The Institute of Chartered Accountants of Nigeria (ICAN) - ICAN, Nigeria

INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA – ICAN

INTRODUCTION

The Institute of Chartered Accountants (ICAN) is a global professional accountancy organization and Africa's largest and highly reputable association of chartered accountants. It is a founding member of the International Federation of Accountants (IFAC) and Pan African Federation of Accountants (PAFA).

The forerunner of the Institute - “The Association of Accountants in Nigeria” was established in 1960. This Association was absorbed by the Institute created by an Act of Parliament No. 15 which came into effect on September 1, 1965. With more than 40,000 members, the Institute of Chartered Accountants of Nigeria (ICAN) is dedicated to developing and promoting the highest educational, ethical and professional standards.

2. OBJECTS AND DUTIES

The objects and duties of the Institute of Chartered Accountants of Nigeria (ICAN) are:

(a) “determining what standards of knowledge and skills are to be attained by persons seeking to become members of the accountancy profession and raising those standards from time to time as circumstances may permit;

(b) securing in accordance with the provisions of the Act, the establishment and maintenance of registers of Fellows, Associates and Registered Accountants entitled to practise as accountants and auditors and publishing same from time to time lists of those persons; and

(c) performing through the Council under this Act the functions conferred on it by the Act.”

VISION

To be a leading global professional body

MISSION

To produce world-class chartered accountants, regulate and continually enhance their ethical standards and technical competence in the public interest.

MEMBERSHIP

There are two main classes of membership of the Institute, namely;

·         Chartered Accountants and

·         Registered Accountants.

Chartered Accountants - A person shall be enrolled as a Chartered Accountant if he/she passes the qualifying examination for membership conducted by the Council of the Institute and completes a prescribed practical training

DESIGNATORY LETTERS

Members of the Institute are entitled to use the following designatory letters after their names:

FCA - In the case of a Fellow, the letters “FCA” (Fellow of the Institute of Chartered Accountants).

ACA - In the case of an Associate, the letters “ACA” (Associate of the Institute of Chartered Accountants).

RA - In the case of a Registered Accountant, the letters “RA” (Registered Accountant).

THE PRACTICE OF ACCOUNTANCY IN NIGERIA

A member of the Institute is not allowed to set up a public practice as an accountant until he/she has applied for, and has been granted a licence to practise by the Council.

PUBLICATIONS

The Institute publishes the following (in print and/or electronic) for the benefits of members, students and the general public:

(i) Membership Year Book, containing lists of members and other general information about the Institute (www.ican-ngr.org).

(ii) The Nigerian Accountant, the official journal of the Institute, containing authoritative articles on accountancy and related fields is published quarterly (www.ican-ngr.org).

(iii) ICAN News, the official journal for students of the Institute.

(iv) Pathfinder, published after each examination contains the suggested solutions to the examination questions (www.ican-ngr.org).

(v) Members’ Handbook, which is a compendium of the Institute’s constitutional, ethical and legal provisions as well as accounting, auditing and reporting standards.

(vi) ICAN Students Learning materials in hard and soft copies (www.ican-ngr.org).

(vii) ICAN Journal of Accounting and Finance. The foremost research journal covering accounting and finance related issues.

(viii) ICAN Annual Diary.

STUDENTSHIP REGISTRATION AND TRAINING

Approved Qualifications for Registration

In order to register as a student with the Institute, an applicant must hold an acceptable qualification. The Council has accepted the following qualifications for the purpose of entry requirements:

(a) Recognized degree of any University or Higher National Diploma of any Polytechnic.

(b) Any other qualification for the time being approved by the Council.

The approved other qualifications meanwhile are:

(i) The final examination of Accounting Technicians Scheme, West Africa (ATSWA)

(ii) The final examination of the Institute of Chartered Secretaries and Administrators

(iii) The final examination of the Association of International Accountants

(iv) The final examination of the Chartered Institute of Bankers of Nigeria

(v) The final examination of the Chartered Institute of Stockbrokers

(vi) The final examination of the Chartered Institute of Taxation of Nigeria

(vii) The final examination of the Association of Accounting Technicians, U.K.

(viii) The final examination of the Association of National Accountants of Nigeria

(ix) Executive Management Accountancy (Federal Treasury Training School, Stage III)

APPLICATION FOR REGISTRATION

Application for registration as a student must be made online which requires an undertaking on the part of the applicant to abide by the rules and regulations laid down by the Council from time to time. Every applicant will be required to produce satisfactory evidence of his/her name, age and character together with certified photocopies of educational certificates and one certified passport size photograph. The Council reserves the right to grant or refuse any application or to terminate the registration of a student. Applicants must comply with the conditions set forth and must pay the applicable registration fee. If the application to register is unsuccessful, the registration fee is not refundable.

The annual subscription for successful applicants becomes payable immediately upon registration for the year of registration and thereafter on 1st January of each year of registered studentship.

CONDITIONS TO BE SATISFIED

Every applicant for registration as a student must satisfy the Council that:

(a) He/she possesses the basic educational qualifications set out above and;

(b) He/she is a fit and proper person to be registered.

THE PROFESSIONAL EXAMINATIONS

Since its introduction in 1965, the ICAN ACA qualification has become a mark of distinction. It is one of the most respected and recognized professional accounting credentials; by employers in business, government and a host of other organizations around the world.

To earn the ICAN ACA qualification, individuals must study and demonstrate a mastery of accounting, analytical and decision making skills needed in today's fast-evolving and competitive workplace by passing the Institute's rigorous professional examinations which are conducted twice annually in the months of May and November.

The building blocks of the ICAN ACA qualification are firmly grounded in the Institute's Professional Examination Syllabus which can be downloaded from the Institute's website www.icanig.org

A. STRUCTURE OF THE SYLLABUS

With effect from November 2014, the qualifying professional examination of the Institute under the new syllabus consists of the following three levels: Foundation, Skills and Professional.

NEW SYLLABUS

FOUNDATION LEVEL

A1. Quantitative Techniques in Business

A2. Business and Finance

A3. Financial Accounting

A4. Management Information

A5. Business Law

SKILLS LEVEL

B1. Financial Reporting

B2. Audit and Assurance

B3. Taxation

B4. Performance Management

B5. Public Sector Accounting and Finance

B6. Management, Governance and Ethics

PROFESSIONAL LEVEL

C1. Corporate Reporting

C2. Advanced Audit and Assurance

C3. Strategic Financial Management

C4. Advanced Taxation

C5. Case Study

B. EDUCATIONAL RECOGNITION

ICAN is a founding member of the IFAC and this syllabus complies with its Educational Standards & Guidelines.

The Institute seeks to enhance the educational recognition of its qualification at both national and international levels. In doing so, ICAN aims to ensure that its qualifications are recognized and valued by governments, regulatory authorities and employers across all jurisdictions and sectors.

At the completion of the Foundation and Skills levels of this Syllabus, the candidate would have completed a total of 127 Credit Units equivalent to a first degree, while the completion of the Professional level would have satisfied the requirements of a Masters Degree coursework/taught module in any accredited institution globally. A credit unit is equivalent to 13 contact hours.

C. DATES AND CENTRES OF EXAMINATIONS

The examinations are normally held twice in a year in the months May and November and in the following centres at present: Aba, Abakaliki, Abeokuta, Abuja, Ado-Ekiti, Akure, Asaba, Awka, Benin-City, Calabar, Enugu, Ibadan, Ikeja, Ikorodu, Ilesa, Ilisan-Remo, Ilorin, Jos, Kaduna, Kano, Lagos-Amuwo, Lagos-Unilag, Lokoja, Maiduguri, Makurdi, Minna, Ogbomoso, Onitsha, Owerri, Port Harcourt, Sokoto, Umuahia, Uyo, Warri, Yenagoa, Yola, Zaria, Cameroun and London (U.K.).

Council reserves the right to approve new examination centres and close existing ones as it deems fit.

D. CLOSING DATES OF ENTRIES

The closing dates of entries for May and November examinations are April 30 and October 31, respectively.

E. EXAMINATION ENTRY

No person may be allowed to sit for any of the Institute’s examinations unless he/she had been registered as a student of the Institute and had paid the required annual subscription and applicable examination fees.

F. EXAMINATION RESULTS

The results of the examination will be communicated by post, sms, email or the Institute’s website, to candidates. Further correspondence relating to individual results may not be entertained. However, a candidate may ask for a review of his/her script, subject to meeting the condition set out by the Institute. Individual scores will be indicated on the candidate’s result slip.

G. CREDIT SYSTEM

1. 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.

2. Candidates are not allowed to combine two levels of the examinations.

3. Candidates are mandatorily required to complete all parts of the Institute’s 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 passed and credited to him/her.

H. PASS MARK

The pass mark for each paper of the Institute’s examination is 50%.

I. CONVERSION ARRANGEMENTS

Examinations on the basis of this new syllabus commenced in November 2014. All candidates stand converted as stated below. No candidate may proceed to the next level of the examination without successful completion of all the subjects in the preceding level.

Conversion from the old to the new syllabus is as stated hereunder:

OLD SYLLABUS	NEW SYLLABUS
FOUNDATION 1. Fundamentals of Financial Accounting 2. Corporate and Business Law 3. Economics and Business Environment	FOUNDATION LEVEL A1. Quantitative Techniques in Business A2. Business and Finance A3. Financial Accounting A4. Management Information A5. Business Law
INTERMEDIATE 4. Costing and Quantitative Techniques 5. Taxation 6. Audit and Assurance 7. Business Communication and Research Methodology	SKILLS LEVEL B1. Financial Reporting B2. Audit and Assurance B3. Taxation B4. Performance Management B5. Public Sector Accounting and Finance B6. Management, Governance and Ethics
PROFESSIONAL EXAMINATION 1 8. Information Technology 9. Management Accounting 10. Financial Accounting 11. Advanced Audit and Assurance PROFESSIONAL EXAMINATION II 12. Public Sector Accounting and Finance 13. Financial Reporting and Ethics 14. Strategic Financial Management 15. Advanced Taxation	PROFESSIONAL LEVEL C1. Corporate Reporting C2. Advanced Audit and Assurance C3. Strategic Financial Management C4. Advanced Taxation C5. Case Study

PROFESSIONAL EXAMINATIONS TIME-TABLE

Day	Time	Foundation Level	Skills Level	Professional Level
Tuesday	9.00 a.m – 12 noon	Financial Accounting	Financial Reporting	Corporate Reporting
	2.00 p.m – 5.00 p.m	Management Information	Taxation	Advanced Taxation
Wednesday	9.00 a.m – 12 noon	Quantitative Techniques in Business	Performance Management	Strategic Financial Management
	2.00 p.m – 5.00 p.m	Business and Finance	Audit and Assurance	Advanced Audit and Assurance
Thursday	9.00 a.m – 12 noon	Business Law	Management, Governance and Ethics	Case Study
	2.00 p.m – 5.00 p.m		Public Sector Accounting and Finance

Note: Case study is on Thursday 9.00 a.m – 1.00 p.m

EXAMINATION QUESTION FORMAT

1. Each paper in Foundation level shall consist of two sections A and B

Section A: Shall comprise twenty (20) compulsory multiple-choice questions which shall cover the entire contents of the syllabus. This section shall make up 20% of the total marks.

Section B: Shall comprise six open-ended questions (essay, computational or scenario-based) carrying 20 marks each of which candidates will be required to answer any 4.

2. Skills and Professional levels shall comprise open-ended questions (essay, scenario-based or computational) only as follows:

Section A: One (1) compulsory question of 30 marks.

Section B: Three (3) questions of 20 marks each out of which a candidate is expected to attempt any two (2).

Section C: Three (3) questions of 15 marks each out of which a candidate is expected to attempt any two (2).

ABSENCE FROM AN EXAMINATION

Examination entries cannot be withdrawn after the closing date in any circumstances. The fees paid for an examination will not be refunded or transferred to subsequent examination, if a candidate is unable to attend the examination.

MISCONDUCT IN AN EXAMINATION

The examinations regulations prohibit a student from:

(a) taking into the examination room or possessing, while in that room, any book, note, programmable calculators, GSM handsets or other materials except those which have been authorized in the Examination Attendance Docket;

(b) aiding or attempting to aid another candidate, or obtaining or attempting to obtain aid from another candidate;

(c) refusing to obey any instruction from the Examination Supervisor or Invigilators;

(d) giving false or misleading information to the Examination Supervisor.

(e) writing anything on the question paper except the candidate’s examination number; and

(f) writing anything on the candidate’s examination docket.

The Supervisor is empowered to stop any candidate suspected of misconduct and to require him/her to leave the examination hall. Any student who fails to comply with the above regulations may be liable to such penalties as the Council of the Institute may determine.

EXEMPTION GUIDELINES

A. ACADEMIC QUALIFICATIONS

	Academic Qualification	Exemptions
A.	B.Sc/HND (Accounting) obtained under the Mutual Co-Operation Agreement with Tertiary Institutions	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         A5. Business Law ·         B1. Financial Reporting ·         B2. Audit and Assurance ·         B3. Taxation ·         B4. Performance Management
B.	ATS II (Old Syllabus)	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information
C.	ATSWA (New Syllabus)	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         A5. Business Law ·         B2. Audit and Assurance ·         B3. Taxation
D.	B.Sc./HND (Accounting) obtained from ICAN accredited Institutions in Nigeria.	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         A5. Business Law ·         B2. Audit and Assurance ·         B3. Taxation
E.	B.Sc./HND (Accounting) obtained from recognized Institutions in Nigeria but not yet accredited by ICAN.	·         A1. Quantitative Techniques in Business ·         A3. Financial Accounting ·         A5. Business Law
F.	B.Sc./HND (Accounting) obtained from foreign recognized Institutions.	·         A1. Quantitative Techniques in Business ·         A3. Financial Accounting ·         A4. Management Information
G.	M.Sc. (Accounting) obtained from ICAN accredited Institutions in addition to B.Sc. in Accounting.	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         A5. Business Law ·         B1. Financial Reporting ·         B2. Audit and Assurance ·         B3. Taxation
H.	M.Sc. (Accounting) obtained from ICAN accredited Institutions but without B.Sc. in accounting	·         A1. Quantitative Techniques in Business ·         A3. Financial Accounting ·         A4. Management Information
I.	M.Sc. (Accounting) obtained from recognized Institutions in addition to B.Sc. in any accounting related discipline.	·         A2. Business and Finance ·         A3. Financial Accounting ·         A5. Business Law
J.	Ph.D (Accounting)	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         A5. Business Law ·         B1. Financial Reporting ·         B2. Audit and Assurance ·         B3. Taxation ·         B4. Performance Management ·         B6. Management, Governance and Ethics
K.	B.Sc. Economics	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance
L.	B.Sc. Actuarial Science	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance
M.	B.Sc./HND Insurance	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance
N.	B.Sc./HND/B.A Business Admin/Management	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance
O.	B.Sc./HND Banking and Finance	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance
P.	B.Sc./HND Marketing	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance
Q.	MBA in addition to B.Sc./HND in non-accounting discipline	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A5. Business Law
R.	B.Sc. (Ed.) Accounting or B.Ed. Business Education (Accounting option)	·         A1. Quantitative Techniques in Business ·         A3. Financial Accounting ·         A5. Business Law
S.	B.Ed. Education Management (Accounting Option	·         A1. Quantitative Techniques in Business
T.	B.Sc./B.A Commerce	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance
U.	B.Sc./HND Cooperative and Rural Development	·         A1. Quantitative Techniques in Business
V.	LL.B	·         A5. Business Law

B. SUBJECT BY SUBJECT EXEMPTION

The following Courses/Subjects will be granted exemption in A1. Quantitative Techniques in Business:

·         B.Tech. Project Management

·         B.Sc. Engineering Management

·         B.Sc./HND Statistics/Economics

·         B.A. Library/Economics

·         HND Agric/Economics

·         B.Sc./HND Estate Management

·         B.Sc./HND Biology

·         B.Sc./HND Chemistry

·         B.Sc./HND Bio-Chemistry

·         B.Sc. Archaeology/Geology

·         B.Sc./HND Statistics

·         B.Sc./HND Engineering

·         B.Sc./HND Chemistry Engineering

·         B.Sc./HND Town and Regional Planning

·         B.Sc./HND /B.Ed. Chemistry

·         B.Sc./HND Tech. Computer

·         B.Sc./HND Mathematics

·         B.Sc./HND Industrial Mathematics

·         B.Sc./HND Industrial Chemistry

·         B.Sc./HND Agriculture

C. PROFESSIONAL QUALIFICATIONS EXEMPTIONS

	Qualifications	Exemptions
A.	Associate Chartered Institute of Bankers of Nigeria	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A5. Business Law
B.	Associate Chartered Institute of Bankers, London (Now Institute of Financial Services)	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting
C.	Associate Chartered Institute of Stock Brokers of Nigeria	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A5. Business Law
D.	Associate Chartered Secretaries and Administrators	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A5. Business Law
E.	Associate Chartered Institute of Insurance of Nigeria	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A5. Business Law
F.	Associate Chartered Institute of Taxation of Nigeria	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A5. Business Law ·         B3. Taxation
G.	Certified National Accountant of Nigeria	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         A5. Business Law ·         B3. Taxation ·         B5. Public Sector Accounting and Finance
H.	Federal Treasury Training School (Now Federal Treasury Academy) starting from 1987	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         A5. Business Law ·         B2. Audit and Assurance ·         B3. Taxation
I.	CIMA, UK	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         B1. Financial Reporting ·         B2. Audit and Assurance ·         B3. Taxation ·         B4. Performance Management ·         B6. Management, Governance & Ethics ·         C1. Corporate Reporting ·         C3. Strategic Financial Management ·         C5. Case Study
J.	ACCA, UK CPA, USA CIPFA, UK ICAS, UK ICAI, UK ICAEW	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         B1. Financial Reporting ·         B2. Audit and Assurance ·         B3. Taxation ·         B4. Performance Management ·         B6. Management, Governance & Ethics ·         C1. Corporate Reporting ·         C2. Advanced Audit and Assurance ·         C3. Strategic Financial Management ·         C5. Case Study
K.	AIA (Final) 1994 to date AAT (UK)	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information ·         B2. Audit and Assurance
L.	AIA (Pre-1994)	·         A1. Quantitative Techniques in Business ·         A2. Business and Finance ·         A3. Financial Accounting ·         A4. Management Information

D. LECTURERS IN HIGHER INSTITUTIONS

Lecturers in Accounting Departments with B.Sc./HND (Accounting) in all accredited Institutions shall be given the same level of exemptions/ concession granted to graduates of Recognized Training Institutions (RTIs) regardless of date of qualification.

SECRETARIAT

The Institute’s Secretariat is located at:

Plot 16, Idowu Taylor Street Victoria Island

P O Box 1580 Marina, Lagos Nigeria

Tel: +234 –1–764 2294-5

e-mail: info.ican@ican.org.ng;

Website: www.ican-ngr.org

For enquiries, please call our

Secretariat Annexe:

(a) Students’ Affairs Directorate

82, Murtala Mohammed Way Ebute Metta Lagos, Nigeria.

Tel: +234–1–7642297, +234-1-7642298, +234-1-2120688 (DL)

e-mail: studentsaffairs@ican.org.ng

www.linkedin.com

www.facebook/ICAN1965.com

(b) Liaison offices or

(c) District Societies

All enquiries should be directed to the Registrar/Chief Executive.

Disclaimer: This is not the official website of the Institute. While we strive to keep the information up to date and correct, information may change at any time without notice. For complete and updated information, please always refer to the official website of the Institute. Any reliance you place on the information from this site is strictly at your own risk.