Acting Accountant-General Warns Against Proliferation Of Accounting Bodies

…Says Multiplicity May Lead To Value Degradation

The Acting Accountant General of the Federation, Mr. Sylva Okolieaboh has called on the nation’s accountants to rise to the fullness of their professional functions and avoid a narrow perspective which negatively affects their relevance in a changing local and global environment.

Okolieaboh stated this in an address to members of the newly inaugurated Unit of the Association of National Accountants of Nigeria (ANAN) in the Office of the Accountant-General of the Federation.

He also questioned the multiplicity of accountancy bodies in the country which has had a negative impact on both professional standards and public perception of the value of accountants.
Recalling his contribution during a previous engagement with the leadership of the Institute of Chartered Accountants of Nigeria (ICAN), Okolieaboh stated that the profession is confronting two key challenges, The first is “the noticeable disinterest of accountants in intellectual matters affecting the ability of accountants to rise above the routine”; while the second being, the diminishing appeal of integrity and ethics among accountants”.

The Acting AGF urged public sector accountants to emulate the examples of the first generation of Nigerian accountants who embodied “the very best of professional excellence, integrity and modesty”.

He also condemned the presumption, popular among public sector accountants, that their main function is payment which has led to a focus on a finite number of functions that culminate in payment either by cheque signing or raising online mandate.

Okolieaboh explained the consequences of this wrong mindset on the work of professional accountants.

He said, “This reductionist view of the role of the accountant is equally dangerous. It is the reason anyone who can perform any of those routines considers himself an accountant.

“It is the reason everyone believes he can perform accounting duties.It is the reason, ladies and gentlemen, matters of financial management have been relegated to the background.

“It is the reason that, the new generation of legal and routine accountants, do not reckon with the very essence of our profession and calling: stewardship expressed in financial statements”.

Revealing that there are currently over six accountancy related bodies recognized by law in the nation and double that number at various stages of the process of seeking registration, Okolieaboh described the proliferation as “a recipe for value degradation”.

He said, “The more, the merrier” may be a useful adage in the general affairs of society; but in the specific and narrow world of professional accountancy, or any profession for that matter, it is a recipe for value degradation.

“It is creating a disturbing generation of “legal accountants” instead of well trained and groomed professional accountants. The difference is that while “legal accountants” are covered by law, they lack the requisite training and competence to discharge the duties of true accountants.”

While congratulating the members of the newly elected chapter of ANAN, the Acting AGF urged them to play a role in the urgent task of improving professional standards and contributing to the development of the nation.