1.0 It has been thirty-nine years since the
first group of professionally qualified accountants came into existence
in Nigeria under the name “the association of accountants in Nigeria”
this association was absorbed by our institute created by an act of
parliament No 15 of 1956 which came into force on 1st of September 1965.
the institute has over 17,000 member and 90,000 student on its register
The institute of chartered accountant of Nigeria (ICAN) is the only
professional accountancy body in Nigeria and its qualification which
allows it members to call themselves chartered accountant is recognized
around the world as a prestigious business qualification.
The institute has a laid down of the duties and objective such as to
determine what standards of knowledge and still are to be affirmed by
person seeking to become member of the accountancy profession and
rising those standards form time to time as circumstance may permit to
ensure that they meet international standards to secure in accordance
with the pension of the act. The establishment and maintenance of
fellows associates and registered accountants entitled to practice as
accountants and auditors and public form time to time lists of those
persons. Also to perform through the council of the institute all other
function conferred on it by the act.
In other to determine standard the ruling I governing body of the
institute called the council set out subject which are considered
essential and which must be thoroughly assimilated by any prospective
To test a through group of this subject it involves level one level
two the intermediate level final level part one and final level part
two. The examination procedure later changes to foundation examination
professional examination I(P.EI) professional exanimation II (PEII) and
professional examination III (P.EIII) Now it has been changed to
foundation I foundation 2 intermediate professional examination I and
professional examination II
On the issue of obtaining the skill or practice if was formally
required that a prospective matter enter into an articles of clerkship
with principal in a public practice or work as an approved student under
an accountant in public practice. However the need for adequate
supervisor led to the introduction of the recognized training center
(RTC) such as companies have training facilities and all firms of
practicing accountant with at least one full-time practitioner.
This policy has sometime relaxed for now as more and more institute are awarded recognized training center in status.
Further the institute in now generally believed to be playing a
positive and direct role in the training of future accountants
considering the numerous achievement attributed to them such as the
creation of second tier membership (accounting techniques) to cater for
the middle cadre level.
The primary aim of this these therefore is to test the validity of
this claim and to find is in actual fact ICAN is having a considerable
impact on the standards attained by Nigeria accountants
1.2 STATEMENT OF PROBLEM
For the purpose of this research work I have decided to find out among other things the followings:
- If the standard used in setting ICAN question is responsible for the
competence of those who qualify as chartered accountant of Nigeria.
- If the those are qualified accountant in Nigeria posses a high qualify over those who are yet to pass the examination.
- If the possession or non- possession of ICAN certificate affecting remuneration of Nigeria account.
- If there is the necessity of having another accounting body in Nigeria.
- If in the nearest future the institute will be able to ensure that
the federal government appoints qualified accountants to serve as
accountant general of the federation as well as in other accounting
position in government
1.3 OBJECTIVE OF THE STUDY
In relation to the problem analyzed above this work aimed at achieving the following objectives.
- To examine whether those who have qualified as chartered accountant
in Nigeria have attained higher standards then those are not qualified.
- To investigate as to know whether the holding of an ICAN
certificate have any influence on the salary collected by a Nigeria
- To determine whether ICAN is responsible for the shortage of qualified accountants in Nigeria
- To identify to a very large extent if the Nigeria accountant required and additional accounting body in Nigeria
- v. To look into the possibility of
having qualified accountant as accountant general of the federation and
in other accounting post in the government.
1.4 STATEMENT OF HYPOTHESIS
The following hypothesis shall be tested.
- That the qualified Nigeria accountant is depended on ICAN
- That the quality of Nigeria accountant is depended on ICAN.
- That it is necessary to have another professional body of accountant in Nigeria.
- That the remuneration of the Nigeria accountant is dependents in ICAN
- That qualified accountant should serve in accountant position in the government cycle.
1.5 SIGNIFICANCE OF THE STUDY
It is my sincere desire that this research work will be vital
important to the members of the public in general and to the accountants
(both students practicing accounting) in particular in the following
- Enabling a clear understanding of important revelation about ICAN relating to its origin goals and objective
- Giving a clear knowledge in details what it takes to become a chartered accountant in Nigeria
- Enabling the institute to see whether they have accomplished their
objectives and also to identify other areas they need to adjust.
- Finally it will give the researcher the opportunity of knowing more
about ICAN as well as the contribution it has made to the accounting
1.6 SCOPE AND LIMITATION OF THE STUDY
SCOPE OF STUDY
In trying to carry out this research work without the time given it
will not be possible to contact all the accountants in Nigeria as well
as all the accounts in all the distract societies of ICAN. As a result
if this fact the scope of study will include some Nigeria accountants in
the country and also the head quarter of the institute located at new
market road Enugu branch Enugu State.
In this process of carry out this research work the following limitation is inherent:
i. Time: Honestly time
will be inadequate fir a research work of this nature. That is
considering the time that will be spent in gathering data during the
literature review and other necessary things that will require a lot of
ii. Cost: This include transportation cost for shutting one place to another materials cost which in indeed a major constraint
iii. Comprehensive & Extensive Textbook:
This is quite a big problem because book on this topic are presently
scarce in the market. However effort will be made to find some books
iv. The Collection of the questionnaires may pose some problem
as many respondent would promise different dates making the jobs more
tedious nevertheless booking appointment for personal interview may
receive cold welcome.
1.7 ASSUMPTIONS OF THE STUDY
In arriving at various conclusion in this work it has been assumed
that all information gathered were true believing that the respondents
gave the correct information to the best of their abilities
1.8 DEFINITION OF TERMS USED
A PROJECT: A project is a business idea well
conceived properly identified and adequately document for the purpose of
making and maximizing profit.
Again a project may be defined as a group of connected activities
with a defined starting point a defined finish and need for central
intelligence to direct it