ACCOUNTANCY: A DISCIPLINED PROFESSION PRESENTED

Transcript:ACCOUNTANCY: A DISCIPLINED PROFESSION PRESENTED:
ACCOUNTANCY: A DISCIPLINED PROFESSION PRESENTED BY: Professor Ahmed M. Kumshe, FCA Registrar/Chief Executive at the 68TH INDUCTION CEREMONY ICAN CENTRE, AMUWO ODOFIN, LAGOS Monday, November 08, 2021 OUTLINES ICAN IN BRIEF BACKGROUND TO ETHICS THE INTERNATIONAL ETHICS STANDARD BOARD & THE FUNDAMENTAL PRINCIPLES OF ETHICS CONCEPTUAL FRAMEWORK OF ETHIC THREATS TO THE FUNDAMENTAL PRINCIPLES PROFESSIONAL ACCOUNTANTS IN PUBLIC PRACTICE & IN BUSINESS PROFESSIONAL DISCIPLINE IN ICAN ANNUAL GENERAL MEETING ICAN DISTRICT SOCIETIES ICAN FACULTIES MANDATORY CONTINUING PROFESSIONAL DEVELOPMENT, MCPD ICAN CONTACT CENTRES MEMBERS’ PROFILE CONCLUSION 8 November 2021 ACCOUNTANCY: A DISCIPLINED PROFESSION 2 ICAN IN BRIEF Established by Act of Parliament Number 15 of 1965; Founding member of International Federation of Accountants (IFAC), Pan African Federation of Accountants (PAFA), the Association of Accountancy Bodies in West (ABWA) and Chartered Accountants Worldwide (CAW); ICAN has reciprocity arrangements (opportunity of ICAN Members to belong to other PAOs) with Institute of Chartered Accountants of England and Wales (ICAEW), Chartered Institute of Management Accountants (CIMA) and Chartered Institute of Public Finance and Accountancy (CIPFA); ICAN is empowered to set standards of the knowledge and skills to be attained by persons seeking to become members of the accountancy profession in Nigeria; With 53,947 Professional Members (55,191 by tomorrow), and over 230,000 students; Vision: To be a leading global professional body; and Mission: To produce world-class Chartered Accountants, regulate and continually enhance their ethical standards and technical competence in the public interest. 8 November 2021 ACCOUNTANCY: A DISCIPLINED PROFESSION 3 ICAN IN BRIEF – Historical Development of the Institute Its forerunner, the Association of Accountants in Nigeria, incorporated in 1960 was an umbrella body for all Nigerian Accountants who qualified abroad before Independence in 1960. The Association had the pioneering statutory rights to set standards and regulate the practice of accounting in Nigeria and still has these rights today. The Institute spearheaded the formation of the Nigerian Accounting Standards Board (NASB) a body responsible for standard setting which later metamorphosised into the Financial Reporting Council (FRC) of Nigeria. 8 November 2021 ACCOUNTANCY: A DISCIPLINED PROFESSION 4 ICAN IN BRIEF –International Affiliations International Federation of Accountants, IFAC Chartered Accountants Worldwide, CAW Pan African Federation of Accountants, PAFA Association of Accountancy Bodies West Africa, ABWA Mentoring: ONECCA Cameroon ONECCA Niger Liberian Institute of Certified Public Accountants (LICPA) The Gambian Institute of Chartered Accountants (GICA) Reciprocity and Co-Memberships ICAEW CIMA CIPFA 8 November 2021 ACCOUNTANCY: A DISCIPLINED PROFESSION 5