Association of National Accountants of Nigeria

Quality assurance oversight in Nigeria is shared between the Financial Reporting Council of Nigeria (FRC) and the professional accountancy organizations. While the FRC is legally responsible for inspections of audits of public interest entities, the Association of National Accountants of Nigeria (ANAN) operates a quality assurance review system for its members in accordance with its statutory mandate.

ANAN has operated its QA review system since 2011 and reports having conducted over 200 quality assurance reviews of member firms. The system applies to members performing audits and other assurance services and is supported by established procedures and review cycles. ANAN conducted a self-assessment of its Quality Assurance Review Team procedures against SMO 1 requirements and reports alignment with those requirements.

ANAN supports effective implementation of quality management standards through ongoing training for members of its review team and practitioners participating in the peer review program. It provides members with structured guidance materials, including Quality Assurance Review Guidelines, a Handbook on Public Practice, and audit guidance tailored for small and medium-sized entities. Quality management and engagement-level requirements are incorporated into ANAN’s Mandatory Continuing Professional Development program, and members are encouraged to perform annual self-assessments of compliance with applicable quality control and auditing standards.

ANAN also communicates the outcomes of review cycles and key findings to promote transparency and continuous improvement within the profession. Through these established processes, regular reviews, reviewer training, and member support initiatives, ANAN demonstrates that it maintains ongoing mechanisms to fulfill its obligations under SMO 1.

ANAN may consider sharing the SMO 1 requirements with the FRC so that it may review and incorporate the SMO 1 requirements into its inspection procedures.

Current Status: Sustain

Under the ANAN Act 1993, the Association of National Accountants of Nigeria (ANAN) is responsible for determining and overseeing the education and training requirements leading to the Certified National Accountant designation. ANAN reports that its initial professional development framework incorporates the requirements of International Education Standards 1 through 6, and that its continuing professional development requirements incorporate IES 7 and 8 as applicable.

ANAN has strengthened its practical experience framework through implementation of its Accountant-in-Training program, under which trained members supervise and evaluate candidates during their practical experience period. The association continues to refine its education and examination processes through collaboration with international partners, including prior capacity-building initiatives with CPA Ireland, aimed at enhancing study materials, examination structure, and syllabus content.

ANAN accredits universities and provides guidance and technical support to tertiary institutions to promote alignment between academic curricula and professional requirements. It engages with education providers to encourage incorporation of competency-based learning outcomes and to promote awareness of international developments in professional education standards. ANAN also publishes an annual continuing professional development calendar, offers online and in-person training, monitors member compliance with CPD requirements, and incorporates feedback mechanisms to improve future programming.

While ANAN has incorporated key components of the International Education Standards into its qualification framework and continues to enhance its education and training processes, full alignment with the IES requirements in effect at the time of assessment has not yet been clearly demonstrated, particularly with respect to updating all components of the framework to reflect the most recent revisions.

ANAN is encouraged to conduct a comprehensive gap analysis of its initial and continuing professional development requirements against the IES currently in effect and to establish a defined timeline for full alignment. Continued engagement with universities, training offices, and key stakeholders would further strengthen implementation of competency-based learning outcomes and ensure ongoing compliance with international education standards.

Current Status: Execute

Under the Financial Reporting Council of Nigeria Act 2011 (as amended), the Financial Reporting Council of Nigeria (FRC) is responsible for adopting and maintaining auditing standards in Nigeria. International Standards on Auditing are adopted as issued and are applicable in the jurisdiction. The Association of National Accountants of Nigeria (ANAN) participates in the standard-setting and consultation processes coordinated by the FRC and contributes to discussions on auditing and assurance developments.

ANAN supports effective implementation of ISA among its members through structured technical and professional development initiatives. Auditing standards and related developments are incorporated into the association’s Mandatory Continuing Professional Development program and Mandatory Professional Practitioners’ Forum. ANAN has issued guidance materials to assist practitioners, including publications addressing audit execution and practical application in small and medium-sized entities. The association maintains a technical team that responds to member inquiries on auditing standards and emerging implementation issues.

ANAN also reviews and provides comments on exposure drafts and other pronouncements issued by the International Auditing and Assurance Standards Board and the FRC, thereby contributing to the international and national standard-setting processes. Through sustained training, technical guidance, consultation participation, and responsive support mechanisms, ANAN demonstrates that it maintains well-established ongoing processes to support implementation of International Standards on Auditing.

Current Status: Sustain

Under the Financial Reporting Council of Nigeria Act 2011 (as amended), the Financial Reporting Council of Nigeria (FRC) establishes ethical requirements applicable to auditors and other professionals providing services to public interest entities. The Association of National Accountants of Nigeria (ANAN), under its enabling legislation, establishes ethical requirements for its members.

ANAN has adopted ethical standards aligned with the International Code of Ethics for Professional Accountants and communicates updates to its members through professional publications, circulars, and electronic communications. Ethical requirements and professional conduct obligations are incorporated into the association’s Mandatory Continuing Professional Development program, and ethics-focused training sessions are delivered regularly. ANAN also provides practical guidance to members on addressing threats to independence and reinforces awareness of the consequences of non-compliance with professional and ethical standards.

Beyond member training, ANAN promotes ethical conduct through engagement with educational institutions to encourage incorporation of ethics into accountancy curricula and through collaboration with national anti-fraud and anti-corruption bodies. The association has established working groups to strengthen member capacity in areas such as fraud detection and forensic accounting. At the international level, ANAN reviews and responds to exposure drafts issued by the International Ethics Standards Board for Accountants, thereby contributing to the global standard-setting process.

Through established ethical requirements, structured training programs, stakeholder engagement, and participation in international consultations, ANAN maintains ongoing mechanisms to support implementation of the International Code of Ethics among its members.

ANAN is encouraged to continue working with the FRC and other professional accountancy organizations in Nigeria to promote consistent and timely alignment with the most current version of the International Code of Ethics across the profession.

Current Status: Sustain

Under the Financial Reporting Council of Nigeria Act 2011 (as amended), the Financial Reporting Council of Nigeria (FRC) is responsible for establishing public sector accounting standards in Nigeria in alignment with International Public Sector Accounting Standards. Accrual-basis IPSAS are adopted for application in the Nigerian public sector.

Although the Association of National Accountants of Nigeria (ANAN) is not the statutory standard setter, it actively supports implementation of IPSAS, particularly given that a significant portion of its membership is employed in the public sector. IPSAS-related topics are incorporated into ANAN’s initial and continuing professional development programs, and the association promotes inclusion of IPSAS within the curriculum of its training arm, the Nigerian College of Accountancy, as well as other tertiary institutions.

ANAN delivers workshops and seminars to enhance member capacity in public sector financial reporting and supports online training initiatives focused on IPSAS application and public financial management. The association disseminates new and revised IPSAS pronouncements, provides technical guidance on implementation, and responds to member inquiries on public sector accounting matters. ANAN also contributes to the international and national standard-setting process by reviewing and commenting on exposure drafts issued by the IPSASB and the FRC, where appropriate.

Through structured training programs, technical support, stakeholder collaboration, and participation in standard-setting consultations, ANAN maintains established mechanisms to support implementation of IPSAS in Nigeria.

Current Status: Sustain

Under the ANAN Act 1993, the Association of National Accountants of Nigeria (ANAN) is authorized to investigate and discipline its members for professional misconduct and breaches of applicable standards. The association has established an Investigative Panel and a Disciplinary Tribunal, which operate as separate bodies, and provides for an appeals mechanism in accordance with its statutory framework. ANAN reports that non-accountants are included in its disciplinary processes, thereby supporting independence and public interest considerations.

ANAN has conducted a self-assessment of its investigative and disciplinary system against SMO 6 requirements and reports that its system incorporates the majority of SMO 6 best practices. The association provides annual training to members of its investigative and disciplinary committees and promotes awareness among its membership of professional conduct requirements and potential sanctions.

However, certain administrative elements of the system require further strengthening. In particular, enhancements to formal case tracking mechanisms and structured procedures for reviewing complaints that do not proceed to investigation have been identified as areas for improvement. Continued clarification of coordination mechanisms with the Financial Reporting Council of Nigeria (FRC) would also support consistency and reduce potential duplication of investigative efforts where matters involve public interest entities.

ANAN is encouraged to formalize and document enhancements to its administrative case management processes, including structured tracking and review procedures, and to clarify coordination protocols with the FRC. Incorporating these improvements into its SMO Action Plan would further strengthen alignment with SMO 6 requirements.

Current Status: Execute

Under the Financial Reporting Council of Nigeria Act 2011 (as amended), the Financial Reporting Council of Nigeria (FRC) is responsible for issuing accounting standards in Nigeria in alignment with International Financial Reporting Standards as issued by the International Accounting Standards Board. IFRS and IFRS for SMEs are adopted and required for application by relevant entities in Nigeria.

The Association of National Accountants of Nigeria (ANAN) actively supports implementation of IFRS within the jurisdiction. The association participates in the FRC’s standard-setting activities and contributes to discussions on financial reporting developments. ANAN promotes awareness of new and revised IFRS through national workshops, professional publications, and regular communications to its members.

To support effective implementation, IFRS-related topics are incorporated into ANAN’s continuing professional development programs and into the curriculum of its training arm, the Nigerian College of Accountancy. The association provides technical guidance through its journal, responds to member inquiries on financial reporting matters, and develops practical tools such as reporting templates to assist members in applying IFRS requirements.

ANAN also reviews and provides comments on exposure drafts issued by the IASB and the FRC, contributing to the national and international standard-setting process. Through structured training, technical support, stakeholder engagement, and ongoing participation in consultation processes, ANAN maintains established mechanisms to support implementation of IFRS.

Current Status: Sustain