Research Purpose: In the contemporary business environment, robust financial reporting is crucial for economic stability and growth. This study evaluates the effectiveness of Nigeria's three well-recognized accountancy professional bodies—Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN), and Institute of Cost and Management Accountants (ICMA)—in overseeing and improving accounting practices.
Methodology: The study employed an ex-post-facto design, utilising secondary data to assess the activities and mutual relationships among these regulatory bodies. The data were collected from various reports and publications pertinent to the accountancy profession in Nigeria.
Findings: The analysis revealed that the activities of ICAN, ANAN, and ICMA have positively impacted the quality of financial reporting in Nigeria. The regulatory framework facilitated by these bodies has significantly enhanced accounting practices, ensuring compliance and improving overall financial transparency.
Conclusion: The study concluded that the collaborative efforts of Nigeria's accountancy professional bodies have led to substantial improvements in accounting practices. However, there are still areas that require further enhancement to sustain and advance these improvements.
Recommendations: The study recommends that regulatory bodies should continue to strengthen their frameworks by adopting more advanced oversight mechanisms. Additionally, increased collaboration and regular reviews of practices will ensure that the standards of financial reporting continue to improve, thus fostering greater trust and transparency in Nigeria’s financial environment.
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