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Experts Advocate Collaboration Among Foreign, Local Audit Firms(AllAfrica Via Acquire Media NewsEdge) TO deepen the penetration of local accounting firms in the economy and ensure rapid transfer of expertise to Nigerian practitioners, the Vice President and member of council of the Institute of Chartered Accountants of Nigeria (ICAN), Otunba Femi Deru, last week, called for joint contractual arrangement between foreign and domestic companies. He said this would also increase the speed at which skills required to achieve reasonable local content Nigerian accounting are transferred to the locals. Deru, who spoke at a cocktail organised by SIAO Partners in honour of its new associates, said the growing economy comes with enormous accounting challenges, which could be addressed through closer working relationship among foreign and local firms. According to him, collaboration among the big international and growing local accounting firms will stem the tension arising from the perception that the 'big four' audit firms dominate accounting profession in the country. He said Nigerian accountants would have gained sufficient skills and competences to compete sufficiently shortly if their foreign counterparts share contract with them. Managing Partner of SIAO, Ituah Ighodalo, shared similar view, saying joint arrangement is in line with local laws. Even while he observed that Nigerian accountants have come of age in terms of experience and capacity, he admitted more joint contractual arrangement would help the locals to acquire exceptional skills to take charge of the economy. Ighodalo, whose firm is currently challenging alleged breach of the Nigerian Oil And Gas Industry Local Content Development Act, lamented what he described as unfair stifling of Nigerian accountants by government agencies and multinationals who prefer working with foreign companies. He said his team would continue to push for a fair deal for local firms, which he said are not less skillful than their foreign counterparts as the government (erroneously) believes. Chairman of the firm, Robert Ade-Odiachi challenged young professionals to continually seek new skills to prepare for emerging challenges. He noted that the profession holds great prospects despite the technological advancement, saying "computers will make accountant more effective but not redundant." The new young associates, Ann Babaagba and Mosopefunoluwa Ishola, said they had great career expectations and that they would work hard for the growth of accounting practice in the country. Copyright The Guardian. Distributed by AllAfrica Global Media (allAfrica.com). |