ICAN FACULTIES

First launched in 2001 as the millennium was set to unfold, the faculty were created to provide technical support to member based on their peculiar needs. As distinct from the section that the institute initially created as associations or groups of professionals that operate in the same section. Faculties are Centers of Excellence that bring together experts committed to the expansion of the frontiers of knowledge in a particular field of Accountancy in which some members operate as well as open more channels of communication between the institute and its member that perform various specialize functions in the economy. The following faculties were re-launched on July 18, 2008:

Ø      Audit, Investigations And Forensic Accounting;

Ø      Taxation And Information Technology;

Ø      Consultancy And Corporate Re-Engineering;

Ø      Public Finance Management; And

Ø      Corporate Finance Management;

These Faculties will create an interactive forum for Chartered Accountants in these section such that their unique needs can be identified, collated and satisfied, it will also provide provide professional information that will enhance the efficiency and technical competence of member s as evidence of proficiency and authority to practice their specialized skills. It is therefore a post-qualification initiative designed to train and certify the specialist skills of its members. Accordingly, it will also issue guidelines and performance benchmarks for members in above  section that will facilitate peer review. Above all, the faculties will continuously strive to educate members on each peculiar statutory duties and responsibilities such that a culture of best practices is evolved in each sector by the Institute.

VISION

To be the leading center of Excellence and Repository of Technical information on professional Accountancy.

MISSION

To continue to provide world class professional and technical support to members and practicing firms both to enhance the quality of service delivery as well as raise the profile of the profession internationally.

CATEGORIES OF MEMBERSHIP

There are two categories of membership of the Faculties:

1.      Individuals who must be financial members of  the institute and are registered with the Faculty.

2.      Corporate members who must be firms of chartered Accountants duly registered with ICAN and are bodies considered by the Boards as relevant to the activities of the Faculties.

BENEFITS OF MEMBERSHIP

TO MEMBERS

Membership of the Faculty will assist the members to enhance their technical and professional skills such that they can continue to deliver value-laden services to their diverse client. The Faculties will serve as repository of technical information from which members can draw as they grapple with the challenges of their professional assignments. It will also crate networking opportunities for its members.

  

TO FIRMS

The faculty will help to deepen and, in fact, complement the technical information available to the firms of chartered accountants. It would also serve as a ready recourse for the resolution of technical issues, conflict of opinions and for the sharing of business and professional information on developments within the environment and practice area.

TO REGULATORY BODIES

The faculties will raise the quality of professional practice such that compliance to standards and regulations will be a fair accompli. Ultimately, the quality of financial reporting will be enhanced in the country while public confidence in the profession will be sustained.

USERS OF SERVICES OF CHARTERED ACCOUNTANTS

Users of the services of chartered accountants will be better assured of the quality of services they are getting. In fact, they will be persuaded to place greater reliance on the work of chartered accountants. The existence of faculties will also enhance the image and perception of the institute as a responsive and responsible professional body that fortune its stakeholders.

ORGANIZATIONAL STRUCTURE

The faculty Board

Each of the faculties has a Board. The Board, which is the governing body of the Faculty, is responsible to the ICAN council and it consists of a total of seven members as follows:

1.      Chairman

2.      Vice Chairman

3.      Treasurer; and

4.      Four other members

The initial Board members including the Chairman were appointed by the Council and they will serve for a period of one year, after which Board membership shall be by election. Thereafter, the Chairman of the Board shall be elected  by members of the Faculty from amongst themselves at an election to be held during the Annual General meeting of the Faculty. To ensure the independent of the faculties, council members are precluded from running for election into the faculty Boards. To broaden its network of technician information, the Board has the right to co-opt institutional representatives with the approval of council, provided such representative are members of the institute and the organizations are relevant to the Faculty.

Management of the faculties

All the faculties are accountable to the council through the faculties management committee (FMC) chaired by the president of the institute. In this respect, all executive member of the various Boards are members of this Committee which  is like a clearing house for common issues. However, the elected Board members manage the various Faculties while the  Administrative Head of the faculties is the coordinating Director who is assisted in each faculty by an Assistant Director and other support staff.