The Institute of Chartered Accountants of Nigeria (ICAN) was established by Act of Parliament No. 15 of 1965 to:
i. Determine what standards of knowledge and skill are to be attained by persons seeking to become members of the accountancy profession and to raise those standards from time to time as circumstances may permit;
ii. Secure in accordance with the provision of the Act, the establishment and maintenance of the registers of fellows, associates and registered accountants entitled to practise as accountants and auditors and to publish from time to time a list of those persons;
iii. Perform, through the Council of the Institute, all other functions conferred on it by the Act.
It has over 33,000 members in both Nigeria and abroad, and 120,000 students, still counting.
Through its technical knowledge, skills and expertise, it provides insight and leadership to the global accountancy and finance profession.
ICAN is a member of the International Accounting Standards Committee (IASC) and recently became the member of International Financial Reporting Standards (IFRS), thus adopting the new standard, effective January 2012.
ICAN is the only accountancy body in Nigeria recognized by the International Federation of Accountants (IFAC).
As the foremost professional accounting body in the West African sub-region, ICAN formed the Association of Accounting Bodies in West Africa (ABWA) in 1982. The Association is committed to the development of accounting in the sub-region, and bringing together accountancy bodies that are recognized by individual national laws in the seventeen countries in West Africa.