By Chinwendu Obienyi
The President of the Institute of Chartered Accountants of Nigeria (ICAN), Innocent Okwuosa, has emphasized the need for a review of the ICAN Act to align with current day reality particularly as it concerns practicing the profession in Nigeria.
Okwuosa made this call at the weekend during a press conference to commemorate the International Accounting Day 2023.
Whilst noting that the landscape of the accountancy profession is often marked by legislative frameworks that both scaffold and shape the practice, Okwuosa said that a review of the act reflects a recognition of the evolving landscape while aiming to ensure that the regulatory framework remained relevant and effective in the current operating environment.
He said, “The initial ICAN Act of 1965 was a pioneering piece of legislation, one that established the accounting profession on a firm statutory footing in Nigeria and paved the way for the standards of excellence we uphold today. However, you would agree with me that the environment we operate in is a dynamic one. Between 1965 and 2023, the definition and practice of accountancy would have assumed a different meaning that was not envisaged as of 1965. Meaning evolves over time, and because of this, there is a need for us to reflect the current meaning of accounting in the act.”
He further highlighted some challenges facing the advancement of the accountancy profession in Nigeria. Notably, some elements attempt to diminish the profession’s standing. “Today ICAN is the biggest brand of professional accountancy in Africa. We have developed a Mutual Recognition Agreement (MRA) with some international accountancy organisations which expect us to be at the same pedestal as ourselves in terms of practice.
“The Institute is strong in its commitment to working with the relevant authorities and stakeholders including International Federation of Accountants (IFAC), Pan African Federation of Accountants (PAFA), Association of Accountancy Bodies in West Africa (ABWA) to ensure that we deliver the highest standards in the profession,” he assured.
Another challenge he pointed out was the persistence of unqualified individuals falsely claiming membership of the institute.
Encouraging a thoughtful approach to the amendment and recognizing its potential impact on the profession’s standards of excellence, Okwuosa said that ICAN’s role as custodians of economic truth and architects of financial stability and growth has become a beacon of hope in guiding organizations through uncertainties and providing sound financial advice.
He stated, “We have continued to advocate for better accountability, transparency and effective management of public finances in government as it is widely recognized as an essential element for fostering a prosperous and inclusive society. We recognize the significant role that we, as chartered accountants, must play in achieving this. Our ICAN Accountability Index (ICAN AI) endorsed by the World Bank, and the International Federation of Accountants (IFAC) is a groundbreaking tool designed to assess and monitor the accountability and transparency of public finance management in Nigeria”.