ICAN : APPOINTMENT OF UHY MAAJI & CO AS JOINT AUDITORS WITH PWC FOR THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

As part of its strategies to enhance the technical capacity of small and medium-sized practices (SMPs) and by extension, the quality of financial reporting in the country, the Council of the Institute through its 50TH and Golden Jubilee President  in a press release dated 28th Aug, 2014 addressed to its members expressed that the Institute is championing the concept of joint auditors for corporate entities. 

Joint audit involves the appointment of a lead audit firm and a support audit firm by a client
with the mandate to jointly carry out the audit of a given entity within a defined time period usually a year. In other words, both auditing firms will jointly plan, execute the engagement, sign the auditors’ report and share rewards in line with agreed proportion. Source:

There have been several advertorial placed in a series of newspapers by the Council designed to create awareness as well as encourage corporate entities to buy into this laudable initiative.

Building capacity of SMPs in this manner, the Council views, will enable them take advantage of the emerging business opportunities in the country as envisaged by the Local Content Act 2010. It will also assist SMPs to align their operations with best global practices.  

As a professional body founded on integrity and driven by the common good, the Institute is set to lead by example. Accordingly, the governing Council of the Institute, at its August 21, 2014 meeting, appointed the firm of UHY Maaji & co (Chartered Accountants) as joint auditors to PwC for the Institutes' 2014 financial year. This appointment will be presented to the next Annual General Meeting for ratification.

The Institute in its publication stated that the processes leading to the appointment of UHY Maaji & co as joint auditors was fair, transparent and objective. You would recall that advertisements were recently placed in a series of newspapers when the erstwhile auditors retired. Among the shortlisted and subsequently interviewed firms of chartered accountants, UHY Maaji & Co came first overall. UHY Maaji & Co is a Nigerian firm formed in the country with 100% ownership by Nigerians. 

The 50TH and Golden Jubilee ICAN President also stated that as the Institute presses forward with this initiative which will open more economic space for its members, it will continue to engage policy makers, regulators and key players in the economy to persuade them to embrace it in the public interest.

Ajibola Aderonke is an auditor at professional services firm Ernst & Young (EY). She previously worked another Big 4 accounting firm PwC. She can be reached at ajibolaaderonke@gmail.com for ideas and suggestions. The post above and its ensuing comments, if any, is purely the opinion of the writer.