THE EFFECTIVENESS OF INSTITUTE OF CHARTERED ACCOUNTANT OF NIGERIA (ICAN) AS AN AGENCY FOR CONTINUING EDUCATION
This study is an attempt to examine the effectiveness of the Institute of Chartered Accountant of Nigeria (ICAN) as an Agency of Continuing Education. This is with a view to determining whether it can be concluded that the Institute of Chartered Accountant of Nigeria (ICAN) is an agency for continuing education.
This is to show what Institute of Chartered Accountant of Nigeria is all about and its effectiveness as an agency for continuing education. This is because the recognition of the role of Accountancy in national development as indispensable for the full function of the Accountant.
This determines that the Institute of Chartered Accountants of Nigeria is well suited for continuing education because it has motivational factors by way of employment prospects for its products. It also equips the leaner with skill in Accountancy.
However, it has the deficiency of a narrow based curriculum and communication gap between the Institute and its target audience.
To this end, four hypotheses were formulated to test empirically whether or not the Institute of Chartered Accountants of Nigeria (ICAN) is an agency for continuing education and its effectiveness.
These hypotheses are:
1. The Educational Programmes of Institute of Chartered Accountants of Nigeria (ICAN) offers the participants certification for better employment, promotions and appointments.
2. The ICAN Educational Programmes raise accountants to social status that compare favourably with that of other professional scholars.
3. The Education Programmes of ICAN affects the proper development of the accountants for his economic and social roles.
4. There is a failure on the part of ICAN to reach out to its target audience.
LIST OF TABLES
TABLE OF CONTENT
1.1 Statement of problem
1.2 Purpose of study
1.3 Significance of the study
1.5 Delimitation of the study
1.6 Research question
1.7 Definition of terms
2.1 The development of the institute of
chartered of accountants of nigeria (ican)
2.2 The importance of ican in national development
2.3 The problems of the ican
2.4 Ican as an agency for continuing education
2.5 Continuing education and the citizen’s
right to life long education
2.6 The role of continuing education
in national development
2.7 Factors influencing the effectiveness
of continuing education
3.1 Population of the study
3.2 Sampling procedure
3.3 Sample size
3.5 Administration of questionnaire
3.6 Statistical technique used
Data presentation and analysis
4.1 Tests for Hypothesis
Summary of findings, conclusions and recommendations
5.1 Discussion of results
5.3 Implication of the result
5.5 Area for further study
5.6 Limitation to the study
Generally the history of accounting as a mere recording of business transactions is as old as human society itself. As soon as man begin to live in society transaction started, ranging from barter, at the earlier stage, to monetary transaction later. It can thus be conceived that as soon as man began transaction he began to keep records. This is of course the same all over the world including Nigeria.
According to Braide; “the only means by which a business man knows how much he owns and how much another person owns him is by keeping records. The steward or agent of a landowner by keeping records of how he has collected and used his master’s goods and money, car account for his dealings to his master.
However, when accounting is seen in the modern concept it is more sophisticated and new.
Garbutt defined accounting as a discipline concerned with the recording analysis and forecasting of income and wealth of business and other entities … He explained further that it records in many terms, the flow of economic values between or within and economic entities.
The accounting profession in this modern concept is thus new. According to Okpan (1988) the first known treatment of the subject of accounting was written in 1494. It was in 1494, two years after the discovery of America, that an Italian monk and mathematician Fr. Luca Pacioli, published the first known general instruction on double entry in England generated the impetus for the development of new approaches in accounting. The general introduction of double entry in England was made by Richard Grafton who later became the treasurer of the profession in Britain, the Institute of Chartered Accountants of Great Britain was established.
It was from Britain the accounting process in Nigeria originated. It was, introduced into Nigeria along with the Britain colonial government. According to Okpa (1988) the colonial Administration came into the country with an inflow of Britain government and investors.
Okpan in his lecture notes pointed out however, that: These accountants were not professional accountants in their home county but were Chartered secretaries. This so called accountants recruited local Nigeria, Ghanaian and Sierra Leonians as their apprentices who would later work for them.
Suffice it to mention, therefore that even though the accounting profession in Nigeria is of Britain origin, the British Institute has no direct connection with the development of the profession in Nigeria. Hence the lack of qualified accountant prevailed in the country.
It was in 1950 that Chie Akintola Williams qualified as the first Nigeria Chartered Accountant. However, this lack of qualified accountants continued until after independence in 1960.
It was after Nigeria’s independence in 1960 hat the Nigerian Government sent her indigenes overseas to study accounting on scholarships. Efforts also continue at home as Nigerians, interested in the profession were also awarded scholarships to study accounting at the colleges of arts and science at Yaba, Ibadan, Enugu and Zaria.
On coming back from overseas, this galaxy of overseas trained Nigerian Accountants went into association with their counterparts at home.
What was known as the association of Accountant in Nigeria was formed in 1960. According to the editorial comment of the official journal of the ICAN, the Nigerian Accountants, (June, 1989) the association of Accountants in Nigeria, which was the first regulatory body for the profession in Nigeria, had the following objectives:
o The provision of central organization for accountants and auditors in Nigeria;
o The introduction of strict ethical standards and the maintenance of the standard set;
o The establishment of training programmes and examination leading to the granting of local qualification.
With all these above listed objectives the association went ahead to seek adoption by law as a statutory policy maker and regulator of the accountancy profession in the country. As Nigerians graduated in the profession from both home and overseas Institution, they came to join the association and it grew from strength to strength. “Thus in 1965, this body adopted by the parliamentary Act No. 15 as the Institute of Chartered Accountant of Nigeria, (ICAN) in its own terms, the Act declared:
There shall be established a body to be known as the Institute of Chartered Accountant of Nigeria (ICAN)… which shall be a body corporate under the name and be charged with the general duty of determine that standard of knowledge and skill are to be attained by persons seeking to become members of the accountancy profession and arising those circumstances may permit”.
Since that time ICAN has continued to grow, initially membership of the institute was drawn from Nigerians and foreigners who obtained internationally recognized qualifications in Accounts: However, according to the Nigerian Accountant in its editorial; in 1968, ICAN introduced its own examinations and by 1980 had development enough to insist that membership from that time could only be through the passing of its examination: As the ICAN continued to grow it also gained international recognition.
Her international recognition is shown through invitations to the institute to serve the international Accounting Standard Committee (IASC) from 1979 has also developed district societies with their respective district offices spread all over the country. Presently ICAN has developed into about 34 districts officers scattered all over the federation.
1.1 STATEMENT OR PROBLEM
This project examines the ability of the ICAN to offer all rounded continuing education. Only such an education would be adequate for the production and maintenance of enough number of fully equipped professional accountants in Nigeria.
1.2 PURPOSE OF STUDY
The purpose of this study is to explore into the educational programmes of the Institute of Chartered Accountants of Nigeria (ICAN), so as to find out the effectiveness of the institute as an agency for continuing education. This work would also make the workers and others interested in the accountancy profession aware of the opportunities they have to acquire their education and development through these programmes. At the end of the day both the institute and government would be made to know what are the necessary adjustments to make. Such adjustments would make these efforts towards development via education more effective.
1.3 SIGNIFICANCE OF STUDY
The exploration into the effectiveness of ICAN as an agency for continuing education will make immense contributions to socio-economic development of the nation by making the citizens aware of the opportunities for the self-development through such an agency of continuing education as ICAN.
It will also acquaint the organizers of the ICAN educational programme and recommend solution to those weaknesses.
1. The educational programmes of ICAN offers the participants certification for better employments, promotions and appointment.
2. The ICAN education programmes raise accountants to social status that compare favourably with that of other professional scholars.
3. The educational programmes of ICAN effect the proper development of accountant for these economic and social rates.
4. There had being a failure on the part of ICAN to reach out to its target audience except recently when student officials of ICAN was introduced in different regional offices.
1.5 RESEARCH QUESTIONS
1. Do the educational programmes of ICAN offer the participants certification for better employments promotions and appointments?
2. Are Accountants raised to social status that compare favourably with other professional scholars by the ICAN education programmes?
3. Do the educational programmes of ICAN affect the proper development of the participant for these economic and social roles?
4. How successful has ICAN been reaching out to its target audience?
1.6 DEFINITION OF TERMS
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (ICAN).
The Institute of Chartered Accountants of Nigeria is a sole regulatory body for the accounting profession in Nigeria established by the parliamentary Act No. 15 of 1965 and charged with the general duty of determining what standard of knowledge and skill are to be attained by person seeking to become member of the Accountancy profession and raising standard from time to time.
An Accountant is one who designs and controls the book keeping system and utilizes the information it produces to prepare financial statement and to advice management.
Accountancy is the process of designing and controlling the book-keeping system and using the information it process to prepare financial statement and for advice on financial management of the business.
Book-keeping is the science and art of correctly recording in the books all those business transactions that result in a transfer of money.
Adult education is he entire body of organized educational process whatever formal or otherwise, whether they prolong or replace initial education in schools, colleges and Universities, as in apprenticeship, whereby persons, regarded as adult by the society to which they belong, develop their abilities, enrich their knowledge, improve their technical or professional qualifications and bring about changes in their attitude and behaviour in the two fold perspective of full personal development and participation in balanced and in dependent, social-economic and cultural development.
Continuing education is the type that involves people who have at one time of the other stopped schooling at different point in their life time which might be at the primary, secondary, or tertiary levels.
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