PETER EGWUATU
The Executive Secretary of Nigeria Accounting Standards Board, NASB, Mr. Godson Nnadi, has emphasized the need for the establishment of an independent accounting and auditing standard setting body for Nigeria and other African nations.

Speaking in a paper titled “In support of the private sector led- growth agenda” Nnadi who led the Nigerian delegation to the 2010 Africa ROSC A&A Round-table conference recently in Addis Ababa, Ethiopia, stressed that the setting up of an accounting and auditing standards body devoid of undue government interference would enable Nigeria and other African countries attain critical economic development goals that will liberate their citizens.

He outlined some of the challenges currently faced by NASB, stressing that adequate funding by government and other stakeholders would assist the body to stem the high labour mobility among its technical staff.

The NASB boss also regretted the inadequate member of technocrat due to the financial constraints facing most standard setting bodies in most countries, stressing that the conference which had the objective of strengthening financial reporting in Africa will be of immense benefit to participating countries.