By Chidinma Nwankwo and Christopher Owoicho
The need for information sharing among nations has been advocated as a key strategy in coping with the effects of globalization and global finances on the world economy.
This came in a presentation at the 64th Inaugural lecture of the University of Jos, delivered by Professor Francis Ojaide (OON).
Entitled “Globalisation, Financial Crisis and Audit Litigation”, Ojaide spoke extensively on the impacts of globalisation and effects of global finances on the world economy. To him, globalisation has both positive and negative influences which affect every aspect of the society, thus every nation needs to ensure sustainable financial stability, economic growth and higher standards of living.
“The entire world is witnessing very fast and dramatic changes that have their impacts on accounts and finances so investors need to understand the risk, stop all issues of private gains, focus more attention on the responsiveness of companies so as to forestall environmental and reputational catastrophes”, he said.
Professor Ojaide who was the 47th President of the Institute of Chattered Accountants of Nigeria (ICAN) noted that the crises have made companies to start having a rethink in developing new strategies, new missions and visions, new work process to migrate to the new economy of intangibles.
He enumerated some of the visible effects of the global financial crisis to include closure of businesses and companies, loss of jobs and livelihood, general poverty as well as increase in crime and criminality.
As a way forward, Ojaide recommended that information be shared among nations because countries of the world benefit in knowledge from those who have made new discoveries or improvements and adapt them appropriately in areas where setbacks and failures had been recorded in the past.
Professor Ojaide also called on auditors as skilled professionals with the requisite accounting qualifications and expertise recognised by statutes to not only express opinions on the financial statements prepared and presented to them by managements, but also verify companies’ financial data bases, consistency in accounting policies and take responsibility for material mistakes and factual inadequacies.
These, according to him, can only be achieved by auditors exhibiting high level of inquisitiveness, thorough knowledge of their clients’ business creed, observation of ethical, moral and professional standards that helps in boosting client confidence.
He stressed that Nigeria has to stand up and pick up the challenge of change in policy decision and implementation such that would guarantee real transformation in all facets of its national development.
Ojaide therefore tasked academics to take their jobs seriously if they expect excellence in their chosen fields of endeavour, stating that his years of academic scholarship has made him produce professors in almost every state of the federation.
In his speech, the Vice Chancellor of the University of Jos, Professor Hayward Mafuyai described Ojaide as a rare gem whose immense contributions are not only visible in his Management Science Faculty, but in the entire University of Jos as well as the cause of humanity at large.
Professor Mafuyai further revealed that Ojaide was the only surviving staff of the university with the National Honours of the Officer of the Order of the Niger (OON).
The Vice Chancellor presented the lecturer with gifts and an award certificate on behalf of the University’s Governing Council.
The event was witnessed by principal officers of the university’s management,some senior staff from the Industrial Training Fund (ITF), colleagues, students and his family members.
