Career

List of Accounting Professional Bodies in Nigeria and their Functions

Professionalism makes one to be accepted by a greater populace. Most times when people look for someone that can handle a job for them, they ask for Professionals which is why in Nigeria, there are a lot of Professionals registered under one body which makes them unique and gives them an edge over those who are not recognized as Professionals.

That is why we intend to look at a particular Professional body which is the accounting Professional bodies in Nigeria and their functions.

Accounting is a reputable course to study in Nigeria and also a very reputable career in Nigeria and the world currently as there are a lot of things which an account can contribute to the economy, like Handling of accounts, managing of accounts, auditing of accounts and also providing Professional accounting advice to a business or firm.

Read Also: How To Become An Accountant in Nigeria

All these reasons make being an accountant a respected profession in Nigeria and gives room for others who wish to become Professional accountants a voice and some prestige in the society.

A professional body is an organization of professionals in a particular field of practice. The body is what brings them together as one. The body may also act as a regulatory of the activities and operation of the members or it may just require you to have a license to practice.

Just like in Nigeria, if you are not a Chartered Accountant or Registered with ANAN, it would be hard for you to get employment in Nigeria, as many companies and organizations require that you must be registered with the relevant bodies before you can be eligible to be employed in an organization

In Nigeria, there are three accounting professional bodies which exist and are very operational. We will be making a list of these bodies and also state their various respective functions.

Accounting Professional Bodies in Nigeria:

1. Institute of Chartered Accountants of Nigeria (ICAN)

The Institute of Chartered Accountants of Nigeria was established in by a parliament act in September 1965 inclusive of all the existing accounting associations at that time which helped to make it a large body which was in charge of accounting practices in Nigeria.

Just as it was stated earlier that for you to be recognized in Nigeria as an accountant, you have to join a professional body like ICAN which entails a lot of requirements, which are paying a Registration fee, seating for ICAN exams, passing the exams and getting inducted as a Chartered Accountant.

All of these come with a very huge price to pay. Being a chartered accountant is very expensive to pull through, that is why not just anybody can be a Chartered Accountant despite having lots of accountancy graduates in Nigeria. For every step of the way, you have to pay for it, but after it all, when you get employed as a chartered accountant, your salary will be well paid.

See Also: 10 Most Popular Chartered Accountants in Nigeria

Functions of the ICAN are:

The functions of ICAN include the following:

  1. To determine what standards of knowledge is to be acquired by students or individuals who want to be part of the accounting profession and also to do a regular check on its standards as time goes on.
  2. To secure, keep and maintain records of registers of it’s members which are (fellows, associates, registered accountants).
  3. To perform every other function given and assigned to it by the constitutional rights that brought it into establishment.

As a professional body in Nigeria it is internationally recognized as the leading and regulatory body for account practices in Nigeria.

It is a member of the International Accounting Standards Committee and the International Financial Reporting Standards.

2. Association of National Accountants of Nigeria (ANAN):

This is another body which is recognized alongside ICAN in Nigeria. It was founded on 1st January 1979 and became chartered on the 25th of August 1993 by Decree 76 of 1993. Before one can officially be a member of ANAN, they will register for academic studies and spend one year at the ANAN college of Accountancy and then still run a two year Training program which will prepare them to be qualified as a Certified National Accountant.

ANAN became a member of the Association of Professional Bodies of Nigeria in the year 2010. Also nationally they are part of the Financial Reporting Council of Nigeria which is in charge of establishing accounting standards within the country.

ANAN is also a member of the International Association for Accounting Education & Research which is a body that is in charge of Education of Accountants internationally.

 Read Also: 10 Best Accounting Software Training Centers In Nigeria

The functions of ANAN are simply:

  1. To teach and educate students about the science and standards of Accountancy..

They have been in constant rivalry with ICAN as to who is more relevant in the country. But it is safe to say that they are all relevant in the practice of Accountancy in the country

3. Association of Chartered Certified Accountants (ACCA):

The ACCA is a globally recognized body in charge of accounting, but in Nigeria it is not officially recognized by the Nigerian accounting system but Employers and firms still request for Accountants with ACCA qualifications which still makes them relevant to the employment industry in Nigeria.

ACCA is a London based accounting organization which offers certification to accounting Professionals around the world. Anywhere around the world and I accountant with an ACCA qualification is accepted and recognized. Nigeria only recognizes ICAN and ANAN but employers looking for accountants still employ people with ACCA certification.

It is also important to make this note that ICAN is a representative of ACCA which means they are totally in conjunction with each other.

Conclusion

These bodies are the few Professional bodies in charge of accounting in Nigeria, they have high standards and also exorbitant fees for those who wish to join them. It will actually help all those who wish to reach the peak of their careers in accounting to join these relevant bodies in order to earn a good salary and also be recognized all round the country as a professional in accounting.

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Godspower Ugadu

Godspower Ugadu is an Economist an a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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