Professor of Accounting at the School of Management & Social Sciences, Pan Atlantic University, Lagos, Professor Olusegun Vincent FCA , has called for a rethink of the training and practice of the accounting profession.
Prof. Vincent made this call while delivering the 2025 Public Lecture of the Institute of Chartered Accountants of Nigeria (ICAN) Professorial Chair in Accounting on Tuesday, November 4, 2025 at the J.F. Ade. Ajayi (Main) Auditorium, University of Lagos (UNILAG), Akoka.
According to him, the accounting field has undergone rapid transformation due to technological advancements, globalisation, regulatory pressures, and evolving expectations from stakeholders, in recent decades; and these forces have created profound challenges for both accounting practitioners and educators.
The Accounting expert explained that challenges facing the accounting profession include: technological disruption, globalisation & international standards, ethical and professional integrity issues, regulatory and compliance pressures as well as talent retention and competence gap.
He emphasised that accounting education needs to balance technical competence with strategic thinking, technological literacy and ethical judgment to prepare graduates for a rapidly changing professional landscape in terms of information technology, global trends, and evolving environmental expectations.
His words, “For accounting to remain relevant, and trusted; educators, practitioners, regulators, and professional bodies need to collaborate to reshape the profession’s future”.
Prof. Vincent recommended several strategies to be embraced for the future of accounting practice. These include:
- adopting continuous professional development (CPD);
- collaborating, committing or contracting out IT services;
- strengthening ethical standards;
- deployment of relevant technology in teaching accounting-related course;
- promoting research, innovation and knowledge creation; and
- promoting mentoring and leadership development in accounting practice to build competence, ethical standards and sustainable professional growth within firms.
The Public Lecture also featured remarks from the Chairman, Board of Trustees of ICAN Professorial Chair in Accounting, Prof. Risikat Dauda; Dean, Faculty of Management Sciences, Prof. A. A. Sulaimon; Chairman of the occasion, Dr. Haruna Yahaya represented by the 1st Deputy Vice President, Dr. Etofolam Osuji, a panel discussion and vote of thanks by the Head, Department of Accounting, Prof. Olatunde Otusanya.
The panel discussants included Risk Management Partner (RMP), KPMG West Africa, Mr. Chibuzor Anyanechi; Associate Professor of Accounting at Olabisi Onabanjo University, (OOU), Dr. Kenny Adedapo Soyemi; UNILAG alumna, Chief Financial Officer, Ruta Exploration Production Ltd. & Managing Partner, Avava Consulting Services, Mrs. Aderonke Ajibola and the Keynote speaker, Prof. Olusegun Vincent. The session properly dissected the Public Lecture as well as other salient issues germane to the Accounting profession.
About the 2025 ICAN Public Lecture
The Maiden Public Lecture with the theme: Embracing the Future: Powering A New Era of Accounting Education and Practice , was organised by the Office of Advancement, UNILAG in collaboration ICAN Professorial Chair in Accounting and Department of Accounting, UNILAG. Held under the chairmanship of the 61st ICAN President, Dr. Haruna Yahaya, the Lecture coincided with the Diamond Anniversary of ICAN.
Author: Ndidi J. Odinikaeze
Photographer: Ayo Oloyede
