(1) AUDIT, INVESTIGATIONS AND FORENSIC ACCOUNTING FACULTYIn year 2009, the Faculty introduced the Forensic Accounting Certification programme in reaction to prevailing fraud, corruption and money laundering challenges in Nigeria. Over 400 chartered accountants have so far been trained in this area thus contributing to government’s anti-fraud/money laundering crusade. The Moot/Mock Court session as an integral part of the Forensic Accounting Certification programme is meant to acquaint, develop and equip the participants with knowledge of practical relevance on legal procedures, expert witnessing and court testimonies.
The Faculty organizes “Forum of Firms” twice a year for Members in practice. It is a forum where contemporary issues on audit practice are presented and discussed to allow for networking and experience sharing among members. Over 500 members were in attendance at the last “Forum of Firms” held on December 13, 2012.
(2) CORPORATE FINANCE MANAGEMENT FACULTYWith the adoption of International Financial Reporting Standards(IFRS) by Nigeria starting with Public quoted companies in January 2011, the faculty designed an IFRS training programme for members and other stakeholders in the corporate world with governance responsibilities.
Over five hundred Corporate Managers have been trained on IFRS including 152 members who sat for and passed the qualifying examination and were awarded the certificate of proficiency in IFRS.
As a way of improving performance in the IFRS examination, the Faculty has produced past questions and suggested solutions booklets for distribution to potential candidates. Also, the Faculty is proposing a movement from certificate to diploma level (Module 3) which will focus on practical aspects of conversion process and case studies.
The faculty also has a specialist training programme to up skill chartered accountants in money and capital market transactions. Regulators such as CBN, NAICOM, SEC, NSE are to collaborate with the faculty in running the programme.
A forum of Chief Finance Officer (CFOs) will hold in the first quarter of year 2014.
(3) CONSULTING & I.T. FACULTYThe faculty offers specialization opportunity for chartered accountants in Consulting & Information Technology apart from regular assurance and Audit services. The 5-module certification programme is aimed at improving the technical skill of members in the areas of Consulting and Information Technology. The programme is capped with the Module V session with hands on practical on packages such as SAGE, IDEA, Microsoft, Forensic tools etc. Members shall be awarded the “Certified Financial Consultant” qualification after satisfactory performance at the VIVA.
The faculty organizes an annual “Members’ Forum” where topical issues are discussed. The forum allows for networking among members and issue of health is not relegated with the inclusion of medical checkup by health personnel.
(4) TAX AND FISCAL POLICY MANAGEMENT FACULTY
The Faculty contributes its quota to capacity building of members by organizing a seminar on “Tax Implications of Adoption of IFRS” in Lagos, Abuja and PortHarcourt with over 200 members in attendance during the second quarter of year 2013.
(5) INSOLVENCY AND CORPORATE RE-ENGINEERING FACULTY
(6) PUBLIC FINANCE MANAGEMENT FACULTYThe Faculty has been involved in sensitization programme for Public Sector Accountants on the adoption of International Public Sector Accounting standards (IPSASs) in year 2015. Over 200 members and other stakeholders in the public sector attended the seminar held in Lagos, Abuja, Enugu and Calabar.
In the same vein, the faculty is partnering with offices of Accountant General and Auditor General of the Federation and those of the 36 states in the training of chartered accountants and other stakeholders on International Public Sector Accounting Standards (IPSASs).