Senate approves another accounting body

The number of accounting bodies in the country increased to three as the Senate yesterday approved the Institute of Certified Public Accountants of Nigeria.

The new body will now join the existing Institute of Chartered Accountants of Nigeria (ICAN) and the Association of Nigerian Accountants of Nigeria (ANAN) to regulate the activities of accountants in Nigeria.

The approval of the new body followed a report presented by the senate committee chairman on establishment and public service matters, Felix Ibru, to the Senate for the consideration of the bill.

The new body will serve as an organization for accountants, treasurers and financial officers in government ministries, parastatals, corporations, local governments and other public bodies.

It will also prescribe standards and level of efficiency or experience required for the registration or election of members.

Ibru in his report said the new body would secure a professional status necessary to promote and encourage the development of the science of public accountancy, enhance and increase knowledge in public accountancy.

The Senate also passed into law the Freedom of Information Bill that has been on its table since 2002 after a report by the chairman of the ad-hoc committee headed by Victor Ndoma-Egba was presented.

The information bill seeks to provide a right of access to public information or records to increase availability to public records and information to citizens of the country in order to participate more effectively in the making and administration of laws and policies.

The Senate before passing the bill, however, amended clause 10 to allow the law courts leeway to be flexible in admonishing punishment, but put as maximum punishment three years for destruction and falsification of records.

Credit: Proshareng