The impact of the institute of chartered accountant of nigeria (ican) on standard

Project Abstract

The impact of the Institute of Chartered Accountants of Nigeria (ICAN) on standard setting in the accounting profession cannot be overstated. ICAN plays a crucial role in setting and maintaining high standards for accounting professionals in Nigeria. This research aims to explore the various ways in which ICAN influences and shapes the standards of the accounting profession in the country. One of the key contributions of ICAN to standard setting is through its regulatory functions. ICAN has the authority to regulate the practice of accounting in Nigeria, ensuring that professionals adhere to ethical standards and best practices. By setting and enforcing these standards, ICAN helps to maintain the integrity and credibility of the accounting profession in the country. Furthermore, ICAN also plays a significant role in developing and promoting international accounting standards. As a member of international accounting bodies such as the International Federation of Accountants (IFAC), ICAN is actively involved in the adoption and implementation of international accounting standards in Nigeria. This helps to align the accounting practices in the country with global best practices, ensuring that Nigerian accountants are well-equipped to compete in the international market. ICAN also contributes to standard setting through its educational programs and training initiatives. The institute offers various certification programs and continuing professional development courses to accounting professionals, ensuring that they are up-to-date with the latest standards and regulations in the field. By providing quality education and training, ICAN helps to raise the overall standard of accounting practice in Nigeria. In addition to these direct contributions to standard setting, ICAN also plays an important role in advocating for regulatory reforms and improvements in the accounting profession. The institute engages with policymakers and other stakeholders to push for changes that will enhance the standards and practices of the profession. Through its advocacy efforts, ICAN helps to shape the regulatory environment in Nigeria, ensuring that it is conducive to the growth and development of the accounting profession. Overall, the impact of ICAN on standard setting in the accounting profession in Nigeria is multifaceted and far-reaching. Through its regulatory functions, promotion of international standards, educational initiatives, and advocacy efforts, ICAN plays a vital role in maintaining high standards of practice and professionalism in the accounting profession.

Project Overview

<p> </p><p><strong>INTRODUCTION</strong><br>It has been thirty-nine years since the first group of professionally qualified accountants came into existence in Nigeria under the name “the association of accountants in Nigeria” this association was absorbed by our institute created by an act of parliament No 15 of 1956 which came into force on 1st of September 1965. the institute has over 17,000 member and 90,000 student on its register presently. The institute of chartered accountant of Nigeria (ICAN) is the only professional accountancy body in Nigeria and its qualification which allows it members to call themselves chartered accountant is recognized around the world as a prestigious business qualification. The institute has a laid down of the duties and objective such as to determine what standards of knowledge and still are to be affirmed by person seeking to become member of the accountancy profession and rising those standards form time to time as circumstance may permit to ensure that they meet international standards to secure in accordance with the pension of the act. The establishment and maintenance of fellows associates and registered accountants entitled to practice as accountants and auditors and public form time to time lists of those persons. Also to perform through the council of the institute all other function conferred on it by the act. In other to determine standard the ruling I governing body of the institute called the council set out subject which are considered essential and which must be thoroughly assimilated by any prospective member. To test a through group of this subject it involves level one level two the intermediate level final level part one and final level part two. The examination procedure later changes to foundation examination professional examination I(P.EI) professional examination II (PEII) and professional examination III (P.EIII) Now it has been changed to foundation I foundation 2 intermediate professional examination I and professional examination II On the issue of obtaining the skill or practice if was formally required that a prospective matter enter into an articles of clerkship with principal in a public practice or work as an approved student under an accountant in public practice. However the need for adequate supervisor led to the introduction of the recognized training center (RTC) such as companies have training facilities and all firms of practicing accountant with at least one full-time practitioner. This policy has sometime relaxed for now as more and more institute are awarded recognized training center in status. Further the institute in now generally believed to be playing a positive and direct role in the training of future accountants considering the numerous achievement attributed to them such as the creation of second tier membership (accounting techniques) to cater for the middle cadre level. The primary aim of this these therefore is to test the validity of this claim and to find is in actual fact ICAN is having a considerable impact on the standards attained by Nigeria accountants</p><p>1.2 &nbsp; STATEMENT OF PROBLEM For the purpose of this research work I have decided to find out among other things the followings: i. &nbsp; If the standard used in setting ICAN question is responsible for the competence of those who qualify as chartered accountant of Nigeria. ii. If the those are qualified accountant in Nigeria posses a high qualify over those who are yet to pass the examination. iii. If the possession or non- possession of ICAN certificate affecting remuneration of Nigeria account. iv. &nbsp; If there is the necessity of having another accounting body in Nigeria. v. &nbsp; If in the nearest future the institute will be able to ensure that the federal government appoints qualified accountants to serve as accountant general of the federation as well as in other accounting position in government</p><p><strong>1.3 &nbsp; OBJECTIVE OF THE STUDY</strong></p><p>In relation to the problem analyzed above this work aimed at achieving the following objectives. i. &nbsp; To examine whether those who have qualified as chartered accountant in Nigeria have attained higher standards then those are not qualified. ii. To investigate as to know whether the holding of an ICAN certificate have any influence on the salary collected by a Nigeria accountants iii. To determine whether ICAN is responsible for the shortage of qualified accountants in Nigeria iv. To identify to a very large extent if the Nigeria accountant required and additional accounting body in Nigeria v. &nbsp; To look into the possibility of having qualified accountant as accountant general of the federation and in other accounting post in the government.</p><p><strong>1.4 &nbsp; STATEMENT OF HYPOTHESIS</strong></p><p>The following hypothesis shall be tested. i. &nbsp; That the qualified Nigeria accountant is depended on ICAN ii. That the quality of Nigeria accountant is depended on ICAN. iii. That it is necessary to have another professional body of accountant in Nigeria. iv. &nbsp; That the remuneration of the Nigeria accountant is dependents in ICAN v. &nbsp; That qualified accountant should serve in accountant position in the government cycle.</p><p><strong>1.5 &nbsp; SIGNIFICANCE OF THE STUDY</strong></p><p>It is my sincere desire that this research work will be vital important to the members of the public in general and to the accountants (both students practicing accounting) in particular in the following ways. i. &nbsp; Enabling a clear understanding of important revelation about ICAN relating to its origin goals and objective ii. Giving a clear knowledge in details what it takes to become a chartered accountant in Nigeria iii. Enabling the institute to see whether they have accomplished their objectives and also to identify other areas they need to adjust. iv. Finally it will give the researcher the opportunity of knowing more about ICAN as well as the contribution it has made to the accounting profession</p><p><strong>1.6 SCOPE SCOPE OF STUDY</strong></p><p>In trying to carry out this research work without the time given it will not be possible to contact all the accountants in Nigeria as well as all the accounts in all the distract societies of ICAN. As a result if this fact the scope of study will include some Nigeria accountants in the country and also the head quarter of the institute located at new market road Enugu branch Enugu State.</p><p><strong>1.7 &nbsp; ASSUMPTIONS OF THE STUDY</strong></p><p>In arriving at various conclusion in this work it has been assumed that all information gathered were true believing that the respondents gave the correct information to the best of their abilities</p><p><strong>1.8 &nbsp; DEFINITION OF TERMS USED A PROJECT:</strong></p><p>A project is a business idea well conceived properly identified and adequately document for the purpose of making and maximizing profit. Again a project may be defined as a group of connected activities with a defined starting point a defined finish and need for central intelligence to direct it.</p> <br><p></p>