The Association of National Accountants of Nigeria (ANAN) recently signed the Instrument of Delegation on Audit Regulations 2020 of the Financial Reporting Council (FRC) of Nigeria. The signing ceremony took place during a courtesy visit by the Executive Secretary/CEO of the Council, Ambassador Shuaibu Adamu Ahmed, to the 13th President of ANAN, Dr James Ekerare Neminebor, at the Association’s National Headquarters in Abuja on Thursday, August 17, 2023.

Amb. Ahmed in his address, 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. He further noted that the pact with ANAN on the Audit Regulations 2020 is in line with the African Continental Free Trade Area (AfCFTA) agreement, as it would give an advantage to audit practitioners to practice in jurisdictions outside the African continent.

Dr James Ekerare Neminebor, the ANAN President, in his remark, applauded FRC’s commitment to the regulation of standards in Nigeria, noting that this move would help strengthen the capacity building of audit firms and rank them to be in the league of big audit firms in the world. 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.

Also speaking at the event, Dr Kayode Olushola Fasua, the Chief Executive Officer of ANAN, stated that the signing of the Memorandum of Understanding (MoU) sets the stage for ANAN practitioners to provide professional services and play significant roles in Nigeria.

Signing the instrument of delegation is expected to enhance audit standards and regulations, ultimately improving investors’ confidence in the financial statements of business entities in Nigeria. It is worth noting that the Institute of Chartered Accountants of Nigeria (ICAN) had previously signed the same Memorandum of Understanding on the Instrument of Delegations with the FRC, sharing the same objectives.

Overall, this collaboration between FRC and ANAN signifies a significant step towards strengthening audit practices in Nigeria and aligning them with international standards.