The Institute of Chartered Accountants of Nigeria (ICAN) was established in 1960 following the passage of the ICAN Act by the Nigerian Parliament. Its formation was a response to the need for a regulatory body to oversee and regulate the accounting profession in Nigeria.

At its inception, ICAN was tasked with the responsibility of promoting professionalism, setting standards, and ensuring the highest levels of integrity within the accounting profession.

Over the years, ICAN has experienced significant growth and expansion. It has evolved into one of the leading professional accounting bodies in Nigeria, with a large membership base comprising both practicing and non-practicing accountants. ICAN has continually adapted to changes in the business environment, updating its curriculum, certification programs, and professional development initiatives to ensure that its members remain at the forefront of the accounting profession.

As a standard-setting body, ICAN plays a crucial role in establishing and maintaining the highest standards of accounting and auditing practices in Nigeria. It develops and updates accounting standards, guidelines, and codes of conduct to guide the professional conduct of its members and promote transparency and accountability in financial reporting.

ICAN is recognized as the sole authority for the certification and regulation of accountants in Nigeria. Its members are granted the prestigious designation of Chartered Accountant (ACA), which is widely regarded as a mark of excellence and professionalism in the accounting profession. ICAN's authority extends to the regulation of the education, training, and professional development of accountants, ensuring that they possess the requisite knowledge, skills, and competencies to perform their roles effectively.

ICAN maintains a collaborative relationship with other professional accounting bodies in Nigeria, such as the Association of National Accountants of Nigeria (ANAN). While each organization has its distinct membership base and regulatory framework, they often collaborate on matters of mutual interest, such as advocacy for the accounting profession, continuing professional development initiatives, and the promotion of ethical standards and best practices in accounting and auditing. This collaborative approach fosters a harmonious relationship between the various professional bodies and contributes to the overall development and advancement of the accounting profession in Nigeria.

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