Bill to amend ICAN act passes 2nd reading in Senate

By Iyojo Ameh

A bill seeking to amend the Chartered Institute of Accountants of Nigeria(ICAN)Acts has passed second reading at the Senate.

This followed the presentation of the general principles of the bill by the sponsor Senator Solomon Adeola from Ogun state at plenary in Abuja

He told his colleagues that the ICAN Act, came into effect on Sept 1, 1965, some 59 years ago stressing that its obsolete and needed amendment

The lawmaker said the act empowered the Institute to set standards and regulate the practice of Accountancy in Nigeria in line with developments in the economy and changing needs of chartered accountants.

Senator Adeola said over the years, it has become imperative to amend certain provisions of the act and insert new provisions to bring the act up to current realities stressing that amendment would ensure that ICAN remained adaptive, forward-thinking, and attuned to the needs of the nation.