The Institute of Chartered Accountants of Nigeria (ICAN) has warned its Members-In-Practice (MsIP) about the use of outdated or untenured practice licences.
ICAN expressed dismay over the continued use of outdated licences despite numerous public notices and sensitisation efforts dating back to October 2019, according to an official statement dated June 10, 2024.
In response to this situation, ICAN has announced a final grace period of one year, extending up to May 31, 2025 to offer defaulting members an opportunity to renew their practice licences.
ICAN maintained that this is the last chance for members to comply with the Institute’s regulations regarding valid practice licenses, adding that members still using invalid or untenured licences must apply for the regularisation and renewal of such licences.
It stressed the importance of this process to ensure that all practicing accountants hold valid and current permits, thereby upholding the integrity and standards of the profession.
“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 licenses without recourse to the Institute for revalidation despite several public notices and sensitisations 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 licenses to apply for the regularisation and renewal of their invalid licenses.”
ICAN made it clear that any invalidated or untenured practice licenses that are not regularised by the end of the grace period will be permanently nullified by striking them off ICAN’s register of Members-In-Practice.
“All invalidated/untenured practice licenses 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 members whose licenses are nullified, ICAN said their reapplication will be mandatory with processes to meet specific requirements including completing 36 months of practical audit training, in addition to other terms and conditions set by the Institute.
The measure, it added is intended to ensure that all practicing members meet the necessary professional standards and qualifications.
In a bid to facilitate the renewal process, ICAN also stated that it has provided detailed guidelines on the procedure for licence renewing practice.
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