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Accountancy: ANAN opposes amendments to ICAN Act over likely rivalry, distortions to profession

*Dr. James Ekerare Neminebor, President of the Association of National Accountants of Nigeria, asserts the recent public hearing organised by the National Assembly on proposed amendments to some sections of ICAN Establishment Act offend the membership of ANAN

Isola Moses | ConsumerConnect

In order to avert possible rivalry in, and distortions to the accountancy profession in the West African country, the Association of National Accountants of Nigeria (ANAN) has said it rejects the ongoing amendments to some sections of the Institute of Chartered Accountants of Nigeria (ICAN) Establishment Act by the National Assembly (NASS), in Abuja, FCT.

ConsumerConnect gathered ANAN stated if the proposed amendments are allowed to sail through, the outcome might cause needless rivalry among professional bodies in Nigeria.

Dr. James Ekerare Neminebor, President of ANAN, stated this at a public hearing organised by the National Assembly on the proposed amendments, report said.

Represented at the session in the NASS by Prof. Suleiman A. S. Aruwa, a member of the Council of ANAN, Dr. Neminabor averred the proposed amendments offend the membership of ANAN.

He, therefore, urged the Legislative Committee to remove the said sections of the ICAN Establishment Act, so as to avoid distortions of the Accountancy profession in the country.

According to ANAN President, in regard to the amendment of Section 14 of the Principal Act, by inserting a new Section 15 which states that, “Chartered Accountant shall be entitled to practice of hold himself out to practise as an Auditor, a Reporting Accountant, Financial Accountant, and Corporate Reporting Services among others”, ICAN should restrict its scope to accounting, auditing and assurance practice.

Neminabor stated: “We have Institutes that are established under the Acts of the National Assembly that have the sole object, now being covered under this section.

“This would create animosity and professional conflict.”

The President equally noted the amendment of Section 19 of the Principal Act, now Section 27, conflicts with the proposed amendments to the new Section 15 in content and context.

He noted: “The meaning and conceptualisation of Accounting is misconstrued from the original meaning and its role in the financial reporting process.

“The Financial Reporting Council of Nigeria Act 2011 (as amended) distinguishes the players in the financial reporting process.

“Accountants cannot now become ‘jack of all trades’. It is an aberration.”

The ANAN Chief also stated that Section 19 amended by insertion of Section 27, which states that Chartered Accountant means an Accountant enrolled as a Fellow or Associates of the Institute, is incorrect.

All registered members of professional bodies Chartered by the Act of National Assembly are also Chartered Professionals, he asserted.

According to him, ICAN cannot arrogate the word ‘Chartered’ to its members only, as members of ANAN are also ‘Chartered Accountants’.

Neminabor said: “Therefore, this interpretation should not be restrictive to ICAN alone. It should be expunged.”

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