The move is expected to improve the way in which public financial management and governance are assessed across the public sector, according to the Nigerian newspaper The Guardian.

This will include the federal, state and local governments in the African country.

ICAN president Razak Jaiyeola said the index, announced on Friday, would boost accountability and governance.

He said: “There are a number of initiatives that ICAN is trying to introduce – the first one has to do with accountability index, which is a system of assessment of performance of the public sector.”

The index will also help tackle corruption by engaging quality professionals in the sector, he added.

The ICAN chief also said that accountancy arguably needs the highest level of ethical conduct among practitioners of any profession.

He said: “In fact, it is an anomaly for any system to have corrupt auditors; this will perhaps be the worst form of corruption anywhere. History has been generous enough to educate us on the enormity of atrocities such a phenomenon can cause an organisation or a country.

“Even the ‘too big to fail’ have succumbed to this singular act.”