ICAN Members’ Release 15 Nov 2023 – REF NO. MR0003/15112023
1.0 PREAMBLE
The October 2023 Council meeting came after the hugely successful 53rd Annual Accountants’ Conference, with over 8,000 physical and virtual participants. The Council of the Institute continues to prioritise members’ interests by constantly evolving initiatives that enhance the value proposition for over 60,000 ICAN members.
2.0 COUNCIL MEETING OF REFERENCE
The Governing Council meeting of reference is the 684th meeting held in a hybrid format on Friday, November 3, 2023, at the Institute’s Council Chambers at Plot 16, Idowu Taylor Street, Victoria Island, Lagos.
3.0 KEY DECISIONS/DEVELOPMENTS
At the said meeting, the following decisions were made by the Governing Council of the Institute.
3.1 Fortifying the ICAN Brand Internationally and Locally.
International
One of the goals of this presidential year is to deepen the internationalization of the ICAN brand and the Institute’s leading advocacy role through constant collaborations with relevant local and international bodies. At the October Council meeting, the Council was briefed on the achievements already recorded in this direction by the 59th President, Dr (Innocent Okwuosa).
The President held a meeting with the United Nations Conference on Trade and Development (UNCTAD) intergovernmental working group of experts on International Standards of Accounting and Reporting (ISAR) in October at Abu Dhabi and briefed them about the ICAN Accountability Index. Both parties agreed that subject matter experts on ICAN AI would be invited to deliver the paper whenever UNCTAD has a programme on public finance management. They requested that ICAN should write them to provide more details on the work . The President also made a presentation on Nigeria’s adoption of ISSB’s sustainability standards IFRS S1 & S2 on behalf of FRC, Nigeria to UNCTAD ISAR and African Regional Partnership on Sustainability (of which he is a member), a gathering of participants from over 150 countries at the conference.
At the October Pan Africa Federation of Accountants (PAFA) meeting held in Burkina Faso, the President reached an agreement with PAFA on some joint initiatives that will project ICAN as the leading Professional Accountancy Organisation (PAO) in Africa and enhance its brand globally. This will see the ICAN Accountability Index (AI) showcased at the African Association of Accountant General (AAAG) conference in Lesotho; African Organization of Public Accounts Committees (AFROPAC) and Southern African Development Community Organisation of Public Accounts Committee (SADCOPAC); International Standard Setters, donors and development partners at PAFA AU event and French speaking countries in Africa. PAFA will also facilitate the publication of an article on ICAN AI at IFAC Knowledge Gateway, the PAFA website, and LinkedIn. Similar activities will be executed to showcase ICAN’s pioneering effort at introducing the ATS exam in Africa. Other agreed-upon items include joint webinars, using ICAN experts on topical issues, co branding, responses to exposure drafts, etc.
National
The Council continued establishing cooperative and collaborative partnerships with Ministries, Departments, and Agencies (MDAs). Recall that the Council has established different technical workgroups to provide technical assistance to some MDAs to help achieve their mandates. Discussions have reached advanced stages with the Ministry of Budget and Economic Planning and the Ministry of Power for ICAN to provide technical assistance that would contribute to achieving the much-desired reforms in these sectors. The 53rd Annual Accountant Conference highlighted the importance of inclusive development. The President has promised to go beyond the current ICAN AI and introduce ICAN Sustainability Index, which will measure the state’s performance in citizens’ better welfare. Once again, ICAN leads in this.
3.2 . Introducing ICAN SMP Helpdesk and Practitioners’ Portal.
The Council continues to prioritize the interest of its members in practice in the upward trajectory agenda of the presidential year. To this end, the Council approved the development of a Helpdesk portal to provide technical support to SMPs. The Portal, which will be launched within the next few weeks, has the following features:
a. Facilities for practitioners to access technical assistance in auditing, taxation, and technical accounting matters.
b. Helpdesk and Frequently Asked Questions (FAQ) sections for Members-in-Practice to submit practical inquiries and receive answers to common questions.
c. A team of experienced Technical Experts from large and medium-sized firms work behind the scenes to provide answers within forty-eight (48) hours or less.
Access to the Practitioners’ Portal is granted only to Members in good financial standing with an active license, and members in practice are encouraged to take advantage of this Portal when launched by the Institute to improve their services to clients.
3.3 Speedy Practice Licence Renewal.
In line with its resolve to constantly improve the efficiency in the renewal of practice licences, the Professional Practice Committee processed the practice licences of one hundred and thirty-eight (138) member-applicants, and Council noted this and informed the committee to continue to work harder until licence renewal is real-time. Council is already considering the deployment of robots and AI in this direction.
3.4 Commencement of 2022 and 2023 ICAN AI Assessment.
To kick start the above exercise, the Council had earlier approved the training of relevant parties. As such, the ICAN-AI Technical subcommittee conducted comprehensive training for all 78 Assessors and seven coordinators. Council has continued to be at the forefront of advocacy for the entrenchment of better accountability and transparency in public finance management in Nigeria. The committee has concluded arrangements to address the FAAC and Governor’s Forum on the forthcoming exercise.
3.5 The 2023 International Accounting Day Celebration.
As part of its commitment to putting its members first, the Council approved the national celebration of the 2023 International Accounting Day. Part of the programmes slated and implemented in commemoration of the Day was the 59th President’s Press Conference, where the immense contributions of ICAN members were well enunciated and acknowledged
3.6 . Release of September 2023 ATSWA Examination Result
During the meeting, the Council approved the result of the ATSWA September 2023 examinations and the different categories of prizes and scholarships. Also, in its commitment to safeguarding the integrity of its examinations, the Council approved appropriate sanctions for the two candidates involved in examination malpractices in the September 2023 ATSWA examination.
4.0 Conclusion
We thank every member of our great Institute for your commitment to professionalism and positive impact on the accounting and financial sectors. Raising the bar of professionalism is a collective responsibility, and the defence of the ICAN brand is our joint efforts.
We would continue to appreciate your feedback/criticisms for the good of our renowned Institute via membersrelease@ican.org.ng
We also urge you to regularly visit the ICAN website www.icanig.org and like, follow, and subscribe to our social media handles on Facebook, X, Instagram, LinkedIn, and YouTube for up-to-date information.
Together, WE CAN sustain the upward trajectory of our renowned Institute!
Innocent Okwuosa, PhD, CPFA, FCIB, FCA
President and Chairman, Governing Council
The Institute of Chartered Accountants of Nigeria
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