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The Institute of Chartered Accountants of Nigeria (ICAN) has stated
that there only two chartered accounting bodies in Nigeria that have the
authority to licence professional accountants.
They are ICAN and the Association of National Accountants of Nigeria (ANAN).
ICAN said it made the clarification due to enquiries from Nigerian
students and the general public on the proliferation of foreign
accountancy bodies operating in the country without the required
enabling act from the National Assembly.
A statement from the institute further stressed that students that sit
for examinations of foreign professional bodies “cannot practise in
Nigeria without being admitted as members of ICAN or ANAN.”
It added: “In the public interest, ICAN will still test candidates in
subjects peculiar to the Nigerian market and assure that required
experience is obtained before candidates are licensed to practise.
“The training of ICAN is strictly based on three “Es” namely: education, examination and experience.”
It specifically stated that under its 2014 examination syllabus,
holders of Association of Chartered Certified Accountants (ACCA) and
many other foreign professional accountancy certificates would still be
tested in Business Law (BL), Advanced Taxation (ATAX) and Public Sector
Accounting and Finance (PSAF).
Furthermore, it stated that Chartered Institute of Management
Accountants (CIMA) holders would in addition be tested in Advanced Audit
and Assurance (AAA).
“The examination syllabus and education requirements of ICAN are guided
by International Federation of Accountants’ (IFAC) International
Education Standards for Professional Accountants issued by the
International Accounting Education Standards Board (IAESB).
“ICAN is also a signatory to IFAC’s Statements of Membership
Obligations (SMOs). ICAN wishes to reaffirm its public interest mandate
to provide the Nigerian economy with qualified and ethical professional
accountants that can compete with their peers globally.
“We therefore call on parents, students, regulators, employers,
law-enforcement agencies and the general public to be guided by this
announcement,” it added.
ICAN was established by Act of Parliament Number 15 of 1965 and is a
founding member of IFAC, Pan African Federation of Accountants (PAFA)
and the Association of Accountancy Bodies in West Africa (ABWA).
