The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accounting body in Nigeria established by the Act of Parliament No. 15 of 1965. ICAN is responsible for the regulation, education, and professional development of chartered accountants in the country. It is recognized as one of the leading accounting bodies in Africa and plays a significant role in the development and advancement of the accounting profession in Nigeria.
The primary objective of ICAN is to ensure the highest standards of professionalism, competence, and ethics among its members. The institute strives to promote the value and relevance of the accounting profession in Nigeria and contributes to the country’s economic development and financial stability. ICAN also seeks to enhance public trust and confidence in the accounting profession by upholding the highest standards of integrity and accountability.
ICAN offers a rigorous professional qualification program that leads to the award of the prestigious Chartered Accountant (ACA) designation. The program comprises multiple stages, including the foundation, skills, and professional examinations, as well as practical experience requirements. The ACA qualification is highly respected and recognized both nationally and internationally, opening up a wide range of career opportunities for qualified chartered accountants.
In addition to its examination and qualification programs, ICAN provides continuing professional development (CPD) opportunities for its members. The institute organizes seminars, workshops, conferences, and other events to ensure that chartered accountants stay updated with the latest developments in accounting, finance, and business. These CPD activities enable members to enhance their knowledge, skills, and professional competence throughout their careers.
ICAN also plays an active role in shaping accounting and financial reporting standards in Nigeria. The institute collaborates with regulatory bodies, government agencies, and other professional bodies to influence policies and standards that impact the accounting profession. ICAN actively contributes to the development and adoption of International Financial Reporting Standards (IFRS) in Nigeria and provides guidance to members on their implementation.
As a professional accounting body, ICAN is committed to upholding the highest ethical standards among its members. The institute has a code of professional ethics and conducts investigations and disciplinary proceedings to ensure compliance and maintain the integrity of the profession.
Overall, the Institute of Chartered Accountants of Nigeria (ICAN) plays a pivotal role in the development, regulation, and promotion of the accounting profession in Nigeria. Through its qualification programs, professional development initiatives, and advocacy efforts, ICAN continues to contribute to the growth and excellence of the accounting profession and the Nigerian business landscape.