INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA ACT

An Act establishes the Institute of Chartered Accountants of Nigeria to regulate accounting practices and set professional standards. It targets chartered accountants, accountancy students, and companies needing audits to ensure ethical conduct and high standards. This maintains integrity in financial reporting across Nigeria.

What Is This Policy?

An Act establishing the Institute of Chartered Accountants of Nigeria (ICAN) as the leading professional accountancy body in Nigeria, regulating accounting practice and setting professional standards.

Who Does It Target?

Chartered accountants and accountancy students Companies requiring statutory audits The Financial Reporting Council of Nigeria Public sector accounting officers

What Does It Aim to Achieve?

Maintain the highest standards of accounting practice in Nigeria, certify qualified accountants, promote ethical conduct, and contribute to financial reporting integrity.

Key Features

Professional Certification: ICAN awards the ACA and FCA designations after examinations and work experience. Audit Rights: ICAN members have rights to audit certain categories of companies. Standards Setting: ICAN participates in setting accounting and auditing standards for Nigeria. Discipline: ICAN enforces the professional code of conduct and investigates malpractice.

Current Status

Rollout Stage: Active Coverage: Nationwide accountancy profession Beneficiaries: Investors; financial system integrity Funding: Member subscriptions; examination fees

How to Access

Complete the ICAN professional examination programme Accumulate prescribed practical experience Apply for ACA designation upon completion Application method: Register for ICAN examinations at https://www.ican.org.ng

Important Terms

ICAN membership is required for statutory audit engagements above threshold Annual CPD is mandatory for all practising members Members who violate professional standards face suspension or exclusion

Official Resources

Website: https://www.ican.org.ng Contact: Institute of Chartered Accountants of Nigeria (ICAN)

Legal Framework

Enacted under Section 4 of the 1999 Constitution. Operates under the Institute of Chartered Accountants of Nigeria Act Cap I9 LFN 2004, the Financial Reporting Council of Nigeria Act 2011, the Companies and Allied Matters Act 2020, and international standards set by the International Federation of Accountants (IFAC).