LAGOS, Nigeria (VOICE OF NAIJA) – The Association of National Accountants of Nigeria (ANAN) has opposed the proposed amendments to certain sections of the Institute of Chartered Accountants of Nigeria (ICAN) Act.
ANAN warned that if these amendments are approved, they could lead to increased rivalry among professional accounting bodies in Nigeria.
The President of ANAN, Dr. James Ekerare Neminebor, expressed his concerns at a public hearing organized by the National Assembly regarding the proposed amendments.
Represented by Council member Prof. Suleiman A.S. Aruwa, Dr. Neminebor stated that the proposed changes are detrimental to the membership of ANAN.
He urged the committee to remove the contentious sections to prevent disruptions in the accountancy profession.
The ANAN president also stated that ICAN should limit its scope to accounting, auditing, and assurance practices.
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“We have institutes that are established under the Act of the National Assembly that have the sole object, now being covered under this section. This would create animosity and professional conflict,” he said.
He stated that the amendment of Section 19 of the Principal Act, now Section 27, conflicts with the proposed changes to the new Section 15 in both content and context.
“The meaning and conceptualisation of Accounting is misconstrued from the original meaning and its role in the financial reporting process.
“The Financial Reporting Council of Nigeria Act 2011 as amended distinguishes the players in the financial reporting process. Accountants cannot now become ‘jack of all trade’. It is an aberration,” he said.