ANAN Rejects Proposed ICAN Act Amendment, Warns Of Rivalry

The Association of National Accountants of Nigeria (ANAN) has rejected the ongoing amendment of some sections of the Institute of Chartered Accountants of Nigeria (ICAN) Act.

It said if the amendment is allowed to sail through, it would cause rivalry among professional bodies in Nigeria.

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

Represented by a member of the Council of ANAN, Prof Suleiman A.S Aruwa , the ANAN president, said the proposed amendments offend the membership of ANAN.

He, therefore, called on the committee to expunge the sections to avoid distortions in the accountancy profession.

The ANAN president said  ICAN should restrict her scope to accounting, auditing and assurance practice.

“We have institutes that are established under the Act of the National Assembly that have the sole object, now being covered under this section. This would create animosity and professional conflict,” he said.

He said 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.

“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 trade’. It is an aberration,” he said.