The Institute of Chartered Accountants in England and Wales (ICAEW), a leader in the global accounting and finance industry, and the Institute of Chartered Accountants of Nigeria (ICAN) have signed a Memorandum of Understanding to strengthen the accountancy profession in Nigeria.
Both organisations have committed to work together to promote a sound and sustainable accounting and finance industry by sharing their knowledge, improving professional and intellectual development and advancing the number of members of accountancy bodies.
The agreement was signed on May 10 by ICAEW President Nick Parker and ICAN President Alhaji Isma’ila Muhammadu Zakari, during an official ceremony in Lagos.
Alhaji Isma’ila Muhammadu Zakari, President of ICAN, said: “A strong financial sector is the backbone of any economy so we look forward to working closely with ICAEW in future to develop a number of exciting initiatives and to share experiences and expertise for the benefit of the profession in Nigeria. It is essential to establish linkages of this nature so that both bodies will be able to leverage upon each other’s strengths.”
Nick Parker, President of ICAEW, said: “We are pleased to sign a mutually beneficial alliance with ICAN and are looking forward to aligning our visions and sharing our expertise to strengthen and support the development of the accountancy profession in Nigeria.
“This partnership marks a milestone in the country’s journey towards strengthening the accounting and finance sector to support the growth of the real economy.”
According to the agreement, ICAEW and ICAN will share expertise on the accountancy profession both nationally and internationally and plan to cooperate on issues of corporate governance, professional ethics, technical research, professional development and accountancy training, quality control, education and examinations.
Both organisations will also support each other to develop local talent through identifying professionals to join the ICAEW and/or ICAN as members upon successful completion of the professional qualifications.
The two organisations have also committed to work towards recognition of each other’s members.