The Institute of Chartered Accountants in Nigeria (ICAN) is taking decisive action against members using invalidated and untenured practice licenses. In a recent memo dated June 10, 2024, ICAN issued a stern warning to its members, emphasizing its commitment to uphold professional standards.
Despite multiple warnings, some ICAN members continue to use expired licenses. ICAN is now determined to enforce strict measures to prevent this malpractice.
Overview of the Situation
ICAN’s governing council has discovered a troubling trend: many members are practicing with outdated or invalid licenses. According to 9AM News Nigeria, ICAN’s regulations mandate that licenses be renewed every three years. However, numerous members are neglecting this rule, operating with licenses that have not been renewed for much longer.
To address this noncompliance, ICAN has announced a final grace period until May 31, 2025, for members to renew their licenses. The institution has made it clear that this is the last opportunity for members to comply with its regulations.
The memo from ICAN, obtained by 9AM News Nigeria, reads: “The Governing Council of the Institute has discovered with dismay that the majority of her Members-In-Practice (MsIP) are still practicing with their old invalidated/untenured licences without recourse to the Institute for revalidation despite several public notices and sensitizations to all members to that effect since October 2019.”
Consequences of Noncompliance
ICAN has warned that any member who fails to renew their license by the May 31, 2025, deadline will face permanent invalidation and withdrawal of their practice license. This means such members will no longer be recognized as certified practitioners by ICAN.
The memo further states, “All invalidated/untenured practice licences that are not activated/regularised after the deadline will be permanently nullified and struck off from the Institute’s register of Members-In-Practice.”
Members whose licenses are nullified will need to reapply and complete 36 months of practical audit training, among other requirements, to obtain a new license.
These measures are intended to ensure full compliance with ICAN’s regulations, maintain professional standards, and uphold the integrity of the accounting profession.
ICAN has provided members with detailed guidelines for the license renewal process. According to Ogasabi, the renewal process includes the payment of a fee among other requirements.
