The Institute of Chartered Accountants of Nigeria (ICAN) has urged accounting professionals to combine technological expertise with ethical integrity to meet the demands of a rapidly changing global economy.
The call was made during the maiden edition of the ICAN Professorial Chair in Accounting Public Lecture, held at the University of Lagos on Tuesday.
Delivering the keynote address on behalf of ICAN President, Professor Mallam Haruna Yahaya, the 1st Deputy Vice President, Dr Etofolam Osuji, described the event as a defining milestone in the shared commitment to shape the future of accounting scholarship and practice.
Dr Osuji emphasised that accounting is undergoing rapid transformation, driven by innovations such as artificial intelligence, blockchain, data analytics, and robotic process automation.
He stated that “The future accountant must not only master traditional financial reporting but also serve as a strategic advisor capable of guiding businesses and public institutions through technology-driven environments. Ethics, integrity, and professional judgement remain the bedrock of trust in financial reporting, even as innovation reshapes our work.”
The lecture forms part of activities marking ICAN’s Diamond Anniversary, celebrating 60 years of service to the profession and the nation.
He urged Nigerian universities and professional bodies to regularly review curricula to strengthen digital competencies. He also called for the reinforcement of governance and the integration of sustainability principles into accounting education.
“Accountants of tomorrow must become innovators, capable of leveraging technology to provide insights, improve efficiency, and uphold ethical standards in all financial practices,” he added.
The lecture featured a detailed presentation by Professor Olusegun Vincent of Pan-Atlantic University, Lagos. Professor Vincent examined the evolving landscape of accounting education and practice.
He noted that many universities face several challenges. These include outdated curricula, limited digital infrastructure, and insufficient exposure to Enterprise Resource Planning platforms and professional accounting software.
He advised accounting educators and professionals to embrace experiential learning, including case studies, simulations, and reflective learning, to bridge the gap between theory and practice. In research, he encouraged high-quality, globally indexed publications that influence policy and practice, rather than focusing solely on career promotions.
“Ethical reasoning and professional judgement must be taught across every aspect of accounting education, not confined to a single course,” Professor Vincent said. “Accountants must combine technological proficiency with moral integrity to remain relevant in a fast-changing global economy.”
The maiden ICAN Professorial Chair in Accounting Public Lecture marks a renewed collaboration between ICAN and Nigerian universities, underscoring the profession’s role in shaping ethical, technologically adept, and globally competitive accountants.
ICAN highlighted its commitment to research and professional excellence through several initiatives. These include the Annual Academic Conference on Accounting and Finance, PhD and commissioned research grants worth N2.5 million and N500,000, respectively, the International Journal of Contemporary Accounting Issues, and a N1 million Professorial Inaugural Grant. The Institute also supports tertiary institutions by donating textbooks, computers, and accounting software, and provides scholarships to promote student learning.
Chair of the ICAN Professorial Chair Board of Trustees and Vice-Chancellor of UNILAG, Professor Risikat Dauda, welcomed participants and commended ICAN for sustaining academic partnerships that reinforce excellence in accounting.
She described the lecture’s theme, “Embracing the Future: Powering a New Era of Accounting Education and Practice,” as both timely and visionary.
In his closing remarks, Dr Osuji reiterated ICAN’s vision: “Together, let us power a new era of accounting, one that combines wisdom with innovation, ethics with enterprise, and learning with leadership.”
Similarly, it was reported in December 2024 that accounting professionals and students were urged to adopt Artificial Intelligence, disruptive innovation, and other emerging technologies to enhance productivity and efficiency. Professor Emma Okoye of Nnamdi Azikiwe University, Awka, gave the advice at the International Conference for Accountants, Accounting Researchers, and Educators, held at Chukwuemeka Odumegwu Ojukwu University, Igbariam, Anambra State.
