CITN, ACCA sign MOU for advancement of accountancy, tax profession

A new deal signed by the Chartered Institute Taxation (CITN) and Association of Chartered Certified Accountants (ACCA) would enable the two professional bodies work in partnership to develop accountancy and tax profession in Nigeria.

The two leading professional bodies have signed a Memorandum of Understanding (MOU) which will promote the highest standards of professionalism and ethics, with both organisations agreeing to co-operate in professional training, education, research findings among others.

Speaking at the ceremony, the President of CITN, Cyril Ikemefuna Ede said the deal would enable both parties to recognize the value of promoting mutual cooperation that would help both parties to strive for the development of their members in their various professions.

“The MOU will commence and be effective when it is signed by the last party on the agreement. It may be amended upon the mutual written agreement of the parties. The term of this MOU will be five years from the date of execution, save that it may be terminated at any time before the expiry of the five year term.”

On the specific areas of cooperation, the president explained that ACCA would share with CITN on the areas of research findings on accountancy, tax, business, corporate governance and ethics.

ACCA would also invite CITN leadership team to ACCA Continuing Professional Development (CPDs) events at no cost and offer discounts for ACCA paid CPDs where available.

He added that both parties would explore other potential areas where cooperation would be beneficial to members and student of both bodies.The Director Sub-Saharan ACCA, Jameel Ampomah explained that the role of the professional has never been more exciting and challenging, adding that there was need for the professionals to stay ahead of trends in the global economic and business landscape, which is changing at a speed.

“The ultimate aim of our partnership is to develop the profession and build on strong foundations created by both bodies. ACCA is excited by the potential of working with the CITN, and we look forward to a long, happy and productive partnership.”