President of the Association of National Accountants of Nigeria (ANAN) Alhaji Sakirudeen Labode has urged members of the association to abide by the ethics of the profession by familiarizing themselves with the new code of ethics for professional accountants.
Labode said this while speaking at the opening session of the Mandatory Continuing Professional Development Program of the Association of National Accountants of Nigeria in Abuja
He said the code of ethics which is in line with international best practices is also in conformity with the requirements of the International Federation of Accountants and would be strictly implemented by the association.
"To keep our members on their toes, we advise their employers and those who use their services to bring complaints bordering on breach of ethics of the profession against our members for investigation and sanctioning where such a complaint has merit.
"Members are urged to block all loopholes that lead to commission of fraud. Emphasis should be shifted to fraud prevention as against fraud detection," he said.
On the insecurity challenges currently facing the country, he said the development, if not quickly resolved would discourage foreign direct investment into the country.
"No right thinking investor will invest in an economy that will not protect and safeguard his investments," he added.
He also called for the elimination of multiple taxation stating the development is having negative impact on the competitiveness of the Nigerian economy.