The Impact of Professional Bodies on the Development of Accountancy Profession in Nigeria

The Impact of Professional Bodies on the Development of Accountancy Profession in Nigeria.

ABSTRACT

In Nigeria, there are three well recognized Accountancy professional bodies that see to the overall affairs of Accountancy profession. These professional bodied are; Institute of Chartered Accountants of Nigeria (ICAN). Association of National Accountants of Nigeria (ANAN), Institute of Cost and Management Accountants (ICMA).

This work analysis the impact of professional bodies on the development of Accountancy profession in Nigeria. In order to find out the impact of these professional bodies on the development of accountancy in Nigeria, the activities of these professional bodies were examined.

The mutual relationship among these professional bodies was studies and various impacts created by some organs of professional bodies such as society of Woman Accountants of Nigeria, Chartered Accountants in Business etc, were also examined. Secondary data were the main source of data used for the analysis.

The analysis made disclose that professional accounting bodies have made a great impact in the development of the accountancy profession in Nigeria. The problems and prospects of accountancy professional bodies were examined and recommendations made for further development of the accountancy profession in Nigeria.

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BACKGROUND OF THE STUDY

Accountancy as a profession has undergone various stages in its development. Various accounting bodies of the world have contributed to the development of the profession in their various countries and beyond.

In order to lay more emphasis on the impacts of the professional bodies mostly as it concerns Nigeria let’s look at three major professional accountancy bodies in Nigeria; the Institute of Chartered Accountancy of Nigeria (ICAN), the Association of National Accountants of Nigeria (ANAA) and the Chartered Institute of Cost and Management Accountants (CIMA).

ICAN as the first and foremost professional accountancy body in Nigeria was seen to have contributed greatly to the development of the accountancy profession in Nigeria. It was discovered that ICAN has made a contribution to the development of the profession in the following ways;

• Formation of Nigeria Accounting Standard Board (NASB) in 1982. This is responsible for the issuance of accounting standard (SAS) in
• Training of professional accountants through professional examination which takes various
• Establishment of Accounting Technician Scheme (ATS) in 1989 to train middle level
• Partaking in the drafting of companies and allied matters,
• Establishment of the Society of Women Accountants (SWAN) in 1978 to consolidate the impact of women in the development of the
• ICAN prepares the standards and guidelines for auditing in Nigeria through Auditing Standard Committee (ASC).

ICAN also organizes seminars, mandatory continuing professional education programme,s etc. ICAN works with and represents Nigeria in other international accounting bodies in the world such as IFAC.

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BIBLIOGRAPHY

About ICAN “Institute of Chartered Accountants of Nigeria Journal Retrieved 2011-May.
Bucher R. And Strauss. A. (1961) Professions in Process; the American Journal of Sociology.
Chibuike U.U (2008)    A History of Accounting thought Dundec University Press.
David .O. Regan (2004) “Institute of Chartered Accountants of Nigeria” Auditor’s Dictionary terms,    concepts,     process and regulation John Wiley and sons pg 143.
Ekeoba (2011), “ICAN Inducts 1494 New members, seeks transparency in Profession” Nigeria Tribune.
Everett .J. (2002) “Organization Research and the Pareology of Pierre Baurdieus” Organization research methods.

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StudentsandScholarship Team.