Accountants Code Of Ethics In Nigeria

The Financial Reporting Council (FRC) Act of 2011 establishes the Financial Reporting Council of Nigeria (FRC) as the ethical standard-setter for registered professional accountants (in Nigeria this means auditors and other professionals providing services to public interest entities (PIEs)). 

The FRC Act outlines that the FRC is also 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 regard to ethical standards.

In accordance with its mandate under the ANAN Act of 1993, ANAN initially developed a Code of Professional Conduct and Ethics, which was consistent with the 2006 version of IESBA Code of Ethics. As of 2018, it states that it has updated its Code in line with the 2016 version of the IESBA Code.

ICAN developed a “Professional Code of Conduct and Guide for Members” as part of its responsibility under the ICAN Act of 1965. However, ICAN decided, in May 2018, to directly adopt the Code of Ethics for Professional Accountants as issued by the International Ethics Standards Board for Accountants (IESBA), including the NOCLAR standard with effect from July 2017.