The International Ethics Standards Board for Accountants (IESBA), a global body for the accounting profession, issued a code of ethics that mandates professional accountants, chief financial officers, directors and other people charged with governance to respond to Non-compliance with Laws and Regulations (“NOCLAR”), effective 15 July 2017.
NOCLAR also sets out the responsibilities of those charged with governance and professional accountants in business when they encounter non-compliance or suspected non-compliance with Laws and Regulations and ethical business conduct.
Consequently, the Institute of Chartered Accountants of Nigeria (“ICAN” or “the Institute”) has adopted NOCLAR effective 16 July 2017 and members of ICAN are required to comply with NOCLAR. NOCLAR is also applicable to all members of International Federation of Accountants (IFAC).
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