Abstract:
The development of accountancy profession in Nigeria started over five decades ago with the incorporation, in 1960, of the Association of Accountants in Nigeria. Currently, there are two bodies chartered in Nigeria by the legislature to licence professional accountants- The Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN). In spite of the renown of the existing Nigerian accountancy bodies and their efforts in contributing to the advancement of the accounting profession, it has been observed that professional accounting bodies (local and International) are proliferating in Nigeria. While it has been possible by the Nigerian government not to recognise the prospective local accountancy bodies, the same feat has not been achieved with regard to the foreign professional accountancy bodies. In light of this development, it became imperative to investigate reasons for the trend of proliferation of the foreign professional accounting bodies (FPAB) in Nigeria. The study adopted a survey research design using questionnaire as the research instrument. The population of the study was the final year accounting undergraduate university students. Sample was however limited to two private universities located in Ogun State- Bells University and Covenant University respectively. 100 copies of the research instrument were administered in each of the universities. Statistics such as minimum value, maximum value, Mean, and standard deviation, were used for analysis. Empirical results revealed, among others, that the notion of foreign professional accountancy qualifications having better prospects outside Nigeria were responsible for the appeal of students sitting foreign accountancy examinations. To boost their fortunes, ICAN and ANAN may look into leveraging on their status as recognised accounting professional bodies in Nigeria to partner with other international accounting bodies worldwide to promote their global relevance and recognition. This way, the proliferation could be brought to a halt.
