ICAN PROGRAM

We offer excellent ICAN training

ICAN PROGRAM

ICAN was created by an Act of Parliament No. 15 of 1 September 1965 from existing accounting and auditing organizations. 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.

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).

ICAN Qualification

In order to register as a student with the Institute, an applicant must hold an acceptable qualification.

 

– Recognized degree of any University or Higher National Diploma of any Polytechnic.

– Any other qualification for the time being approved by the Council. Such as:

 

  1. i. The final examination of the Institute of Chartered Secretaries and Administrators
  2. ii. The final examination of the former Corporation of Secretaries
  3. iii. The final examination of the Association of International Accountants
  4. iv. The final examination of the Chartered Institute of Bankers of Nigeria
  5. v. The final examination of the Chartered Institute of Stockbrokers
  6. vi. The final examination of the Chartered Institute of Taxation of Nigeria
  7. vii. The final examination of the Association of Accounting Technicians, UK.
  8. viii. The final examination of the Association of National Accountants of Nigeria (ANAN).
  9. ix. Executive Management Accountancy (Federal Treasury Training School, Stage III)
  10. x. The final examination of Accounting Technicians Scheme, West Africa (ATSWA).

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    Structure of the new syllabus

    KNOWLEDGE LEVEL

    1. Quantitative Techniques in Business

    2. Financial Accounting

    3. Management Information

    4. Business Law

    5. Business and Finance

    APPLICATION / SKILLS LEVEL

    1. Financial Reporting

    2. Audit and Assurance

    3. Taxation

    4. Performance Management

    5. Management, Governance & Ethics

    6. Public Sector Accounting and Finance

    PROFESSIONAL LEVEL

    1. Corporate Reporting
    2. Advanced Audit and Assurance
    3. Strategic Financial Management
    4. Advanced Taxation
    5. Case Study

    Dates of Examinations

    The examinations are held twice each year in May and November.

    Closing dates of entries for exams are April 30th and October 31st respectively.

    Credit System

    • i. Candidates writing the examinations may register for any number of papers at a level and shall be credited with each paper passed. However, they are expected to complete the examination at a level before attempting papers at a higher level.
    • ii. Candidates are not allowed to combine two levels of the examinations
    • iii. Candidates are mandatorily required to complete all parts of the Institute‚Äôs qualifying examination within a period of ten years from the date of sitting the examination for the first time. In the event of a student not completing the examinations within the period of ten years, he/she is deemed to have forfeited all the papers and credited to him/her.

    Registration For ICAN Exam

    Application for registration as a student must be made on-line. Every applicant will be required to produce the following:

    • 1

      REGISTRATION

      1. Satisfactory evidence of his/her name, age and character 2. Certified photocopies of educational certificates 3. One certified passport size photograph.

    • 2

      DOCUMENTATION

      Applicants must comply with the conditions set forth by ICAN and must pay the applicable Non-Refundable registration fee.

    • 3

      Annual Subscription

      This becomes payable immediately upon registration for the year of registration and thereafter on 1st January of each year of registered studentship.