ICAN MEMBERS’ RELEASE 25 Aug 2023 REF No. MR0001/25082023
1.0 PREAMBLE
In swift fulfilment of the pledge of the 59th President of our great Institute, Dr Innocent Okwuosa, FCA, to embark on genuine consultation/engagement with all stakeholders of the Institute to engender better communication and more effective relationships that will put ICAN on a new upward trajectory, we joyfully bring to you the Institute’s maiden Members’ Release.
The Members’ Release (MR) is authorised by the Governing Council. The aim is to provide information that are relevant and beneficial to members after every Council meeting, to significantly improve the communication/relationship between the Council and members and by so doing enhance members’ interest and commitment to our great Institute. For best results, the MR is designed with a feedback mechanism.
2.0 COUNCIL MEETING OF REFERENCE
The Governing Council held its 678th meeting on Tuesday, 22 August 2023 at the Institute’s Council Chambers at Plot 16, Idowu Taylor Street, Victoria Island, Lagos. The meeting adopted the hybrid mode.
3.0 KEY DECISIONS/DEVELOPMENTS
The Council took the following key decisions to fast-track the Institute’s movement in a new upward trajectory:
3.1 CORPORATE FINANCE MANAGEMENT FACULTY
The challenges imposed on players in the economy by globalisation and the revolution in IT made the Faculty Board to request the Council to create a new specialisation in financial modelling for members. The Council Approved that the financial modelling training programme be run as a stand-alone certification programme, different from the corporate finance management certification programme with this, the Council has increased the opportunities for members to be future-ready Accountants.
3.2 PROFESSIONAL PRACTICE COMMITTEE (PPC)
The Council Noted 75 successful applications for practice licence renewal which were approved on its behalf by the PPC. While 65 of the applications were granted full approval, 10 were granted conditional approval – meaning that they are to mandatorily regularize their firms’ names before their next renewal date in 2026.
Members with outstanding practice licence renewal issues should please call Tunji on 08033075237.
3.3 REVIEW OF THE CURRICULUM FOR FORENSIC ACCOUNTING CERTIFICATION
The Council Approved the revised Audit, Investigations and Forensic Accounting Faculty’s Forensic Accounting Certification curriculum as follows:
1. that five MCPD credit hours (out of the earlier approved 30) be allotted to participation in the Moot Court session, which has now been made compulsory;
2. that the fees for virtual and physical participants be increased from N200,000 and N250,000 to N240,000 and N290,000 respectively, to cover the increase in the duration and content of the training;
3. that members with forensic accounting certificates, e.g., Certified Fraud Examiners (CFE) from other Professional Organisations be allowed to write the CFAN Exam/Viva and attend the Moot Court at a fee of N200,000 only.
With this, the Council opened the ICAN-CFAN certification to all interested members in line with its Members-First policy.
3.4 EMPLOYMENT FACILITATION COMMITTEE
The Council Approved a Job Fair where unemployed and underemployed members of the Institute will interface with selected employers of labour to address the unemployment and underemployment challenges confronting members. The proposed Job Fair has been tentatively fixed for February 2024 in Lagos.
This is a quick response to the outcome of the recent Members’ Satisfaction Survey.
3.5 FINANCE AND GENERAL PURPOSES COMMITTEE (F&GPC)
In line with the Institute’s reputation as an employer of choice, the F&GPC presented the Council with a proposal on palliative measures to cushion the effects of the fuel subsidy removal on all ICAN employees.
The Council Approved the extra-budgetary release of monthly palliative payments for the Institute’s employees, NYSC/Interns, and third-party staff for six months, from July 2023 to December 2023.
This is a demonstration of the Council’s premium interest in the welfare of the Institute’s workforce.
3.6 UPDATED CRITERIA FOR MEMBERS TO SERVE IN ICAN COMMITTEES
The Council Approved the updated criteria for the membership of ICAN Committees. The updated, non-negotiable criteria that will take effect from the 2024 presidential year are as follows;
1. Any member who wishes to serve in an ICAN Committee must be financially up-to-date;
2. He/she must be MCPD-compliant;
3. He/she must belong to a District Society, irrespective of whether he/she belongs to a Chapter;
4. He/she must have been a member of the Institute for at least three years;
5. He/she must belong to at least one Faculty; and
6. He/she must meet ALL the above criteria no later than April 30 of every year.
The update syncs with the Council’s resolve not to lower the trajectory of the Institute in any way.
3.7 BUILDING PROJECTS COMMITTEE
The Institute has been given an offer letter for the statutory right of occupancy on the land for the ICAN International Event Centre at Abuja, with the usual government bill for the ground rent and other charges.
The Council Approved that the FCDA bill be paid by the end of this month (August), while the fencing should commence thereafter for the Institute to take rightful possession of the land.
The Committee further reported that the Maiduguri Regional Office has been completed and is ready for commissioning.
The Council Approved for work to commence as soon as possible in the next Regional Office building.
The huge infrastructural investments are testaments to the Council’s commitment to the ICAN vision.
3.8 UPDATE ON THE AGREEMENT WITH THE POLICE ACADEMY (POLAC)
The Council Noted the encouraging report on the commencement of the first stream of 200 cadets under the ICAN-POLAC Agreement which the Institute signed just two months ago.
The Agreement positions the Institute to play a grand strategic role in forensic and investigative professional practice in Nigeria within the shortest possible time.
4.0 OTHER COUNCIL INFORMATION
4.1 SWEARING IN OF THREE GOVERNMENT APPOINTEES
Three (3) Council members who were reappointed by the Federal Government were sworn in to take their positions in Council. While Hon. Nasiru Muhammad, FCA was sworn in for the fourth term, Messrs Mathias Dafur, FCA and Ezekiel Anagha, FCA were sworn in for their second terms. The 59th President congratulated them and urged them to contribute committedly to the current upward trajectory of the Institute.
4.2 RECOMMENCEMENT OF PRACTICE MONITORING/REVIEW
Members are hereby informed that the Institute has recommenced one of its core regulatory functions which is the monitoring/review of registered audit firms and members-in-practice (MIPs) in this presidential year. The monitoring/review exercises will cover both firms and their engagement partners. The Council urges all registered firms and MIPs to cooperate fully with the Secretariat to fast-track the monitoring/review exercises which are now automatic, nonnegotiable requirements for the renewal of practice licences and sponsorship of fresh licence applications. For enquiries, please write to ppc@ican.org.ng or call 07053697675.
4.3 MONTHLY HOSTING OF THE LIST OF ICAN MEMBERS IN PRACTICE ON OUR WEBSITE
Also, the Council has approved that the comprehensive list of MIPs with valid practice licences, their firms, locations, etc. be hosted on the Institute’s website monthly. Please note that members with expired practice licenses will not be listed! The aim is to sanitise the professional practice space and mitigate quackery within the profession. The Council encourages all MIPs to apply for the renewal of their practice licences at least three months before their expiration to ensure that the monitoring/review exercises do not stall the applications. For more details, please write to practicelicence@ican.org.ng or call 09053847524.
5.0 CONCLUSION
We sincerely thank you for your interest and commitment to ICAN and request that you kindly provide us with 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 http://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!
Dr. Innocent Iweka
Okwuosa, FCA.
President and Chairman, Governing Council,
The Institute of Chartered Accountants of Nigeria (ICAN)
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