There is
evident shortage of competent accountants in Nigeria (World Bank, 2011), even
world over according to studies such as Jackling and Keneley (2009) in
Australia; Nor, Zaini, and Zahid (2013) in Malaysia; Hammond, Danko and
Braswell (2015) in the US. Professional bodies and tertiary institutions are
addressing this issue vigorously. One approach seen in Nigeria is the
proliferation of professional accounting bodies. Furthermore, for the
purpose of tenure and promotion, an academic may be required to possess
affiliations in the form of membership with professional accountancy
organizations, PAOs; as an associate or a fellow. This has placed demand on
PAOs to churn out qualified accountants for industry placements and academia.
evident shortage of competent accountants in Nigeria (World Bank, 2011), even
world over according to studies such as Jackling and Keneley (2009) in
Australia; Nor, Zaini, and Zahid (2013) in Malaysia; Hammond, Danko and
Braswell (2015) in the US. Professional bodies and tertiary institutions are
addressing this issue vigorously. One approach seen in Nigeria is the
proliferation of professional accounting bodies. Furthermore, for the
purpose of tenure and promotion, an academic may be required to possess
affiliations in the form of membership with professional accountancy
organizations, PAOs; as an associate or a fellow. This has placed demand on
PAOs to churn out qualified accountants for industry placements and academia.
However, the
requirements of established PAOs are turning out to be like the biblical issue
when God insisted that He would not lower his standard for any man, for any
reason. Commentators
and observers have attributed as reasons for the proliferation of professional
accounting bodies to inability to pass qualifying examinations of established
bodies, high cost of acquiring membership of older associations, regional
affinities and other economic factors.
requirements of established PAOs are turning out to be like the biblical issue
when God insisted that He would not lower his standard for any man, for any
reason. Commentators
and observers have attributed as reasons for the proliferation of professional
accounting bodies to inability to pass qualifying examinations of established
bodies, high cost of acquiring membership of older associations, regional
affinities and other economic factors.
There
are still strong indications that only two professional accounting bodies exist
in Nigeria that is, ANAN and ICAN (World Bank, 2011), while more than, ten
professional accountancy bodies are operating in Nigeria.
are still strong indications that only two professional accounting bodies exist
in Nigeria that is, ANAN and ICAN (World Bank, 2011), while more than, ten
professional accountancy bodies are operating in Nigeria.
Here
below are professional bodies that operate in Nigeria without legislative
backing:
below are professional bodies that operate in Nigeria without legislative
backing:
Non-Statute backed Professional Accounting
Bodies in Nigeria
Bodies in Nigeria
|
S/N
|
Professional
bodies
(in
alphabetical order) |
Website
|
YOE
|
Member’s Designation
|
|
|
1.
|
Association of Cost and Management Accountants
|
ACMA
|
2000
|
ACMA, FCMA
|
|
|
2.
|
Association of Financial and Management Accountants of
Nigeria |
AFMAN
|
2010
|
AFMA, FFMA
|
|
|
3.
|
Chartered Association
of International Accountants of Nigeria |
CAIAN
|
2000
|
ACIA, FCIA
|
|
|
4.
|
Chartered Institute of Cost and Management Accountants
|
CICMA
|
2000
|
ACMA, FCMA
|
|
|
5.
|
Chartered Institute of Finance and Control of Nigeria
|
CIFCN
|
NI
|
ACIFC, FCIFC
|
|
|
6.
|
Chartered Institute of Management Accountants of Nigeria
|
CIMAN
|
1977
|
ACMAN, FCMAN
|
|
|
7.
|
*Institute of Certified Public Accountants of Nigeria
|
ICPAN
|
1988
|
CPA, FCPA
|
|
|
8.
|
Institute of Company and Commercial Accountants of Nigeria
|
ICCA
|
1999
|
ACCA, FCCA
|
|
|
9.
|
Institute of Forensic Accountants of Nigeria
|
IFA
|
NI
|
CFA, FFA
|
|
YOE: Year of establishment NI:
No information *ICPAN claim their Bill is awaiting Presidential assent
No information *ICPAN claim their Bill is awaiting Presidential assent
Statute-backed Professional Accounting
Bodies in Nigeria
Bodies in Nigeria
|
S/N
|
Professional
bodies
(in
alphabetical order) |
Website
|
YOE
|
YOS
|
Member’s Designation
|
|
||||||||
|
1.
|
Association of National Accountants of Nigeria
|
ANAN
|
1979
|
1993
|
CNA, FCNA
|
|
||||||||
|
|
2.
|
Chartered Institute of Taxation of Nigeria
|
CITN
|
1982
|
1992
|
ACTI, FCTI
|
||||||||
|
|
3.
|
Institute of Chartered Accountants of Nigeria
|
ICAN
|
1960
|
1965
|
ACA,
FCA, RA |
||||||||
YOE: Year of establishment; YOS:
Year of status
Year of status
Kindly note
that the above list is limited to domiciled professional accountancy bodies.
International bodies such as listed below are recognized in Nigeria.
that the above list is limited to domiciled professional accountancy bodies.
International bodies such as listed below are recognized in Nigeria.
|
S/N
|
Name
|
Acronym
|
Website
|
Country
|
|
1.
|
American Institute of Certified Public Accountant
|
AICPA
|
United States of America
|
|
|
2.
|
Association of Chartered Certified Accountants
|
ACCA
|
United Kingdom
|
|
|
3.
|
Canadian Institute of Chartered Accountants
|
CICA
|
Canada
|
|
|
4.
|
Chartered Institute of Management Accountant
|
CIMA
|
United Kingdom
|
|
|
5.
|
Chartered Institute of Public Finance and Accountancy
|
CIPFA
|
United Kingdom
|
|
|
6.
|
Institute of Chartered Accountants in England and Wales
|
ICAEW
|
United Kingdom
|
Errors of professional accounting bodies in Nigeria
Apart from the fact that Acts of Parliament do not back some of the
existing and operating professional accounting bodies in Nigeria, some indulge
in unethical practices identified below:
existing and operating professional accounting bodies in Nigeria, some indulge
in unethical practices identified below:
1.
Use of language claiming to be the only
recognized or leading body of professional accountants, though it is a new
venture (evidence from date of establishment);
Use of language claiming to be the only
recognized or leading body of professional accountants, though it is a new
venture (evidence from date of establishment);
2.
Use of conflicting and irregular addresses;
Use of conflicting and irregular addresses;
3.
Strive to ‘collect’ money from desperate academics who cannot secure
membership of more established bodies;
Strive to ‘collect’ money from desperate academics who cannot secure
membership of more established bodies;
4.
Have a “contact us” page that only includes a
web form, but never responds to enquiries or request for information through
the medium;
Have a “contact us” page that only includes a
web form, but never responds to enquiries or request for information through
the medium;
5.
Poorly designed and maintained websites;
Poorly designed and maintained websites;
6.
Excessive grammatical and typographical errors
on the websites;
Excessive grammatical and typographical errors
on the websites;
7.
Brandish promises to obtain legislative approval
and presidential assent;
Brandish promises to obtain legislative approval
and presidential assent;
8.
Does not belong to or is not recognized by
Does not belong to or is not recognized by
a.
Association of Accountancy Bodies in West Africa
(ABWA);
Association of Accountancy Bodies in West Africa
(ABWA);
b.
International Federation of Accountants (IFAC);
International Federation of Accountants (IFAC);
c.
Pan African Federation of Accountants
(PAFA) etc;
Pan African Federation of Accountants
(PAFA) etc;
9.
Use the word “chartered” even without a valid
charter; and
Use the word “chartered” even without a valid
charter; and
10. Hide
information about Council members.
information about Council members.
Conclusion
If the
interest of upcoming professional accounting bodies is to instill the requisite
awareness, knowledge and skill competencies in their members for sustained
relevance of the accounting profession, then there must be dedicated interest
in understanding the dynamic nature of accounting profession, development of
assessment criteria and continuous professional development.
interest of upcoming professional accounting bodies is to instill the requisite
awareness, knowledge and skill competencies in their members for sustained
relevance of the accounting profession, then there must be dedicated interest
in understanding the dynamic nature of accounting profession, development of
assessment criteria and continuous professional development.
References
Hammond, T., Danko, K., and Braswell, M. (2015).
U.S. accounting professors’ perspectives on
textbook
revisions. Journal of Accounting Education.
http://doi.org/10.1016/j.jaccedu.2015.06.004
U.S. accounting professors’ perspectives on
textbook
revisions. Journal of Accounting Education.
http://doi.org/10.1016/j.jaccedu.2015.06.004
Jackling, B. and Keneley, M. (2009). “Influences on the
supply of accounting graduates in
Australia:
a focus on international students”, Accounting
and Finance, 49, 141-
159
DOI: 10.1111/j.1467-629X.2008.00273.x
supply of accounting graduates in
Australia:
a focus on international students”, Accounting
and Finance, 49, 141-
159
DOI: 10.1111/j.1467-629X.2008.00273.x
Nor, A. S., Zaini, R. M. and Zahid, S. M. (2013). Shortage
of accountants: does mentoring
helps
to increase the number? Proceeding of the
International Conference on Social
Science
Research, Penang, Malaysia. 601-609
of accountants: does mentoring
helps
to increase the number? Proceeding of the
International Conference on Social
Science
Research, Penang, Malaysia. 601-609
World Bank (2011). Report
on the observance of standards and codes (accounting and auditing)
in
Nigeria, 1-32 accessed from http://worldbank.org
on the observance of standards and codes (accounting and auditing)
in
Nigeria, 1-32 accessed from http://worldbank.org
Accountancy Glossary http://www.arnoldhill.co.uk/accountancy-glossary/