‘Multiplicity of accountancy body negatively impacting profession’

The Acting Accountant General of the Federation, Mr. Sylva Okolieaboh has questioned the multiplicity of accountancy bodies in the country which has had a negative impact on both professional standards and public perception of the value of accountants.

Okolieaboh stated this in an address to members of the newly inaugurated unit of the Association of National Accountants of Nigeria (ANAN) at the AGF’s office in Abuja yesterday.

Revealing that there are currently over six accountancy related bodies recognized by law in the nation and double that number at various stages of the process of seeking registration, Okolieaboh described the proliferation as “a recipe for value degradation.” 

He said: “The more, the merrier” may be a useful adage in the general affairs of society; but in the specific and narrow world of professional accountancy, or any profession for that matter, it is a recipe for value degradation. It is creating a disturbing generation of “legal accountants” instead of well trained and groomed professional accountants. The difference is that while “legal accountants” are covered by law, they lack the requisite training and competence to discharge the duties of true accountants.”

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Recalling his contribution during a previous engagement with the leadership of the Institute of Chartered Accountants of Nigeria (ICAN), Okolieaboh contended that the profession is confronting two key challenges: the first is “the noticeable disinterest of accountants in intellectual matters affecting the ability of accountants to rise above the routine”; the second being, the diminishing appeal of integrity and ethics among accountants”.

He called on the nation’s accountants to rise to the fullness of their professional functions and avoid a narrow perspective which negatively affects their relevance in a changing local and global environment.