ICAN seeks audit qualification rights for members to practice in UK

By Chukwuma Umeorah

The Institute of Chartered Accountants of Nigeria (ICAN) is engaging with the United Kingdom Financial Reporting Council (UK FRC) to secure audit qualification rights for its members.

The 59th President of ICAN, Innocent Okwuosa led a delegation on a historic visit to the UK FRC facilitated by the Association of Chartered Certified Accountants (ACCA), where he emphasized the Institute’s strategic imperative, stating, “We perceive the acquisition of audit qualification rights in the UK as a pivotal opportunity for our members, fostering their professional advancement on a global scale.”

He cited the existing Mutual Recognition Agreement (MRA) between the Institute of Chartered Accountants in England and Wales (ICAEW) and ICAN and made a case for UK FRC to allow ICAN members to leverage on this MRA to obtain audit qualification right in UK.

ICAN members can engage in UK audit if the proposed MOU between with UK FRC is signed. 

The Director of Professional Bodies Supervision at the UK FRC, Dawn Dickson who received the ICAN delegation explained that the UK FRC focuses only on audits of listed and public interest companies and their auditors.

Dickson expressed the Council’s willingness to consider granting such rights to ICAN contingent upon a meticulous evaluation process. “We have extended such privileges to nations like Australia and New Zealand, with ongoing deliberations concerning South Africa. Nigeria stands poised to receive commensurate consideration, provided ICAN satisfies the stipulated prerequisites outlined by the UK FRC.”