ICAN

...Accuracy and Integrity

About ICAN

OUR VISION

To be a leading global Professional body.

OUR MISSION

To produce world-class Chartered Accountants, regulate and continually enhance their ethical standards and technical competence in the public interest.

Motto

Accuracy and Integrity

FUNDAMENTAL PRINCIPLES

Integrity, Objectivity, Professional Competence and Due Care, Confidentiality, Professional behavior

More About ICAN

The ICAN ACT

The Institute of Chartered Accountants of Nigeria (ICAN) was established by Act of Parliament No. 15 of 1965 to:

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

Secure in accordance with the provisions of the Act, the establishment and maintenance of the registers of fellows, associates and registered accountants entitled to practice as accountants and auditors and to publish from time to time a list of those persons

Perform, through the Council of the Institute, all other functions conferred on it by the Act. As the foremost professional accounting body in the West African sub-region, in 1982, ICAN initiated and contributed significantly to the formation of the Association of Accounting Bodies in West Africa (ABWA). In fulfilling it mission, the Institute has over the years certified 60,000 Chartered Accountants who are engaged in value creation in various sectors of the economy. Apart from being in professional practice, ICAN members are engaged in the three tiers of public service as well as the private sector.

In fulfilling its mission, the Institute has certified over 58,000 Chartered Accountants who are very talented, ethically committed professionals working in every sphere of the Nigerian economy and other countries, supporting Businesses, Public Sector organizations, Academia, Not-for-Profits, Individuals and Communities to achieve their financial and strategic goals.

INTERNATIONAL AFFILIATIONS:

ICAN is a founding and prominent member of the International Federation of Accountants (IFAC) ICAN has been active in IFAC at Board and Committee levels to date. In addition, the Institute plays leadership roles in the African Continent and West African Sub-Region. ICAN is a founding member of the Association of Accountancy Bodies in West Africa ABWA formed in 1982. It also joined other bodies to form the Pan African Federation of Accountants (PAFA) and produced its first President in 2011. ICAN is also a member of Chartered Accountants Worldwide (CAW).

THE INSTITUTE'S EXAMINATIONS

The Institute conducts two examinations: the Professional Examinations (PE) and the Accounting Technicians' Scheme West Africa (ATSWA) Examinations. Holders of a Bachelor's degree or Higher National Diploma in any discipline obtained from recognized tertiary Institutions and holders of the ICAN AAT qualification are eligible to sit for the Institute's Professional Examinations. Candidates for the ATS examinations must have five Ordinary Level credits (including English and Mathematics) obtained at not more than two sittings.

On completion of these examinations, students are eligible for admission to membership of the Institute subject to the attainment of the minimum work experience

More Information:

  • Accounting Technician Scheme

    In order to facilitate the production of middle level manpower needed by the nation in the development process, ICAN introduced the Accounting Technicians Scheme in 1989. Under the Scheme, about 13,000 Accounting Technicians have been trained and issued the Associate Accounting Technicians' (AAT) certificate which the Federal Ministry of Establishment has certified as the equivalent of the National Diploma of Polytechnics and Colleges of Technology in the Federal Scheme of Service. The Institute conducts two examinations: the Professional Examinations (PE) and the Accounting Technicians' Scheme (ATS) Examinations. Holders of a Bachelor's degree or Higher National Diploma in any discipline obtained from recognised tertiary institutions and holders of the ICAN AAT qualification are eligible to sit the Institute's Professional Examinations. Candidates for the ATS examinations must have five Ordinary Level credits (including English and Mathematics) obtained at not more than two sittings. ATS examinations are now being conducted under the auspices of ABWA as ATS West Africa (ATSWA) to enhance mobility of middle level manpower within the West African sub region.

  • Code of Conduct

    The Institute has a strict Code of Conduct and Professional Ethics, the breach of which is sanctioned through a Disciplinary Tribunal assisted by an Investigating Panel. The panel investigates cases of alleged professional misconduct by members and where prima facie cases are established, the matters are referred to the Accountants' Disciplinary Tribunal. The Tribunal has the status of a Federal High Court. Appeals from the tribunal go to the Federal Court of Appeal and, thereafter, the Supreme Court of Nigeria.

  • District Societies

    The Institute has District Societies for effective coordination of the social and professional activities of members in all the sectors of the economy. Currently, there are 70 District Societies in the 36 States of Nigeria out of which 5 are in Diaspora- UK,USA,Canada,Malaysia & Cameroun and also the Society of Women Accountants of Nigeria (SWAN), which initiates laudable programmes aimed at empowering women in the Accountancy profession. Of these 46 district societies, 44 are in Nigeria while there is one each in the UK and USA.

  • Accounting Research Foundation

    The Institute established the Accounting Research Foundation in 1989 and charged it with the responsibility of providing grants in support of research into accounting and related fields. In addition, the Institute gives a grant to qualified candidates pursuing doctoral degree in accountancy or related fields in a recognised University.

  • Mandatory Continuing Professional Development (MCPD)

    A Continuing Professional Education programme was introduced in 1986 and subsequently made compulsory for all members in 1996 to ensure their technical competence at all times. The Institute is the first professional body in Africa to have successfully introduced the Mandatory Continuing Professional Education (MCPE) programme for its members.

  • Faculties

    As a responsible and responsive professional body committed to excellence and in compliance with the International Federation of Accountants (IFAC) guidelines on specialisation, the Institute has evolved ways of providing adequate technical support to members by creating six Faculties, namely: Audit, Investigations and Forensic Accounting; Taxation and Fiscal Policy Management; Data and Information Technology; Insolvency and Corporate Re-Engineering; Public Finance Management; and Corporate Finance Management. The Faculties bring together experts committed to the expansion of the frontiers of knowledge in a particular field and cater for the specialized needs of members of the Institute.

  • Students' Special Project(SSP)

    The Institute initiated the Students Special Project (SSP) to provide opportunities for indigenes of areas perceived to be educationally disadvantaged by reaching out to the governments and philanthropists in those areas to partner with the Institute to grant scholarships to indigent ICAN students from their localities; provide training facilities to motivate tuition houses to locate in such environments; and partner with accredited tertiary institutions in their localities to enhance the quality of facilities at such institutions. Since the first ICAN Centre was launched in Yenagoa, Bayelsa State and subsequent ones in Kano, Kaduna and Calabar, the response across the nation has been impressive.

  • Contribution to National Development

    As part of its responsiveness to the Nigerian people, the Institute makes representations to the government on annual budgets, rolling plans and other relevant economic issues. It regularly submits memoranda to the government to enhance policy formulation in the country. It also organizes awareness seminars on economic, tax and other accounting-related issues as part of the Institute's proactive efforts to create awareness and raise compliance levels of economic agents to universally accepted standards and statutory regulations.

  • Major Activities

    Major activities of the Institute include: Bi-Annual Examinations; Bi-Annual Inductions into membership; Annual Investiture of the President; Annual Accountants' Conference; Zonal Accountants' Conferences; Annual Dinner & Awards; Bi-Annual Past President's Luncheon; Annual General Meeting; as well as all-year-round MCPE and Seminars.

  • Some Publications of the Institute

    • Membership Year Book
    • The Nigerian Accountant (quarterly), the official journal of the Institute
    • ICAN Students Journal (quarterly)
    • Members' Handbook contains the ICAN Act, all auditing and accounting standards, members' code of ethics, syllabus, policies on Branch Offices of Practising Firms, etc
    • Study Packs on all subjects for the benefit of students, teachers and all who are interested in accounting information
    • Tax Aide-Memoir which provides information on current fiscal and tax policies of the government
    • Nigerian Standards on Auditing which provide information to members in practice, regulators and other stakeholders on auditing issues
    • Scale of Professional fees
    • Pathfinders and Insights
    • Research Journal