The Faculties

The concept of Faculties may be novel to most stakeholders. In its simplest sense and as approved by Council, a Faculty is a cluster or group of members interested in the pursuit of knowledge, research and advancement in a particular area of expertise in the practice of accounting.
As centres of excellence, Faculties are to provide technical support to members as well as offer them opportunities to specialize in any area(s) of their choice. Faculties are conceived as service and capacity building Units of the Institute designed to support members as they carry out their respective value creating activities.

Objectives of Faculties

The Council approved the following objectives of the Faculties: to

  • Enhance members' technical competence through specialization, no matter where they may be engaged.
  • Disseminate specialist and value-adding information to members, stakeholders, government and relevant authorities.
  • Be involved in the continuing education and capacity building of the members of the Faculties for the purpose of continuous relationship with other organizations capable of meaningful contribution to Faculties and the Institute in general.
  • Publish research findings and technical papers of each faculty in the Institute's Journal for the benefit of all ICAN members and Faculty Newsletter for the members of the Faculty, issue guidelines for members of the Faculty.
  • Liaise with other Faculties and Committees of the Institute to accomplish desired goals/objectives.
  • Improve the quality of members through regular update and relevant training programmes.

Benefits of Faculty Membership

All stakeholders will benefit from the creation of specialized Faculties. For members, it is an opportunity to specialize in an area of core competence without having to belong to another professional body. The Faculties would issue certificates of such competences in line with approved guidelines. It would also provide opportunity for skill enhancement at minimal cost and access to regular technical support from the Institute.

For practising firms, it would serve as window of opportunity for deepening available knowledge, technical support, sharing of experiences and networking which will significantly impact the quality of work.

For regulatory agencies, it would facilitate compliance to standards, rules and regulations which are crucial to the defense of the public interest.

Ultimately, users of the services of Chartered Accountants will be the better for it.

Structure and Board Composition

The Board of each of the Faculties has seven (7) members. Each Faculty has one (1) member of the Council who acts the Vice Chairman.

To be a member of the Faculties

The Institute has the following six Faculties:

Membership of the Faculties is open to all Chartered Accountants, firms of Chartered Accountants and other corporate entities which share the ideals of the Faculties. In fact, every member of the Institute is mandatorily required to belong to at least one Faculty and a maximum of three Faculties.

Membership Registration

Faculty registration can be done ON-LINE or manually. Prospective members should follow the under listed procedure for online registration:

  • Obtain PIN Voucher from the designated branches of Zenith Bank Plc.
  • Log on to http://www.ican-ngr.org/faculty and select the Faculty of your choicer
  • Complete the registration form
  • Print out the Faculty registration confirmation form and keep for your record.
Please note that the on-line registration is not complete until you have successfully printed the Faculty registration confirmation form.

And for manual registration, you can print the form from our website or pick this up from the Cashiers Offices, complete same, make the appropriate payment and return to the Cashiers.

Fees:
For Individual members:
Registration: N2, 500 per Faculty
Annual Subscription: N2, 5000 per Faculty

For Corporate Members:
Admission: N5, 000 per Faculty
Annual Subscription: N5, 000

Membership Registration

Faculty registration can be done ON-LINE or manually. Prospective members should follow the under listed procedure for online registration:

  • Obtain PIN Voucher from the designated branches of Zenith Bank Plc.
  • Log on to http://www.ican-ngr.org/faculty and select the Faculty of your choicer
  • Complete the registration form
  • Print out the Faculty registration confirmation form and keep for your record.
Please note that the on-line registration is not complete until you have successfully printed the Faculty registration confirmation form.

Faculty Newsletter

As a means of reaching out to its members, Faculty Newsletter is published. The quarterly publication is produced to disseminate information about the activities of the various Faculties and the developments in the profession. It is currently circulated to members at functions and always available in the Faculty Office. Plans have been concluded to make editions of the newsletter downloadable from the Institute's website. This is to ensure that a large spectrum of our members reap the benefits of membership.

AUDIT, INVESTIGATIONS AND FORENSIC ACCOUNTING FACULTY

The Faculty, having realized in 2009 that fraud, corruption and money laundering were becoming the world’s greatest challenges and major hindrances to national developments, introduced Forensic Accounting Training. The programme was designed to help Accountants develop an investigative eye towards both internal and external fraud and provide crucial information on how to cope with it when discovered. To date, the Faculty has trained about 400 chartered accountants in this area who have been contributing tremendously to Government’s anti fraud and money laundering crusade.
Also, a platform, called “Forum of Firm” was created by the Faculty to cater to the needs of members in practice and in particular, partners of practicing firms. The forum provides a veritable opportunity to interact with the Institute’s leadership, network and share experiences that will positively impact their practices as well as the quality of financial reporting in Nigeria.
To ensure that the diverse needs of members are properly taken care of, the Faculty is the process of establishing  a ‘Help Desk’ which is intended to provide members information and support on technical issues necessary to improve the quality of work. It will provide a point of contact for members to gain assistance, get answers to challenging issues and solving known problems

COURSE OUTLINE FOR ICAN FORENSIC ACCOUNTING TRAINING
1.    Introduction to Forensic Accounting
2.    Economic and Financial Crimes
3.    Fraud Risk Management
4.    Law of  Evidence
5.    Forensic Examination
6.    Report writing and Court Testimony

CONSULTING AND INFORMATION TECHNOLOGY

In order to provide specialization opportunities for chartered accountants in consulting and Information Technology practices aside the regular assurance and Audit services, the Board of the Faculty has put together a robust package of courses laden with hands-on practical sessions necessary for retooling and diversification by chartered accountants with a view to developing a future generation of Consultants.

CORPORATE FINANCE MANAGEMENT

The recent announcement by Nigeria of its adoption of IFRS from January 1, 2012 has brought to the fore the need for the Institute to build capacity and enhance the technical skills of its members who will function within the evolving principles-based financial reporting framework. Accordingly, the Corporate Finance Faculty designed a programme for the benefit of chartered accountants and other persons who either have governance responsibilities or are involved in the financial reporting chain irrespective of the sector of the economy in which they function. The programme has since received commendations from both the regulators and members.
It is all instructive to note that, a specialist training programme in corporate finance management has been approved to up-skill chartered accountants in money and capital market transactions and other related issues. The programme has been benchmarked against Masters Degree Programme in Finance and CFA qualifications.

INSOLVENCY AND CORPORATE RE-ENGINEERING

The Board of this Faculty commenced the implementation of two-part certification programme for its members during the year. And by November 2011, a total of eleven (11) candidates, having completed the programme appeared for interview to ascertain their suitability as experts in the field.

PUBLIC FINANCE MANAGEMENT

The Public Finance Management Faculty has been instrumental to training of members in the public sector on the need to get acquited with International Public Sector Accounting Standards (IPSAS). It has taken the sensitisation training to all the geo-political zones of the country.
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