SIAO seeks greater participation by indigenous accounting firms

SIAO a consortium of local accounting firms is seeking greater participation by indigenous accounting firms in the Nigerian economy while calling for the enforcement of the provisions of the Local Content Act 2010.

SIAO in a press release said that the Nigeria government often gives most of the big jobs in the oil and gas sector to international accounting firms which this stifles, the growth potential of the indigenous firms.

“They look for foreign firms to do most of taxation service for Nigeria,” said Ituah Ighodalo managing partner of SAIO during the press conference at the company’s office in Ikoyi Lagos.

“Most of the international companies insist they have their accounts audited by the big international accounting firms,” said Ighodalo “This is what is stifling the growth potentials of the profession; in short they control most the jobs.”

While the local firms seek to do more business there are questions about the capacity and skills of the firms to handle new accounting rules such as IFRS.

SIAO insists Nigerian accountants are competent enough for the job.

The profession will keep churning out chartered accountant that are unemployed if the indigenous firms are not allowed to thrive according to Ladi Smith a partner at S.IAO.

“We should have a joint audit of both the international and local firms this will enable the local ones strive,” said smith.

The Nigeria Local content law which was signed into law by President Goodluck Jonathan in 2010 provides that Nigeria companies be given the opportunity to participate in the audit of the oil and gas industry.

 

BALA AUGIE