Saturday, August 2, 2014

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Professional Bodies in Auditing - The Major Accounting And Auditing Professional Bodies in Nigeria

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In Nigeria today, there are two main professional bodies whose members are authorized under the Companies and Allied Matters Act 1990 to audit the accounts of companies in Nigeria - The Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN).

Notably, the Institute of chartered Accountants of Nigeria (ICAN was chartered in 1965 by the Act of parliament NO 15 of 1965. It thus became the sole regulatory body of accountancy until 1993 when the Act NO 76 establishing the Association of National Accountants of Nigeria was promulgated.

However, the Nigeria Accounting standard board was set up in 1982 to issue statements of accounting Standard (SAS) - authoritative pronouncements of best practices which members of the bodies concerned are required to follow.

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[Post Image Courtesy of KhunasPix at FreeDigitalPhotos.net]

The Institute of Chartered Accountants has the Auditing Standards Committee (ASC) which was set up for the purpose of setting auditing standards and guidelines. Also, the ICAN is a member of many international accounting organizations including the following:

• The International Accounting standard Committee (IASC) which was set up in 1973 to issue international accounting standards that will help to promote the worldwide acceptance and observance of the basic standards in the presentation of audited accounts and financial statements.

• The International Federation of Accountants (IFAC) of 1977 which issues International guidelines on auditing through the International Auditing Practices committee.

Audit objectives can either. Be primary or secondary. The main (that is primary) objectives of auditing is to report on the truth and fairness of the financial position shown by the balance sheet, profit or loss shown by the Profit and Loss account and of any other information required to be disclosed in the accounts by the guiding legal frameworks and the accounting standards. Other secondary objectives of auditing includes the following:

• Detection of frauds and errors.

• Giving professional advise with regards to the internal control system of an entity.

• Issuing constructive advise to the management of the Enterprise on other miscellaneous matters arising from the audit.

(Anichebe, 2004:3)

TAGS: accounting and auditing professional bodies, professional bodies in auditing, professional bodies of auditing

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