Contents JANUARY/MARCH, 2019 Vol. 52, No.1 4 FEATURES Workplace Happiness * 7 INTERVIEW How is Technology Changing the Role of a CFO? * — Cheik Daddah 9 NEWS/EVENTS The Nigerian 20 BUSINESS ACCOUNTANT REPORTING Signs on the Road to (ISSN: 0048 – 0371) * for Accountants in is published quarterly by THE INSTITUTE OF CHARTERED Business in a Digital ACCOUNTANTS OF NIGERIA Age HEAD OFFICE: * Encouraging New Data on Accrual Adoption but Further Plot 16, Idowu Taylor Street, Progress Needed Victoria Island, Lagos. P.O. Box 1580, Lagos. Telephone: 09053847510, 33 DEVELOPMENT 09053847511 SMEs in Nigeria and Corporate Social Responsibility E-mail: [email protected] * Website: www.icanig.org * Roles and Importance of Professional Accountants in Business ANNEXE OFFICE: The Future-Ready Professional Accountancy Organisation 82, Murtala Mohammed Way, * Must be Global Ebute Metta, Lagos. Telephone: 09053847513 52 COVER ARTICLE The views expressed by correspondents or * Ethics in Public Sector Finance and Regional Development contributors in this journal are not necessarily * those of the Institute. By making submissions to The Nigerian Accountant, the contributors undertake that the contributions are original 56 TAXATION and have not been accepted or submitted * Three Imperatives for Taxing the Digital Economy elsewhere for publication. * How to Succeed in Tax in 2019 * The Institute reserves the right to refuse, cancel, amend or suspend an advertisement 60 MANAGEMENT or insertion and no liability can be accepted From Risk to Opportunity – Accountants Need to Lead for loss arising from non-publication or late * publication of any advertisement or insertion. Enterprise Risk Management All articles are subject to editing. * Professional Skepticism: The Heart of Audit * © No part of this publication may be reproduced without the prior written 62 HEALTH permission of the publisher. * 9 Birth Defects and Their Symptoms and Treatments THE NIGERIAN ACCOUNTANT 1 January/March, 2019 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Vision Officers & Council Members Statement 2018–2019 To be a leading global President professional body. Razak JAIYEOLA (Alhaji), BSc, ACFE, CRISC, FCA Vice President Mission Nnamdi Anthony OKWUADIGBO (Mazi), BSc, FCA Statement 1st Deputy Vice President To produce Onome Joy ADEWUYI, BSc, MSc, FCIB, FCA world-class chartered 2nd Deputy Vice President accountants, regulate and Comfort Olujumoke EYITAYO, mni, CFA, FCA continually enhance their Immediate Past President ethical standards and Isma’ila Muhammadu ZAKARI (Mallam), mni, BSc, FBR, FCA technical competence in Honorary Treasurer the public interest. Oyemolu Olugbenga AKINSULIRE (Chief), MSc, MBA, FNIM, FCA Members ICAN Centre: Plot 12, Kofo Kasumu Street, Oluwatobi Ayodele ABIOLA, HND, BSc, FCA Amuwo Odofin, Lagos. Solomon Oluwole ADELEKE (Deacon), FCA Titilola Ariyike Nurat AKIBAYO (Alhaja), MBA, FCIT, FCA ICAN LIAISON OFFICES Davidson Chizuoke Stephen ALARIBE (Chief), MA, CFA, MNIM, FCA Chibuzor Noel ANYANECHI, BSc, MBA, FCA Abuja Liaison Office: Deji AWOBOTU (Dr.), M.IoD, FCA Akintola Williams House Felicia Aina BAMGBOSE, FCA Plot 2048, Michael Okpara Way, Adaku Chilaka CHIDUME-OKORO (HRM), BSc, MSc, FCA Zone 7, Wuse District, Abuja. Samson Adewale DISU (Rev.), MSc, FCA Tel: 09 – 8722302, 07034520270 Jude Sunday EGBO, HND, MBA, FCA E-mail: [email protected] Omehe Gaddafi Peter EHKORAGBON, HND, FCA [email protected] Tijjani Musa ISA (Mallam), BSc, M.IoD, FCA Contact Person: Ahmed Modu KUMSHE, PhD, FCA Mr. Yusuf Adamu Nasiru MUHAMMADU, BSc, MSc, FCIT, FCA Godwin OBAJE (Navy Capt.), FCA Kaduna Liaison Office: 3, Kanta Road, Ali Turaki House, Kaduna. Olutola OGUNDIPE, B.Eng, FCA Tel: 08036788275 Monica Ngozi OKONKWO, MSc, ACIB, FCA E-mail: [email protected] Innocent OKWUOSA, MSc, ACIB, FCA Contact Person: Jamiu OLAKISAN, HND, BSc, ACS, FCA Mrs. A.A. Adegoke Tajudeen Adewale OLAYINKA, BSc, MBF, FCA Etofolam Felix OSUJI (Dr.), mni, MSc, FCTI, FCA Kano Liaison Office: Hilda Ofure OZOH, MBA, FCA Murtala Mohammed Library Complex Queensley Sofuratu SEGHOSIME, mni, MBA, FCA Ahmadu Bello Way, Haruna Nma YAHAYA (Alhaji), BSc, MBA, ANIM, FCA P.O. Box 11283, Kano. Tel: 08035900399 Registrar/Chief Executive Email: [email protected] John Irabor EVBODAGHE, MBA, FCA [email protected] Contact Person: Joint Auditors Mr. A.H. Umaru PriceWaterhouseCoopers (Chartered Accountants) UHY Maaji & Co. (Chartered Accountants) THE NIGERIAN ACCOUNTANT 2 January/March, 2019 From The Editor EDITORIAL BOARD o say that the level of corruption and unethical Chairman practices in the public sector finance in most African countries and especially Nigeria is currently at an Haruna YAHAYA, FCA Talarming rate is an understatement. Several billions are lost to corruption annually in Africa and the implication Deputy Chairman of this is the underdevelopment of Nigeria and the high level Ahmed Modu KUMSHE (Dr.), FCA of poverty, infrastructural decadence, failing institutions and increasing socio-economic sufferings. As a result of this cankerworm called corruption, our Members cover article entitled “Ethics in Public Sector Finance Deji MUSTAPHA, FCA and Regional Development” discussed what constitutes Mojisola ADEWOYIN, ACA corruption and proposed a model of ethical practice in the Esther UMAHI, FCA management of public and development finance. The author posited that the model can be facilitated by the adoption and Oluwaseun DAWODU, ACA institutionalisation of the Awareness, Recognition, Analysis, Victor ADEGITE, ACA Reflection, Decision and Values (ARARD-V) framework for Oluwasayo ELUMARO, FCA the deliberate contemplation and incorporation of ethics in Gloria OLOTU, FCA financial decisions in both the public and private sectors. Omolara FAGBURE, FCA According to him, corruption in the public sector is the abuse of public trust and the unethical appropriation of public Francis IYOHA (Prof.), FCA finance for private gain, adding that the endemic corruption Ben UKAEGBU (Dr.), ACA in most countries in Africa has plagued public finance and the overall financial system in general. Another article in this edition is entitled “SMEs in Nigeria Editor and Corporate Social Responsibility”. The author explained Bunmi OWOLABI that Corporate Social Responsibility (CSR) is the set of standards which a firm subscribes to, in order to make its impact on the society. He stated that CSR has the potential of Deputy Editor contributing to the economic, social and total well-being of Dayo KOWE any country. There is a scintillating write-up in this edition with the title Assistant Editor “Workplace Happiness”. In the article, the author defined Muyiwa DARE happiness as an emotion, a sense of well-being that comes when we feel good about the work we do when we feel involved Manager, Adverts in the ‘professional commitment’. He disclosed that workplace Nkem JACOB happiness comes when we enjoy doing the tasks assigned to us and also feel right with the people we are working with as well as being happy with the financial benefits we get from the job. Other articles in this edition include “Signs on the Road to Correspondence should be addressed to:- Change for Accountants in Business in a Digital Age”; “Roles Corporate Communications and Importance of Professional Accountants in Business”; and Marketing Directorate “Three Imperatives for Taxing the Digital Economy”; and “From Risk to Opportunity – Accountants Need to Lead THE INSTITUTE OF CHARTERED Enterprise Risk Management”. ACCOUNTANTS OF NIGERIA On our health page, you will read about something most Plot 16, Professional Centre Layout, parents pay little or no attention to in a child’s health. This has Idowu Taylor Street, Victoria Island. P.O. Box 1580, Lagos. to do with birth defects, their symptoms and treatment. Tel: 09053847510, 09053847511 Your comments on the various articles, news and other E-mail: [email protected] items published in this edition are welcome. Please write to: ICAN Website: www.icanig.org [email protected] or [email protected] THE NIGERIAN ACCOUNTANT 3 January/March, 2019 Features Workplace Happiness Why Workplace Happiness Matters Being happy is the first step to anything that we want to do successfully. Going to the office, mechanically performing all the duties assigned, and coming home to spend the rest of the day with a drink in hand and the TV in front is an ideal picture of an unhappy life. A happy worker will reach office on time because he respects his punctuality and will perform all the daily tasks because he enjoys doing it. He will work out of love, not out of compulsion. 1. Happiness Multiplies Success Happiness at work can spread like fire. Employees who feel pleasure in doing their work form a great example to others who are less motivated. For example, when a team leader is happy with his position and work, he can influence his team with more positivity and maintain great functionality in the group. Happiness in the By SHAWN ACHOR workplace is directly correlational to increased productivity and better group performance at work. appiness is an emotion, a sense of well-being that comes when we feel good about the work we do when 2. Happiness Builds Positivity Hwe feel involved in the ‘professional commitment’. In a A troubled mind can be the storehouse of negative fundamental sense, workplace happiness comes when: contemplations. When we work out of compulsion and don’t feel • We enjoy doing the tasks assigned to us. passionate about the