ICAN Amendment Bill gains traction as Senate reviews proposals

… stakeholders drum support

 

By Chukwuma Umeorah

The Bill seeking to amend the Act that established the Institute of Chartered Accountants of Nigeria (ICAN) is gaining significant traction in the Senate as lawmakers during a public hearing on Thursday undertook a review of proposed revisions.

During a public hearing in Abuja, the senate assured that it would analyze all contributions regarding the bill which have also garnered support from key stakeholders including the Accountant-General of the Federation, Oluwatoyin Sakirat Madein, and the Financial Reporting Council (FRC) of Nigeria.

Titled “A Bill for an Act to amend the Institute of Chartered Accountants of Nigeria,” it was sponsored by the Chairman of the Senate Committee on Appropriations, Solomon Adeola.
He said, “After the public hearing, the committee would proceed to hold a micro session to consider and analyze all submissions and presentations made to them.”

Adeola explained that legislative process would enhance the body’s professional integrity and expand its structure, and enhance regulatory powers.

“ The amendment is necessary to bring Nigeria’s accounting practices in line with international standards and global best practice.” explained noting that various professional bodies had submitted memos to the Senate Committee on Establishment and Public Service Matters, led by Senator Cyril Fasuyi citing the different areas of modification.

In his presentation, the 60th President of the Institute, Davidson Alaribe noted that the ICAN Act came into effect on September 1, 1965, about 59 years ago.

“The Act empowered the Institute to set standards and regulate the practice of accountancy in Nigeria. In line with the dynamics of the environment, the developments in the economy, and the changing needs of chartered accountants”.

“Over the years, it has become imperative that we amend certain provisions of this Act, as well as insert new provisions to bring the Act to current realities and ensure that ICAN remains adaptive, forward-thinking, and in tune with the needs of our nation, as well as to be able to assume the best practices”.

“The amendments collectively aim to strengthen the legislative framework, expand the institute structure, and enhance regulatory powers and professional integrity within the accountancy profession, as well as in other jurisdictions of the world,” ICAN submitted.

Meanwhile, other professional bodies such as the Chartered Institute of Taxation of Nigeria (CITN); The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN); The Computer Professionals Registration Council of Nigeria (CPRCN); the Nigeria Institute of Management (NIM) and the Association of National Accountants in Nigeria (ANAN) also supported the amendment of the ICAN Act as it was long overdue, but subject to reframe of sections 14, 15, 19, 20 and 27 of the bill.

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