The Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Management Accountants (CIMA) have signed a Memorandum of Understanding (MoU) with diverse provisions to improve the accounting profession in Nigeria and the continent.
They also have agreed to build a research Centre in Nigeria to ensure that accountants in Nigeria and around the world are well equipped to deliver quality work and to contribute to the economies of the continent.
Speaking at the event in Abuja on Monday, President of ICAN, Ismail Zakari, said both bodies had been discussing areas of cooperation which also include collaboration in terms of reciprocity, which would allow CIMA members to become ICAN members and vice versa.
He disclosed that the outcome of the discussions is the MoU agreement which would greatly promote the practice of public accounting as well as help Nigeria and Africa in general to have a stronger economy.
“This MoU between ICAN and CIMA will last for five years, and it is a collaboration between ICAN and the Association, who is also representing the Institute of Management Accountants UK to collaborate in terms of sharing ideas professionally and the reciprocity with regards to our members who want to become members of CIMA and also CIMA members who want to become member of ICAN. So, we have in this agreement spelt out the terms and arrangement whereby our members will become members of CIMA and CIMA members will become members of ICAN in addition to other projects and collaboration to improve the practice”, Zakari stated.
The ICAN President also revealed that the partnership would see both bodies looking into having a centre of excellence for research in Nigeria, where CIMA and ICAN would work together to do a lot of research in emerging areas to aid contribution to public finance and accounting which is CIMA’s area of specialization.
In his address, CIMA’s Regional Vice President, Africa, Mr. BadibangaPormesse, described the MoU as a winning formula for the Accounting profession in Nigeria and Africa.
According to him, “the agreement means everything. We care about the profession of Accountancy;we care about African economies; we care about Nigeria. So, for us coming together under the umbrella of the Association of International Certified Professional Accountants to agree on some terms and conditions and to sign this agreement with ICAN here in Abuja, Nigeria is a winning formula for the profession”.
A source close to CIMA said the partnership between both CIMA and ICAN is a continuation of CIMA’s efforts to reskill finance professionals in Africa to meet the needs of an evolving world.
“Backed by the strength of the Association of International Certified Professional Accountants which is the new global organisation formed by CIMA and the American Institute of CPAs (AICPA), CIMA will continue to work on equipping finance professionals in Africa with the education and resources they need to go beyond for the future”, the source volunteered.