ANAN Rejects Proposed ICAN Act Amendments, Warns Against 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) establishment Act.

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

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

Represented by a member of 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 legislative Committee to expunge the sections to avoid distortions of the Accountancy profession.

On 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 practice as an Auditor, a Reporting Accountant, Financial Accountant, and Corporate Reporting Services among others,” the ANAN president said ICAN should restrict her scope to accounting, auditing and assurance practice.

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

Speaking further, he said 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 not correct.

According to him, all registered members of professional bodies Chartered by the Act of National Assembly are also Chartered Professionals.

He said ICAN cannot arrogate the word ‘Chartered’ for its members only as members of ANAN are also ‘Chartered Accountants’.

“Therefore, this interpretation should not be restrictive to ICAN alone. It should be expunged,” he added.