THE IMPACT OF THE INSTITUTE OF CHARTERED ACCOUNTANT OF NIGERIA (ICAN) ON STANDARDS ATTAINED
BY NIGERIA ACCOUNTANT
(CASE STUDY INSTITUTE OF CHARTERED ACCOUNTANT OF NIGERIA (ICAN) ENUGU BRANCH)
1.0 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 exanimation 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
1.2 STATEMENT OF PROBLEM
For the purpose of this research work I have decided to find out among other things the followings:
i. 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. If there is the necessity of having another accounting body in Nigeria.
v. 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
1.3 OBJECTIVE OF THE STUDY
In relation to the problem analyzed above this work aimed at achieving the following objectives.
i. 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. To look into the possibility of having qualified accountant as accountant general of the federation and in other accounting post in the government.
1.4 STATEMENT OF HYPOTHESIS
The following hypothesis shall be tested.
i. 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. That the remuneration of the Nigeria accountant is dependents in ICAN
v. That qualified accountant should serve in accountant position in the government cycle.
1.5 SIGNIFICANCE OF THE STUDY
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. 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
1.6 SCOPE AND LIMITATION OF THE STUDY
SCOPE OF STUDY
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.
In this process of carry out this research work the following limitation is inherent:
i. Time: Honestly time will be inadequate fir a research work of this nature. That is considering the time that will be spent in gathering data during the literature review and other necessary things that will require a lot of time
ii. Cost:This include transportation cost for shutting one place to another materials cost which in indeed a major constraint
iii. Comprehensive & Extensive Textbook: This is quite a big problem because book on this topic are presently scarce in the market. However effort will be made to find some books
iv. The Collection of the questionnaires may pose some problem as many respondent would promise different dates making the jobs more tedious nevertheless booking appointment for personal interview may receive cold welcome.
1.7 ASSUMPTIONS OF THE STUDY
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
1.8 DEFINITION OF TERMS USED
A PROJECT: 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
1.9 PRESIDENTS THE ASSOCIATION OF ACCOUNTANTS IN NIGERIA
(The fore runner of the institute .
1960-1961 Akintola Williams OFR B.Com CBE FCA
1961-1962 Akintola Williams B.Com CBC FCA
1962-1963 Frank Cuthent Oladipo Coker B. Com. M.S FCA
1963-1964 `Frank Cuthbart Oladipo Coker B. Com M. Sc FCA
1946-1965 Frank Cuttbert Oladipo Coker B. Com M. Sc FCA.
1965- 1966 Frank Cuthbert Oladipo Coker B. Com M Sc (Decess)
1966-1967 Ephrim Adekuale Osin Dero ( Chief) Non Decess)
1967- 1968 Zacchaseus Oludayo Osoanya Fca
1968- 1969 Alfred Eltren Fac
1969- 1970 Felix Bankole Cardoso Fac
1970- 1971 Emmanuel Ayodele Odukoya (Archdeacon)
1971- 1972 Muslia Olaiya Anibaba (chief ) Fca
1972- 1973 Vincent Abajimi Adebisi Ogunba Fac (Deceased)
1973-1974 Julius Akinyokun Owoseni (Chief) Fca (Deceased)
1974- 1975 Michael Adepoju Adeyemo (Prof) M Sc (Econs) Fca
1975-1976 Cecil Oyemyi Olurotimi Oyedirn (Econms) Fca
1976-1977 Anthony Asuquo Ani (Chief) Mon Fca
1977-1978 Arthur Christopher Izuegbunam Mbanefo(Chief)
1978-1979 Joseph Akintuncle Alaba Aogbayo, Fca
1979-1980 John Adepoju Balogun (sir) Fca
1980- 1981 Idris Onaolaro Sulanmon Fca
1981-1982 Olusola Faleye (Chief) Fca
1982-1983 Dolanimi Babafemi Olabamidels Ogutaga Fca
1983-1984 Johnson Kayode OSIYEMO Osinaike Fca
1984-1985 Otunba Adedoyin Olayide Ogunde (Deceased) Fca
1985-1986 Samie Aremu William Fca
1986-1987 John Olaobju Olabisi Omidwra (Chief)
1987-1988 Ebemezer Florunso Oke ( Chief) B.Sc Fca
1988-1989 Dorcas Bolajoko Ayodele Kuforji Olubi
1989-1990 Micheal Ayodeji Oni B.Sc Fca
1990-1991 Corneluis Oladipupo Sundary Oseni, B.Sc Fca
1991-1992 Oluwole Alani Adosun (Chief) B.Sc Fca
1992-1993 Oluwole Alani Adeosun (Chief) B.Sc Fca
1993-1994 Ismaila Usman (Mallam) Fca
1994-1995 Olutoyin Olusola Olaknuri (Chief Mrs.) fca
1995- 1996 Simeon Olusola Ogun Time Hin (Chief) Fca
1996-1997 Emanual Itoya Ijewere Fca
1997- 1998 Agnes Adenike Adeniran (Princess) Fca
1998- 1999 Sir Ike Nwokolo KSC Fca
1999-2000 Adenoye Olugboyega Badejo (Chief) Fca
2000- 2001 Herbert Adewolo Agbabiyi Fca
2001-2002 Ugockuikwu Stephen Nwankwo Fca
2002-2003 Felix Kola Bajoma (Chief) Fca
2003-2004 Jaiye Kofolaran Randel (Bashomen) Fca
2004-2005 Ibironke Mojisola Osiyemi ( Mrs.) Fca
2005-2006 Lateef Adebayo Owoyemi Fca.