This post will provide information about the list of top 3 accounting bodies in Nigeria and their functions as well as provide answers to questions like; What are the two professional accounting bodies in Nigeria?How many accounting bodies are there?What is list of professional accounting bodies in Nigeria? What are the 3 professional accounting bodies in Nigeria?What is the best accounting body in Nigeria?What are examples of professional accounting bodies?
Accounting is a reputable course to study in Nigeria and in the world currently, they are various ways which an account can contribute to the economy like; managing of accounts, Handling of accounts, auditing of accounts and also providing Professional accounting advice and services or help to a businesses, firms, even institutions.
A professional body is an organization of professionals in a particular field of practice. The body is what brings them together as one. It may also act as a regulatory of the activities and operation of the members and may require a license to practice, for example 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 proper registration with the relevant bodies for you to be qualified for employment in these organization.
The Institute of Chartered Accountants of Nigeria was established in by a parliament act in September 1965 and it included all the existing accounting associations at that time and this helped in making it a large body in charge of accounting practices in Nigeria.As it was stated earlier to be recognized in Nigeria as an accountant, you have to join a professional body like ICAN and it entails a lot of requirements, this may include paying a Registration fee, seating , passing the exams (ICAN exams) and getting inducted as a Chartered Accountant. Being a chartered accountant is very expensive and all of these come with a very huge price to pay to pull through, despite having lots of accountancy graduates in Nigeria not just anybody can be a Chartered Accountant.
- To ascertain the standards of knowledge that is acquired by students or individuals who want to be part of the accounting profession and to do a regular check on its standards as time goes on
- To conserve, maintain and secure the records of registers of it’s members which may include fellows, associates and registered accountant
- To perform every other function given to it as a professional body in Nigeria that is internationally recognized as one of the leading regulatory body for account practices in Nigeria
ANAN means Association of National Accountants of Nigeria was founded on 1st January 1979 and it became chartered on the 25th of August 1993 by Decree 76 of 1993, This body is also recognized alongside ICAN in Nigeria. To be a member officially of ANAN, the individual will have to register for academic studies and spend one year at the ANAN college of Accountancy and then still run a two year Training program to prepare them to be fit as a Certified National Accountant.ANAN became a member of the Association of Professional Bodies of Nigeria in the year 2010 and it is also nationally a part of the Financial Reporting Council of Nigeria in charge of establishing accounting standards in the country.
- To enlighten and teach students about the scope and standards of Accountancy
- To show the relevance of the practice of Accountancy in the country
ACCA- Association of Chartered Certified Accountants , is globally recognized as a body in charge of accounting, but it is not officially recognized in the Nigerian accounting system though Employers and firms still request for Accountants with ACCA qualifications and this makes them relevant to the employment industry in Nigeria as an accountant with an ACCA qualification is accepted and recognized. ACCA which is a London based accounting organization offers certification to accounting Professionals around the world.It is important to note that ICAN is a representative of ACCA showing that they are in conjunction with each other.