The Institute of Chartered Accountants of Nigeria (ICAN) has issued a final warning to its Members-In-Practice (MsIP) regarding the use of outdated or untenured practice licenses.
According to an official statement dated June 10, 2024, ICAN expressed concern over the continued use of invalid licenses despite previous public notices and sensitization efforts dating back to October 2019.
In response to the situation, ICAN has granted a one-year grace period, ending on May 31, 2025, for defaulting members to renew their practice licenses.
The Institute emphasized that this is the last opportunity for members to comply with regulations and ensure their licenses are valid and current.
ICAN stated that members still using invalid or untenured licenses must apply for regularisation and renewal. The Institute stressed the importance of this process in maintaining the integrity and standards of the profession.
Failure to regularise invalidated or untenured licenses by the end of the grace period will result in permanent nullification and removal from ICAN's register of Members-In-Practice.
Members whose licenses are nullified will be required to reapply, meeting specific requirements and completing 36 months of practical audit training.
ICAN has provided detailed guidelines on the renewal process to facilitate compliance. The Institute's measures are aimed at ensuring that all practicing members meet the necessary professional standards and qualifications.
