I was going through the guidelines for merger of audit firms as published by the Institute of Chartered Accountants of Nigeria (ICAN) and came up with an astonishing find. Of the 916 audit firms as at May 27, 2011about 655 of them have just one partner each.
Unfortunately, I do not have similar stats for other countries to find out if this is unique to Nigeria alone. Besides that though, this obviously isn’t a good development for Nigeria. We all know the implications of running a one man business in Nigeria let alone for audit firms. Fact is you will probably see a similar situation, if not worse, amongst other noble professions such as Lawyers, Medical Doctors, Architects etc.