RESOLUTION BY COUNCIL ON REGISTRATION OF FIRMS FOR RATIFICATION
AT THE 51st ANNUAL GENERAL MEETING
The current global practice with respect to accountancy and audit is the separate registration of firms and partners of the firm, as it aids quality control especially under the Public Practice Monitoring Committee of the Institute. Furthermore, the list of registered firms would be hosted on the Institute’s website and also forwarded to all regulatory authorities by 1st April of every year. In addition, the firms will be issued registration certificates as member firms.
Having approved the registration of firms in addition to the Partners at the Council meeting of January 28, 2016 in line with paragraph 2 of the first schedule to the ICAN Act, the Institute’s Governing Council hereby presents the following resolutions to the 50th Annual General Meeting for ratification:-
1.Firms of Chartered Accountants should be separately registered from the licensed Partners.
2.The sum of N10, 000 shall be the registration fee payable by the firm every three years based on the number of its partners. Registration shall be renewable every three years.