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Accountants sign pact, to deepen professional standard


Institute of Chartered Accountants of Nigeria. Photo/Nairametrics

Nigeria’s accounting professionals under the aegis of the Institute of Chartered Accountants of Nigeria (ICAN), have signed the Mutual Cooperation Agreement (MCATI) with two tertiary institutions to deepen the standards of learning and dissemination of knowledge in the country.
The Institute also introduced a new syllabus for its professional examination. The new syllabus, which takes effect from March 2021, was developed in line with the resolve to produce future-ready chartered accountants with skills and competencies desired by the market.
The institutions include Adeleke University Ede, Osun State, and the Federal University, Nekede, Owerri, Imo State. This brings to 23, the number of institutions under the scheme.
The agreement meant that accounting students in the institutions would study using the integrated accounting curriculum of ICAN, the National Universities Commission (NUC), and the National Board for Technical Education (NBTE).
Accounting graduates from the Institutions would also be granted 10 subject exemptions instead of seven subjects under the normal ICAN accreditation scheme.
President of ICAN, Dame Onome Joy Adewuyi, who disclosed this said the revised syllabus captured subjects on emerging technologies, which are disrupting the accounting profession, such as BlockChain Technology, Artificial Intelligence, Machine Learning, and Internet of Things, and others.
She explained that the new trends in the Nigerian environment, including the Finance Act 2019, which introduced new developments in the country’s tax system, and the new Companies, and Allied Matters Act (CAMA 2020), presented added impetus for the review.

She said: “A Chartered Accountant worth its salt is not just an expert in the technical aspect of the profession but should be furnished with soft skills including effective communication, integrity, accuracy and good professional judgment.”
Adewuyi said the current syllabus was reviewed in 2018, but the rapidly changing environment necessitated a revisit of the status quo from the five-year policy of the syllabus review, to a more regular one that proactively responds to the demands of the market.

“The review also necessitated the restructuring of various levels of the Institute’s examinations to reflect the new changes in the syllabus, and equally expand the contents of the various subjects against the backdrop of the new normal. While retaining the fifteen subjects, there are now four subjects at the Foundation level as against the former five, and retained the five subjects at the Professional level,” she stated.


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