Stakeholders in the financial sector have raised concerns over some sections of the bill seeking to amend the Institute of Chartered Accountants of Nigeria (ICAN), Act.
Some of the stakeholders raised the concerns during a public hearing organised by Senate Committee on Establishment and Public Services Matters on the bill on Thursday in Abuja.
The bill, sponsored by Sen. Solomon Adeola, seeks to amend the existing ICAN Act to address contemporary needs and trends in Nigeria’s economic environment.
The bill also seeks to modernise the law to reflect changes in professional accounting environment.
The bill, if passed, would be the first significant update to the Act, established 59 years.
Some of the stakeholders included the Chartered Institute of Taxation, CITN, Association of National Accountants of Nigeria, ANAN, Chartered Institute of Secretaries, Chartered Institute of Bankers of Nigeria, Financial Reporting Council of Nigeria, Nigeria Institute of Management, NIM.
According to them, they are not opposed to ICAN amending its Act ,but are against sections 15, 22, and 28 of the amendment bill.
They argued that the sections were designed to take up regulatory functions of other similar professional bodies in the country.
The stakeholders,therefore ,called for the removal of the sections they considered inappropriate , saying the bill was self serving.
Samuel Adegbeluyi, President, CITN said the proposed piece of legislation would embrace other professions.
“The way they are going about the amendment is what we are against.You cannot use this amendment to annex other professional bodies that have been certified by an act of the National Assembly.” he said.
Adedoyin Olumide, Registrar of CITM, said the content of the bill raised significant concerns regarding its scope and potential impact on other professional bodies.
He said inclusion of tax practice in the bill contradicted existing judicial rulings favouring CITN.
According to him, the scope of the bill may lead to conflicts with existing laws and professional standards.
He said the amendment could create regulatory ambiguities and undermine the professional integrity of other specialised bodies.
“By virtue of this amendment, ICAN is indirectly asking and at the same time calling on the Senate of the Federal Republic to repeal all other pieces of legislation assented to and passed as an act of the National Assembly.
“While ICAN’s efforts to modernise are commendable, the bill’s extensive scope can disrupt the professional ecosystem and lead to regulatory conflicts.
“We urge this distinguished Assembly to expunge from this amendment bill, all the listed areas of specialisation already covered and passed into an Act of the National Assembly.”
He said the ICAN Act Amendment Bill should focus on enhancing ICAN’s core competencies in accounting, auditing, and financial reporting, and collaborate with other bodies.
“ICAN should work with other professional bodies to delineate clear boundaries and avoid overlapping jurisdictions.”he said.
President of ICAN, Chief Davidson Alaribe,however, said the amendment was to model ICAN Act to meet global best practices and standards in accounting practice.
He urged stakeholders to support the amendments sought in the bill.
Earlier, Chairman of the committee, Sen.Cyril Fasuyi ,said the public hearing was organised to receive inputs of stakeholders on the bill.
He assured the stakeholders that their views would be analysed and presented for consideration .
President of Senate, Godswill Akpabio,who declared the public hearing open, said ICAN as a body, played an important role in the economic development of the nation by ensuring professionalism and ethical conduct of its members.
He said the proposed amendment would further promote ethical standards and excellence in accounting profession.
Mr Akpabio said contributions of stakeholders would have a lasting impact on generations to come, hence they should uphold highest ethical standards in their contributions, and strive for integrity and accountability.
Mr Akpabio, represented by Senate Majority Whip, Onyekachi Nwaebonyi ,urged all participants to ensure their contributions promote the economic development of the nation.
NAN
