Innocent Okwuosa, the President of the Institute of Chartered Accountants of Nigeria (ICAN), shared insights into his career, the accounting profession, and his plans for the institute in an interview. Here are some key takeaways from the interview:
Inspiration for Pursuing a Career in Accountancy: Innocent Okwuosa was inspired to pursue a career in accountancy by his uncle, who had knowledge of the field.
Key Qualities for Success in Accountancy: Okwuosa highlighted several important qualities for accountants to succeed, including integrity, objectivity, professional competence, confidentiality, and compliance with relevant laws and regulations.
Quality of Accounting Education: He expressed confidence in the Nigerian educational system’s ability to groom accountants who meet international standards. ICAN plays a role in improving the quality of accounting education and conducts accreditation and monitoring of accounting degree programs.
Impact of Technology on Accounting: Okwuosa emphasized the role of technology in modern accounting practices, including automation, data security, and cloud-based accounting systems. Accountants need to adapt to new technologies and develop new skill sets.
Challenges in the Accounting Profession: He mentioned adapting to new technology and staying current with developments in the business environment as some of the biggest challenges facing the accounting profession today.
Thought Leadership: As ICAN’s President, one of his goals is to promote thought leadership and contribute to relevant accounting, finance, and economic issues. The institute plans to engage more meaningfully with stakeholders and advocate for transparency and good governance.
Personal Finance and Prudence: Okwuosa shared that he treats his personal finances with the same prudence as he does with a company’s finances, emphasizing the importance of being cautious and sensible in financial matters.
Free Time and Hobbies: He mentioned that he rarely has free time but enjoys reading books on life and personal experiences when he does.
Dressing Style: Okwuosa prefers simple Niger Delta attire but occasionally wears a European suit and tie when necessary.
Childhood and Family: He described his childhood as one marked by challenges, but his early qualification as a chartered accountant altered his life’s course. He met his wife in his hometown, and while none of his children have pursued accounting, his daughter is currently studying Economics.
The interview provides insights into the perspectives and priorities of the President of ICAN and offers valuable information on the accounting profession in Nigeria.