While many economies in Africa are expanding fast, accountants agree that the continent has to build its business reporting and administration. Jamil Ampomah, Director for sub-Saharan Africa at the ACCA, takes a closer look at the industry in Nigeria.
Africa’s largest economy, Nigeria has a vibrant and growing accountancy profession, with the main national professional accountancy bodies being ICAN (Institute of Chartered Accountants of Nigeria) and ANAN (Association of National Accountants of Nigeria). Both membership bodies have nationwide coverage and ICAN is the market leader. CITN (Chartered Institute of Taxation Nigeria) is charged with the responsibility, among others, of determining what standards of knowledge and skills are to be attained by persons seeking to become professional Tax Practitioners or Administrators. In addition to the national accountancy bodies, the ACCA (Association of Chartered Certified Accountants), the global body for professional accountants, also has a presence in Nigeria with offices in Lagos, Abuja and Port Harcourt.
The big four global professional accountancy firms, plus several international and national firms, provide accountancy, tax and advisory services to both international and local clients. The financial services and telecoms industries are thriving sectors and employ a large number of accountants. Demand for professional accountants remain high and it is anticipated that the number of accountants will need to increase significantly over time to support the development of organisations in both the corporate and public sectors.
The Financial Reporting Council (FRC) of Nigeria was established by the Federal Government in 2011 as an oversight body. It is responsible for developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters. Professional accountants in public practice and those signing off financial statements of organisations are required to register with the FRC. The oversight body seeks to provide assurance to the investor community, and all key stakeholders, on the integrity of financial reports and adherence to international reporting standards.
Credit: the Association of Chartered Certified Accountants is the world’s leading body for professional accountants, with more than 110 years of experience, innovation and excellence. For more details visit www.accaglobal.com