Iyin😎 retweeted
I can relate to this from personal experience.
Before my first engagement involving the valuation of intangible assets and biological assets, I had spent over five years teaching IAS 38 (Intangible Assets) and IAS 41 (Agriculture) at ICAN tuition centres. I knew the standards and the theory, or at least I thought I did. 😂
Then came my first brand name valuation engagement. It required a lot of research, deeper understanding of IAS 38, and a fair amount of going back to the drawing board. Applying the concepts in practice was a completely different experience from teaching them in a classroom.
The same applied to biological asset valuation. Knowing the theory was one thing and figuring out how to apply it to a real-life valuation was another.
It was challenging, but the learning was immense. Since then, I have worked on several more engagements, including valuations using the Relief from Royalty Method and the Multi-Period Excess Earnings Method (MPEEM).
One thing I have come to appreciate is that valuation is dynamic. Every engagement comes with its own peculiarities, assumptions, and challenges, and there is always something new to learn.
Certifications are useful, and I certainly have nothing against them. But there is a world of difference between understanding a concept and applying it to a real transaction.
I’ve done many interesting valuation engagements in my life but the learning continues.
Get the certification, but seek the practical experience too. That is where the real learning happens.
If you like do AFM or FMVA.
When they hand you the valuation of a brand name or a biological asset, you’ll quickly realise that those certifications alone won’t save you.
Hot tears go first roll!!!
You’re better off joining a valuation team at work and gaining hands-on experience than spending all that time chasing certifications without practical exposure.
Iyin😎 retweeted
Congratulations @O_ladele, proud of your achievement. Using one hand to handle your career growth and using the other hand to press the neck of those who want to mess with the Accounting and Finance profession.
I may have to start calling you the Gattuso of Accounting and Finance.
You are good and you deserve this win.
Iyin😎 retweeted
You won’t understand how happy I’m for you cos I know how you started and seeing you here makes me more than happy 😂
Iyin😎 retweeted
Nigerian factor. Yet your COREN lacked the brainpower to come together to form an angel investment or venture capital vehicle to foster innovation. So weak that serious companies would rather spend fortunes bringing in engineers from India and Pakistan. You lot should never brag. Just hide your faces in shame
Sir, I have an issue with your last statements.
The reason many engineering and science graduates pivot into finance and banking is largely the “Nigeria factor.” 🇳🇬
Give these graduates a country with a thriving manufacturing sector, functional research institutions, R&D opportunities, and industries investing in engineering innovation, and watch how many would actually abandon their fields.
Engineering and the physical sciences require a FUNCTIONAL SYSTEM to thrive! This often, is not the fault of the graduates.
You cannot expect graduates to remain in fields where there are barely any opportunities to practise what they spent years studying.
Having lived in Germany 🇩🇪, the Netherlands 🇳🇱, and now the US 🇺🇸, I’ve seen firsthand what happens when a country invests in science, engineering, research, and industrial development.
The problem is not that Nigerian science graduates suddenly fell in love with banking. Many simply went where the opportunities and money are!
Give Nigerian engineers an ecosystem where they can thrive, and watch them build incredible things!
Iyin😎 retweeted
Facts
Non finance people should stop belittling the profession that is saving them from unemployment
Science students, we do too much, because the finance faithfuls in their good heart decided not to gatekeep their profession and allowed us to diversify (majorly due to unemployment) in our own line of profession, we feel we can rubbish their noble profession.
Let COREN set a rigorous processes to become an engineer in terms of examinations where people can read and pass and see if people from commercial and arts won’t come and pass same exam, unfortunately, they won’t even come, your profession ain’t that “all it” hence, many of you are leaving the almighty engineering, Chemistry, Physics to become chartered in accounting & finance.
Radarada!
Iyin😎 retweeted
You can keep fondling the idea, the dream, and imagining the life you want or you can snap your body out of it and start doing what it needs you to do to get there now
Iyin😎 retweeted
You are correct,
I did some research on this sometime ago and this is what I understood.
Men should think of the pelvic floor as a hammock of muscle under the bladder and prostate. One of the important ones is puborectalis. It loops around the urethra and rectum.
For urine to leave easily, that loop has to slacken. If it stays even a little tight, the tube is narrower.
When you stand, those muscles do two jobs at once:
• they help you stay balanced and upright
• they have to relax enough to let urine out
When you sit, especially with feet flat on the floor, the body is already supported. Those postural muscles can drop more of that background tension. The pelvic floor does not have to brace you anymore, so it can let go more fully.
That is why some men get a slightly stronger stream and less leftover urine, especially if the prostate is already making the urethra a bit tight.
Iyin😎 retweeted
And when you start succeeding, watch out for the spirit of pride and nip it in the bud.
Iyin😎 retweeted
It’s not a lie. Civil service salary is very low. My cousin is a lawyer and worked with the fct magistrate court in utako her monthly salary is 100,000 Naira even with her call to bar o. When I saw her salary I was weak. She’s lucky because she is not paying rent.
Iyin😎 retweeted
Getting a man a gift is the easiest thing ever. They appreciate everything because they hardly get anything.
Iyin😎 retweeted
If it were CFA they were breaking the bank for, I’d understand. ICAN also has international leverage through different pathways just like the ACCA does, but folks never seem to research these things themselves.
Many people who are doing ACCA are doing it based on a word-of-mouth misconception. They have forgotten the reason folks initially opted for ACCA over ICAN: ICAN originally expected you to pass all your papers for a level at once (fail more than one paper and you rewrite everything), while ACCA operated on a credit system—if you fail, you only rewrite what you failed.
It was when ICAN saw folks trooping to ACCA that they adopted the credit system we have now. But Jamiu Moses of Ojodu Berger thinks he is more visionary than the rest of us because he is doing ACCA 😂😂
At the end of the day, to each his own.
Iyin😎 retweeted
Nigerian Auditors/Accountants in the UK (let us learn this together).
If you hold ICAN, or you have completed your ACCA with international variants in some papers, and you want to own or control a UK audit firm, become a partner who counts toward audit firm control, or eventually sign UK statutory audit reports, conversion or registered membership (with ICAEW) alone is not enough.
Yes, read that again. This is not to get you worried, you or someone you know may need this guidance below.
The reason is simple, Nigeria is not an FRC-approved territory for UK statutory audit experience, "yet".
FRC only treats statutory audit work in a short list of territories as equivalent to UK company audit (for example Ireland, Germany, Cyprus, the Netherlands, Luxembourg, and, from specified dates, certain work in the US, Switzerland and the Crown Dependencies).
So, to close that gap, you still have to meet UK exam and UK-supervised experience requirements. (you go need write exam oh 😄)
What you need for UK statutory audit rights, to sign UK audits, you typically need all of the following:
• membership of a Recognised Qualifying Body (ICAEW, ACCA, etc.)
• the Audit Qualification (AQ)
• a practising certificate
• Responsible Individual (RI) status, nominated by a firm that is itself a registered auditor
Again, the AQ is not the same as converting into ICAEW membership. Pathways or reciprocal membership (reflective statement + fees) does not give you a licence to practise audit (as in be an audit partner for example).
The AQ is a mix of specified UK exams and supervised practical experience in an authorised training environment:
• about three years of supervised general training/experience
• of which at least two years must be in a firm of registered auditors
• plus, a minimum volume of audit work (ICAEW: typically, 220 days of audit, including at least 110 days of statutory audit;
ACCA: typically, 44 weeks of audit, including at least 22 weeks of statutory audit)
• that work must be supervised by someone eligible to sign audits in the UK or in an FRC-approved territory.
ICAEW route:
If you are joining ICAEW and need the AQ, the exact papers depend on how you joined and which credits you already have, the extra exams commonly include:
• Law
• Principles of Taxation / UK tax
• Corporate Reporting
• Strategic Business Management
• Case Study
You may also need a further period of training in an ICAEW Authorised Training Employer. Do not assume a fixed five-paper list; confirm your individual position with ICAEW ([email protected]) before booking exams.
ACCA route:
For ACCA’s UK Audit Qualification, you generally need the UK variants of:
• Corporate and Business Law (LW, formerly F4)
• Taxation (TX, formerly F6)
• Advanced Audit and Assurance (AAA, formerly P7)
For SBR, what changed is that the FRC now accepts either the UK or International variant of SBR, because the remaining UK GAAP differences were no longer considered material enough to require a separate SBR-UK exam. You must have passed SBR (Formerly P2).
After the exams and experience,
once you have passed the required papers and completed the qualifying supervised UK (or approved-territory) audit experience, you can apply for the AQ. After that you still need a practising certificate and RI status before you can sign.
Key note
ICAN or ACCA (with international variants) plus ICAEW registration alone will not, by itself, let you practise as a UK statutory auditor.
Iyin😎 retweeted
I agree with everything Dele said here. Other than the extra points for Canada PR, it’s the same level playing ground as anyone that has ICAN if you were to work outside Nigeria or even convert to other similar bodies elsewhere.
Being working in roles in the UK requiring a CA for the last 8 years just with my ICAN. Don’t let anyone pressure you.