For one of my classes our coursework is for us to choose an IFAC member body operating in a country of our choice. So being the proud Nigerian I am i decided to choose ICAN, as it is the only full IFAC member in Nigeria. However I did not anticipate how hard it would be to get the information that I need!! I was hoping the kind accountants or just knowledgeable people can help me out.

WHAT KNOW:
I understand that ICAN founded and was funding the NASB in 1982 until 1992 whennit was taken over by the federal government. Nigeria has adopted international standards on auditing (ISA's) but where there are no standards the Institute issues standards on auditing.

WHAT I DON'T KNOW:
1. Who is required to comply with the standards?
2. Is there a mechanism of independant oversight to ensure copmpliance with the standards