ICAN President: Diminishing Accounting Practice Major Challenge Inhibiting Our Profession 

Dike Onwuamaeze

As accountants all over the world celebrated the International Accounting Day last Friday, the Institute of Chartered Accountants of Nigeria (ICAN) has identified the diminishing of the practice of accounting as the major challenge inhibiting the accounting profession in Nigeria.
This was disclosed by the 59th President of ICAN, Dr. Innocent Okwuosa, when he addressed a press conference to mark the celebration of International Accounting Day 2023 in Lagos.

Okwuosa said: “The real challenge that we have is an attempt to diminish what the accounting profession stands for.  And this is peculiar to the Nigerian environment.
“Today ICAN is one of the biggest brands of professional accounting in Africa, if not the biggest. It has a Memorandum of Understanding, which we call the Mutual Recognition Agreement (MRA), with some international professional accountancy organisations.
“Those that we have signed the MRA expect us to be at the same pedestal as them. If they sense that we are operating below par that endangers our MRA with them.

“The fact is that as a chartered accountant in The United Kingdom you are not restricted from practicing certain aspects of accounting.
“In 1965 accounting in Nigeria implied every aspect including tax, forensic accounting, audit, and financial management. But today if I say that I am an accountant and I am going to practice all these areas of the profession I will get push back from some quarters. So, that is part of the challenge inhibiting the profession.”
He, however, took consolation on the hope that the Financial Reporting Council of Nigeria (FRC) and the National Assembly understand that professional accountants should engage in all such practices.

“We have understanding also with the legislators who are working to ensure that we continue to work at the same pedestal that puts us at par with those we have signed the MRA with like the Institute of Accountants of England and Wales, the CPA Canada and the CPA Australia.
“We do not want a situation where these other professional bodies begin to see our own practice as being less than what they do in their own jurisdictions. So, that is the challenge,” Okwuosa said.

He added that, “we are already building bridges by engaging the relevant stakeholders and they are all showing understanding. Therefore, we may say that we do not have a challenge in the real sense of it because there is a mutual understanding between us and these other parties,” to resolve the challenge.
Okwuosa, who traced the origin of accounting to the 15th century when when Luca Bartolomeo de Pacioli, an Italian mathematician, paved the foundational stones of accounting profession, said that it was always joy to celebrate November 10 every year.

“On this day in 1494, de Pacioli published his work that meticulously documented bookkeeping practices — practices that would become the bedrock of modern accounting. It is this seminal contribution that bestows upon de Pacioli the esteemed title of the “Father of Accounting.”
“The significance of this day extends beyond historical milestones; it is a testament to the enduring principles of transparency, integrity, and accountability that have transcended centuries and continue to be the cornerstone of our work.

“As we honor de Pacioli’s legacy, we also celebrate the evolution, resilience, and adaptability of accounting through the ages,” he said.
He added: “Today, we do not merely reflect on the past; we embrace the present and look forward to the future with the same pioneering spirit that de Pacioli exemplified.

“We acknowledge the transformative impact our profession has on economies, businesses, and individuals alike.
“International Accountancy Day thus becomes a focal point for us to advocate for the profession’s advancement, to highlight the integral role of accountants in driving ethical financial practices, and to renew our commitment to the highest standards of our noble craft.
“In commemorating this day, we also recognise the synergy of tradition and innovation within our field, honoring age-old principles while adapting to an ever-changing business landscape.

“It is a day to underscore our role not just as accountants, but as custodians of economic truth and as architects of financial stability and growth.”