By Michael Eboh
The Institute of Chartered Accountants of Nigeria (ICAN) has reiterated its commitment towards ensuring highest quality standards in the accounting profession.
To this end, the Institute has accredited 22 institutions across the country, saddled with the responsibility of training future members of the Institute.Of the 22 institutions, 6 were newly accredited while 16 were re-accredited.
Speaking during the presentation of accreditation and recognition certificates to tertiary institutions and tuition houses across the country,ICAN President, Mrs. Elizabeth Adegite, stated that the accreditation exercise is in line with its mandate of setting standards and regulating the practice of accountancy in the country.
According to her, the exercise is part of its quality control measures aimed at aligning the quality of knowledge disseminated by these institutions to global standards.
â€œAs a professional body committed to technical excellence, the Institute proactively began to accredit institutions of higher learning and tuition houses when it realised that the pass rate of students in its various examinations was below expectation.
â€œThe major causes of this poor performance, according to our studies, were poor preparation by students, inadequate teaching personnel in terms of number and quality, decayed infrastructural and instructional facilities in many institutions, poorly articulated curricula for accounting related programmes, poor library facilities, among others.
â€œThus, in line with its statutory mandate of setting standards and regulating the practice of accountancy in the country, the Council resolved to accredit centres where its potentials members could receive appropriate and qualitative technical and academic training.Â â€œ
In other words, accreditation exercise was designed to reaffirm the instituteâ€™s commitment to high technical standards as well as facilitate the choice of academic institutions/tuition houses by our numerous students in their quest for accounting knowledge.â€Â She explained that the accreditation exercise is not an audit exercise, but is designed to serve as a minimum guide in ensuring that institutions of learning and tuition centres consistently adhere to set standards.
Adegite further stated that the Institute, as parts of efforts towards ensuring that its activities adapt to global best practices and ever-changing circumstances, is set to roll out its new syllabus, which is expected to become effective from the May 2010 examinations.