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.<\/p>\n
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.<\/p>\n
These licenses have not been revalidated by the Institute, contrary to multiple public advisories issued over the past few years.<\/p>\n
In an official notification dated June 10, 2024, ICAN expressed dismay over the continued use of outdated licenses despite numerous public notices and sensitization efforts dating back to October 2019.<\/p>\n
This development has prompted ICAN to take decisive action to maintain professional standards within the accounting profession in Nigeria.<\/p>\n
This non-compliance has raised concerns within ICAN about the adherence to professional standards and regulatory requirements among its members.<\/p>\n
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.<\/p>\n
ICAN has emphasized that this is the last chance for members to comply with the Institute\u2019s regulations regarding valid practice licenses.<\/p>\n
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.<\/p>\n
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.<\/p>\n
\u201cThe 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.\u201d<\/em><\/p>\n \u201cA 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.\u201d<\/em><\/p>\n 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.<\/p>\n These licenses will be struck off from ICAN\u2019s register of Members-In-Practice. This means that affected members will no longer be recognized as licensed practitioners by the Institute.<\/p>\n This measure is intended to ensure that all practicing members meet the necessary professional standards and qualifications.<\/p>\n To facilitate the renewal process, ICAN also stated that it has provided detailed guidelines on the procedure for renewing practice licenses.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" 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. 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 […]<\/p>\n","protected":false},"author":27,"featured_media":34925,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-34923","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34923","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=34923"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34923\/revisions"}],"predecessor-version":[{"id":34934,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/34923\/revisions\/34934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/34925"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=34923"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=34923"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=34923"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Permanent Nullification Post-Deadline<\/strong><\/h4>\n