Association of National Accountants of Nigeria

Member | Established: 1979 | Member since 2014; Associate since 2012

ANAN was formed in 1979 and officially chartered by Decree in 1993. The association offers an education and training program in order to advance the accountancy profession in Nigeria and enhance professionals’ knowledge, skills, values, and ethical conduct to impact the country in a profound and comprehensive manner.

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Statements of Membership Obligation (SMO)

The Statements of Membership Obligations form the basis of the IFAC Member Compliance Program. They serve as a framework for credible and high-quality professional accountancy organizations focused on serving the public interest by adopting, or otherwise incorporating, and supporting implementation of international standards and maintaining adequate enforcement mechanisms to ensure the professional behavior of their individual members.

Last updated: 11/2020
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SMO Action Plan

Status of Fulfillment by SMO

  • SMO 1: Quality Assurance

    In Nigeria, there are three entities involved in the quality assurance (QA) reviews: the Financial Reporting Council of Nigeria (FRCN)—the audit oversight authority—along with the two professional accountancy organizations (PAOs) in the country—ANAN and the Institute of Chartered Accountants of Nigeria (ICAN). In 2014, the FRCN issued Nigeria—Guidelines/Regulations for Inspection and Monitoring of Reporting Entities; however it appears it does not have sufficient capacity to carry out QA reviews of reporting entities—also known as public interest entities (PIEs) within the jurisdiction. Therefore, the two PAOs conduct QA reviews for their respective members, which includes audits of PIEs and non-PIEs.

    In addition to being a participatory member on the FRCN, ANAN has operated its QA review system since 2011 to ensure its members are complying with relevant standards. Since then it has carried out 208 reviews. In 2018, it conducted a self-assessments of its Quality Assurance Review Team (AQART)’s procedures against the SMO 1 requirements and confirms its QA review system is in line with SMO 1.

    The association reports that it provides regular training to its AQART and members who participate in the peer review program, as well as various implementation guidance for its members. This includes resources such as: ANAN Quality Assurance Review Guidelines, which provides members with knowledge of the scope and requirements of the QA review procedures; Handbook on Public Practice; and Audit Guidelines for Small and Medium Scale Enterprises, which provides interpretative guidance on the application QA review guidelines for small enterprises.

    Furthermore, the association educates its members on the requirements of ISQC 1 and ISA 220 by including relevant topics in its yearly Mandatory Continuing Professional Development (MCPD) program. ANAN also states it provides practitioners with a self-assessment check list in order for all members to annually take stock of their compliance with quality control standards.

    Finally, after the review cycle is completed, ANAN indicates that it publishes information on the findings of the reviews.

    As the FRCN builds capacity to carry out QA reviews of PIEs, ANAN may consider sharing the SMO 1 requirements with the FRCN so that it may review and incorporate the SMO 1 requirements into its inspection procedures.

    Current Status: Sustain

  • SMO 2: International Education Standards

    Under the ANAN Act of 1993, ANAN is responsible for determining and overseeing the education and training requirements leading to the qualifications that it offers to its members which is the Certified National Accountant designation. The association reports that IES 1 to IES 6 are incorporated into ANAN’s initial professional development requirements and continuing professional development requirements (CPD) incorporate IES 7 and 8 as deemed appropriate. ANAN reports that its CPD requirements are in line with the 2015 revised IES; however, it is not clear when its IPD requirements might be reviewed to incorporate the 2015 revised IES.

    Given that the National Universities Commission (NUC), and the National Board for Technical Education (NBTE) determine the curriculum of universities and polytechnic institutions in Nigeria and ANAN is one of the professional accountancy organizations in the country that accredits universities, the association reports to be actively promoting the adoption and incorporation of IES into the accountancy education programs. It does so by providing guidance, technical support, and study materials to tertiary intuitions to ensure that learning providers have the resources needed. It also encourages education providers to stay abreast of new and revised IES.

    In recent years, the institute has also taken steps to enhance its practical experience requirements to align with the IES. In 2014 it began implementing its Accountant-in-Training (AIT) program. As part of the program, trained ANAN members are responsible for monitoring and evaluating students throughout their practical experience period and reporting to the association on their progress.

    Furthermore, a capacity building project beginning in 2016 through IFAC’s PAO Capacity Building Program and funded by the U.K. Department for International Development, partnered the Certified Public Accountants Ireland (CPA Ireland) with the ANAN and its training arm, the Nigerian College of Accountancy (NCA), to review and strengthen its study materials and examination processes. The institutes are collaborating to review, update, and make recommendations for ongoing maintenance to the syllabus, study materials, and examination for NCA’s professional and conversion programs.

    In addition, the association states that it has embarked on a process to introduce a mid-level accountants’ qualification although more information has been requested on the status of this initiative.

    In regards to CPD, ANAN publishes an annual CPD calendar to notify members of CPD opportunities. Beginning in 2014, ANAN has added online courses to complement in-person CPD offerings. The association notes that its Membership Department monitors compliance with CPD and it uses feedback from training sessions to improve the next year’s calendar of events.

    Lastly, ANAN reports that it responds to all exposure drafts and all pronouncements issued by the IAESB.

    ANAN should indicate plans to review the requirements of the revised 2015 IES and outline actions geared toward incorporating them into the national educational requirements. The revised IES are more principles-based and competencies-focused and a review of the revised standards would facilitate the updating of ANAN’s study materials and examination process. In addition to reviewing its own educational requirements, ANAN could share the revised standards with the universities, education and employment providers, and other key stakeholders to further promote incorporating the 2015 IES into national requirements.

    Current Status: Execute

  • SMO 3: International Standards on Auditing

    In 2011, through the Financial Reporting Council Act, the Financial Reporting Council of Nigeria (FRCN) was granted authority to develop or adopt and keep up-to-date auditing standards issued by relevant professional bodies and ensure consistency between the standards issued and the auditing standards and pronouncements of the IAASB. FRCN has adopted ISA as the applicable auditing standards in coordination with the professional bodies—the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN).

    Prior to the FRC Act of 2011, ANAN actively promoted and adopted ANAN Standards on Auditing for its members based on the 2009 ISA. Since 2011, ANAN indicates that qualified members participate in the FRCN’s standard-setting process and that it reports on its members’ compliance with the standards to the FRCN.

    To support its members with implementing the standards, the association notes that it includes ISA and standard-related topics in its Mandatory Continuing Professional Development (MCPD) program and Mandatory Professional Practitioner’s Forum (MPPF). Additionally, ANAN has published technical guidance such as, Handbook on Public Practice, and Audit Guidelines for Small and Medium Scale Enterprises. The association states that it has produced technical materials on the 2016 ISA and the new auditor’s report and has created a Technical Team to respond to members’ technical queries on ISA.

    Finally, the association reports that it is enhancing existing mechanisms to better provide comments on exposure Drafts and other pronouncements issued by the IAASB and the FRCN.

    Current Status: Sustain

  • SMO 4: Code of Ethics for Professional Accountants

    The Financial Reporting Council (FRC) Act of 2011 establishes the Financial Reporting Council of Nigeria (FRCN) as the ethical standard-setter for auditors and other professionals providing services to public interest entities (PIEs). The FRC Act also outlines that the FRCN is responsible for developing and liaising with relevant professional bodies—the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN)—in regards to ethical standards.

    ANAN has set ethical standards for its members and its first Code of Professional Conduct and Ethics was based on the 2006 version of the IESBA Code of Ethics. As of 2018, it states it has updated its Code by adopting the 2016 version of the IESBA Code.

    The association provides members with information on new and revised pronouncements issued by IESBA via a variety of mechanisms, such as its Accounting Journal magazine and emails, and also includes training on ethics in its Mandatory Continuing Professional Development (MCPD) program. For example, in 2017, it offered a training on “Enhancing the Conducts of Accountants through Professional Ethics.” Additionally, ANAN indicates it offers practical guidance on dealing with threats to professional independence, and raises members’ awareness of the consequences of non-compliance with the Code of Ethics.

    Furthermore, ANAN also reports that it works with other key national stakeholders regarding ethical requirements. For example, it encourages accountancy education providers to incorporate ethics into the accountancy curriculum and collaborates with anti-fraud and anti-corruption agencies. Alongside these engagements, the association has also created a working group to train its members in fraud detection and forensic accounting.

    Finally, the association notes that at the international level it responds to exposure drafts issued by the IESBA.

    ANAN may consider collaborating with both FRCN and the Institute of Chartered Accountants of Nigeria (ICAN) on the establishment of uniform ethical standards for professional accountants in Nigeria which should be aligned with the latest IESBA Code of Ethics.

    Current Status: Sustain

  • SMO 5: International Public Sector Accounting Standards

    Public sector accounting standards are to be established by the Financial Reporting Council of Nigeria (FRCN) and be in line the IPSAS as issued by the IPSASB. The FRCN developed a roadmap for the phased adoption and implementation of accrual-basis IPSAS at all levels of the government, with the full adoption expected to become effective January 2016. ANAN and the Institute of Chartered Accountants of Nigeria (ICAN) report that accrual-basis IPSAS are now adopted and applicable for all public sector entities. Although ANAN is not responsible for setting standards in this area, it indicates that it actively supports the FRC’s adoption process and the implementation of the standards.

    ANAN has a number of members that work in the public sector and therefore, it reports that it has included IPSAS-related topics in its initial and continuing professional development (IPD and CPD) curriculum and collaborates with stakeholders to ensure that IPSAS are also included in the accountancy education programs of its training arm, the Nigerian College of Accountancy (NCA) and other tertiary institutions. ANAN has initiated two programs to help educate and enhance its members understanding of the IPSAS: (i) the association runs workshops and seminars in collaboration with IA Seminars which specializes in IFRS and IPSAS training; and (ii) in partnership with Institute of Certified Public Accountants in Ireland (CPA Ireland), ANAN established an online IPSAS training certification through its IPSAS Academy. In 2018, ANAN and CPA Ireland are co-hosting a Leadership Program intended to enhance participants’ knowledge of public sector financial management.

    Furthermore, the association states that it also disseminates new and revised standards, guidelines, and other pronouncements issued by IPSASB; issues technical guidance on the application of the standards; and responds to members’ inquiries on IPSAS. ANAN will continue to organize training on IT, accrual IPSAS and IFRS which includes sessions on transitioning from cash-basis to accrual-basis IPSAS.

    Finally, ANAN is also involved in the international standard-setting process by offering comments on exposure drafts and other pronouncements issued by IPSASB and the FRCN, when deemed necessary.

    Current Status: Sustain

  • SMO 6: Investigation and Discipline

    In Nigeria, there are three entities involved in the investigation and discipline (I&D) of professional accountants: the Financial Reporting Council of Nigeria (FRCN)—the audit oversight authority—along with the two professional accountancy organizations (PAOs) in the country—ANAN and the Institute of Chartered Accountants of Nigeria (ICAN). The FRCN is authorized to investigate and issue sanctions for any professional accountant that fails to comply with applicable standards and professional codes of conduct while the PAOs may conduct I&D procedures for their respective members.

    The ANAN Act of 1993 establishes ANAN’s authority to investigate and discipline its members. The association has established an Investigative Panel and Disciplinary Tribunal, which it reports are independent and separate, and include non-accountants. ANAN has also created an appeals mechanism as stipulated by its Statute. ANAN reports in its 2018 self-assessment against the SMO 6 requirements that its I&D system incorporates the majority of SMO 6 best practices; however, there some administrative processes, such as tracking of cases and follow-up on complaints that did not result in an investigation, that are not yet fully aligned.

    Additionally, the association reports it offers annual training on I&D to members and the I&D committee members.

    Based on its completed self-assessment, ANAN may consider how it could enhance administrative process related to its I&D procedures that would enable it to fulfill the SMO 6 requirements in their entirety. Plans to address these should be included within in its SMO Action Plan. ANAN is also encouraged to clarify if the FRCN is involved in the I&D of its members and if so, may consider (i) how it collaborates with the FRCN to share information and avoid duplication of efforts in this area; and (ii) sharing the SMO 6 requirements with the FRCN so that it may review and make any necessary improvements to its I&D system if it is not already aligned with SMO 6 requirements.

    Current Status: Execute

  • SMO 7: International Financial Reporting Standards

    All companies are required to prepare annual financial statements in accordance with standards issued by the Financial Reporting Council of Nigeria (FRCN) as established by the Financial Reporting Council of Nigeria Act of 2011 (FRC Act). Under the FRC Act, accounting standards adopted by the FRCN must be in line with the standards issued by the IASB. The FRCN has accordingly adopted IFRS and IFRS for Small and Medium-sized Entities (SMEs).

    ANAN indicates it is active in its support of the FRCN’s standard-setting process. It has two representatives on the FRCN and participates in the activities that the FRCN organizes.

    The association reports that it raises awareness of the IFRS through annual workshops across the country and regularly informs members of pronouncements and papers issued by the IASB. To support implementation, ANAN states that it offers training on the standards in its continuing professional development courses and collaborates with other accountancy education providers to ensure that initial professional development curriculum incorporates the most recent IFRS and IFRS for SMEs. The association also notes that it further supports members by issuing technical guidance on IFRS through its quarterly journal, responding to member inquiries, and providing IFRS-based reporting templates.

    Finally, ANAN reports it researches and comments on exposure drafts issued by the IASB and FRCN in order to be an active contributor to the national and international standard-setting processes.

    Current Status: Sustain


IFAC bears no responsibility for the information provided in the SMO Action Plans prepared by IFAC member organizations. Please see our full Disclaimer for additional information.



ANAN House, Plot 559
Off Ahmadu Bello Way
Mabushi District, Abuja
Tel: +234-7038147508,+234-01–7900926, 01–7642100


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