Institute of Chartered Accountants of Nigeria has urged the Federal government to stop the proliferation of multiple accounting bodies in the country.
ICAN President, Mr. Chidi Ajaegbu who stated this at a Press Conference announcing the 50th anniversary of the body in Lagos, said “I wish to use this opportunity to harp on the need for the government to halt the trend towards the fragmentation of professional accountancy bodies in the country.
“In the last 10 years, many mushroom associations, without any legitimate claim to technical excellence and expertise, have been masquerading as accountancy bodies, fleecing innocent Nigerians of their hard earned income.
“In our view, we cannot rationalise the creation of more accountancy associations on the altar of commercial expediency at the expense of the overall national interest and commitment to professional excellence.
“Accountancy is not a trade but a distinct professional calling with internationally accepted best practices. It must therefore be treated with the respect it deserves. If the profession is cheapened and opened to quacks, Nigeria and the economy will be the ultimate losers as the quality of financial reporting can only be as good as its preparers and those who attest to its reliability.
“The implications of poor and unreliable financial reporting are too grave to be ignored by any nation desirous of economic advancement and a place in the global market. We therefore urge the government and the National Assembly to resist the temptation of giving legitimacy to quackery in the name of satisfying some non-altruistic interests.”
On the achievements of the body, he said “In pursuant to the Act that gave it the pioneering power to set standards and regulate the practice of accounting in Nigeria, ICAN has so far trained and certified over 39,000 chartered accountants who are variously engaged in the creation of values in all sectors of the economy.
“At the inception in 1965, it had only 250 members. A review of the manpower profiles of the various inland revenue services across the country, the Central Bank of Nigeria, federal and state ministries of finance, public corporations, all banks, insurance and listed companies, non-bank financial institutions, etc, will affirm that chartered accountants are at the commanding heights of the economy adding great value to wealth creation.”
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