Accountants have been urged to adopt blockchain technology in their processes to reduce the chances of fraud and drive real-time reconciliation.
Razak Jaiyeola, former president of the Institute of Chartered Accountants of Nigeria (ICAN), and a guest lecturer at the 12 annual public lectures organised by the Lagos Public Service Chapter of ICAN made the call during his paper presentation at the lecture on Monday.
He noted that by leveraging blockchain, accountants can ensure that systems of controls are put in place to reduce the chances of fraud.
“By reducing the need for reconciliations, less work done on bookkeeping, accountants can improve on time and effort taken to deliver on operational activities,” he said.
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“They can use the extra time to deliver on more strategic initiatives,” he added. According to him, blockchain creates a permanent record that cannot be delisted, reduces systemic risks, and helps to mitigate government corruption.
He stressed that blockchain offers a compelling solution when trust and security are absent as it does not allow participants to tamper with transactions.
He noted that with the adoption of the technology, accountants in the Lagos service will become more relevant in the dynamic world of skills, urging them to pay special attention to it as it is fundamental to economic growth.
“Blockchain enhances the timeliness, accuracy, and reliability of financial reporting,” he said.
“Today, blockchain is creating new transactions (ICOs crypto tokens) requiring new support to achieve consistency in organisations reporting,” he added.
In a keynote address, Babajide Sanwo-Olu, governor of Lagos State, urged the accountants to build their capacities with 21st-century skills by seeking adequate knowledge.
The governor, who was represented by Abiodun Muritala, permanent secretary and accountant-general, Lagos State, noted that blockchain is the way forward.
D.C.S Alaribe, first deputy vice president of ICAN representing Tijjani Musa Isa, ICAN’s president said that all sectors of the economy have been disrupted and technology remains the game changer in addressing the challenges of the economy.
He said that blockchain technology is involved with several potential use cases for financial services and trade, however, he noted that there are still concerns over its adoption, standardization and optimization of the tech in public service.
“Global challenges of declining growth, surging inflation, Russian-Ukraine war and climate change, we anticipate that blockchain should be fully standardized, optimized and integrated into the operations of the various sectors of the economy to improve efficiency in data management for decision making.”
Similarly, Kayo Oyegunle, chairman of the ICAN’s Lagos public chapter, said, “to sustain and even surpass the gains and achievements that have been made, the integration of blockchain technology into the plans and development agenda of the state government has become imperative and to a large extent this has formed the basis for choosing them.”
