Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg.

7127)

CHAPTER 185
INSTITUTE OF CHARTERED ACCOUNTANTS ACT

SECTION ARRANGEMENT OF SECTIONS

The Institute of Chartered Accountants of Nigeria

1. Establishment of Institute of Chartered Accountants of Nigeria.

2. Election of President and Vice-president of the Institute.
3. Council of Institute and membership, etc.
4. Financial provisions.
5. Transfer to institute of certain property, etc.

The register
6. Appointment of registrar, etc. and preparation of the register
7. Publication of registers and lists of corrections

Registration
8. Registration of accountants.
9. Approval of qualifications, etc.
10. Supervision of instruction and examinations leading to approved
qualifications.

Professional discipline
11. Establishment of disciplinary tribunal and investigating panel.
12. Penalties for unprofessional conduct, etc.

Miscellaneous and general

13. Application of Act to unenrolled persons.
14. When persons are deemed to practise as accountants.
15. Rules as to articles, practising fees, etc.
16. Provision of library facilities, etc.
17. Regulations and rules.
18. Offences.
19. Interpretation.
20. Short title.

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7127)

FIRST SCHEDULE
SUPPLEMENTARY PROVISIONS RELATING TO THE COUNCIL

SECOND SCHEDULE
TRANSITIONAL PROVISIONS AS TO PROPERTY, ETC.

THIRD SCHEDULE
SUPPLEMENTARY PROVISIONS RELATING TO THE DISCIPLINARY TRIBUNAL AND
INVESTIGATING PANEL

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7129)

CHAPTER 185
INSTITUTE OF CHARTERED ACCOUNTANTS ACT

An Act to regulate the profession of accountancy and for related matters.

[1st September, 1965] Commencement
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA
1. (1) There shall be established a body to be known as the Establishment of
Institute of Chartered Accountants of Nigeria (in this Institute of
Act hereafter referred to as the institute ) which shall Chartered Accountants
be a body corporate under that name and be charged with of Nigeria.
the general duty of -
(a) determining what standards of knowledge and
skill are to be attained by persons seeking to
become members of the accountancy profession
and raising those standards from time to time as
circumstances may permit;
(b) securing in accordance with the provisions of this
Act the establishment and maintenance of registers
of fellows, associates and registered accountants
entitled to practise as accountants and auditors and
publication from time to time of lists of those
persons; and
(c) performing through the council under this Act the
functions conferred on it by this Act.
(2) The institute shall have perpetual succession and a common
seal which shall be kept in such custody as the council under
this Act may from time to time authorise.

(3) The institute may sue and be sued in its corporate name and
may hold, acquire and dispose of any property , movable or
immovable.

(4) Subject to the provisions of this Act, members admitted to

the institute shall -
(a) be enrolled as chartered accountants in the category
of -
(i) fellows; or
(ii) associates; or
(b) be registered as registered accountants,
and shall have status in the institute accordingly.

(5) Persons accorded by the council under this Act

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7129)

status as chartered accountants shall be entitled to the

use of that name and -
(a) shall be recorded as fellows if they satisfy
the said council that for the five years next
preceding the date of application in that
behalf they have been fit persons and have,
1972 No.30 in addition to being the holders of approved
academic qualifications, been in continuous
practice on their own account as accountants
or in partnership with other accountants;
(b) shall be recorded as fellows if for the period of
not less than ten years immediately preceding
the date of application for such enrolment (the
period of membership of the association, in
the discretion of the council, counting in that
1972. No.30 behalf) they have been enrolled as associates,
or qualified to be so enrolled whether in
practice as accountants or not and are otherwise
fit persons; and
(c) shall be recorded as associates if they satisfy the
said council that they have passed examinations
prescribed or accepted by the institute and are
otherwise fit persons to be enrolled in the register.

(6) Where a person is enrolled or registered as the case may be

in the institute, he shall be entitled to the use of such letters
after his name as may be authorised by the council according
as he is a fellow, an associate or a registered accountant, and
shall, when enrolled or registered, as the case may be, receive
a certificate in such form as the council may approve for the
purpose.

Election of (2) (1) There shall be a president and vice president of the institute who,
president and subject to the provisions of section 5 and of the Second Schedule
vice-president of to this Act, shall be elected by the council under this Act and hold
the Institute office each for a term of one year from the date of election, and the
president shall be chairman at meetings of the institute, so however
that, in the event of the death, incapacity or inability for
any reason of the president, the vice-president shall act
in his stead for the unexpired portion of the term of office,
or as the case may require, and references in this Act to the
president shall be construed accordingly.

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7131)

(2) The president and vice-president shall respectively

be chairman and Vice-chairman of the council under
this Act.

(3) If the president or the vice-president ceases to be a

member of the institute he shall cease to hold any
of the offices designated under this section.

3. (1) There shall be as the governing body of the Council of

institute, a council charged with the administration institute and
and general management of the institute, and the membership etc.
council shall consist of a total of twenty persons,
being fellows or associates members, as follows -
(a) five persons nominated by the Minister, 1972 No.30
of whom each shall be a chartered
accountant whether in practice as an
accountant or not; and
(b) fifteen persons elected by the institute of 1972 No.30
whom eight shall be members in practice
as accountants.

(2) The provisions of the First Schedule to this Act

shall have effect with respect to the qualifications
and tenure of office of members of the council and
the other matters there mentioned.

(3) Regulations made by the council with the approval

of the Minister may provide for increasing or
reducing the membership of the council and may
make such amendments to subsection (1) of this
section and paragraph 1 of the First Schedule to
this Act as the Minister considers expedient for
the purposes of or in consequence of the increase
or reduction.
4. (1) The council shall establish and maintain a fund, Financial
the management and control of which shall be in provisions.
the hands of the council, and into which shall be
paid all moneys received by the council including
moneys held by the Association of Accountants in
Cap. 59 Nigeria incorporated under the Companies and
Allied Matters Act (and in this Act hereafter

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7132)

referred to as the association ) on its ceasing to

exist as provided in the next succeeding section, and
there shall be paid thereout accounts and other
liabilities incurred by or on behalf of the institute
under this Act.

(2) The council may invest moneys in the fund in any

security created or issued by or on behalf of the
Government of the Federation or in any other
securities in Nigeria approved by the council.

(3) The council may from time to time borrow money

for the purpose of the institute, and any interest
payable on moneys so borrowed shall be paid out
of the fund.

(4) The council shall keep proper accounts on behalf

of the institute in respect of each financial year and
proper records in relation to those accounts; and the
council shall cause the accounts to be audited by a
chartered accountant member of the institute and,
when audited, the accounts shall be submitted to the
members of the institute for approval by them at the
next annual general meeting.

(5) An auditor appointed for the purposes of this section

shall not be a member of the council.

Transfer to 5. (1) On the appointed day -

institute of (a) all property held immediately before that day by
certain property, etc. or on behalf of the association shall, by virtue of
this subsection and without further assurance,
vest in the institute and be held by it for the
purposes of the institute; and

(b) the association shall cease to exist; and

(c) subject to the next succeeding subsection, any

Act, matter or thing made or done by the
association shall cease to have effect.

(2) The provisions of the Second Schedule to this Act shall

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7132)

have effect with respect to, and to matters arising from,

the transfer by this section to the institute of the property
of the association, and with respect to the other matters
mentioned in that Schedule.

THE REGISTRAR
6. (1) It shall be the duty of the council to appoint a fit Appointment of
person to be the registrar for the purposes of this registrar, etc and
Act, and such other persons as the institute may preparation of the
from time to time think necessary. register.

(2) It shall be the duty of the registrar to prepare and

maintain, in accordance with rules made by the
council, a register of the names, addresses and
approved qualifications, and of such other
particulars as may be specified in the rules, of all
persons who are entitled in accordance with the
provisions of this Act to be enrolled as fellows or
as associates, or registered as registered accountants,
and who, in the manner prescribed by such rules,
apply to be so registered.

(3) The registrar shall consist of three parts of which one

part shall be in respect of fellows, the second part
shall be in respect of associates and the third part
shall be in respect of registered accountants.
(4) Subject to the following provisions of this section,
the council shall make rules with respect to the form
and keeping of the registers and the making of entries
therein, and in particular -
(a) regulating the making of applications for
enrolment or registration as the case may be,
and providing for the evidence to be produced
in support of applications;
(b) providing for the notification to the registrar, by
the person to whom any registered particulars
relate, of any change in those particulars;
(c) authorising a registered person to have any
qualification which is, in relation to the
relevant division of the profession, either an
approved qualification or an accepted qualification
for the purposes of this Act, registered in relation

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7135)

to his name in addition to or, as he may elect, in

substitution for any other qualifications so registered;
(d) specifying the fees, including any annual subscription,
to be paid to the institute in respect of the entry of
names on the register, and authorising the registrar
to refuse to enter a name on the register until any fee
specified for the entry has been paid;
(e) specifying anything falling to be specified
under the foregoing provisions of this
section.
but rules made for the purposes of paragraph (d)
of this subsection shall not come into force until
they are confirmed at a special meeting of the
institute convened for the purpose thereafter,
or at the next annual general meeting, as the
case may be.
(5) It shall be the duty of the registrar -
(a) to correct, in accordance with the council s
directions, any entry in the register which
the council directs him to correct as being
in the council s opinion an entry which was
incorrectly made;
(b) to make from time to time any necessary
alterations in the registered particulars of
registered persons;
(c) to remove from the register the name of any
registered person who has died;
(d) to record the names of members of the
institute who are in default for more than
four months in the payment of annual
subscriptions, and to take such action in
relation thereto (including removal of the
names of defaulters from the register) as
the council under this Act may direct or
require.

(6) If the registrar-

(a) sends by post to any registered person a
registered letter addressed to him at his
address on the register enquiring whether

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7136)

the registered particulars relating to him

are correct and receives no reply to the
letter within the period of six moths from
the date of posting it; and
(b) upon the expiration of that period sends in
the like manner to the person in question a
second similar letter and receives no reply
to that letter within three months from the
date of posting it, the registrar may remove
the particulars relating to the person in
question from the register; and the
council may direct the registrar to restore
to the appropriate part of the register any
particulars removed therefrom under this
subsection.

7. (1) It shall be the duty of the registrar - Publication

(a) to cause the register to be printed, published of registers
and put on sale to members of the public not
and lists of
later than two years from the appointed day; corrections
and
(b) in each year after that in which the register is
first published under paragraph (a) of this
subsection, to cause to be printed, published
and put on sale as aforesaid either a corrected
edition of the register or a list of alterations
made to the register since it was last printed; and
(c) to cause a print of each edition of the register and
of each list of corrections to be deposited at the
principal offices of the Institute,
and it shall be the duty of the council to keep the register
and lists so deposited available at all reasonable times for
inspection by members of the public.

(2) A document purporting to be a print of an edition of the

register published under this section by authority of the
registrar, or documents purporting to be prints of an edition
of the register so published and of a list of corrections to that
edition so published, shall (without prejudice to any other
mode of proof) be admissible in any proceedings as evidence
that any person specified in the document, or the documents

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7137)

read together, as being registered was so registered at the date

of the edition or of the list of corrections, as the case may be,
and that any person not so specified was not so registered.

(3) Where in accordance with subsection (2) of this section a

person is, in any proceedings, shown to have been, or not to
have been, registered at a particular date, he shall, unless the
contrary is proved, be taken for the purposes of those
proceedings as having at all material times thereafter continued
to be, or not to be, so registered.

REGISTRATION
Registration of 8. (1) Subject to section 12 of this Act and to rules made under
accountants section 6 of this Act, a person shall be entitled to be
enrolled as a chartered accountant if -
(a) he passes the qualifying examination for member-
ship conducted by the council under this Act and
completes the practical training prescribed; or
1972 No.30 (b) he holds a qualification granted outside Nigeria
and for the time being accepted by the institute
and, if the council so requires, satisfies the
council that he has had sufficient practical
experience as an accountant.

(2) Subject to section 12 of this Act and to rules made

under section 6 of this Act. a person shall be entitled
to be registered as a registered accountant if he satisfies
the council that immediately before the appointed day he
had not less than five years of experience as an inspector
and auditor of company affairs under the provisions of the
1968 No. 51 Companies Act.

(3) An applicant for registration shall, in addition to evidence

of qualification, satisfy the council -
(a) that he is of good character;
(b) that he has attained the age of twenty-one years; and
(c) that he has not been convicted in Nigeria or elsewhere
of an offence involving fraud or dishonesty.

(4) The council may in its sole discretion provisionally accept

a qualification produced in respect of an application for
registration under this section, or direct that the application

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7138)

be renewed within such period as may be specified in the

direction.

(5) Any entry directed to be made in the register under sub-

section (4) of this section, shall show that registration is
provisional, and no entry so made shall be converted to
full registration without the consent of the council
signified in writing in that behalf.

(6) The council shall from time to time publish in the

Federal Gazette particulars of qualifications for the
time being accepted as aforesaid.

9. (1) The council may approve any institution for the Approval of
purposes of this Act, and may for those purposes qualifications, etc
approve -
(a) any course of training at an approved
institution which is intended for persons
who are seeking to become or are already
accountants and which the council considers
is designed to confer on persons completing it
sufficient knowledge and skill for admission to
the institute;
(b) any qualification which, as a result of an examin-
ation taken in conjunction with a course of training
approved by the council under this section, is
granted to candidates reaching a standard at the
examination indicating in the opinion of the
members of the council that the candidates have
sufficient knowledge and skill to practise accountancy
(2) The council may, if it thinks fit, withdraw any approval given
Under this section in respect of any course, qualification or
institution; but before withdrawing such an approval the council
shall -
(a) give notice that it proposes to do so to each person in
Nigeria appearing to the council to be a person by whom
the course is conducted or the qualification is granted or the
institution is controlled, as the case may be; and
(b) afford each such person an opportunity of making to the
council representations with regard to the proposal; and
(c) take into consideration any representations made as
respects the proposal in pursuance of the last foregoing

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7139)

paragraph.

(3) As respects any period during which the approval of the council
under this section for a course, qualification or institution is
withdrawn, the course, qualification or institution shall not be
treated as approved under this section; but the withdrawal of
such an approval shall not prejudice the registration or eligibility
for registration of any person who by virtue of the approval was
registered or eligible for registration (either unconditionally or
subject to his obtaining a certificate of experience) immediately
before the approval was withdrawn.

(4) The giving or withdrawal of an approval under this section shall

have effect from such date, either before or after the
execution of the instrument signifying the giving or
withdrawal of the approval, as the council may specify
in that instrument; and the council shall -
(a) as soon as may be publish a copy of every such
instrument in the Federal Gazette; and
(b) not later than seven days before its publication
as aforesaid, send a copy of the instrument to
the Minister.

Supervision of 10. (1) It shall be the duty of the members of the council of the
instruction and institute to keep themselves informed of the nature of-
examinations leading (a) the instruction given at approved institutions to
to approved persons attending approved courses of training; and
qualifications. (b) the examinations as a result of which approved
qualifications are granted,
and for the purposes of performing that duty the council of
the institute may appoint, either from among its own
members or otherwise, persons to visit approved institu-
tions, or to attend such examinations.

(2) It shall be the duty of a visitor appointed under the foregoing

subsection to report to the council on -
(a) the sufficiency of the instruction given to persons
attending approved courses of training at institutions
visited by him;
(b) the sufficiency of the examinations attended by him;
and
(c) any other matters relating to the institutions or exam-

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7140)

inations on which the council may, either generally or

in a particular case, request him to report,
but no visitor shall interfere with the giving of any instruction or the
holding of any examination.

(3) On receiving a report made in pursuance of this section, the

council may, if it thinks fit, and shall if so required by the
institute, send a copy of the report to the person appearing to
the council to be in charge of the institution or responsible for the
examinations to which the report relates requesting that person to
make observations on the report to the council within such period as
may be specified in the request, not being less than one month
beginning with the date of the request.

PROFESSIONAL DISCIPLINE
11. (1) There shall be a tribunal to be known as the Establishment of
Accountants Disciplinary Tribunal (in this Act disciplinary
hereafter referred to as the tribunal ), which shall tribunal and
be charged with the duty of considering and investigating Panel.
determining any case referred to it by the panel
established by the following provisions of this
section, and any other case of which the tribunal
has cognisance under the following provisions of
this Act.

(2) The tribunal shall consist of the chairman of the

council and six other members of the council
appointed by the council.

(3) There shall be a body, to be known as the Account-

ants Investigating Panel (in this Act hereafter
referred to as the panel ), which shall be charged
with the duty of -
(a) conducting a preliminary investigation into
any case where it is alleged that a member
has misbehaved in his capacity as an
accountant, or should for any other reason
be the subject of proceedings before the
tribunal; and
(b) deciding whether the case should be referred to
the tribunal.

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7141)

(4) The panel shall be appointed by the council and shall

consist of two members of the council and one chartered
accountant who is not a member of the council.

(5) The provisions of the Third Schedule to this Act shall, so

far as applicable to the tribunal and panel respectively, have
effect with respect to those bodies.

(6) The council may make rules not inconsistent with this Act as
to acts which constitute professional misconduct.

Penalties for 12 (1) Where -

unprofessional (a) a member is judged by the tribunal to be guilty of
conduct, etc. infamous conduct in any professional respect, or
(b) a member is convicted, by any court in Nigeria or
elsewhere having power to award imprisonment, of
an offence (whether or not punishable with imprison-
ment) which in the opinion of the tribunal is incom-
patible with the status of an accountant; or
(c) the tribunal is satisfied that the name of any person has
been fraudulently registered.
the tribunal may, if it think fit, give a direction reprimanding
that person or ordering the registrar to strike his name off the
relevant part of the register.

(2) The tribunal may, if it think fit, defer or further defer its
decision as to the giving of a direction under the foregoing
subsection until a subsequent meeting of the tribunal; but -
(a) no decision shall be deferred under this subsection for
periods exceeding two years in the aggregate; and
(b) so far as possible no person shall be a member of the
tribunal for the purposes of reaching a decision which
has been deferred or further deferred unless he was
present as a member of the tribunal when the decision
was deferred.

(3) For the purposes of subsection (1)(b) of this section, a person

shall not be treated as convicted as therein mentioned unless
the conviction stands at a time when no appeal or further appeal
is pending or may (without extension of time) be brought in
connection with the conviction.

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7142)

(4) When the tribunal gives a direction under subsection (1) of this
section, the tribunal shall cause notice of the direction to be
served on the person to whom it relates.

(5) The person to whom such a direction relates may, at any time
within twenty-eight days from the date of service on him of
notice of the direction, appeal against the direction to the Court
of Appeal; and the tribunal may appear as respondent to the
appeal and, for the purpose of enabling directions to be given as
to the costs of the appeal and of proceedings before the tribunal,
shall be deemed to be a party thereto whether or not it appears on
the hearing of the appeal.

(6) A direction of the tribunal under subsection (1) of this section

shall take effect -
(a) where no appeal under this section is brought
against the direction within the time limited
for such an appeal, on the expiration of that
time;
(b) where such an appeal is brought and is with-
drawn or struck out for want of prosecution,
on the withdrawal or striking out of the appeal;
(c) where such an appeal is brought and is not
withdrawn or struck out as aforesaid if and
when the appeal is dismissed,
and shall not take effect except in accordance with the foregoing
provisions of this subsection.

(7) A person whose name is removed from the register in

pursuance of a direction of the tribunal under this section
shall not be entitled to be registered again except in
pursuance of a direction in that behalf given by the tribunal
on the application of that person; and a direction under this
section for the removal of a person s name from the register
may prohibit an application under this subsection by that
person until the expiration of such period from the date of
the direction (and where he has duly made such an applica-
tion, from the date of his last application) as may be specified
in the direction.

MISCELLANEOUS AND GENERAL

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7143)

13. Any person not a member of the association who, but for Applica-
for this Act, would have been qualified to apply for and tion of Act
obtain membership of the association may within the period unenrolled
of three months beginning with the appointed day apply for
persons.
membership of the institute in such manner as may be
prescribed by rules made by the council and if approved, he
shall be enrolled or registered, as the case may be, according
to his qualifications.

When persons 14. (1) Subject to subsection (2) of this section, a person shall
are deemed to be deemed to practise as an accountant if, in considera-
practise as tion of remuneration received or to be received, and
accountants. whether by himself or in partnership with any other
person -
(a) he engages himself in the practice of accountancy
or holds himself out to the public as an accountant; or
1972 No.30 (b) he offers to perform or performs any service
involving the auditing or verification
of financial transactions, books, accounts or
records or the preparation, verification, or
certification of financial, accounting and
related statements; or
(c) he renders professional service or assistance
in or about matters of principle or detail
relating to accounting procedure or
certification of financial facts or data; or
(d) he renders any other service which may by
regulations made by the council with the
approval of the Minister be designated as
service constituting practice as an
accountant.

(2) Nothing in this section shall be construed so as

to apply to persons who, while in the employment
of any government or person, are required under
the terms or in the course of such employment, to
perform the duties of an accountant or any of them.

Rules as to 15. (1) The council may make rules -

articles, practising (a) for the training with chartered accountants of suitable
fees, etc. persons in accountancy methods and practice;

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7144)

(b) for the supervision and regulation of the engagement,

training and transfer of such persons; and
(c) for the provision of articles.
(2) The council may also make rules -
1972 No.30 (a) prescribing the amount and due date for
payment of the annual subscription and
for such purpose different amounts may
be prescribed by the rules according as the
member of the institute is a fellow, an associate
or a registered accountant and according as the
fellow or the associate is in practice as an
accountant or not;
(b) prescribing the form of licence to practise to
be issued annually or, if the council thinks fit,
by endorsement on an existing licence;
(c) restricting the right to practise as an accountant
in default of payment of the amount of
the annual subscription where the default continues
for longer than such period as may be
prescribed by the rules;
(d) restricting the right to practise as an 1972 No. 30
accountant if the qualification granted
outside Nigeria does not entitle the
holder to practise as an accountant;
(e) prescribing the period of practical
training in the office of a chartered
accountant in practice to be completed
before a person qualifies for enrolment
or a licence to practise as an accountant.
(3) Rules when made shall, if the chairman of the
council so directs, be published in the Federal
Gazette.

16. The institute shall -

(a) provide and maintain a library comprising books Provision of
and publications for the advancement of knowledge library facilities,
of accountancy, and such other books and etc.
publications as the council may think necessary
for the purpose;
(b) encourage research into accountancy and account-
ancy methods and allied subjects to the extent
that the council may from time to time consider

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 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7145)

necessary.

17. (1) Any regulations made under this Act shall be Regulations and
published in the Federal Gazette as soon as rules.
may be after they are made; and the Minister
shall lay a copy of any such regulations before
each House of the National Assembly as soon
as may be after they are so published.

(2) Rules made for the purposes of this Act shall

be subject to confirmation by the institute at
its next annual general meeting or at any
special meeting of the institute convened for
the purpose, and if then annulled shall cease
to have effect on the day after the date of
annulment, but without prejudice to anything
done in pursuance or intended pursuance of
any such rules.

Offences. 18. (1) If any person for the purpose of procuring the
registration of any name, qualification or other
matter-
(a) makes a statement which he believes to
be false in a material particular; or
(b) recklessly makes a statement which is
false in a material particular,
he shall be guilty of an offence.
(2) If, on or after the relevant date, any person not
a member of the institute practises as an
accountant for or in expectation of reward, or
takes or uses any name, title, addition or
description implying that he is in practice as an
accountant, he shall be guilty of an offence:

Provided that, in the case of a person falling

within section 13 of this Act-
(a) this subsection shall not apply in
respect of anything done by him
during the period of three months
mentioned in that section; and
(b) if within that period he duly applies
for membership of the institute, then,

18
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7146)

unless within that period he is

notified that his application has not
been approved, this subsection shall
not apply in respect of anything done
by him between the end of that period
and the date on which he is enrolled or
registered or is notified as aforesaid.

(3) If, on or after the relevant date, a registered

accountant holds himself out as a chartered
accountant or takes or uses any name, title,
addition or description implying that he is
a chartered accountant, he shall be guilty of
an offence.

(4) If the registrar or any other person employed

by or on behalf of the institute wilfully makes
any falsification in any matter relating to the
register, he shall be guilty of an offence.

(5) A person guilty of an offence under this

section shall be liable -
(a) on summary conviction to a fine
of an amount not exceeding one
hundred naira;
(b) on conviction on indictment to a
fine of an amount not exceeding
one thousand naira or to imprison-
ment for a term not exceeding two
years, or both.
(6) Where an offence under this section which
has been committed by a body corporate is
proved to have been committed with the
consent or connivance of, or to be attribu-
table to any neglect on the part of any
director, manager, secretary or other similar
officer of the body corporate or any person
purporting to act in any such capacity, he as
well as the body corporate, shall be deemed
to be guilty of that offence and shall be liable
to be proceeded against and punished
accordingly.

19
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7147)

(7) In this section the relevant date means the

third anniversary of the appointed day or such
earlier date as may be prescribed for the
purposes of this section by order of the Minister
published in the Federal Gazette; and for the
purposes of this section different dates may be
prescribed for different territories within the
meaning of the Constitution of the Federal
Republic of Nigeria.
19. In this Act, unless the context otherwise requires- Interpretation
accountant includes an auditor;
the appointed day means 1st September, 1965;
association means the Association of Accountants
in Nigeria incorporated under the Companies Act; 1968 No.51
chartered accountant means an accountant enrolled
as a fellow or associate member of this institute;
council or council under this Act means the council
established as the governing body of the institute under
section 3 of this Act;
enrolled , in relation to a fellow or an associate,
means registered in the part of the register relating
to fellows or associates as the case may be;
fees includes annual subscriptions;
institute means the Institute of Chartered Accountants
of Nigeria under this Act;
member means a member of the institute;
Minister means the Minister of the Government of
the Federation charged with responsibility for education;
panel has the meaning assigned by section 11 of this
Act;
president and vice-president mean respectively the
office-holders under those names in the institute;
register means the register maintained in pursuance
of section 6 of this Act;
registered accountant means a member of the institute
who is not a fellow or an associate member;
tribunal has the meaning assigned to it by section 11
of this Act;

Short title. 20. (1) This Act may be cited as the Institute of Chartered Accountants

20
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7148)

Act. 2007 and shall apply throughout the Federation.

(2) This Act shall come into force immediately.

(3) To the extent to which the Companies and Allied Matters Act makes provision
for inspection and audit of the affairs of a Company, that Act shall have effect so that
any such inspection and audit shall be made only by persons who are members of
the Institute; and the Company’s and allied Matters Act shall be construed
accordingly.

FIRST SCHEDULE
Section 3 (2)
SUPPLEMENTARY PROVISIONS RELATING TO THE COUNCIL
Qualifications and tenure of office of members
1. (1) Subject to the provisions of this paragraph a member of
the council shall hold office for a period of three years
beginning with the date of his appointment or election.

(2) Any member of the institute who ceases to be a member

thereof shall, if he is also a member of the council, cease
to hold office on the council.

(3) Any elected member may by notice in writing under his

hand addressed to the president resign his office, and any
appointed member may, with the consent of the Minster,
likewise so resign his office.

(4) A person who retires from or otherwise ceases to be an

elected member of the council shall be eligible again to
become a member of the council, and any appointed
member may be re-appointed.

(5) Members of the council shall at its meeting next

before the annual general meeting of the institute
arrange for the five members of the council
appointed or elected and longest in office to retire
at that annual general meeting.

(6) Elections to the council shall be held in such manner

21
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7148)

as may be prescribed by rules made by the council,

and until so prescribed they shall be decided by a
show of hands.

(7) If for any reason there is a vacation of office by a

member and -
(a) such member was appointed by the Minister,
the Minister shall appoint another fit person
from the territory in respect of which the
vacancy occurs; or
(b) such member was elected, the council may,
if the time between the unexpired portion of
the term of office and the next general meeting
of the institute appears to warrant the filling of
the vacancy, co-opt some fit person for such
time as aforesaid.

Powers of Council

2. The council shall have power to do anything which in its opinion

is calculated to facilitate the carrying on of the activities of the
institute.
Proceedings of the Council

3. (1) Subject to the provision of this Act, the council may in

the name of the institute make standing orders regulating
the proceedings of the institute or of the council, and in
the exercise of its powers under this Act, may set up
committees in the general interest of the institute, and
make standing orders therefor.

(2) Standing orders shall provide for decisions to be taken

by a majority of the members, and , in the event of
equality of votes, for the president or the chairman, as
the case may be, to have a second or casting vote.

(3) Standing orders made for a committee shall provide

that the committee is to report back to the council
on any matter not within its competence to decide.

(4) The quorum of the council shall be five; and the

quorum of a committee of the council shall be

22
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7149)

fixed by the council.

Meetings
(a) of the institute
5. (1) The council shall convene the annual meeting of the
institute on 30th April in every year or on such other
day as the council may from time to time appoint, so
however that if the meeting is not held within one
year after the previous annual meeting, not more than
fifteen months shall elapse between the respective dates
of the two meetings.

(2) A special meeting of the institute may be convened by

the council at any time, and if not less than twenty
members of the institute require it by notice in writing
addressed to the secretary of the institute setting out the
objects of the proposed meeting, the chairman of the
council shall convene a special meeting of the institute.

(3) The quorum of any general meeting of the institute shall

be ten members and that of any special meeting of the
institute shall be fifteen members.
(b) of the council

6. (1) Subject to the provision of any standing orders of the council,

the council shall meet whenever it is summoned by the chairman;
and if the chairman is required to do so by notice in writing given
to him by not less than five other members, he shall summon a
meeting of the council to be held within seven days from the date
on which the notice is given.

(2) At any meeting of the council, the chairman or in his absence the vice
chairman shall preside; but if both are absent, the members present
at the meeting shall appoint one of their number to preside at that
meeting.

(3) Where the council desires to obtain advice of any person

on a particular matter, the council may co-opt him as a
member for such period as the council thinks fit; but a
person who is a member by virtue of this subparagraph
shall not be entitled to vote at any meeting of the council,
and shall not count towards a quorum.

23
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7150)

(4) Notwithstanding anything in the foregoing provisions of

this paragraph, the first meeting of the council shall be
summoned by the Minister, who may give such directions
as he thinks fit as to the procedure which shall be followed
at the meeting.
Committees
7. (1) The council may appoint one or more committees to carry out
on behalf of the institute or of the council, such functions as the
council may determine.
(2) A committee appointed under this paragraph shall
consist of the number of persons determined by the
council, of whom not more than one-third shall be
persons who are not members of the council; and a
person other than a member of the council shall hold
office on the committee in accordance with the terms
of the instrument by which he is appointed.

(3) A decision of a committee of the council shall be of no

effect until it is confirmed by the council.

Miscellaneous
8. (1) The fixing of the seal of the institute shall be authen-
ticated by the signature of the president or of some
other member of the council authorised generally or
specifically by the institute to act for that purpose.

(2) Any contract or instrument which, if made or

executed by a person not being a body corporate
would not be required to be under seal, may be
made or executed on behalf of the institute or of
the council as the case may require, by any person
generally or specially authorised to act for that
purpose by the council.
(3) Any document purporting to be a document duly
executed under the seal of the institute shall be
received in evidence and shall, unless the contrary
is proved, be deemed to be executed.

9. The validity of any proceedings of the institute or the

council or of a committee of the council shall not be
affected by any vacancy in membership, or by any

24
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7151)

defect in the appointment of a member of the institute

or of the council or of a person to serve on the committee,
or by reason that a person not entitled to do so took part
in the proceedings.
10. Any member of the institute or of the council, and any
person holding office on a committee of the council,
who has a personal interest in any contract or arrangement
entered into or proposed to be considered by the council
on behalf of the institute, or on behalf of the council or
a committee thereof, shall forthwith disclose his
interest to the president or to the council, as the
case may be, and shall not vote on any question
relating to the contract or arrangement.

11. A person shall not by reason only of his member-

ship of the institute be required to disclose any
interest relating solely to the audit of the accounts
of the institute.

SECOND SCHEDULE
Section 5(2)
TRANSITIONAL PROVISIONS AS TO PROPERTY, ETC.
Transfer of property

1. (1) Every agreement to which the association was a party

immediately before the appointed day, whether in
writing or not and whether or not of such a nature
that the rights, liabilities and obligations thereunder
could be assigned by the association, shall, unless its
terms or subject matter make it impossible that it
should have effect as modified in the manner provided
by this subparagraph, have effect from the appointed
day, so far as it relates to property transferred by this
Act to the institute, as if -
(a) the institute had been a party to the agreement;
(b) for any reference (however worded and whether
express or implied) to the association there
were substituted, as respects anything failing to be
done on or after the appointed day, a reference to the
institute and
(c) for any reference (however worded and whether
express or implied) to a member or members of

25
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7152)

the council of the association or an officer of the

association there were substituted, as respects
anything falling to be done on or after the
appointed day, a reference to a member or
members of the council under this Act
or the officer of the association who
corresponds as nearly as may be to the member
or officer in question of the association.

(2) Other documents which refer, whether specially or

generally, to the association shall be construed in
accordance with subparagraph (1) of this para-
graph so far as applicable.

(3) Without prejudice to the generality of the foregoing

provisions of this Schedule, where, by the operation
of any of them or of section 5 of this Act, any right,
liability or obligation vests in the institute, the
institute and all other person shall, as from the
appointed day, have the same rights, powers and
remedies (and, in particular, the same rights as
to the taking or resisting of legal proceedings or
the making or resisting of applications to any
authority) for ascertaining, perfecting or enforc-
ing that right, liability or obligation as they
would have had if it had at all times been a right,
liability or obligation of the institute.

(4) Any legal proceedings or application to any

authority pending on the appointed day by
or against the association and relating to
property transferred by this Act to the
institute may be continued on or after that
day by or against the institute.

(5) If the law in force at the place where any

property transferred by this Act is situated
provides for the registration of transfers of
property of the kind in question (whether by
reference to an instrument of transfer or
otherwise), the law shall, so far as it provides
for alterations of a register (but not for

26
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7154)

avoidance of transfers, the payment of

fees or any other matter) apply with the
necessary modifications to the transfer of
the property aforesaid; and it shall be the
duty of the council to furnish the necessary
particulars of the transfer to the proper officer
of the registration authority, and of that officer
to register the transfer accordingly.
Transfer of functions, etc.
2 (1) At its first meeting the council of the institute shall
fix a date (not later than six months after the appointed
day) for the annual general meeting of the institute.

(2) The members of the council of the association shall

be deemed to be the members of the council of the
institute until the date determined in pursuance of
the foregoing subparagraph when the institute
shall have its first annual general meeting, and they
shall cease to hold office at the conclusion of such
meeting.
(3) Any person who, immediately before the appointed
day, held office as the president or vice-president of
the council of the association by virtue of the articles
of association of the association shall on that day
become the president or, as the case may be, the vice-
president of the institute, and shall be deemed-
(a) to have been appointed to that office in
pursuance of the provision of this Act
corresponding to the relevant provision
in the said articles of association; and
(b) to have been so appointed on the date on
which he took office, or last took office,
in pursuance of the relevant provision of
those articles.

(4) The members of the association shall, as of the

appointed day, be registered as members of the
institute; and, without prejudice to the generality
of the provisions of this Schedule relating to the
transfer of property, any person who, immediately
before the appointed day, was a member of the
staff of the association shall on that day become

27
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7155)

the holder of an appointment with the institute

with the status, designation and functions which
correspond as nearly as may be to those which
appertained to him in his capacity as a member
of that staff.

(5) Any person being an office-holder on, or member

of, the council of the association immediately
before the appointed day and deemed under this
paragraph to have been appointed to any like position
in the institute, or on the council of the institute, and
thereafter ceasing to hold office otherwise than
by reason of his misconduct, shall be eligible
for appointment to office in the institute or
to membership of the council, as the case maybe.

(6) All regulations, rules and similar instruments

made for the purposes of the association and in
force immediately before the appointed day shall,
except in so far they are subsequently revoked or
amended by any authority having power in that
behalf, have effect, with any necessary modifications,
as if duly made for the corresponding purposes of
the institute.

THIRD SCHEDULE
Section 11(5)
SUPPLEMENTARY PROVISIONS RELATING TO THE DISCIPLINARY TRIBUNAL
AND INVESTIGATING PANEL

The Tribunal
1. The quorum of the tribunal shall be four of whom at least two shall
be chartered accountants.

2. (1) The Chief Justice of Nigeria shall make rules as to the

selection of members of the tribunal for the purposes of
any proceedings and as to the procedure to be followed
and the rules of evidence to be observed in proceedings
before the tribunal.

(2) The rules shall in particular provide-

28
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7156)

(a) for securing that notice of the proceedings shall be given, at

such time and in such manner as may be specified by the
rules, to the person who is the subject of the proceedings;
(b) for determining who in addition to the person aforesaid, shall
be a party to the proceedings;
(c) for securing that any party to the proceedings shall, if he so
requires, be entitled to be heard by the tribunal;
(d) for enabling any party to the proceedings to be represented by
a legal practitioner;
(e) subject to the provisions of section 12(5) of this Act, as to the
costs of proceedings before the tribunal;
(f) for requiring, in a case where it alleged that the person who is
the subject of the proceedings is guilty of infamous conduct
in any professional respect, that where the tribunal adjudges
that the allegation has not been proved it shall record a
finding that the person is not guilty of such conduct in respect
of the matters to which the allegation relates;

(g) for publishing in the Federal Gazette notice of any direction

of the tribunal which has taken effect providing that a
person s name shall be struck off a register.

(3) For the purposes of any proceedings before the tribunal, any member
of the tribunal may administer oaths and any party to the proceedings
may sue out of the registry of the Supreme Court writs of subpoena
ad testificandum and duces tecum; but no person appearing before the
tribunal shall be compelled-
(a) to make any statement before the tribunal tending to
incriminate himself; or
(b) to produce any document under such a writ which he could
not be compelled to produce at the trial of an action.

(4) (1) For the purpose of advising the tribunal on questions of law
arising in proceedings before it, there shall in all such
proceedings be an assessor to the tribunal who shall be
appointed by the council on the nomination of the Chief
Justice of Nigeria and shall be a legal practitioner of not less
than seven years standing.

(2) The Chief Justice of Nigeria shall make rules as to the

functions of assessors appointed under this paragraph, and in
particular such rules shall contain provisions for securing -

29
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7157)

(a) that where an assessor advises the tribunal on any

question of law as to evidence, procedure or any other
matters specified by the rules, he shall do so in the
presence of every party or person representing a party
to the proceedings who appears thereat or, if the
advice is tendered while the tribunal is deliberating in
private, that every such party or person as aforesaid
shall be informed what advice the assessor has
tendered;
(b) that every such party or person as aforesaid shall be
informed if in any case the tribunal does not accept
the advice of the assessor on such a question as
aforesaid.

(3) An assessor may be appointed under this paragraph either

generally or for any particular proceedings or class of
proceedings, and shall hold and vacate office in accordance
with the terms of the instrument by which he is appointed.

The Panel
(5) The quorum of the panel shall be three.

(6) (1) The panel may, at any meeting of the panel attended
by all the members of the panel, make standing orders
with respect to the panel.

(2) Subject to the provisions of any such standing orders,

the panel may regulate its own procedure.

Miscellaneous
(7) (1) A person ceasing to be a member of the tribunal or the
panel shall be eligible for reappointment as a member
of that body.
(2) A person may, if otherwise eligible, be a member of
both the tribunal and the panel; but no person who
acted as a member of the panel with respect to any
case shall act as a member of the tribunal with respect
to that case.

(8) The tribunal or the panel may act notwithstanding any

vacancy in its membership; and the proceedings of either

30
 Institute of Chartered Accountants of Nigeria Act. (Cap. 185., Pg. 7158)

body shall not be invalidated by any irregularity in the

appointment of a member of that body, or (subject to
paragraph 7(2) of this schedule) by reason of the fact that any
person who was not entitled to do so took part in the
proceedings of that body.

(9) Any document authorised or required by virtue of this Act to

be served on the tribunal or the panel shall be served on the
registrar appointed in pursuance of section 6 of this Act.

(10) Any expenses of the tribunal or the panel shall be defrayed by

the institute.

31