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Nigeria: ICAN Inducts 1,511 New Members
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This Day (Lagos)
14 May 2008
Posted to the web 14 May 2008
Nnamdi Duru
Lagos
Institute of Chartered Accountants of Nigeria (ICAN), the umbrella body of accounting practitioners in the country has admitted 1,511 fresh members into its fold. This brings the membership of the institute to 24.935.
Prince Abiodun Babington-Ashaye, President of ICAN made this known in his address at the 41 induction ceremony hosted by the institute in Lagos yesterday.
He also confirmed that the institute has completed the adaptation of 30 out of the 32 International Standards on Auditing issued by the body for regulating the practice of auditing globally.
Babington-Ashaye congratulated the newly inducted chartered accountants who are by their membership of the institute qualified to attach (ACA) to their names for having successfully scaled through the rigorous qualifying processes of the institute.
"It is therefore a great joy for me to heartily congratulate the 1,511 young men and women who are being admitted today into the membership of ICAN for successfully scaling through our rigorous qualifying process. I also felicitate with your spouses, families and friend for their financial and moral support which made today's historic event a reality," he said.
With the admission of the newly qualified professionals the membership of the institute according to its president has risen to 24,935, rising from 250 in 1965, saying this is a demonstration of the institute's commitment to the creation of skilled accounting professionals.
"The membership of our institute will rise to 24, 935 from a modest beginning of 250 in 1965.
"This is a clear demonstration of our institute's enduring commitment to qualitative capacity building, particularly with regard to training and production of skilled world-class accounting professionals in accordance with the need of our nation's economic growth and development and benchmarked against the best available international standard of certification." the ICAN President stated.
Reflecting on the audit practice, the President confirmed that the institute has been meeting international standards and at the last count
has ratified and adapted 30 out of the 32 international standards issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC).
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"It is instructive to mention that the institute has completed the process of adapting some of these international standards to conform to local regulatory requirements and business norms. As at December 31, 2007, the institute had completed the adaptation and has actually issued 30 out of the 32 international standards on Auditing so far issued by IAASB of IFAC while the exposure of draft of the remaining two will be issued shortlyâ-, she stated
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