The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy body in Nigeria.
Founded in 1960 as The Association of Accountants in Nigeria (AAN) with the goal of training accountants. Chief Akintola Williams playing a leading role in establishing the organization. ICAN was created by an Act of Parliament No. 15 of 1 September 1965 from existing accounting and auditing organizations including the AAN. At time of foundation, ICAN had 250 members. ICAN has the mission statement:
"To Produce World-Class Chartered Accountants, Regulate and Continuously Enhance Their Ethical Standards and Technical Competence in the Public Interest".
It has headquarters in Lagos. By 2003 ICAN had over 12,000 members. In August 2004 the ICAN began providing training on Information Technology for its members. On 11 May 2011, ICAN admitted 1,494 new members who had successfully passed their qualifying examination, bring total membership to 32, 722.
In May 2011, Major General Sebastian Achulike Owuama (retired), the 46th President of ICAN and the 16th President of the Association of Accountancy Bodies in West Africa, was elected President of the newly created Pan-African Federation of Accountants (PAFA), or Fédération Panafricaine des Experts-Comptables (FEPEC). He was elected during the inaugural meeting of PAFA in Dakar, Senegal. The International Federation of Accountants described creation of PAFA, which includes professional accountancy organizations from 35 countries, as a "historical event for the accountancy profession and the African continent".
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.
In order to register as a student with the Institute, an applicant must hold a qualification not below University degree or its equivalent.
The Council has accepted the following qualifications for the purpose of entry requirements:
The degree of any University or Higher National Diploma of any Polytechnic accredited by the Council.
(b) Any other qualification for the time being approved by the Council.
Approved meanwhile are:
|FOUNDATION LEVEL||SKILLS LEVEL||PROFESSIONAL LEVEL|
|A1 Quantitative Techniques in Business (QTB)||B1 Financial Reporting (FR)||C1 Corporate Reporting (CR)|
|A2 Business and Finance (BF)||B2 Audit and Assurance (AAS)||C2 Advanced Audit and Assurance (AAA)|
|A3 Financial Accounting (FA)||B3 Taxation (TAX)||C3 Strategic Financial Management (SFM)|
|A4 Management Information (MI)||B4 Performance Management (PM)||C4 Advanced Taxation (ATAX)|
|A5 Business Law (BL)||B5 Public Sector Accounting and Finance (PSAF)||C5 Case Study (CS)|
|B6 Management, Governance and Ethics (MGE)|