By Akinwunmi King
Snr Reporter, Lagos

The Institute of Chartered Accountants of Nigeria (ICAN) has said that students who sit the examinations of foreign accounting professional bodies cannot practise in Nigeria without being admitted as members of ICAN or the Association of National Accountants of Nigeria (ANAN).

This is in response to enquiries from Nigerian students on the proliferation of foreign accountancy bodies operating in Nigeria without the required enabling Act from the National Assembly.

ICAN also maintained that only two bodies are chartered in Nigeria by the legislature to license professional accountants, which are ICAN and ANAN.

According to a statement made available to Daily Independent by its Senior Manager, Corporate Communications, Bunmi Owolabi, ICAN will still test candidates in subjects peculiar to the Nigerian market and be assured 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. Under the 2014 examination syllabus of ICAN, holders of ACCA and many other foreign professional accountancy certificates will still be tested in Business Law (BL), Advanced Taxation (ATAX) and Public Sector Accounting and Finance (PSAF). CIMA holders will 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)’s 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.”

ICAN was established by Act of Parliament Number 15 of 1965 and is a founding member of International Federation of Accountants (IFAC), Pan African Federation of Accountants (PAFA) and the Association of Accountancy Bodies in West Africa (ABWA).