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 on Thursday 17th August, 2023 during a courtesy visit by the Executive Secretary/Chief Executive Officer of the FRC, Ambassador Shuaibu Adamu Ahmed to the 13th President of ANAN, Dr. James Ekerare Neminebor at the Association’s National Headquarters in Abuja.
Both bodies jointly 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, the recent amendment of the Council’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 The African Continental Free Trade Area (AfCFTA) agreement.
Ambassador Shuaibu asserted that with the thousands of audit firms in the country, the FRC requires the service of ANAN in their supervision.
He pledged the Council’s readiness to work with ANAN on capacity building and joint training programmes.
ANAN President Dr. James Ekerare Neminebor in his remarks lauded the FRC’s commitment to the regulation of standards in Nigeria.
He averred that ANAN is 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 expressed the Association’s commitment to collaborating with the Council on capacity building and joint training. In his remarks, Chief Executive Officer of ANAN, Dr. Kayode Olushola Fasua emphasized that with the signing of the MoU, the stage is set for ANAN practitioners to provide professional services and play key roles while appreciating the FRC for the visit to ANAN and signing of the Delegation Agreement.
