INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA ACT

(1) There shall be established a body to be known as the Institute of Chartered Accountants of Nigeria (in this Act referred to as "the Institute") which shall be a body corporate under that name and be charged with the general duty of-
(a) determining what standards of knowledge and skill are to be attained by persons seeking to become members of the accountancy profession and raising those standards, from time to time, as circumstances may permit;
(b) securing in accordance with the provisions of this Act the establishment and maintenance of the register of fellows, associates and registered accountants entitled to practise as accountants and auditors and the publication, from time to time, of lists of those persons; and
(c) performing through the Council under this Act the functions conferred on it by this Act.
(2) The Institute shall have perpetual succession and a common seal which shall be kept in such custody as the Council under this Act may, from time to time, authorise.
(3) The Institute may sue and be sued in its corporate name and may hold, acquire and dispose of any property, movable or immovable.
(4) Subject to the provisions of this Act, members admitted to the Institute shall-
(a) be enrolled as chartered accountants in the category of-
(i) fellows; or
(ii) associates; or
(b) be registered as registered accountants,
and shall have status in the Institute accordingly.
(5) Persons accorded by the Council under this Act status as chartered accountants shall be entitled to the use of that name and-
(a) shall be recorded as fellows if they satisfy the said Council that for the five years next preceding the date of application in that behalf they have been fit persons and have, in addition to being the holders of approved academic qualifications, been in continuous practice on their own account as accountants or in partnership with other accountants;
[1972 No. 30.]
(b) shall be recorded as fellows if for the period of not less than ten years immediately preceding the date of application for such enrolment (the period of membership of the Association, in the discretion of the Council, counting in that behalf) they have been enrolled as associates, or qualified to be so enrolled whether in practice as accountants or not and are otherwise fit persons; and
[1972 No. 30.]
(c) shall be recorded as associates if they satisfy the said Council that they have passed examinations prescribed or accepted by the Institute and are otherwise fit persons to be enrolled in the register.
(6) Where a person is enrolled or registered, as the case may be, in the Institute, he shall be entitled to the use of such letters after his name as may be authorised by the Council according as he is a fellow, an associate or a registered accountant, and shall, when enrolled or registered, as the case may be, receive a certificate in such form as the Council may approve for the purpose.

(1)
There shall be a president and a vice-president of the Institute who, subject to the provisions of section 5 and of the Second Schedule to this Act, shall be elected by the Council under this Act and hold office each for a term of one year from the date of election, and the president shall be chairman at meetings of the Institute, so however that, in the event of the death, incapacity or inability for any reason of the president, the vice-president shall act in his stead for the unexpired portion of the term of office, or as the case may require, and references in this Act to the president shall be construed accordingly.
[Second Schedule.]
(2) The president and vice-president shall respectively be chairman and vice-chairman of the Council under this Act.
(3) If the president or the vice-president ceases to be a member of the Institute he shall cease to hold any of the offices designated under this section.

(1) There shall be as the governing body of the Institute, a Council charged with the administration and general management of the Institute, and the Council shall consist of a total of twenty persons, being fellows or associate members, as follows-
(a) five persons nominated by the Minister, of whom each shall be a chartered accountant whether in practice as an accountant or not; and
[1972 No. 30.]
(b) fifteen persons elected by the Institute of whom eight shall be members in practice as accountants.
[1972 No. 30.]
(2) The provisions of the First Schedule to this Act shall have effect with respect to the qualifications and tenure of office of members of the Council and the other matters there mentioned.
[First Schedule.]
(3) Regulations made by the Council with the approval of the Minister may provide for increasing or reducing the membership of the Council and may make such amendment to subsection (1) of this section and paragraph 1 of the First Schedule to this Act as the Minister considers expedient for the purposes of or in consequence of the increase or reduction.

(1) The Council shall establish and maintain a fund, the management and control of which shall be in the hands of the Council, and into which shall be paid all moneys received by the Council including moneys held by the Association of Accountants in Nigeria incorporated under the Companies and Allied Matters Act (and in this Act hereafter referred to as "the Association") on its ceasing to exist as provided in the next succeeding section, and shall be paid thereout accounts and other liabilities incurred by or on behalf of the Institute under this Act.
[Cap. C20.]
(2) The Council may invest moneys in the fund in any security created or issued by or on behalf of the Government of the Federation or in any other securities in Nigeria approved by the Council.
(3) The Council may, from time to time, borrow money for the purposes of the Institute, and any interest payable on moneys so borrowed shall be paid out of the fund.
(4) The Council shall keep proper accounts on behalf of the Institute in respect of each financial year and proper records in relation to those accounts; and the Council shall cause the accounts to be audited by a chartered accountant member of the Institute and, when audited, the accounts shall be submitted to the members of the Institute for approval by them at the next annual general meeting.
(5) An auditor appointed for the purposes of this section shall not be a member of the Council.

(1) On the appointed day-
(a) all property held immediately before that day by or on behalf of the Association shall, by virtue of this subsection and without further assurance, vest in the Institute and be held by it for the purposes of the Institute; and
(b) the Association shall cease to exist; and
(c) subject to the next succeeding subsection, any act, matter or thing made or done by the Association shall cease to have effect.
(2) The provisions of the Second Schedule to this Act shall have effect with respect to, and to matters arising from the transfer by this section to the Institute of the property of the Association, and with respect to the other matters mentioned in that Schedule.
[Second Schedule.]

(1) It shall be the duty of the Council to appoint a fit person to be the registrar for the purposes of this Act, and such other persons as the Institute may, from time to time, think necessary.
(2) It shall be the duty of the registrar to prepare and maintain, in accordance with rules made by the Council, a register of the names, addresses and approved qualifications, and of such other particulars as may be specified in the rules, of all persons who are entitled in accordance with the provisions of this Act to be enrolled as fellows or as associates, or registered as registered accountants, and who, in the manner prescribed by such rules, apply to be so registered.
(3) The register shall consist of three parts of which one part shall be in respect of fellows, the second part shall be in respect of associates and the third part shall be in respect of registered accountants.
(4) Subject to the following provisions of this section, the Council shall make rules with respect to the form and keeping of the register and the making of entries therein, and in particular-
(a) regulating the making of applications for enrolment or registration as the case may be, and providing for the evidence to be produced in support of applications;
(b) providing for the notification to the registrar, by the person to whom any registered particulars relate, of any change in those particulars;
(c) authorising a registered person to have any qualification which is, in relation to the relevant division of the profession, either an approved qualification or an accepted qualification for purposes of this Act, registered in relation to his name in addition to or, as he may elect, in substitution for any other qualifications so registered;
(d) specifying the fees, including any annual subscription, to be paid to the Institute in respect of the entry of names on the register, and authorising the registrar to refuse to enter a name on the register until any fee specified for the entry has been paid;
(e) specifying anything failing to be specified under the foregoing provisions of this section,
but rules made for the purposes of paragraph (d) of this subsection shall not come into force until they are confirmed at a special meeting of the Institute convened for the purpose thereafter, or at the next annual general meeting, as the case may be.
(5) It shall be the duty of the registrar-
(a) to correct, in accordance with the Council's directions, any entry in the register which the Council directs him to correct as being in the Council's opinion an entry which was incorrectly made;
(b) to make, from time to time, any necessary alterations in the registered particulars of registered persons;
(c) to remove from the register the name of any registered person who has died;
(d) to record the names of members of the Institute who are in default for more than four months in the payment of annual subscriptions, and to take such action in relation thereto (including removal of the names of defaulters from the register) as the Council under this Act may direct or require.
(6) If the registrar-
(a) sends by post to any registered person a registered letter addressed to him at his address on the register enquiring whether the registered particulars relating to him are correct and receives no reply to the letter within the period of six months from the date of posting it; and
(b) upon the expiration of that period sends in the like manner to the person in question a similar request and receives no reply to that letter within three months from the date of posting it,
the registrar may remove the particulars relating to the person in question from the register; and the Council may direct the registrar to restore to the appropriate part of the register any particulars removed therefrom under this subsection.

(1) It shall be the duty of the registrar-
(a) to cause the register to be printed, published and put on sale to members of the public not later than two years from the appointed day; and
(b) in each year after that in which the register is first published under paragraph (a) of this subsection, to be printed, published and put on sale as aforesaid either a corrected edition of the register or a list of alterations made to the register since it was last printed; and
(c) to cause a print of each edition of the register and of each list of corrections to be deposited at the principal offices of the Institute,
and it shall be the duty of the Council to keep the register and lists of corrections so deposited available at all reasonable times for inspection by members of the public.
(2) A document purporting to be a print of an edition of the register published under this section by authority of the registrar, or documents purporting to be prints of an edition of the register so published and of a list of corrections to that edition so published, shall (without prejudice to any other mode of proof) be admissible in any proceedings as evidence that any person specified in the document, or the documents read together, as being registered was so registered at the date of the edition or of the list of corrections, as the case may be, and that any person not so specified was not so registered.
(3) Where in accordance with subsection (2) of this section a person is, in any proceedings, shown to have been, or not to have been, registered at a particular date, he shall, unless the contrary is proved, be taken for the purposes of those proceedings as having at all material times thereafter continued to be, or not be, so registered.

(1) Subject to section 12 of this Act and to rules made under section 6 of this Act a person shall be entitled to be enrolled as a chartered accountant if-
(a) he passes the qualifying examination for membership conducted by the Council under this Act and completes the practical training prescribed; or
(b) he holds a qualification granted outside Nigeria and for the time being accepted by the Institute and, if the Council so requires, satisfies the Council that he has had sufficient practical experience as an accountant.
[1972 No. 30.]
(2) Subject to section 12 of this Act and to rules made under section 6 of this Act, a person shall be entitled to be registered as a registered accountant if he satisfies the Council that immediately before the appointed day he had not less than five years of experience as an inspector and auditor of company affairs under the provisions of the Companies and Allied Matters Act.
[Cap. C20. 1968 No. 51.]
(3) An applicant for registration shall, in addition to evidence of qualification, satisfy the Council-
(a) that he is of good character;
(b) that he has attained the age of twenty-one years; and
(c) that he has not been convicted in Nigeria or elsewhere of an offence involving fraud or dishonesty.
(4) The Council may in its sole discretion provisionally accept a qualification produced in respect of an application for registration under this section, or direct that the application be renewed within such period as may be specified in the direction.
(5) Any entry directed to be made in the register under subsection (4) of this section shall show that registration is provisional, and no entry so made shall be converted to full registration without the consent of the Council signified in writing in that behalf.
(6) The Council shall, from time to time, publish in the Federal Gazette particulars of qualifications for the time being accepted as aforesaid.

(1) The Council shall approve any institution for the purposes of this Act, and may for those purposes approve-
(a) any course of training at an approved institution which is intended for persons who are seeking to become or are already accountants and which the Council considers is designed to confer on persons completing it sufficient knowledge and skill for admission to the Institute;
(b) any qualification which, as a result of an examination taken in conjunction with a course of training approved by the Council under this section, is granted to candidates reaching a standard at the examination indicating in the opinion of the members of the Council that the candidates have sufficient knowledge and skill to practise accountancy.
(2) The Council may, if it thinks fit, withdraw any approval given under this section in respect of any course, qualification or institution; but before withdrawing such an approval the Council shall-
(a) give notice that it proposes to do so to each person in Nigeria appearing to the Council to be a person by whom the course is conducted or the qualification is granted or the institution is controlled, as the case may be; and
(b) afford each such person an opportunity of making to the Council representations with regard to the proposal; and
(c) take into consideration any representations made as respects the proposal in pursuance of the last foregoing paragraph.
(3) As respects any period during which the approval of the Council under this section for a course, qualification or institution is withdrawn, the course, qualification or institution shall not be treated as approved under this section; but the withdrawal of such an approval shall not prejudice the registration or eligibility for registration of any person who by virtue of the approval was registered or eligible for registration (either unconditionally or subject to his obtaining a certificate of experience) immediately before the approval was withdrawn.
(4) The giving or withdrawal of an approval under this section shall have effect from such date, either before or after the execution of the instrument signifying the giving or withdrawal of the approval, as the Council may specify in that instrument; and the Council shall-
(a) as soon as may be publish a copy of every such instrument in the Federal Gazette; and
(b) not later than seven days before its publication as aforesaid, send a copy of the instrument to the Minister.

(1) It shall be the duty of the members of the Council of the Institute to keep themselves informed of the nature of-
(a) the instruction given at approved institutions to persons attending approved courses of training; and
(b) the examinations as a result of which approved qualifications are granted,
and for the purposes of performing that duty the Council of the Institute may appoint, either from among its own members or otherwise, persons to visit approved institutions or to attend such examinations.
(2) It shall be the duty of a visitor appointed under this foregoing subsection to report to the Council on-
(a) the sufficiency of the instruction given to persons attending approved courses of training at institutions visited by him;
(b) the sufficiency of the examinations attended by him; and
(c) any other matters relating to the institutions or examinations on which the Council may, either generally or in a particular case. request him to report,
but no visitor shall interfere with the giving of any instruction or the holding of any examination.
(3) On receiving a report made in pursuance of this section, the Council may, if it thinks fit, and shall if so required by the Institute, send a copy of the report to the person appearing to the Council to be in charge of the Institution or responsible for the examinations to which the report relates requesting that person to make observations on the report to the Council within such period as may be specified in the request, not being less than one month beginning with the date of the request.

(1) There shall be a Tribunal to be known as the Accountants Disciplinary Tribunal (in this Act referred to as "the Tribunal"), which shall be charged with the duty of considering and determining any case referred to it by the Panel established by the following provisions of this section, and any other case of which the Tribunal has cognisance under the following provisions of this Act.
(2) The Tribunal shall consist of the chairman of the Council and six other members of the Council appointed by the Council.
(3) There shall be a body, to be known as the Accountants Investigating Panel (in this Act referred to as "the Panel"), which shall be charged with the duty of-
(a) conducting a preliminary investigation into any case where it is alleged that a member has misbehaved in his capacity as an accountant, or should for any other reason be the subject of proceedings before the Tribunal; and
(b) deciding whether the case should be referred to the Tribunal.
(4) The Panel shall be appointed by the Council and shall consist of two members of the Council and one chartered accountant who is not a member of the Council.
(5) The provisions of the Third Schedule to this Act shall, so far as applicable to the Tribunal and Panel, respectively, have effect with respect to those bodies.
[Third Schedule.]
(6) The Council may make rules inconsistent with this Act as to acts which constitute professional misconduct.

(1) Where-
(a) a member is judged by the Tribunal to be guilty of infamous conduct in any professional respect; or
(b) a member is convicted, by any court in Nigeria or elsewhere having power to award imprisonment, for an offence (whether or not punishable with imprisonment) which in the opinion of the Tribunal is incompatible with the status of an accountant; or
(c) the Tribunal is satisfied that the name of any person has been fraudulently registered,
the Tribunal may, if it thinks fit, give a direction reprimanding that person or order the registrar to strike his name off the relevant part of the register.
(2) The Tribunal may, if it thinks fit, defer or further defer its decision as to the giving of a direction under the foregoing subsection until a subsequent meeting of the Tribunal; but-
(a) no decision shall be deferred under this subsection for periods exceeding two years in the aggregate; and
(b) so far as possible no person shall be a member of the Tribunal for the purposes of reaching a decision which has been deferred or further deferred unless he was present as a member of the Tribunal when the decision was deferred.
(3) For the purposes of subsection (1) (b) of this section, a person shall not be treated as convicted as therein mentioned unless the conviction stands at a time when no appeal or further appeal is pending or may (without extension of time) be brought in connection with the conviction.
(4) When the Tribunal gives a direction under subsection (1) of this section, the Tribunal shall cause notice of the direction to be served on the person to whom it relates.
(5) The person to whom such a direction relates may, at any time within twenty-eight days from the date of service on him of notice of the direction, appeal against the direction to the Court of Appeal; and the Tribunal may appear as respondent to the appeal and, for the purpose of enabling directions to be given as to the costs of the appeal and of proceedings before the Tribunal, shall be deemed to be a party thereto whether or not it appears on the hearing of the appeal.
(6) A direction of the Tribunal under subsection (1) of this section shall take effect-
(a) where no appeal under this section is brought against the direction within the time limited for such an appeal, on the expiration of that time;
(b) where such an appeal is brought and is withdrawn or struck out for want of prosecution, on the withdrawal or striking out of the appeal;
(c) where such an appeal is brought and is not withdrawn or struck out as aforesaid, if and when the appeal is dismissed,
and shall not take effect except in accordance with the foregoing provisions of this subsection.
(7)
A person whose name is removed from the register in pursuance of a direction of the tribunal under this section shall not be entitled to be registered again except in pursuance of a direction in that behalf given by the tribunal on the application of that person; and a direction under this section for the removal of a person's name from the register may prohibit an application under this subsection by that person until the expiration of such period from the date of the direction (and where he has duly made such an application, from the date of his last application) as may be specified in the direction.

Any person not a member of the Association who, but for this Act, would have been qualified to apply for and obtain membership of the Association may within the period of three months beginning with the appointed day apply for membership of the Institute in such manner as may be prescribed by rules made by the Council and if approved, he shall be enrolled or registered, as the case may be, according to his qualifications.

(1) Subject to subsection (2) of this section, a person shall be deemed to practise as an accountant if, in consideration of remuneration received or to be received, and whether by himself or in partnership with any other person-
(a) he engages himself in the practice of accountancy or holds himself out to the public as an accountant; or
(b) he offers to perform or performs any service involving the auditing or verification of financial transactions, books, accounts or records or the preparation, verification, or certification of financial, accounting and related statements; or
[1972 No. 30.]
(c) he renders professional services or assistance in or about matters of principle or details relating to accounting procedure or certification of financial facts or data; or
(d) he renders any other service which may by regulations made by the Council with the approval of the Minister be designated as service constituting practice as an accountant.
(2) Nothing in this section shall be construed so as to apply to persons who, while in the employment of any government or person, are required under the terms or in the course of such employment, to perform the duties of an accountant or any of them.

(1) The Council may make rules-
(a) for the training with chartered accountants of suitable persons in accountancy methods and practice;
(b) for the supervision and regulation of the engagement, training and transfer of such persons; and
(c) for the provisions of articles.
(2) The Council may also make rules-
(a) prescribing the amount and due date for payment of the annual subscription and for such purpose different amounts may be prescribed by the rules according as the member of the Institute is a fellow, an associate or a registered accountant and according as the fellow or the associate is in practice as an accountant or not;
(b) prescribing the form of licence to practise to be issued annually or, if the Council thinks fit, by endorsement on an existing licence;
(c) restricting the right to practise as an accountant in default of payment of the amount of the annual subscription where the default continues for longer than such period as may be prescribed by the rules;
(d) restricting the right to practise as an accountant if the qualification granted outside Nigeria does not entitle the holder to practise as an accountant;
[1972 No. 30.]
(e) prescribing the period of practical training in the office of a chartered accountant in practice to be completed before a person qualifies for enrolment or a licence to practise as an accountant.
(3) Rules when made shall, if the chairman of the Council so directs, be published in the Federal Gazette.

The Institute shall-(a) provide and maintain a library comprising books and publications for the advancement of knowledge of accountancy, and such other books and publications as the Council may think necessary for the purpose;
(b) encourage research into accountancy and accountancy methods and allied subjects to the extent that the Council may, from time to time, consider necessary.

(1) Any regulations made under this Act shall be published in the Federal Gazette as soon as may be after they are made; and the Minister shall lay a copy of any such regulations before each House of the National Assembly as soon as may be after they are so published.
(2) Rules made for the purposes of this Act shall be subject to confirmation by the Institute at its next annual general meeting or at any special meeting of the Institute convened for the purpose, and if then annulled shall cease to have effect on the day after the date of annulment, but without prejudice to anything done in pursuance or intended pursuance of any such rules.

(1) If any person for the purpose of procuring the registration of any name, qualification or other matter-
(a) makes a statement which he believes to be false in a material particular; or
(b) recklessly makes a statement which is false in a material particular,
he shall be guilty of an offence.
(2) If, on or after the relevant date, any person not being a member of the Institute practises as an accountant for or in expectation of reward, or takes or uses any name, title, addition or description implying that he is in practice as an accountant, he shall be guilty of an offence:
Provided that, in the case of a person falling within section 13 of this Act-
(a) this subsection shall not apply in respect of anything done by him during the period of three months mentioned in that section; and
(b) if within that period he duly applies for membership of the Institute, then, unless within that period he is notified that his application has not been approved, this subsection shall not apply in respect of anything done by him between the end of that period and the date on which he is enrolled or registered or is notified as aforesaid.
(3) If, on or after the relevant date, a registered accountant holds himself out as a chartered accountant or takes or uses any name, title, addition or description implying that he is a chartered accountant, he shall be guilty of an offence.
(4) If the registrar or any other person employed by or on behalf of the Institute wilfully makes any falsification in any matter relating to the register, he shall be guilty of an offence.
(5) A person guilty of an offence under this section shall be liable-
(a) on summary conviction to a fine of an amount not exceeding one hundred naira;
(b) on conviction on indictment to a fine of an amount not exceeding one thousand naira or to imprisonment for a term not exceeding two years, or to both such fine and imprisonment.
(6) Where an offence under this section which has been committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of any director, manager, secretary or other similar officer of the body corporate or any person purporting to act in any such capacity, he, as well as the body corporate, shall be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
(7) In this section "the relevant date" means the third anniversary of the appointed day or such earlier date as may be prescribed for the purposes of this section by order of the Minister published in the Federal Gazette; and for the purposes of this section different dates may be prescribed for different territories within the meaning of the Constitution of the Federal Republic of Nigeria.
[Cap. C23.)

In this Act, unless the context otherwise requires-
"accountant" includes an auditor;
"the appointed day" means 1st September, 1965;
"Association" means the Association of Accountants in Nigeria incorporated under the Companies and Allied Matters Act;
[Cap. C20. 1968 No. 51.]
"chartered accountant" means an accountant enrolled as a fellow or associate member of the Institute;
"Council" or "Council under this Act" means the Council established as the governing body of the Institute under section 3 of this Act;
"enrolled" in relation to a fellow or an associate member, means registered in the part of the register relating to fellows or associate members as the case may be;
"fees" includes annual subscriptions;
"Institute" means the Institute of Chartered Accountants of Nigeria under this Act;
"member" means a member of the Institute;
"Minister" means the Minister of the Government of the Federation charged with responsibility for education;
"Panel" has the meaning assigned by section 11 of this Act;
"president" and "vice-president" mean respectively the office-holders under those names in the Institute;
"register" means the register maintained in pursuance of section 6 of this Act;
"registered accountant" means a member of the Institute who is not a fellow or an associate member;
"Tribunal" has the meaning assigned to it by section 11 of this Act.

This Act may be cited as the Institute of Chartered Accountants of Nigeria Act.