Tag: ICAN

  • ICAN, CIPFA sign MoU on financial management

    The Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Public Finance and Accountancy (CIPFA), United Kingdom have signed a Memorandum of Understanding (MoU) to strengthen public financial management in Nigeria.

    The MoU outlines the relationship between the two institutes, which seeks to improve the governance of public finance within the country and helps to improve the training options for those in the accounting. The deal will also pave  way for dual membership for members of ICAN and CIPFA.

    The framework of the MoU reflects the overlapping interest of both bodies and their mutual desire to share expertise, skills and experience to further the cause of good financial management.

    The signing, which took place in United Kingdom was attended by Rob Whiteman, CIPFA’s Chief Executive. The President of ICAN, Mr. Chidi Ajaegbu and the Registrar/ Chief Executive Mr. Rotimi Omotoso and some other top officials of ICAN also attended the occasion.

    According to CIPFA’s Chief Executive, Rob Whiteman, “Both CIPFA and ICAN are committed to serving the public interest through good public financial management, therefore it is welcome news that both bodies have come together to form a new collaborative relationship.’’

    The President of ICAN, Mr. Chidi Ajaegbu, said: ‘’ICAN working together with CIPFA is in the interest of the public good. There will be great improvement in the financial management of the Public Sectors of both Countries as this relationship is mutually beneficial to both Institutes.”

     

  • ICAN, CITN sign MoU  on taxation practice

    ICAN, CITN sign MoU on taxation practice

    The Institute of Chartered Accountant of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN) have resolved the long-drawn rift between the two bodies over the practice and regulation of taxation in Nigeria.

    In an arbitration mediated by the Association of Professional Bodies of Nigeria (APBN), ICAN and CITN last week signed Memorandum of Understanding (MoU) at an elaborate ceremony to end the professional crisis, which had lingered for more than a decade.

    The highlights of the MoU and terms of settlement provide that chartered accountants will be able to engage in the practice of taxation without further examination from CITN. However, CITN will serve as the specialty regulator for the taxation practice in Nigeria. Members of ICAN are expected to undergo induction process for membership of CITN.

    President, Chartered Institute of Taxation of Nigeria (CITN), Chief Mark Dike commended the efforts of all parties in resolving the dispute.

    “ My joy knows no bounds that a preventable dispute that lingered on for several years and which defied several mediations is eventually being laid to rest today through the signing of both the Terms of Settlement, ToS and Memorandum of Understanding by ICAN and CITN. This feat was facilitated by the astute and painstaking mediation efforts of our umbrella body, APBN,” Dike said.

    President, Institute of Chartered Accountant of Nigeria (ICAN), Mr. Chidi Ajeagbu also commended the APBN for wading into the issue which had gone through the Court of Appeal and Supreme Court.

    He said ICAN would work together with CITN to improve the practice of taxation and membership of the specialized regulatory body.

    President, Association of Professional Bodies of Nigeria (APBN), Mr. Foluso Fasoto noted that when in 2005 a dispute arose between ICAN and CITN; APBN had intervened, relying on section 4(4) of the APBN constitution.

    According to him, in spite of the fact that the issue has become a subject of court action, APBN did not relent in its efforts of mediation between its two member bodies.

    He said APBN believes that the court should not come to solve the problems between professional members.

    “It is on record that the APBN, through its Mediation Committee has resolved similar issues in the past. To mention but a few: Tte Nigerian Institute of Architect, NIA and the Nigerian Institute of Town Planners, NITP; the Nigerian Society of Engineers , NSE and the Nigerian Institute of Estate Surveyors and Valuers (NIESV),” Fasoto said.

     

     

  • ICAN holds career talks for pupils

    The Institute of Chartered Accountants of Nigeria (ICAN), has organised a career talk for some pupils in Ibadan, Oyo State. The 400-participants cut across 20 secondary schools, both private and public.

    Speaking on the theme: “Catch them young”, ICAN president, Ibadan district, Mr Ganiyu Adebayo, said the programme is to stimulate youngsters interest creates mentorship as well as draw them into accounting profession at their early stage.  The career talk was to further erase the assumption that only graduates or those practising in accounting firms could become chartered accountants, Adebayo added.

    “We want to introduce accounting profession to the children at the secondary school level. From ages past, people have always thought before you could become a chartered accountant, you must be a graduate. They thought you cannot just join the profession with ease.”

    Adebayo said ICAN is already making preparations to ease the long procedure of being chartered.

    “We are trying to prepare a short cut for pupils through Accounting Technician Scheme (ATS), which they can start once they get their secondary school certificate.”

    He added that those, who excelled in the first three stages of ATS would have the opportunity of securing admission to second year in the university.

    One of the resource persons, Mr Olabamiji Ogunlade, who spoke on: “The roadmap to becoming a chartered accountant”, admonished participating pupils to consider starting a course in ATS early.

    “As an accountant, you fit into all categories of working class; so, getting a job is easier. After obtaining your secondary school certificate, ATS will make your professional journey less cumbersome and faster,” he said.

    A lecturer at the Obafemi Awolowo University (OAU), Ile Ife, Prof. Taiwo Asaolu, urged pupils to make good use of their time, warning that digital gadgets and other media tools and gaming programmes can waste their precious time.

     

  • ICAN urged to implement electoral panel’s proposals

    ICAN urged to implement electoral panel’s proposals

    A fellow of the Institute of Chartered Accountants of Nigeria (ICAN), Sola Oyetayo, has urged the institute to implement the recommendations of the Electoral Matters Special Investigation Panel.

    The panel had called for the cancellation of ICAN’s election held last May.

    It said a fresh election should be conducted as soon as it was practicable while none of the 28 contestants should remain on the council, until the new poll is held.

    Oyatayo said about 300 members of the institute have called on the president/chairman of council to convene a special general meeting to consider and adopt the recommendations after it was found that the council allegedly rejected them.

    The issues at stake, he said, include fraud and identity theft; what to do with results of the elections; what to do with the IT personnel who aided the fraud; revamping the electoral process, among others.

    The special panel’s report, which was submitted to ICAN’s council on December 1, concluded that there was sufficient evidence that the voters’ list was grossly compromised and the allegation of massive fraud was proved beyond reasonable doubt.

    It also found that cyber-crime was committed in the election, and a number of innocent ICAN members were victims of identity theft.

    “Over 80 per cent of the fraudulent votes were credited to the nine winners. Ironically, the ICAN rules that all voters must vote for all vacant seats made it impossible to separate the innocent candidates from the dishonest ones,” the panel said.

    It added that it was apparent that the electoral fraud was carried out by workers in the IT department at the instigation of some ICAN members who stood to benefit.

    It said from the forensic auditor’s report, 1,191 fake voters cast 10,719 votes, representing 21.884 per cent of 49,068 votes cast.

    Among its recommendations was that work must begin immediately to compile a new voters’ list “as the existing one has been extensively compromised”.

    The panel said: “If the electoral process can be grossly compromised, other sections in the IT department might also have been compromised. We are particularly concerned about the examination process where the stakes are by far higher. Therefore, the entire IT personnel should be cleaned out and the department sanitised.

    “In the circumstance, the institute should immediately engage one of the big firms with a strong IT department to review the electoral process, and possibly temporarily take over the running of the IT department until credible workers are recruited.

    “Discreet enquiries should be made from law enforcement agencies, if it is possible, to unmask the ICAN members involved in this destructive act so that proper disciplinary actions can be carried out against them in accordance with the ICAN Act.

    “ICAN electoral rules should be revisited in the light of what has been revealed in this and earlier investigations in order to re-establish members’ trust in the electoral process.”

    Investigation of the fraud was prompted by Oyetayo’s first memo in which he alleged, among others, that the institute’s system was hacked into and that qualified members were impersonated after their PIN numbers were fraudulently obtained.

    Oyetayo said the 2015 council elections could not be conducted peacefully and credibly without resolving the critical issues arising from the 2014 election.

    On ICAN’s electoral process, he said: “I strongly believe that the first thing to do is to discard the idea of group voting as it not only promotes mediocrity and brings division of council along ethnic and religious lines. It is also unconstitutional because it negates the principles of fundamental human rights.”

  • ICAN woos 500 pupils

    The Institute of Chartered Accountants of Nigeria (ICAN), Eastern District Society, has begun wooing secondary school pupils to study accountancy.

    It recently organsed a career awareness workshop for over 500 pupils tagged: “Catch Them Young”.

    Chairman of ICAN Eastern district, Efe Iserhienrhien, told the pupils that accountancy has limitless job opportunities.

    He said there was dearth of professional accountants in the country because students are scared of the subject.

    Efe noted that the few professionals in the banking sector were not enough to bring about the needed development in the financial sector.

    He stated that the fear among students that accountancy was too difficult was responsible for the reduction in the numbers of applicants registering for ICAN examination at both universities and polytechnic offering courses in accounting and accredited ICAN examination centres.

    Efe told the pupils they could start preparing for ICAN examinations before gaining admission into tertiary institutions.

    He told The Nation that the programme would help guide the pupils against making career mistakes.

    “People take wrong decisions in the pursuit of a career because of lack of information. That is why we have brought this information to their doorstep to enlighten the students on the benefits and scholarship scheme provided by the Institute for the young student, which is intended to chart a career path for them,” he said.

     

  • ICAN to support tuition houses with library grants

    Tuition houses that prepare students for professional examinations of the Institute of Chartered Accountants of Nigeria (ICAN) are to receive grants to boost their training capacities if they meet the institute’s conditions.

    The Governing Council of the institute set up the fund to help the tuition houses that show seriousness in offering quality training to improve their facilities and better prepare students in expectation of better performance in ICAN examinations.

    The fund, known as the Tuition House Support Fund, comes in three categories: Tier 1: provides library support of up to N1 million, while Tier II is N500,000; and Tier III, N250,000.

    In addition to the library fund, the beneficiaries would also get modern accounting textbooks, study packs and pilot questions as well as participate in a bi-annual mandatory tuition house operators retreat among other training programmes.

    However, a statement by the institute’s Senior Manager, Corporate Communications and Marketing Department, Mrs Bunmi Owolabi, noted that to benefit from the fund, the tuition houses must have the following: “basic facilities including a dedicated building with good parking space, uninterrupted power supply, proper furniture and fittings, electronic writing board, projector and library. The centre must also have a canteen, good conveniences with regular water supply and an administrative office to cater for students’ welfare with a minimum of three staff.”

    Apart from the above, the lecturers must be qualified.

    She said the institute seeks to improve performance in its examination, which has been unimpressive.

    Other interventions put in place to improve performance include the publication of ICAN Study Packs and creation of the Students’ Special Project (SSP), which following its success since its introduction in 2006, gained funding support from the World Bank.  Now, through a “twinning arrangement with the Institute of Chartered Accountants in England and Wales (ICAEW)”, the project has produced world-class learning materials, as well as a new examination structure and syllabus which came to effect in November, 2014.

    Under the new structure, the syllabus consists of three levels, namely, Knowledge, Application and Professional, unlike the old syllabus that had Foundation, Intermediate, Professional Examination I and Professional Examination.

  • ICAN woos secondary pupils with technicians’ scheme

    The Institute of Chartered Accountants of Nigeria (ICAN) has begun a sensitisation exercise in secondary schools in Ondo State on the opportunities inherent in being chartered accountants.

    The programme, which held at the Cultural Centre, Akure the state capital, sought to encourage the pupils to take the Accounting Technicians Scheme West Africa (ATSWA) examination as a quicker means of becoming chartered accountants.

    ICAN Akure District Chairman, Mr. Francis Adaramola, told journalists at the occasion that the pupils were being encouraged to take advantage of the opportunities available in studying accountancy and the various programmes established by the association.

    He noted that the knowledge gained would help the pupils  understand early what are required in becoming chartered accountants.

    He said: “We have started this sensitisation long before now and it appears that people are asking for more. The students will be able to understand the requirements necessary to becoming chartered accountants and strengthen their efforts at becoming professionals in the field in the near future. This is what we refer to as a catch-them-young programme, and this will put them in a better position to enhancing their knowledge of the course of study.”

    Adaramola explained that those who passed the ATSWA examination could get direct admission into the accounting departments of the universities, and bypass the foundational courses when they enroll for the ICAN certification proper.

    He said the pupils, who were drawn from both private and public secondary schools in Akure and its environs, could register to write the ATSWA examinations.

     

  • ICAN’s scheme worth second look

    IT was a breath of fresh air to read that the Institute of Chartered Accountants of Nigeria (ICAN) has a scheme that can be taken at secondary school level.  Though it has been in existence since 1989 for middle manpower training in accounting, the Accounting Technicians Scheme West Africa (ATSWA) examination is not one of the career paths many secondary school pupils consider after their Senior School Certificate Examination (SSCE).   Majority of SSCE holders write the Tertiary Matriculation Examination (UTME) after gaining their five O Level credits and try using a combination of the two results to get into school.

    The Ondo State chapter of the institute should be applauded for marketing the scheme to secondary school pupils in Akure.  Youths of today need a lot of awareness about a variety of careers they can embrace without waiting endlessly to gain admission into tertiary institutions through the UTME.

    The ATSWA started out as the Accounting Technician Scheme in 1989 to provide a platform for the training of accounting technicians who can serve as middle level manpower in areas of the economy where they are needed.  The scheme has three levels (ATS I-III) that can be taken by those with O Level credits in five subjects, including English and Mathematics.  The examinations are conducted by the Association of Accountancy Bodies in West Africa (ABWA) so the qualification is recognized in the West African sub-region.

    Those who complete all the levels are awarded the Associate Accounting Technicians’ (AAT) certificate.  They can go ahead to write the institute’s Professional Examinations after obtaining the AAT.  What is more, the ICAN website states that the scheme is considered as equivalent to the National Diploma (ND), which means that students can use the AAT to gain direct entry into the university.

    The ATSWA has produced 13,000 since 1989, meaning that an average 520 technicians are trained yearly.  I can bet that a substantial percentage of that number is made up of degree and Higher National Diploma (HND) graduates in disciplines other than Accounting who seek the skills either to run their own businesses or because they found themselves in roles that require technical accounting skills. If more secondary school leavers were taking the examination, the number would have been far more than 13,000 trained in 25 years.

    With our tertiary institutions – universities, polytechnics, and colleges of education unable to absorb the over one million candidates that write the SSCE yearly, many more of them need to embrace the ATSWA.  We need our professional institutes to come up with more schemes as these so that our youths can have alternative paths to training.  It would be even better if these professional training encourage the young ones to learn to be creative and run their own businesses.  We need to wake up and think out of the box.

     

  • ICAN members  urged on IFRS  compliance

    ICAN members urged on IFRS compliance

    A business solution company in Lagos State, the WFO, has enjoined Fellows of the Institute of Chartered Accountants of Nigeria (ICAN) to comply with the International Financial Reporting Standard (IFRS), to enhance efficiency in preparing their financial statements.

    WFO, an acronym from partners and a “Big 4” experienced business solution company in audit, tax, advisory and accounting outsourcing services spoke at a seminar organised at the weekend to enlighten the Fellows on IFRS benefits.

    The guest lecturer, Mr. Oluwole Oluyemi, said the financial standard was adopted in 2010 when Senator Jubril Martins Kuye was the Minister of Commerce and Industry.

    He said the minister did a road map on how it could be adopted by the companies, adding that in December, most SMEs would have adopted the financial standard to enhance efficiency.

  • Tackling corruption will reduce unemployment, says ex-ICPC member

    Tackling corruption will reduce unemployment, says ex-ICPC member

    A pioneer member of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Chief Simeon Oguntimehin, has stated that the unemployment situation in the country can only be addressed if corruption at all levels is effectively tackled.

    Speaking to reporters ahead of his coronation ceremony as the Lisa of Ondo Kingdom, Oguntimehin, who is also the former President of the Institute of the Chartered Accountants of Nigeria (ICAN), described corruption as a cankerworm that has eaten deep into the fabric of the country, stating that the inability to fight the malaise has affected the image of the country negatively among the comity of nations.

    Oguntimehin, who is the first Chairman of the Ondo State Public Account Committee, however, commended the federal government for the establishment of ICPC and the Economic and Financial Crimes Commission (EFCC).

    While lamenting that the operations of the two anti-graft agencies have been hampered by lack of funds, he appealed to the federal government to allocate more funds to the agencies to enable them achieve their mandate.

    Oguntimehin further appealed to non-governmental organisations, religious bodies and educational institutions to join hands with the government in the crusade against corruption.