Improve knowledge of emerging trends, IoD tells administrators
The President and Chairman of the Board of the Institute of Directors Nigeria, Dr. Ije Jidenma, said it was important for directors to improve their knowledge to adapt to emerging trends in the financial system.
She spoke at the Members’ Night in Lagos on “Emerging Trends in Financial Reporting: The Role of Directors in Compliance”.
“This underscores the importance of improving directors’ understanding of emerging trends in financial reporting and their role in achieving standards and compliance,” she said.
According to her, recent and ongoing developments in the global economy, in particular the challenges created by the COVID-19 pandemic and now the war raging in Europe between Russia and Ukraine, have contributed to aggravating uncertainties. and the complexities that remain.
She said this creates new accounting and reporting challenges for most organizations, particularly in effective engagement with critical stakeholders, accurate forecasting, as well as adequate and appropriate internal controls.
The National Bureau of Statistics, she said, revealed that foreign direct investment in Nigeria had declined due to the overall perception of investment risk in Nigeria, which was partly attributable to limited financial reporting and disclosures made by reporting entities in Nigeria. especially in the public sector.
This, she added, is due to the fact that potential investors, especially international investors, do not get adequate economic data that will enable them to understand the risk profiles of Nigerian entities for judgments and decisions. enlightened.
She said, “High quality financial information promotes private sector growth and reduces volatility in the economy.
“By strengthening the country’s financial information architecture, we will reduce or at least present a better understanding of risk.”
She said the IOD Members’ Night has become part of the institute’s tradition, where its members engage and network with each other.
The event, she added, also provides members with a platform to exchange views and opinions on socio-economic and business trends in our environment, get to know other members of the Institute and take time to relax away from the hustle and bustle of their businesses. .
“We have continued to seek good corporate governance practices from all private and public sector organizations across the country and will continue to partner with all business and opinion leaders from both the public and private sectors to advance our innovative ideas for our collective benefits,” she said.
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