEM.

21. On the 5th of December 2015, in South Africa, the Chinese President Xi Jinping promised to
strengthen China’s ‘Win-Win Cooperation for Common Development’ philosophy with Africa, through
“Five major pillars”:
•political equality and mutual trust,
•win-win economic cooperation,
•mutually enriching cultural exchanges,
•mutual assistance in security,
•solidarity and coordination in international affairs.
.
Committed to the UN Sustainable Development Goals, the core
principles that led to the creation of SADFA is significantly relevant to
the objectives of the Forum on China-Africa Cooperation (FOCAC),
the promotion of Business ties and Cultural Exchanges between
Chinese and Africans in Diaspora, and Positive Chinese investment in
African economic growth and infrastructure.
SADFA is a rallying
platform for the
exchange of
information and
promotion of
China – Africa
Economic & Trade
Cooperation &
Cultural Exchange

22. Abdul ‘Dewale Mohammed, Executive Chairman, Sino-African Diaspora Forum &
Awards (SADFA) with Sir Vince Cable, former UK Secretary of State for
Business, Innovation and Skills, at the 2016
48 Group Club Icebreaker Awards, held at the Chinese Embassy in London.

23. TO ENSURE SMOOTH IMPLEMENTATION OF THE SINO-AFRICA INITIATIVES
PRESIDENT XI ANNOUNCED, CHINA WILL OFFER 60 BILLION U.S. DOLLARS OF
FUNDING SUPPORT, INCLUDING 5 BILLION DOLLARS OF FREE AID AND INTEREST-
FREE LOANS, 35 BILLION DOLLARS OF PREFERENTIAL LOANS AND EXPORT CREDIT
ON MORE FAVOURABLE TERMS, 5 BILLION DOLLARS OF ADDITIONAL CAPITAL FOR
THE CHINA-AFRICA DEVELOPMENT FUND AND THE SPECIAL LOAN FOR THE
DEVELOPMENT OF AFRICAN SMES EACH, AND A CHINA-AFRICA PRODUCTION
CAPACITY COOPERATION FUND WITH THE INITIAL CAPITAL OF 10 BILLION DOLLARS.
XI STRESSED CHINA’S READINESS TO SHARE, WITHOUT ANY RESERVATION,
ADVANCED APPLICABLE TECHNOLOGY WITH AFRICA AND HELP STRENGTHEN
"AFRICA'S INTERNAL DRIVE FOR ECONOMIC DEVELOPMENT.
"WE SHOULD RESPECT EACH OTHER'S CHOICE OF DEVELOPMENT PATH AND NOT
IMPOSE OUR OWN WILL ON OTHERS...CHINA STRONGLY BELIEVES AFRICA BELONGS
TO THE AFRICAN PEOPLE AND AFRICAN PROBLEMS SHOULD BE HANDLED BY THE
AFRICAN PEOPLE" AFFIRMED THE CHINESE PRESIDENT XI JINPING.

24. SADFA & THE ACCOUNTABILITY OF CHINA – AFRICA RELATIONS
: Equal consultation, enhancing understanding,
expanding consensus, strengthening friendship and promoting
cooperation. The Committee has a secretariat comprised of director
general-level officials from the Ministry of Foreign Affairs, Ministry of
Commerce, Ministry of Finance and Ministry of Culture with the
director general of the Department of African Affairs of the Ministry of
Foreign Affairs as the secretary general, set up at the Department of
African Affairs of the Ministry of Foreign Affairs. The Minister of
Foreign Affairs and Minister of Commerce as the honorary chairmen
and vice-ministers responsible for the related areas of the two
ministries as chairmen
Over 45m Africans and 6m Chinese reside in America, while
about 4million Chinese and 15m Africans live in Europe.
With the dearth of engagement and investment between
Chinese and Africans in Diaspora, SADFA’s key mission is to
help bridge the gap and actively involve the two clan in the
accomplishments of FOCAC and Africa’s Sustainable
Growth.
FOCAC was formally established at the 2000 Ministerial Conference of the Forum on China-
Africa Cooperation in Beijing in October 2000 under the joint initiative of China and Africa
with the purposes of further strengthening friendly bilateral cooperation under the new
circumstances, jointly meeting the challenges of economic globalization and seeking
common development between China and Africa.

25.  The Ministry of Foreign Affairs,
 Ministry of Commerce,
 Ministry of Finance,
 Ministry of Culture,
 Ministry of Education,
of Science and Technology,
 Ministry of Agriculture,
 Ministry of Industry and Information Technology,
 Ministry of Land and Resources,
 Ministry of Environmental Protection,
 Ministry of Transport (Civil Aviation Administration of China),
 International Department of the CPC Central Committee,
 National Development and Reform Commission,
 National Health and Family Planning Commission,
 People's Bank of China,
 General Administration of Customs,
 General Administration of Quality Supervision,
 Inspection and Quarantine,
 The National Tourism Administration,
 Information Office of the State Council,
 The State Council Leading Group Office of Poverty Alleviation and
Development,
 Chinese Communist Youth League,
 China Council for Promotion of International Trade,
 China Development Bank,
 Export-Import Bank of China,
 Bank of China and People's Government of Beijing Municipality,
 State Administration of Press, Publication, Radio, Film and TV.

26. AFRICA’S CA’S & POLITICAL ACCOUNTABILITY
IN LINE WITH IFAC'S MISSION AND PROGRAMS, IT’S MANDATORY FOR AFRICA’S CAS’ IN ALLIANCE WITH
THE BUSINESS OF FOCAC AND THE GOVERNMENTS OF AFRICA, TO CLEARLY DEMONSTRATE THEIR
COMPLIANCE WITH THE SEVEN STATEMENTS OF IFAC MEMBERSHIP OBLIGATIONS (SMOS).
SMO 5, TITLED INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS AND OTHER IPSASB
GUIDANCE, 6 SETS OUT THE OBLIGATIONS OF IFAC MEMBERS AND ASSOCIATES IN RELATION TO IPSASS
AND OTHER GUIDANCE ISSUED BY THE IPSASB.
Acting in the public interest
.
Chinese infrastructure initiatives such as the China-led
Africa Growing Together Fund (AGTF) are expected
to play a significant role ranging from financing to
technology transfer.

27. INSTITUTIONAL ARRANGEMENTS
IFAC HOWEVER WARNS THAT THE ADOPTION OF IPSASS AND THE PREPARATION OF FULL ACCRUAL-
BASED FINANCIAL STATEMENTS ALONE WILL NOT ENHANCE THE TRANSPARENCY AND
ACCOUNTABILITY OF GOVERNMENTS. TO ENHANCE PUBLIC SECTOR FINANCIAL MANAGEMENT IFAC
RECOGNIZES THAT, GOVERNMENTS MUST IMPLEMENT THE NECESSARY INSTITUTIONAL
ARRANGEMENTS TO SUPPORT TRANSPARENCY AND ACCOUNTABILITY, INCLUDING MEASURES SUCH
AS: THE PREPARATION AND DELIVERY OF HIGH-QUALITY AND TIMELY ACCRUAL-BASED FINANCIAL
REPORTING FOR THE PUBLIC SECTOR.
AS SYSTEMS DEVELOP, GOVERNMENTS SHOULD AIM TO HAVE INFORMATION PUBLICLY AVAILABLE ON
AT LEAST A MONTHLY BASIS; THE PUBLICATION, IN A TIMELY MANNER—NO LONGER THAN WITHIN
SIX MONTHS FROM THE END OF THE REPORTING PERIOD—OF INDEPENDENTLY AUDITED FINANCIAL
STATEMENTS FOR THE PUBLIC SECTOR; THE PREPARATION AND PUBLICATION OF PUBLIC SECTOR
BUDGETS AND APPROPRIATIONS ON THE SAME BASIS; THAT IS, ON AN ACCRUAL BASIS AND IN A
TIMELY MANNER; FULL TRANSPARENCY—PREPARATION AND PUBLICATION—OF ALL FINANCIAL
REPORTING (POSITION AND PERFORMANCE), BUDGETS, AND APPROPRIATIONS IN A SUFFICIENTLY
APPROPRIATE AMOUNT OF TIME AHEAD OF ELECTIONS; ESTABLISHED, WELL-DEFINED, AND PUBLICLY
AVAILABLE PRINCIPLES FOR FISCAL MANAGEMENT AND CONTROL, WITH FULL TRANSPARENCY
(PUBLICATION IN A TIMELY MANNER) TO DEMONSTRATE THAT PRINCIPLES ARE BEING FOLLOWED.

28. WHISTLE-BLOWING TO PROTECT PUBLIC FINANCE
THE INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAND AND WALES (ICAEW) STATES THAT
ACCOUNTANTS IN BUSINESS OR PRACTICE MAY HAVE STATUTORY OR CONTRACTUAL OBLIGATIONS TO
REPORT TO A REGULATOR OR OTHER THIRD PARTY OR ESTABLISHED LAW ENFORCEMENT AGENCIES
UNDER THE ANTI-MONEY LAUNDERING REQUIREMENTS. THEY MAY ALSO WHISTLE-BLOW TO A THIRD PARTY
WHERE IT WOULD BE IN THE PUBLIC INTEREST TO DO SO, EVEN THEY HAVE NO LEGAL OBLIGATION TO DO
SO.
IN SOUTH AFRICA THE PROTECTED DISCLOSURES ACT (NO 26 OF 2000) MAKES PROVISION FOR
PROCEDURES IN TERMS OF WHICH EMPLOYEES IN BOTH THE PUBLIC AND PRIVATE SECTOR WHO DISCLOSE
INFORMATION OF UNLAWFUL OR CORRUPT CONDUCT BY THEIR EMPLOYERS OR FELLOW EMPLOYEES, ARE
PROTECTED FROM OCCUPATIONAL DETRIMENT.
TO PROTECT PUBLIC FINANCES AND INDIVIDUALS MAKING DISCLOSURES MORE SHOULD BE DONE TO
ENCOURAGE AFRICAN GOVERNMENTS’ TO ENACT UNFETTERED LAWS AND PROTOCOLS THAT WILL NOT
INHIBIT PATRIOTIC CIVIL SERVANTS, MOST ESPECIALLY CHARTERED ACCOUNTANTS FROM
WHISTLEBLOWING ANY DETECTED ACT OF FRAUD OR FINANCIAL CRIME.
FOR GOOD GOVERNANCE TO INFILTRATE INTO THE NIGERIAN SYSTEMS ICAN SHOULD ENSURE THAT
EXISTING LAWS SHOULD BE STRENGTHENED TO PROVIDE MORE PROTECTION AND ENCOURAGEMENT.

29. ETHICS & VALUES
Quotable Quotes
'As complexity increases, better ethical behaviour is needed
and the principles come into play rather than the procedures
around them.'
- Rashika Fernando, director, enterprise project portfolio
management office, CIBC, Canada
'The board of directors and board committees are where all
policies are made and people are nominated. If the root
structure goes wrong, the upper part cannot be sound.'
- Marisa Wu, head of finance and senior VP, DBS Bank,
China
'How ethics is handled has a bearing on the long-term
sustainability of the company. A CFO, as risk manager, must
understand how it affects the company.'
- Yee Wing Peng FCCA, MD, Deloitte, Malaysia
'Things change, people change, values change and a lot of
external factors affect a person. But when it comes to ethics,
the profession needs a gold standard.'
- Wayne Soo, managing partner, Fiducia, Singapore
IN LINE WITH INTERNATIONAL STANDARDS,
ANY ICAN MEMBER WHO HAS BEEN
DECLARED GUILTY OF PROFESSIONAL
MISCONDUCT BY THE INSTITUTE’S
DISCIPLINARY TRIBUNAL SHOULD NOT BE
ELIGIBLE EITHER TO SERVE ON THE
INSTITUTE’S COUNCIL OR COMMITTEES FOR
A PERIOD OF 5 YEARS FROM THE DATE OF
RE-ADMISSION.
WHERE THE GRAVITY OF THE OFFENCE IS
HIGHLY UNPROFESSIONAL AND
INCOMPREHENSIBLE, IN MY OPINION SUCH
MEMBERS SHOULD IN PUBLIC INTEREST BE
BANNED FROM PRACTICE FOR LIFE.

30. ACCSEP
’16/17
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Registered in England & Wales No. 07492816, AASGON is an Affiliate Member of the International Association of Universities (IAU), Member Strategic Forum of European Alliance
for Innovation (EAI), Strategic Partner Danubius Academic Consortium (DAC) and Advisory Council Member/Associate of the Association of Universities of Asia and the Pacific (AUAP).