The statutory and regulatory framework for accounting profession of Nigeria?

* Companies and Allied Matters Act (CAMA): This is the primary legislation governing the accounting profession in Nigeria. It was enacted in 1990 and has been amended several times since then. CAMA provides for the establishment of the Institute of Chartered Accountants of Nigeria (ICAN), which is the regulatory body for the accounting profession in the country.

* ICAN Act: This act was enacted in 1965 and provides for the establishment of ICAN. ICAN is responsible for regulating the accounting profession in Nigeria, setting accounting standards, and ensuring that accountants comply with ethical standards.

* Financial Reporting Council of Nigeria (FRC) Act: This act was enacted in 2010 and establishes the FRC. The FRC is responsible for developing and issuing accounting standards, and overseeing the enforcement of those standards.

Regulatory Framework

* ICAN Code of Ethics: This code sets out the ethical principles that accountants must adhere to.

* ICAN Accounting Standards (IAS): These standards are based on the International Financial Reporting Standards (IFRS) and are used by Nigerian companies to prepare their financial statements.

* FRC Nigerian Code of Corporate Governance: This code provides guidance to Nigerian companies on how to improve their corporate governance practices.

The statutory and regulatory framework for the accounting profession in Nigeria is designed to protect the interests of investors, creditors, and other users of financial statements. It also ensures that accountants maintain a high level of professional competence and ethics.