By Peter OBIORA investadvocate

Feb 01 2011 17.30 GMT

Lagos INVESTADVOCATE)-There are indications that the retirement of Nigeria’s Accounting Doyen Akintola Williams is the reason a handful of Companies quoted on the Nigerian Stock Exchange (NSE) are replacing the firm as their Auditors.

 

A Source (name withheld) at Olarinre Lawal & Co (Chartered Accountants) made this affirmation recently to investadvocate in Lagos Nigeria.

 

“The reason that Companies; especially quoted ones are replacing Akintola Williams & Deloitte as their Auditors is the retirement of Wiilliams from the Company” the Source said.

 

“Our Source said that Williams exited from the Auditing Company in March 1983, moving with him integrity, hard work and honesty. He resigned since 1983 and last year, he collected his royalty as a Founder of the firm” the source affirmed.

 

The Accounting Doyen retired in March 1983 as Managing Partner of Akintola Williams & Co. a member firm of Deloitte Touche Tohmatsu International.

 

Just recently, January 24 2011, Pharma-Deko Plc; operating on the Healthcare Sector of the Nigerian Stock Exchange (NSE), joined the list of Companies that has replaced Akintola Williams & Deloitte as its External Auditor; when it notified the Exchange that SIAO Chartered Accountants has been appointed to replace the firm.

 

On 20 October 2010, John Holt Plc had earlier informed The Exchange on the change of their External Auditors – Akintola Williams Deloitte after serving them for 20 years.

 

According to the conglomerate, the action was in compliance by the instruction issued by the Securities and Exchange Commission (SEC).

 

Pannel Kerr Forster now known as PKF Professional Services was appointed as the Company’s External Auditors.

 

This is coming on the heels of replacement of the once giant firm in the Auditing Industry by Companies who employed their services.

 

Prior to this time, in year 2008, SEC had asked the Auditing Giants to pay a fine of N20 million within 21 days for its failure to handle the accounts of Cadbury Nigeria Plc with high level of professional diligence.

 

Lately, KPMG did a forensic audit of the NSE’s past activities; which Akintola Williams & Deloitte had hitherto handled; it may have been a direct indictment on the firm based on Reports released.

 

The Man Akintola Williams is the Doyen of Accounting Profession in Nigeria; by emerging the first African to qualify as a chartered accountant.

 

In year 1952, he founded Akintola Williams & Co in Lagos, the first indigenous chartered accounting firm in Africa.

Also, he was a Founding Member and First President of the Institute of Chartered Accountants of Nigeria (ICAN).