Ismaila Zakari, former President of the Institute of Chartered Accountants of Nigeria (ICAN), has urged President Bola Tinubu to sign the Federal Audit Bill, thereby replacing the outdated 67-year-old Audit Act. This call was made by Zakari during an interview in Abuja over the weekend, as reported by NAN.
Zakari’s appeal came after the conclusion of a two-day Audit Reporting Training event focused on examining State Government Audit Reports. He highlighted the obsolescence of the current Audit Act and emphasized the need for its replacement.
According to Zakari, it is essential for Tinubu to prioritize the public’s interest by giving his assent to the Federal Audit Act, which guarantees the independence and transparency of the Auditor General. He further expressed that a review of the audit bill was long overdue, pointing out that the existing federal law on audit dates back to the 1956 Audit Act.
“We earnestly hope that the president will promptly endorse the bill to enhance auditing standards, especially at the federal level,” Zakari stated. The demand to replace the 1956 Audit Act has been a longstanding issue in the public domain, but previous administrations have neglected it.
