KEYNOTE ADDRESS

by

Mr Adedoyin Idowu Owolabi, BSc, MILR, MNIM,FCA

President

The Institute of Chartered Accountants of Nigeria

At the

TRAIN-THE-TRAINERS’ FORUM

Held at

Lagos Airport Hotel, Ikeja

ON

Monday, September 17, 2012

The Vice President, Alhaji Kabir Alkali Mohammed, mni, FCIS, FCMA, FCA

The 1stDeputy Vice-President, Mr. Chidi Onyeukwu Ajaegbu, ACS, MBF, FCA
The 2ndDeputy Vice-President, Otunba Samuel Olufemi Deru, FCA

Chairman, Student Affairs Committee, Alhaji Razak Jaiyeola, BSc, FCA.

Council Members

Distinguished Resource Persons

Registrar/Chief Executive, Mr. O.A. Adepate, BSc, MBA, FCA

Gentlemen of the Press

Ladies and Gentlemen,

INTRODUCTION

  1. On behalf of Council, Iwelcome you all most warmly to this one-day Train-the-Trainers’ Forum organised to bring together all trainers in the lCAN approved Tuition centres such that they can exchange ideas on the best and most effective ways of preparing students for the Professional and other Examinations of the Institute.
  2. As you all are aware, in the discharge of its statutory mandate of setting standards and regulating the practice of accounting in Nigeria, the Institute is expected to continually monitor developments in the environment, determine how they impact on the practice of accounting and review from time to time the standard of knowledge to be acquired by those who desire to become chartered accountants.

Environmental Scanning and Syllabus review

  1. Pursuant to this, the Institute has, on regular basis, been reviewing its pre-qualification requirements, training curricula and syllabi as well as post-qualification training in line with developments in the business environment. In 2009, the Council launched the Institute’s current syllabus which has been the basis of the Institute’s professional examinations since May 2010 diet. These were accompanied with study packs in hard and soft copies to aid the learning of candidates.

Poor Performance by Students

  1. However, in spite of the positive innovations introduced, the performance of students in the various examinations has provided no reason to cheer. Indeed, the comparative performance rates have been very poor. As a professional body committed to excellence, the Institute is deeply concerned with the gradual decline in the pass rate of students and quality of its final products. If remedial steps are not immediately and strategically taken, the case of unemployable chartered accountants may begin to steer us in the face. God forbid.The causes of this untoward development, from our findings, are legion.
  2. According to our studies, the major causes of this poor performance were inadequate/poor preparation by students, poor delivery of lectures by tuition providers, inadequate teaching personnel in terms of number and quality, decayed infrastructural facilities and instructional materials in many tuition centres, lack of library facilities, etc.
  3. As you know, the Institute draws the bulk of its candidates from the products of post-secondary institutions who also receive lectures from your respective centres. If their foundation is weak, the superstructure we desire to build on it will not stand the test of time. This explains why this Forum was organized with tuition providers and teachers of accounting, to ensure that standards in the knowledge industry are not compromised irrespective of the level of decay in the wider educational sector.
  4. Given the rapid changes occurring in the business environment and the profound impact of information technology on research, training and learning methodologies,many old methods and previously accepted training practices are disappearing in favour of better, more effective procedures and strategies. Thus, a trainer who is rustic cannot communicate value to students. A trainer who cannot communicate new knowledge and value to students is not worthy to be called a trainer. The blind cannot lead the blind. Accordingly, trainers must deliberately upskill themselves in the emerging new body of knowledge, get familiar with the provisions of International Education Standards(IES) 1-6 issued by IFAC, International Financial Reporting Standards(IFRS) issued by IASB,changes in legislations impacting financial reporting, revisit their approach and training methodologies in order to enhance their offerings to, and pass rates of, their students.
  5. Therefore, this one-day forum is designed to develop and refresh the professional trainers' ability to deliver effective and result oriented training programmes to students preparing for our examinations. Pursuant to this, erudite scholars have been carefully selected to make presentations and share experiences with participants on the following areas:
  • Standards Expected of Trainers of Professional Students
  • How to enhance Students` Performance in ICAN Examinations.
  • Emerging Changes in ICAN`s Certification Processes.
  1. I wish to seize this opportunity, on behalf of the Council, to express my profound gratitude to all the resource persons selected to make presentations at this forum for finding time to share their invaluable wealth of experience with us. I am confident that their intellectual contributions and expertise would stimulate useful discussions amongst our participants.

CONCLUSION

  1. Finally, let me end this address by stressing again that the Council places great premium on this interactive session. I trust and hope that it would yield remarkable returns in terms of suggestions, innovations andrecommendations that would help sustain the high standard for which our great Institute is known and respected even as we stand on the threshold of another syllabus review.
  2. It is now my singular honour and privilege to declare this forum open. I wish you all rewarding and fruitful discussions.

Thank you for your attention.

Mr. Adedoyin Idowu Owolabi, B.Sc, MILR, MNIM, FCA

President, ICAN

Monday, September 17, 2012.