Excellence in Professional AccountingInstitute of Chartered Accountants of Nigeria
About ICAN
The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy association in Nigeria. It is one of the two professional accountancy associations in Nigeria, the other being the Association of National Accountants of Nigeria (ANAN). ICAN is a member of the International Federation of Accountants (IFAC), the Association of Accountancy Bodies in West Africa (ABWA), and the Pan-African Federation of Accountants (PAFA). The Institute was established by the Act of Parliament No. 60 of 1965.
ICAN has over 50,000 qualified Chartered Accountants and is responsible for setting standards and regulating the accounting profession in Nigeria. The Institute's headquarters is located at The ICAN House, 14, Prince Adelowo Adedeji Street, Dopemu, Alimosho, Lagos State.
The Institute's mission is to produce world-class Chartered Accountants, regulate and add value to businesses through excellence in professional standards, ethics, and quality assurance. Its vision is to be a world-class professional accountancy body that adds value to its stakeholders.
History of ICAN
The Institute of Chartered Accountants of Nigeria was established in 1965 by an Act of Parliament No. 60. It started with 250 members who were previously members of the Institute of Chartered Accountants in England and Wales (ICAEW) and other recognized accountancy bodies. Prior to the establishment of ICAN, Nigerian accountants had to travel abroad to qualify as professional accountants.
The establishment of ICAN marked a significant milestone in Nigeria's journey toward self-reliance and professional development. It created opportunities for Nigerians to qualify as professional accountants locally and contributed to the development of human capital in the country's financial sector.
Since its establishment, ICAN has grown from strength to strength, expanding its membership base and increasing its influence on the accounting profession in Nigeria and beyond. The Institute celebrated its Golden Jubilee in 2015, marking 50 years of excellence in accounting professional development and regulation.
Objectives of ICAN
The primary objectives of the Institute of Chartered Accountants of Nigeria include:
- Determining the standards of knowledge and skill to be attained by persons seeking to become members of the accounting profession.
- Securing in accordance with the provisions of its Act, the establishment and maintenance of a register of members.
- Conducting examinations in the profession of accountancy and awarding certificates or other authorizations to practice as accountants.
- Promoting the highest standards of professional competence, probity, and integrity among its members.
- Providing continuing professional education and development for its members.
- Controlling and regulating the practice of the accountancy profession in all its aspects and ramifications.
- Performing through the Council of the Institute, any other functions conferred on it by the Act of Parliament.
- Maintaining local and international relationships with other professional accountancy bodies.
Organizational Structure
The governance and administration of ICAN are structured as follows:
The Council
The Council is the governing body of ICAN, constituted of elected members and representatives from the public and private sectors. The Council is responsible for the overall policy direction of the Institute and oversees its day-to-day operations. The President, who is elected by members, chairs the Council.
Committees
ICAN has various committees that handle different aspects of its operations. These include:
- Professional Standards Committee
- Examination Committee
- Education Committee
- Practice Monitoring Committee
- Investigation Committee
- Disciplinary Tribunal
- Public Practice Committee
- Technical and Research Committee
Secretariat
The Secretariat is headed by a Registrar/Chief Executive who oversees the day-to-day administration of the Institute. The Secretariat implements the decisions of the Council and ensures the smooth operation of ICAN's activities.
Membership Categories
The Institute of Chartered Accountants of Nigeria has the following categories of membership:
| Membership Category | Description |
|---|---|
| Fellow | Members who have been Associate members for at least five years and have met specific criteria. |
| Associate | Qualified Chartered Accountants who have completed the professional examination and fulfilled all requirements. |
| Graduate | Graduates who possess recognized qualifications and are registered as students preparing for the ICAN examination. |
| Honorary Fellow | Distinguished individuals who have made significant contributions to the profession or society at large. |
| Registered Student | Individuals registered to prepare for and write the ICAN professional examinations. |
Becoming a member of ICAN involves passing the professional examinations, completing a prescribed period of practical experience, and meeting other requirements set by the Institute. The qualification process is rigorous and ensures that only individuals with the requisite knowledge, skills, and integrity become members.
ICAN Professional Examination
The ICAN professional examination is designed to test the knowledge, skills, and competencies required to become a Chartered Accountant. The examination is divided into three levels:
Foundation Level
The Foundation Level comprises five subjects:
- Principles of Accounting
- Business Law, Ethics and Governance
- Public Sector Accounting and Finance
- Business, Management and Finance
- Business Information
Skills Level
The Skills Level comprises six subjects:
- Financial Reporting
- Auditing, Assurance and Internal Review
- Taxation
- Management Accounting
- Public Sector Financial Management
- Financial Management
Professional Level
The Professional Level comprises four subjects:
- Advanced Financial Reporting
- Advanced Audit and Assurance
- Advanced Taxation
- Corporate Reporting
The ICAN examinations are held twice a year (May and November) at designated centers across Nigeria and in some other countries including the United Kingdom, Ghana, Sierra Leone, and The Gambia. The examinations are known for their rigor and high standards, ensuring that successful candidates are well-equipped to practice as professional accountants.
Professional Development
ICAN places premium importance on the continuous professional development of its members. The Institute organizes regular seminars, workshops, and conferences across Nigeria to keep members updated on emerging issues in the accounting profession.
Mandatory Continuing Professional Development (MCPD)
All ICAN members are required to participate in Mandatory Continuing Professional Development to maintain their membership. This ensures that members remain current with developments in the accounting profession and maintain the high standards expected of Chartered Accountants.
Annual Accountants' Conference
ICAN's Annual Accountants' Conference is one of the largest gatherings of accountants in Africa. It provides a platform for members to network, exchange ideas, and learn from industry leaders and experts from Nigeria and around the world. The conference also features an exhibition where organizations showcase their products and services to the accounting community.
Specialized Training
ICAN also offers specialized training programs in various areas of accounting practice, including International Financial Reporting Standards (IFRS), forensic accounting, strategic management, and information technology in accounting. These programs are designed to equip members with specialized skills that are in high demand in today's dynamic business environment.
Contributions to Nigerian Economy
The Institute of Chartered Accountants of Nigeria has made significant contributions to the development of the Nigerian economy and the advancement of the accounting profession in the country. Some of these contributions include:
- Human Capital Development: ICAN has trained and produced thousands of qualified accountants who occupy strategic positions in both the public and private sectors of the Nigerian economy.
- Standard Setting: Through its technical committees, ICAN contributes to the development and adoption of accounting, auditing, and ethical standards in Nigeria, ensuring alignment with international best practices.
- Financial Reporting: ICAN plays a crucial role in promoting high-quality financial reporting in Nigeria, which enhances transparency and accountability in business operations.
- Promoting Ethical Conduct: ICAN enforces a strict code of ethics for its members, promoting integrity and professional conduct in the accounting profession.
- Public Sector Accounting: The Institute has contributed significantly to reforms in public sector financial management, helping to improve transparency and accountability in government operations.
- Regulatory Partnerships: ICAN collaborates with regulatory bodies such as the Financial Reporting Council of Nigeria (FRCN) to develop and implement regulatory frameworks for the accounting profession in Nigeria.
- Consultancy Services: Chartered Accountants produced by ICAN provide valuable consultancy services to businesses, helping to improve their financial management and operational efficiency.
- Academic Contributions: Many ICAN members contribute to academic institutions as lecturers and researchers, helping to shape the education of future accountants.
The Institute of Chartered Accountants of Nigeria continues to play a pivotal role in the economic development of Nigeria through its commitment to excellence, integrity, and professional standards. Its members are at the forefront of driving economic growth, ensuring financial transparency, and promoting good governance in both public and private enterprises.
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