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Firm seeks auditors’ credibility
We are a firm, and the reason we don’t do any job is that we have decided to uphold our integrity. Because this is Nigeria, you should…
Eben Joels, the Lead Partner of Stransact Partners, has stated that there is a need to increase the audit profession’s credibility and make sure there is enough staff.
Joels made his remarks at a press conference held in Lagos by Stransact Chartered Accountants, the RSM network’s correspondent business and a sizable global network of independent audit, tax, and consulting firms.
A straightforward guide for chartered accountants on adhering to international ethics and best practices in their professional practice, as well as the firm’s audit credibility tenets, were provided during the event.
He said, “Auditor credibility is very important. There are lots of audit firms out there that are one-man firms, and such firms are out for the fees because there is a limit to what just one person can do. Also, corruption has gone deep into our system, we have had scenarios where the regulators will decide not to look at certain things because they do not have the manpower.
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“However, there are companies that issue two versions of accounts or accounts that do not have a true and fair view of the transaction that has taken place. Such auditors have come in without independence, lacking honesty and skepticism as they take on the job.”
He claims that auditors are instructed not to take whatever they observe at face value until testing is complete. Every auditor should have a credible outlook, he continued, and it was crucial to be perceived as independent and honest.
Speaking about the company’s operations, he stated, “We are a firm, and the reason we don’t do any job is that we have decided to uphold our integrity. Because this is Nigeria, you should avoid participating in some government contract-related activities.
“In essence, we do not want to open the door for any person to start negotiation, so we focus on working for private companies, however, this doesn’t negate the fact that once the government sees a good thing, they would not show us.”