FREQUENTLY ASKED QUESTIONS (FAQ)
What is the ICAN exam?
- The Institute of Chartered Accountants of Nigeria (ICAN) was established by Act of Parliament No. 15 of 1965 and saddled with the responsibility of setting standards of knowledge and skill required to become a member of the accountancy profession; and also to maintain a register of its members that have earned the rights to practice as accountants and auditors.
What has changed from 2019 to 2021 ICAN Syllabus?
- Taxation has been moved from Foundation level to Skills level
- The new syllabus incorporates changes with respect to Finance Act 2019
- The new syllabus incorporates changes with respect to the provisions of Companies and Allied Matters Act (CAMA) 2020
Download the Finance Act Newsletters as provided by the Big 4 audit firms and the CAMA Bill/Documents below:
When will ICAN exams hold?
- The examination of the Institute will now hold three times a year: March, July and November.
- There are three levels in the ICAN Professional exams (All courses in each level have to be passed before a student can sit for the next level):
Level 1: Foundation level
Level 2: Skills level
Level 3: Professional level
What are the Courses in the Foundation level?
- There are now four (4) courses in the March 2021 foundation level syllabus:
Business, Management and Finance;
Management Information; and
What are the Courses in the Skills level?
- There are now six (6) courses in the March 2021 skills level syllabus:
Audit and Assurance;
Corporate Strategic Management & Ethics;
Performance Management; and
Public Sector Accounting and Finance.
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What are the Courses in the Professional level?
- There are five (5) courses in the professional level:
Advanced Audit and Assurance;
Strategic Financial Management;
Advanced Taxation; and
What is ICAN Exam structure?
- Foundation level
Each paper consists of 2 sections: A and B
Section A: 20 compulsory multiple choice questions making 20 marks
Section B: 6 open-ended questions (essay, computational or scenario-based) 20 marks each. Candidates will be required to answer any 4.
- Skills and Professional levels
Each paper consists of 3 sections: A, B and C
Section A: one 30-mark compulsory scenario-based question on the core area of the subject.
Section B: 3 questions of 20 marks each and candidates will be required to attempt any two.
Section C: 3 questions of 15 marks each and candidates will be required to attempt any two.
Note that for Case Study subject taken at Professional level, the paper is tested thus: This will be a scenario-based paper, consisting of a pre-seen and an unseen part, which will require candidates to write a report based on two requirements from the case.
What is ICAN pass mark?
- The pass mark for each paper is 50%
What is ICAN exam duration?
- Each paper is for three hours with additional fifteen minutes reading time, except Case Study which is for four hours including reading time.
ICAN is yet to release study packs for this updated syllabus. Students are advised to use the 2019 study packs (see link above) together with other materials in preparation for the exams pending the time ICAN releases updated study packs (if any). Subscribe to this blog with your mail to get updates on this.