Education

What Is ICAN And How It Works

Written by Victor Ikani

What is ICAN Nigeria all about? you may ask!

The Institute of Chartered Accountants of Nigeria (ICAN) is an expert bookkeeping body in Nigeria which is further known as accountants. ICAN Nigeria is one of the two expert accountant relationships with an administrative specialist in Nigeria. The other being the Association of National Accountants of Nigeria (ANAN) according to Wikipedia.

ICAN NigeriaICAN Mission.

ICAN was made by an Act of Parliament No. 15 of 1 September 1965 from existing bookkeeping and inspecting associations including the AAN. At the time of establishment, ICAN had 250 members. The ICAN has the statement of purpose “to produce world-class chartered accountants, regulate and continuously enhance their ethical standards and technical competence in the public interest“.

Related: How to register for ICAN in Nigeria

It has central command in Lagos. By 2003, ICAN Nigeria had more than 12,000 members and in August 2004 the ICAN started giving preparing on Information Technology to its members. While On 11 May 2011, ICAN conceded 1,494 new individuals who had effectively passed their qualifying examination, bringing participant to 32,722 members.

ICAN Nigeria office in Lagos

How ICAN Nigeria works.

One of the misguided judgments numerous individuals have about ICAN is the way that they think ICAN is intended for Accountants in Nigeria only. It is not genuine in light of the fact that anyone with past foundation in a non-accountant related field can likewise turn into a contracted accountant.

Starting in 1993, only individuals from the ICAN met all requirements to be reviewers. They needed to pass ICAN examinations to pick up a honing declaration. In actuality, the ICAN had full control over the passage to the profession.

ICAN

Although a developing number of financial examiners in Nigeria are assigned Certified Financial Analysts, there is nobody in Nigeria that affirms investigators to deliver inquire about reports. Most such reports are set up by individuals from ICAN or the Chartered Institute of Stockbrokers. A specialist offering financial administrations in Nigeria must be an individual from either ANAN or ICAN.

Read this: How Central Bank of Nigeria operates

Conclusion:

Just like AAN, ICAN Nigeria has a goal of training accountant, not just for those with knowledge on the accounting field, anyone can apply and increase their chances of employment in the future.

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About the author

Victor Ikani

Ahmadderar is a website developer and SEO specialist. In his spare time, you'll catch him either reading books or attempting to write tutorials.