The Association of National Accountants of Nigeria (ANAN) has signed a Memorandum of Understanding (MoU) with the Financial Reporting Council of Nigeria (FRC), granting ANAN the instrument of delegation to supervise and monitor licensed auditing firms in Nigeria.
The MoU was signed during a courtesy visit by the Executive Secretary/Chief Executive Officer of FRC, Ambassador Shuaibu Adamu Ahmed, to the 13th President of ANAN, Dr James Ekerare Neminebor, at the association’s national headquarters in Abuja.
Both organisations said the signing of the instrument of delegation would strengthen audit standards and regulation and improve investors’ confidence on financial statements of business entities in Nigeria.
According to the FRC boss, the recent amendment of the FRC’s Act is designed to strengthen the council’s operations and enable it function in line with international best practices and give leverage to audit practitioners to practice in jurisdictions outside the African continent in line with the African Continental Free Trade Area (AfCFTA) agreement.
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Ambassador Shuaibu said that with the thousands of audit firms in the country, the FRC required the services of ANAN in their supervision, pledging the council’s readiness to work with ANAN on capacity building and training programmes.
In his remark, ANAN President, Dr James Ekerare Neminebor, commended FRC’s commitment to the regulation of standards in Nigeria.
He noted that ANAN was assiduously building the capacity of its mega firms; a conglomeration of audit firms, to be in the league of big audit firms in the world.
He also expressed the association’s commitment to collaborating with the council on capacity building and training.
Also, Chief Executive Officer of ANAN, Dr Kayode Olushola Fasua, said that with the signing of the MoU, the stage was set for ANAN practitioners to provide professional services and play key roles.
