ICAN to reflect new developments in enabling act

ICAN to reflect new developments in enabling act

The Institute of Chartered Accountants of Nigeria (ICAN) has approached the National Assembly for the amendment of its enabling Act, with a public hearing at the House of Representatives, Abuja last Wednesday.

A statement by ICAN’s Principal Manager, Corporate Communications, Olubunmi Owolabi quoted its Registrar/Chief Executive, Prof. Ahmed M. Kumshe (FCA) as saying that the dynamics in the operating environment necessitate that the Act establishing the institute evolves with current realities.

He added that ICAN was seeking an amendment of the Act establishing it to enable members function more effectively as they continue to act in the public interest.

“The curriculum of the Institute had evolved over the years to accommodate developments in the accounting profession; hence the need for an amendment to it enabling Act.”

Kumshe said that ICAN had done an extensive review of the current Act against the backdrop of emerging issues, and identified key areas that have been amended, which require the blessings and passage of the National Assembly as well as the assent of President Muhammadu Buhari.

He stressed that the amendments would bring current practices in harmony with global standards and international best practices where tax practice as part of accounting practice does not require professional accountants to register with a separate body in order to practice taxation as is the case in the United Kingdom, United States of America, Australia and New Zealand, India, South Africa, Kenya and the likes, in international best practice.

The statement reads in part: “Of particular interest to us is the report in some quarters that ICAN wants to regulate tax practice in Nigeria.

We wish to inform all stakeholders that ICAN does not want to regulate tax practice in Nigeria.

ICAN only seeks its members to continue to practice tax as they have been doing right from 1965. Tax has been an integral part of Accounting right from inception in Nigeria and globally.

Accountants, lawyers and other skilled professionals practice tax worldwide and in Nigeria.

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