ICAN ACT AMENDMENT BILL

What Is This Policy?

A bill to amend the ICAN Act to update the governance, operations, and regulatory framework of the Institute of Chartered Accountants of Nigeria in line with current professional and global standards.

Who Does It Target?

Chartered accountants, accounting professionals, accounting students, and businesses requiring professional accounting services in Nigeria.

What Does It Aim to Achieve?

Modernize ICAN's operations, strengthen professional standards, enhance governance, and align with international accounting and auditing standards.

Key Features

Updated Governance: Revised provisions for ICAN's council, elections, and management. Professional Standards: Enhanced regulatory powers for maintaining accounting standards. Disciplinary Framework: Updated disciplinary procedures for professional misconduct.

Current Status

Rollout Stage: Bill under legislative consideration at the National Assembly. Coverage: All chartered accountants and accounting professionals in Nigeria. Funding: ICAN internally generated revenue.

How to Access

Accountants and aspiring professionals interact with ICAN through membership registration and professional examinations. Register as an ICAN student Complete professional examinations Obtain chartered accountant designation Portal: icanig.org

Impact & Metrics

Expected to strengthen Nigeria's accounting profession and improve financial reporting standards.

Official Resources

Website: https://www.icanig.org Contact: ICAN Secretariat, Victoria Island, Lagos

Legal Framework

Operates under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution. The amendment modifies the Institute of Chartered Accountants of Nigeria Act, operating within the framework of the Financial Reporting Council of Nigeria Act 2011 and the Companies and Allied Matters Act 2020.