Adedayo Akinwale in Abuja
The Institute of Chartered Accountant of Nigeria (ICAN) and Chartered Institute of Management Accountant (CIMA) MondayÂ signed a Memorandum of Understanding (MoU) to improve the accounting profession in Nigeria and the world over.
Both institutes have also 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.
The President of ICAN, Ismail Zakari, while speaking at the event in Abuja,disclosed thatÂ last year,Â bothÂ institutes discussed areas of cooperation which also included collaborationÂ in terms of reciprocity, which would allow CIMA members become ICAN members and ICAN members to become CIMA members.
He stressed that the agreement would also promote public accountingÂ and also helpÂ strengthen theÂ Nigerian economy as well as other economies in the continent.
Zakari stated: “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 Accountant, UK to collaborate in terms of sharing ideas professionally and the reciprocity with regards to our members who want toÂ become members of CIMA and also CIMA members who want to become member of ICAN.
â€œSo, we have in this agreementÂ spell out the terms and arrangement whereby our members will become members of CIMA and CIMA members will become members of ICAN.
“We are also looking into having a Centre of Excellence for research in Nigeria, where CIMA and ICAN will work together to do a lot of research in emerging areas where we will contribute to public finance and accounting and also accounting in the industry which is the CIMA’s area of specialisation.
â€œThat research is something that ICAN looks forward to very strongly and we are sure that it will impact on Nigeria’s economy positively,” the president said.
Also, CIMA Regional Vice President, Africa, Mr. Badibanga Pormesse described the MoU as a winning formular to the accounting profession.
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 that is the Association of International Certified Professional Accountants to agree on some terms and conditions and to sign of this agreement of ICAN here in Abuja today is a winning formular for the profession.Â