ICPAK Signs MOU with UFAA

The Institute last week entered a collaborative partnership with the Unclaimed Financial Assets Authority (UFAA) to undertake joint supervision of unclaimed financial assets and other matters of mutual interest. As you may be aware the Unclaimed Financial Assets Act 2011 mandates that unclaimed financial assets be identified and recorded separately in the books of accounts of holders of such assets and ultimately be handed over to UFAA. We also know that accountants prepare financial statements and provide advice on matters of good governance. Members of the accounting profession are therefore called upon to seize the opportunity to facilitate full disclosure and surrender such assets as per the provision of the Unclaimed Financial Assets Act of 2011. We expect holders to fully comply with the law on unclaimed assets. ICPAK and UFAA have begun to undertake capacity building sessions for accountants on unclaimed financial assets law. We have lined up professional forums on unclaimed assets with the users of financial services in the country. We have also undertaken to provide best practices and a pool of experts in undertaking collaborative audits on holders of unclaimed assets with UFAA. We are therefore calling upon our members to ready themselves for the immense opportunities this collaboration brings. We also call upon members of the public to claim their abandoned financial assets being held by the Authority. The unclaimed financial assets database detailing rightful owners is available online at the Authority’s website. We encourage members of the public to visit the website and begin the process to be reunited with their hitherto ‘lost’ assets.