The Institute of Chartered Accountants of Nigeria (ICAN) has issued a stern warning to its Members-In-Practice (MsIP) regarding the use of invalidated or untenured practice licenses.
In an official notification dated June 10, 2024, ICAN expressed dismay over the continued use of outdated licenses despite numerous public notices and sensitization efforts dating back to October 2019.
This development has prompted ICAN to take decisive action to maintain professional standards within the accounting profession in Nigeria.
Background and Discovery
The Governing Council of ICAN recently discovered that a significant number of its Members-In-Practice are still operating with their old, invalidated, or untenured practice licenses.
These licenses have not been revalidated by the Institute, contrary to multiple public advisories issued over the past few years.
This non-compliance has raised concerns within ICAN about the adherence to professional standards and regulatory requirements among its members.
In response to this situation, ICAN has announced a final grace period of one year, extending up to May 31, 2025. This period is intended to provide defaulting members with an opportunity to regularize and renew their practice licenses.
ICAN has emphasized that this is the last chance for members to comply with the Institute’s regulations regarding valid practice licenses.
During this grace period, Members-In-Practice who are still using invalid or untenured licenses must apply for the regularization and renewal of their licenses.
ICAN has stressed the importance of this process to ensure that all practicing accountants hold valid and current licenses, thereby upholding the integrity and standards of the profession.
What ICAN is saying
“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.”
“A final grace period of one (1) year (up to May 31st, 2025) has been given to all MsIP who are still practicing with invalidated/untenured practice licences to apply for the regularisation and renewal of their invalid licences.”
Permanent Nullification Post-Deadline
ICAN has made it clear that any invalidated or untenured practice licenses that are not regularized by the end of the grace period will be permanently nullified.
These licenses will be struck off from ICAN’s register of Members-In-Practice. This means that affected members will no longer be recognized as licensed practitioners by the Institute.
“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.”
For those members whose licenses are nullified, reapplication will be mandatory. This process will involve meeting specific requirements, including completing 36 months of practical audit training, in addition to other terms and conditions set by ICAN.
This measure is intended to ensure that all practicing members meet the necessary professional standards and qualifications.
To facilitate the renewal process, ICAN also stated that it has provided detailed guidelines on the procedure for renewing practice licenses.