Financial transparency, accountability essential for business success – Accountant

An accomplished accountant, finance professional, and auditor, Jide Omojola, in this interview with AYOOLA OLASUPO, shares his journey from earning a degree in Economics to becoming an influential leader in finance

Could you please take us through your background?

I hold a BSc (Hons) in Economics from the University of Ilorin, where I graduated with a Second Class Upper in 2015.

I am an Associate Member of the Accounting Technician Scheme of West Africa and recently earned my MSc in Quantitative Economics from Western Illinois University in May 2023.

I am a finance professional with a background in audit and accounting, holding associate memberships with the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Management Accountants, UK.

I am currently pursuing a Certified Public Accountant designation in the United States, and expect to round up in 2025.

I have close to a decade of experience, having led critical audits for several prominent companies across various sectors in Nigeria, including telecommunications, manufacturing, and distribution. Some of my notable engagements include audits for ATC Nigeria, Beloxxi Industries, and Transmed Nigeria, where I oversaw the audit processes to ensure compliance with financial standards and accurate financial reporting.

I was also honoured with the Deloitte Africa Impact Award in 2019 for my contribution to the community and profession.

In addition to my audit work, I’ve mentored young professionals and lectured on financial reporting and corporate governance, further contributing to the development of the accounting profession.

I am currently serving as an Accountant at Elco Mutual Life and Annuity, where I facilitated the successful migration from the legacy accounting system to a new advanced accounting platform, setting a new standard for operational efficiency.

I lectured aspiring chartered accountants at Springboard Accounting Training Centre and Legacy Associates Limited. As an accomplished author, I have published five research papers and 11 articles on ResearchGate and Academia, contributing to the fields of Economics and Accounting. I am also a director of both Stratton Wave Investments Company Limited and Stratton Wave Real Estate and Equities Limited, both Nigerian companies engage in making investments that contribute to the sustainability and development of the Nigerian economy.

What inspired you to pursue a career in finance and auditing?

My inspiration came from a deep interest in how businesses operate and the crucial role that finance plays in driving growth and decision-making. I realised early enough that financial transparency and accountability are essential for businesses to succeed, and auditing was a natural fit for my passion for integrity and accuracy.

The idea of being able to provide insights that help companies make informed financial decisions and improve their long-term sustainability drew me to the field.

Auditing, in particular, offered me the opportunity to challenge myself by solving complex financial puzzles, ensuring businesses remain compliant, and contributing to their financial health.

How did your early experiences shape your career path?

My early experiences provided a strong foundation in financial reporting, compliance, and regulatory standards. One of my first major engagements involved auditing a consumer business with intricate financial structures and numerous transactions.

This gave me hands-on experience with the complexities of large-scale audits and helped me develop my problem-solving skills.

Early on, I learned the importance of teamwork, communication, and attention to detail, which shaped my approach to leadership.

I also quickly realised the significance of understanding a business’s operations, not just its numbers, which helped me excel in providing actionable management insights.

What are the key moments that shaped your career, particularly in your early days working with major corporations?

One pivotal moment was leading the audit for Beloxxi Industries, a large-scale manufacturing company. The sheer volume of transactions and the complexity of their operations presented a challenge but allowed me to refine my skills in managing high-stakes audits.

Another key moment was my involvement in the audit of ATC Nigeria, where I was tasked with ensuring the accuracy of financial reports amidst complex leasing and telecommunication operations.

These experiences, along with working closely with my audit managers and partners, taught me the importance of thoroughness, strategic thinking, and maintaining strong client relationships. Receiving the Deloitte Africa Impact Award was another significant milestone, affirming my commitment to both the profession and the communities I serve.

What challenges did you face while leading critical audits for prominent companies?

Leading audits for large companies often come with challenges, particularly when dealing with complex financial structures or inadequate internal controls. For example, during the audit of ATC Nigeria, we faced difficulties in recomputing lease balances due to the adoption of IFRS 16 Leases and challenges with the remeasurement of embedded derivatives, which requires mark-to-market assessment. Another challenge was ensuring the accuracy of reconciliations and valuations for Beloxxi Industries, where property, plant, and equipment presented valuation complexities due to their adoption of the revaluation model in line with IAS 16 Property, Plant and Equipment.

How did you overcome them?

Overcoming these challenges required a combination of technical expertise and strong communication skills. For the ATC Nigeria audit, I coordinated closely with the client’s financial team to evaluate the internal IT tools used in lease computations.

I also directed my team on a critical review of the accounting guidance for derivatives and financial assets. At Beloxxi Industries, we utilised a systematic approach, breaking down the complex valuation of property and equipment into manageable steps and working with external appraisers when necessary.

How do you ensure accountability and transparency when conducting audits, especially in companies with complex financial structures?

Ensuring accountability and transparency starts with a rigorous audit plan. We first assess the company’s internal controls and identify any weaknesses that could lead to financial misstatements or inefficiencies.

For companies with complex financial structures, like ATC Nigeria or Beloxxi Industries, I focus on in-depth reviews of high-risk areas, such as revenue recognition, asset valuation, and tax compliance. I also emphasise the importance of International Financial Reporting Standards and ensure that my team adheres to these standards throughout the audit.

What strategies can businesses adopt to improve their financial accountability and governance?

Businesses can improve financial accountability by adopting strong internal control systems, which help detect errors or fraud early. Another key strategy is to implement Integrated Financial Management Information Systems that allow real-time monitoring of transactions and ensure compliance with regulatory standards.

Companies should also conduct regular internal audits, which provide an opportunity to review operations and address issues before they escalate.

What advice would you give to young professionals aspiring to lead in the fields of finance and auditing?

My advice to young professionals is to prioritise continuous learning and stay updated on the latest trends and technologies in finance and auditing. Master the fundamentals, but also be adaptable, as the profession is rapidly evolving. Seek mentorship from experienced professionals and don’t be afraid to take on challenging assignments; these are often the opportunities where you learn the most. Developing strong analytical and communication skills is crucial, as auditors need to interpret complex financial data and present their findings effectively. Most importantly, uphold the values of integrity and ethics, as these are the foundations of a successful career in finance.