Top Professional Accountancy Bodies In Nigeria

Filed in ARTICLES by on 31/03/2022 0 Comments

Top Professional Accountancy Bodies In Nigeria, list of chartered accountants in Nigeria, Professional bodies in nigeria, Accounting professional bodies in Nigeria

Professionalism allows one to gain acceptance from a larger group of people. Most people call for Professionals when they need someone to do work for them, which is why there are so many Professionals registered under one organization in Nigeria, making them unique and giving them an advantage over those who are not recognized as Professionals.

Accounting is a reputable course to study in Nigeria, as well as a reputable career in Nigeria and around the world because an accountant can contribute to the economy in a variety of ways, including handling accounts, managing accounts, auditing accounts, and providing professional accounting advice to a business or firm.

For all of these reasons, being an accountant is a valued profession in Nigeria, and it provides a voice and some prestige to those who aspire to be professional accountants.

A professional body is a group of people who work in a specific field of expertise. The body is the glue that holds them together. The body may also regulate the members’ activities and operations, or it may just require you to obtain a license to practice.If you are not a Chartered Accountant or registered with ANAN, it will be difficult for you to find work in Nigeria, as many companies and organizations need that you to be registered with the appropriate bodies before you can be considered for employment.

There are three accounting professional bodies in Nigeria, all of which are quite active. We’ll make a list of these bodies, as well as describe their diverse functions.

Nigerian Accounting Professional Organizations:

1.  Institute of Chartered Accountants of Nigerian (ICAN)
2.  Association of National Accountants of Nigerian(ANAN)
3. Association of Chartered Certified Accountants  (ACCA)

1.  Institute of Chartered Accountants of Nigerian (ICAN)

In September 1965, the Institute of Chartered Accountants of Nigeria was created by a parliament act, which included all existing accounting associations at the time, resulting in a big body in control of accounting practices in Nigeria.

As previously stated, in order to be recognized as an accountant in Nigeria, you must join a professional body such as ICAN, which has a number of requirements, including paying a registration fee, sitting for ICAN tests, passing the exams, and being initiated as a Chartered Accountant.

All of these have a hefty price tag attached to them. Being a chartered accountant is a very expensive endeavor, which is why, despite the fact that Nigeria has a large number of accounting graduates, not just anyone can become a certified accountant. You must pay for each step along the road, but if you are engaged as a chartered accountant, your salary will be highly compensated.

Accountancy Bodies In Nigeria

ICAN’s functions include the following:

  • To identify what knowledge requirements should be gained by students or individuals who wish to enter the accounting profession, as well as to conduct regular checks on those criteria over time.
  • To secure, keep, and maintain records of its members’ registers (fellows, associates, registered accountants).
  • To carry out any other duties imposed on it by the fundamental rights that brought it into existence.
  • It is widely acknowledged as the main regulatory authority for account practices in Nigeria as a professional body in Nigeria.
  • The International Accounting Standards Committee and the International Financial Reporting Standards both have it as a member.

Accountancy Bodies In Nigeria

2.  Association of National Accountants of Nigerian(ANAN)

In Nigeria, this is another organization that is recognized alongside ICAN. It was created on January 1, 1979, and Decree 76 of 1993 chartered it on August 25, 1993. Before becoming an official member of ANAN, one must enroll in academic studies and spend one year at the ANAN College of Accountancy, as well as complete a two-year training program to become a Certified National Accountant.

In the year 2010, ANAN joined the Association of Professional Bodies of Nigeria. They are also members of the Nigerian Financial Reporting Council, which is responsible for developing accounting standards in the country.

ANAN is also a member of the International Association for Accounting Education and Research, which is responsible for accounting education around the world.

ANAN’s functions are as follows:

The purpose of this course is to teach and educate students about the science and standards of accounting.

They’ve been in a constant battle with ICAN over who’s more influential in the country. However, it is safe to claim that they are all significant in the country’s accounting practice.

3. Association of Chartered Certified Accountants  (ACCA)

The Association of Chartered Certified Accountants (ACCA) is a professional body of chartered accountants.

Although the ACCA is a worldwide known accounting organization, it is not legally recognized by the Nigerian accounting system. However, employers and firms continue to require accountants with ACCA qualifications, making them relevant to the Nigerian employment market.

The ACCA is a London-based accounting association that certifies accounting professionals from all over the world. I accountant with an ACCA qualification is accepted and recognized all over the world. Although only ICAN and ANAN are recognized in Nigeria, firms seeking accountants continue to hire employees with ACCA qualifications.

It’s also worth noting that ICAN is an ACCA representative, implying that the two organizations work closely together.

Conclusion

These are the few professional accounting bodies in Nigeria, and they have high standards as well as excessive fees for individuals who want to join. It will truly assist all individuals who want to reach the pinnacle of their accounting careers in joining these essential bodies in order to earn a fair wage and be recognized as professional accountants throughout the country.

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