Standards and Authority
ICAN has based its practices on those of British chartered accountancy institutes. Nigeria adopted International Accounting Standards with little modification. ICAN is a member of the International Accounting Standards Committee (IASC) and periodically adopts IASC standards. Any deviation from these standards must be disclosed in a company's financial statements. In the 1990s ICAN was dominated by members holding qualifications from the London-based Association of Chartered Certified Accountants (ACCA). Although the ICAN claimed complete independence of the ACCA, it was under attack for defending the status quo in accountancy practices and for suppressing changes to address local requirements.
In August 2010 the Federal Government approved migration to International Financial Reporting Standards (IFRS) by 2012. In May 2011 Joshua Okeowo, chairman of the Ikeja District of ICAN, said adoption of the IFRS would encourage foreign investment in Nigeria. He said IFRS would also "reduce cash transactions in the economy, thereby reducing the incidence of armed robbery".
The Companies Act of 1968 required that all limited liability companies are audited by a duly recognized auditor. As of 1993, only members of the ICAN qualified to be auditors. They had to pass ICAN examinations to gain a practicing certificate. In effect, the ICAN had full control over entry to the profession. Although a growing number of financial analysts in Nigeria are designated Certified Financial Analysts, there is no body in Nigeria that certifies analysts to produce research reports. Most such reports are prepared by members of ICAN or the Chartered Institute of Stockbrokers. A consultant offering financial services in Nigeria must be a member of either ANAN or ICAN. In March 2011 Professor Oladapo Afolabi, Head of the Civil Service, said that professional certificates of associations such as ICAN and ACCA could be used in recruitment and advancement in the public service, but could not be required.
Read more about this topic: Institute Of Chartered Accountants Of Nigeria
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