ACCOUNTING PROFESSIONAL BODIES IN NIGERIA Professional bodies represent the interests of their members by lobbying governments, and provide

the framework for self-regulation where this is permitted by statute. Professional bodies are also responsible for administering training and examinations for students and members. The primary bodies in each country are affiliated to the International Federation of Accountants. These bodies include: Association of National Accountants of Nigeria The Association of National Accountants of Nigeria (ANAN) is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Institute of Chartered Accountants of Nigeria (ICAN). A consultant offering financial services in Nigeria must be a member of either ANAN or ICAN. Organization ANAN was founded on 1 January 1979 and was incorporated on 28 September 1983. The Association was chartered on 25 August 1993 by Decree 76 of 1993. The governing council of ANAN is elected by its members. It includes representatives of the Auditors General of the Federation, State and Local Government, and representatives of universities and polytechnics. Before being admitted to ANAN members must undertake academic studies, including one year at ANANs Nigerian College of Accountancy, followed by a two-year practical accountant-in-training program, leading to qualification as a Certified National Accountant. ANAN members must comply with its Professional Code of Conduct, which complies with International Federation of Accountants requirements. As of December 2007 ANAN had total membership of 10,260. By December 2010 membership had grown to 16,207 Affiliations ANAN was admitted as a member of the Association of Professional Bodies of Nigeria on 7 December 2010. ANAN is also a member of the Financial Reporting Council of Nigeria (FRCN), which sets accounting standards for the country.[6] Both ANAN and ICAN nominate two members to the NASB board. ANAN is an institutional member of the International Association for Accounting Education & Research (IAAER). ANAN is a correspondent member of XBRL International, which is developing a standard for electronic representation of accounting

information. Both ANAN and ICAN work with the United Kingdom-based Chartered Institute of Public Finance and Accountancy (CIPFA) to promote best practices in the profession. As of March 2011, ANAN had applied to become a member of the Association of Accountancy Bodies in West Africa (ABWA). Educational activities Both ANAN and its rival ICAN, as well as the CITN (Chartered Institute of Taxation of Nigeria), have been criticized for not providing enough training to members at subsidized rates.[9] However, ANAN operates a training school for accountants in Jos, Plateau State.[10] At a ceremony in March 2006 the President of ANAN, Professor E. R. Iwok, laid the foundation stone of an ultra-modern auditorium for the Nigerian College of Accountancy. He said that ANAN planned to build the leading accountancy campus in Africa and to make Jos the Mecca of the accountancy profession. As of March 2011 the college, which was attracting growing numbers of students from other countries in Africa, was still operating out of temporary facilities. The only buildings completed at the permanent site were two large examination halls with capacity of 3,000. The college is a University Member of IAAER. Competing organizations In its charter, the government gave ANAN the authority needed to compete with ICAN. By 1994 the two organizations were fighting for control of the Chartered Accountants profession. In 2002 ICAN applied to the courts to disqualify and/or bar Mr Clement Akpamgbo from representing ANAN, and the matter was referred to a lower court. ANAN appealed the decision, but the appeal was dismissed for lack of merit.[15] In November 2007 a Federal High Court in Lagos dismissed a suit by ICAN requesting the court to declare that the decree establishing ANAN was void. In March 2009, ANAN President Dr Samuel Nzekwe rejected an attempt by ICAN to set auditing standards for its members. He said that the Nigerian Accounting Standards Board (NASB) Act 2003 said that only the board could set standards for the accounting profession. In June 2010 Mr. Godson Nnadi, Executive Secretary of Nigeria Accounting Standards Board, spoke in favor of a new body to set accounting and auditing standards for Nigeria and other African nations. The new body would be independent of both ANAN and ICAN. In May 2008 the House of Representatives rejected a bill to establish the Chartered Institute of Management Accountants of Nigeria (CIMA) as an alternative to both the ANAN and ICAN. The House was concerned about proliferation of accounting bodies. In December 2009 were delays in passage by the Senate of bills on the Institute of Chartered Public Accountants (CPA) and the Chartered Institute of Management and Cost Accountants (CIMCA). The bills had been approved by both houses during the

administration of President Olusegun Obasanjo, but he had failed to sign them into law before the end of his term. As a result, President Umaru Yar'Adua had to resubmit the bills when he took office in 2007. ANAN did not object to the new organizations but ICAN expressed concerns on the grounds of proliferation Institute of Chartered Accountants of Nigeria The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy body in Nigeria. It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria (ANAN). The relationship between the two organizations has been tense. In 2007 ICAN attempted to have the bill establishing ANAN declared void. Foundation and growth The Association of Accountants in Nigeria (AAN) was formed in 1960 with the goal of training accountants. Chief Akintola Williams playing a leading role in establishing the organization. ICAN was created by an Act of Parliament No. 15 of 1 September 1965 from existing accounting and auditing organizations including the AAN. At time of foundation, ICAN had 250 members. ICAN has the mission statement: "To Produce World-Class Chartered Accountants, Regulate and Continuously Enhance Their Ethical Standards and Technical Competence in the Public Interest". It has headquarters in Lagos. By 2003 ICAN had over 12,000 members.[4] In August 2004 the ICAN began providing training on Information Technology for its members. On 11 May 2011, ICAN admitted 1,494 new members who had successfully passed their qualifying examination, bring total membership to 32,722. In May 2011 Major General Sebastian Achulike Owuama (retired), the 46th President of ICAN and the 16th President of the Association of Accountancy Bodies in West Africa, was elected President of the newly created Pan-African Federation of Accountants (PAFA), or Federation Panafricaine des Experts-Comptables (FEPEC). He was elected during the inaugural meeting of PAFA in Dakar, Senegal. The International Federation of Accountants described creation of PAFA, which includes professional accountancy organizations from 35 countries, as a "historical event for the accountancy profession and the African continent Standards and authority ICAN has based its practices on those of British chartered accountancy institutes. Nigeria adopted International Accounting Standards with little modification. ICAN is a member of the International Accounting Standards Committee (IASC) and periodically adopts IASC standards. Any deviation from these standards must be disclosed in a company's

financial statements. In the 1990s ICAN was dominated by members holding qualifications from the London-based Association of Chartered Certified Accountants (ACCA). Although the ICAN claimed complete independence of the ACCA, it was under attack for defending the status quo in accountancy practices and for suppressing changes to address local requirements. In August 2010 the Federal Government approved migration to International Financial Reporting Standards (IFRS) by 2012. In May 2011 Joshua Okeowo, chairman of the Ikeja District of ICAN, said adoption of the IFRS would encourage foreign investment in Nigeria. He said IFRS would also "reduce cash transactions in the economy, thereby reducing the incidence of armed robbery". The Companies Act of 1968 required that all limited liability companies are audited by a duly recognized auditor. As of 1993, only members of the ICAN qualified to be auditors. They had to pass ICAN examinations to gain a practicing certificate. In effect, the ICAN had full control over entry to the profession. Although a growing number of financial analysts in Nigeria are designated Certified Financial Analysts, there is no body in Nigeria that certifies analysts to produce research reports. Most such reports are prepared by members of ICAN or the Chartered Institute of Stockbrokers. A consultant offering financial services in Nigeria must be a member of either ANAN or ICAN. In March 2011 Professor Oladapo Afolabi, Head of the Civil Service, said that professional certificates of associations such as ICAN and ACCA could be used in recruitment and advancement in the public service, but could not be required. Relationship with ANAN The Association of National Accountants of Nigeria (ANAN) was chartered on 25 August 1993. The government had given ANAN the mandate to compete with ICAN, and by 1994 the two organizations were fighting for control of the Chartered Accountants profession in Nigeria. In 2002 ICAN applied to the courts to disqualify and/or bar Mr Clement Akpamgbo from representing ANAN, and the matter was referred to a lower court. ANAN appealed the decision, but the appeal was dismissed for lack of merit. In November 2007 a Federal High Court in Lagos dismissed a suit by ICAN requesting the court to declare that the decree establishing ANAN was void. In March 2009, ANAN President Dr Samuel Nzekwe rejected an attempt by ICAN to set auditing standards for its members. He said that the Nigerian Accounting Standards Board (NASB) Act 2003 said that only the board could set standards for the accounting profession.[21] In June 2010 Mr. Godson Nnadi, Executive Secretary of Nigeria Accounting Standards Board, spoke in favor of a new body to set accounting and auditing standards for Nigeria and other African nations. The new body would be independent of both ANAN and ICAN. ANAN ICAN now set to settle dispute out of court.

Chartered Institute of Management Accountants The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy body in Nigeria. It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria (ANAN). The relationship between the two organizations has been tense. In 2007 ICAN attempted to have the bill establishing ANAN declared void Foundation and growth The Association of Accountants in Nigeria (AAN) was formed in 1960 with the goal of training accountants. Chief Akintola Williams playing a leading role in establishing the organization. ICAN was created by an Act of Parliament No. 15 of 1 September 1965 from existing accounting and auditing organizations including the AAN. At time of foundation, ICAN had 250 members. ICAN has the mission statement: "To Produce World-Class Chartered Accountants, Regulate and Continuously Enhance Their Ethical Standards and Technical Competence in the Public Interest" It has headquarters in Lagos. By 2003 ICAN had over 12,000 members. In August 2004 the ICAN began providing training on Information Technology for its members. On 11 May 2011, ICAN admitted 1,494 new members who had successfully passed their qualifying examination, bring total membership to 32,722. In May 2011 Major General Sebastian Achulike Owuama (retired), the 46th President of ICAN and the 16th President of the Association of Accountancy Bodies in West Africa, was elected President of the newly created Pan-African Federation of Accountants (PAFA), or Fdration Panafricaine des Experts-Comptables (FEPEC). He was elected during the inaugural meeting of PAFA in Dakar, Senegal. The International Federation of Accountants described creation of PAFA, which includes professional accountancy organizations from 35 countries, as a "historical event for the accountancy profession and the African continent" Standards and authority ICAN has based its practices on those of British chartered accountancy institutes. Nigeria adopted International Accounting Standards with little modification.[4] ICAN is a member of the International Accounting Standards Committee (IASC) and periodically adopts IASC standards. Any deviation from these standards must be disclosed in a company's financial statements. In the 1990s ICAN was dominated by members holding qualifications from the London-based Association of Chartered Certified Accountants (ACCA). Although the ICAN claimed complete independence of the ACCA, it was under attack for defending the status quo in accountancy practices and for suppressing changes to address local requirements.

In August 2010 the Federal Government approved migration to International Financial Reporting Standards (IFRS) by 2012. In May 2011 Joshua Okeowo, chairman of the Ikeja District of ICAN, said adoption of the IFRS would encourage foreign investment in Nigeria. He said IFRS would also "reduce cash transactions in the economy, thereby reducing the incidence of armed robbery". The Companies Act of 1968 required that all limited liability companies are audited by a duly recognized auditor. As of 1993, only members of the ICAN qualified to be auditors. They had to pass ICAN examinations to gain a practicing certificate. In effect, the ICAN had full control over entry to the profession. Although a growing number of financial analysts in Nigeria are designated Certified Financial Analysts, there is no body in Nigeria that certifies analysts to produce research reports. Most such reports are prepared by members of ICAN or the Chartered Institute of Stockbrokers. A consultant offering financial services in Nigeria must be a member of either ANAN or ICAN. In March 2011 Professor Oladapo Afolabi, Head of the Civil Service, said that professional certificates of associations such as ICAN and ACCA could be used in recruitment and advancement in the public service, but could not be required. Institute of Certified Public Accountants of Nigeria. Institute of Certified Public Accountants of Nigeria was established in May 1988.Institute of Certified Public Accountants of Nigeria (ICPAN) became a body cooperate on the 6th of May 1996, following Institute of Certified Public Accountants of Nigeria registration with the corporate affairs commission under Act 1 of 1990 of the Federal Republic of Nigeria. Institute of Certified Public Accountants of Nigeria is a reputable accounting body in Nigeria for Accountants.Institute of Certified Public Accountants of Nigeria is also a professional Accounting body established for the purpose of professionalizing public accounts by Accountants in the local, state and federal civil service nation-wide. Mrs Oge Okeke(CPA) is the President of The Institute.