ICAN PROFESSIONAL EXAMINATIONS EXEMPTION MODALITIES

1. ICAN PROFESSIONAL EXAMINATIONS EXEMPTION MODALITIES 2014 PROFESSIONAL EXAMINATION SYLLABUS SENSITISATION PROGRAMME OLUTOYIN A. ADEPATE, B.Sc, PGD (Comp Sc.) MBA, FNIM, FCA, OON

2. DISCUSSION GUIDE • INTRODUCTION • ENVIRONMENT OF THE 2014 SYLLABUS • EXEMPTION PHILOSOPHY • CLASSES OF EXEMPTION • EXEMPTION PROCESS • SUMMARY AND CONCLUSION • INTERACTIVE SESSION

3. INTRODUCTION • THE NEW SYLLABUS WAS INTRODUCED UNDER THE AUTHORITY OF THE ICAN COUNCIL AS GRANTED BY THE ICAN ACT • ICAN ACT OBJECT CLAUSE 1(1)(a) STATES INTER ALIA “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” • CLAUSE 1(1)(c) GRANTS POWER TO THE INSTITUTE TO Perform through the Council under this Act the functions conferred on it by the Act.”

4. ICAN VISION & MISSION • VISION TO BE A LEADING GLOBAL PROFESSIONAL BODY • MISSION TO PRODUCE WORLD-CLASS CHARTERED ACCOUNTANTS, REGULATE AND CONTINUALLY ENHANCE THEIR ETHICAL STANDARDS AND TECHNICAL COMPETENCE IN THE PUBLIC INTEREST

5. THE ENVIRONMENT OF THE 2014 PROFESSIONAL EXAMINATION SYLLABUS

6. OLD SYLLABUS STRUCTURE 4 Levels 15 Subjects

7. SOURCE: A.U. Farouk, What Is New In The New ICAN Professional Syllabus 2014?

8. GLOBAL STANDARDS INTERNATIONAL EDUCATION STANDARDS

9. IES 1 • IES 1, Entry Requirements to Professional Accounting Education Programs (Revised) (IES 1 prescribes the principles to be used when setting and communicating educational requirements for entry to professional accounting education programs. The effective date of IES 1 is July 1, 2014.)

10. IES 2 •  IES 2, Initial Professional Development – Technical Competence (Revised) (IES 2 prescribes the learning outcomes for technical competence that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. The effective date of IES 2 is July 1, 2015.)

11. IES 3 •  IES 3, Initial Professional Development – Professional Skills (Revised) (IES 3 prescribes the learning outcomes for professional skills that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. The effective date of IES 3 is July 1, 2015.)

12. IES 4 •  IES 4, Initial Professional Development – Professional Values, Ethics, and Attitudes (Revised) (IES 4 prescribes the learning outcomes for professional values, ethics, and attitudes that aspiring professional accountants are required to demonstrate by the end of Initial Professional Development. The effective date of IES 4 is July 1, 2015.)

13. IES 5 •  IES 5, Initial Professional Development – Practical Experience (Revised) (IES 5 prescribes the practical experience required of aspiring professional accountants by the end of Initial Professional Development. The effective date of IES 5 is July 1, 2015.)

14. IES 6 •  IES 6, Initial Professional Development – Assessment of Professional Competence (Revised) • (IES 6 prescribes the requirements for the assessment of professional competence of aspiring professional accountants that need to be achieved by the end of Initial Professional Development. The effective date of IES 6 is July 1, 2015.).

15. KEY ELEMENTS OF THE ENVIRONMENT

16. Initial professional development (IPD) • Learning and development* through which individuals first develop competence* leading to performing a role* in the accountancy profession. • Explanation: Initial Professional Development (IPD) is the first stage of a learning continuum that continues throughout a professional accountant’s career. IPD includes general education, professional accounting education, practical experience, and assessment. IPD continues until individuals can demonstrate the competence required for their chosen roles in the accountancy profession. IPD goes beyond knowledge of principles, standards, concepts, facts, and procedures at a given point in time. It includes the ability to integrate (a) professional knowledge, (b) professional skills, and (c) professional values, ethics, and attitudes.

17. Capabilities • The professional knowledge; professional skills;* and professional values, ethics, and attitudes* required to demonstrate competence.* • Capabilities are the attributes held by individuals that enable them to perform their roles, whereas competence refers to the actual demonstration of performance. The possession of capabilities gives an indication that an individual has the ability to perform competently in the workplace. Capabilities include content knowledge; technical and functional skills; behavioral skills; intellectual abilities (including professional judgment); and professional values, ethics, and attitudes. They are sometimes referred to, in other literature, as competencies, capacities, abilities, key skills, core skills, fundamental skills and values, attitudes, distinguishing characteristics, pervasive qualities, and individual attributes

18. Competence • Ability to perform a work role to a defined standard with reference to working environments. • Competence emphasizes the ability of individuals to perform to standards expected of professional accountants, and requires an appropriate level of knowledge, skills, values, ethics, and attitudes to achieve that competence

19. METHODS OF EVALUATING COMPETENCES • Input-based approach—An approach that establishes an amount of learning activity required for professional accountants* to develop and maintain professional competence.* • Input measure—An input-based measure focuses on the investment made in learning and development,* for example, the number of hours an individual is expected to attend a course or the subject areas covered. Input-based approach—An approach that establishes an amount of learning

20. OUTPUT-BASED APPROACH • Output-based approach — Anapproach that requires professional accountants to demonstrate, by way of achieved learning outcomes, that they develop and maintain professional competence. • Output measure — An output-based measure focuses on whether the professional accountant has developed the specified competence

21. COMPETENCE BASED SYLLABUS • THE NEW SYLLABUS IS DESIGNED TO ENSURE THAT DURING THE INITIAL PROFESSIONAL DEVELOPMENT (IPD) SPECIFIC COMPETENCES REQUIRED BY THE CHARTERED ACCOUNTANT IN THE DISCHARGE OF HIS DUTIES AND THE PRACTICE OF THE PROFESSION ARE DEVELOPED BY THE ASPIRING CHARTERED ACCOUNTANT

22. Transition Arrangement Summary

23. SOURCE: A.U. Farouk, What Is New In The New ICAN Professional Syllabus 2014?

24. NEW SYLLABUS STRUCTURE

25. KNOWLEDGE LEVEL • 1. Quantitative Techniques in Business • 2. Financial Accounting • 3. Management Information • 4. Business Law • 5. Business and Finance

26. APPLICATION LEVEL • 6. Financial Reporting • 7. Audit and Assurance • 8. Taxation • 9. Performance Management • 10. Management, Governance and Ethics • 11. Public Sector Accounting and Finance

27. PROFESSIONAL LEVEL • 12 Corporate Reporting • 13. Advanced Audit and Assurance • 14. Strategic Financial Management • 15. Advanced Taxation • 16. Case Study

28. ACCREDITATION • THE ESSENCE OF THE ICAN ACCREDITATION PROGRAMME IS TO ENSURE THAT PRODUCTS OF ANY ACCREDITED INSTITUTION WOULD HAVE ACQUIRED ALL THE NECESSARY COMPENTENCES FOR THE SUBJECTS FROM WHICH THEY WOULD BE EXEMPTED. • THIS IS VERY DIFFICULT AS THE OUTPUT BASED ASSESSMENT OF THE COMPETENCES ARE ADOPTED BY THE INSTITUTE IN THE NEW SYLLABUS • HENCE THE ACCREDITATION PROCESS HAS BECOME MORE STRINGENT UNDER THE NEW SYLLABUS

29. …ACCREDITATION • THIS HAS LED TO THE TOTAL OVERHAUL OF THE ACCREDITATION PROCESS AND REVIEW OF ALL THE EXEMPTIONS GRANTED TO ALL CADRES OF CANDIDATES TO ENSURE THAT ALL CHARTERED ACCOUNTANTS PRODUCED UNDER THE SCHEME ACQUIRE ALL THE NECESSARY COMPETENCES • THE DAYS OF ONE LEVEL OF EXEMPTION FITS ALL GRADUATES OF ACCREDITED INSTITUTIONS MAY BE OVER AS DIFFERENT LEVELS OF COMPETENCES MAY ATTAINED BY DIFFERENT SYSTEMS

30. EXEMPTION PHILOSOPHY • WITH A COMPETENCE BASED CURRICULUM, A PROGRAMME THAT WILL LEAD TO EXEMPTION MUST BE CERTIFIED AS ENSURING THAT THE REQUISITE COMPETENCES ARE ACQUIRED BY THE WOULD-BE CHARTERED ACCOUNTANT DURING THE INITIAL PROFESSIONAL DEVELOPMENT (IPD)

31. GENERAL LEVELS OF EXEMPTION

32. EXEMPTION GROUPS • ACCOUNTING GRADUATES OF INSTITUTIONS IN MUTUAL COOPERATION AGREEMENT (MCA) WITH THE INSTITUTE • ACCOUNTING GRADUATES OF INSTITUTITONS WHOSE ACCOUNTING PROGRAMMES ARE ACCREDITED BY THE INSTITUTE • LECTURERS ON ICAN ACCREDITED PROGRAMMES • ATSWA MEMBERS

33. … EXEMPTION GROUPS • ACCOUNTING GRADUATES OF RECOGNISED INSTITUTIONS WHOSE ACCOUNTING PROGRAMMES ARE NOT ACCREDITED BY THE INSTITUTE • NON-ACCOUNTING GRADUATES OF RECOGNISED TERTIARY INSTITUTIONS • MEMBERS OF OTHER RECOGNISED PROFESSIONAL ACCOUNTANCY BODIES • MEMBERS OF OTHER RECOGNISED PROFESSIONS

34. INSTITUTIONS WITH MCA • THE INSTITUTE IS INVOLVED IN THE DESIGN AND IMPLEMENTATION OF THE PROGRAMME • THE PROCESS IS SUPERINTENDED BY ICAN DURING THE PERIOD OF MUTUAL COOPERATION AGREEMENT • EXEMPTION

35. GRADUATES OF ICAN ACCREDITED PROGRAMMES • SYSTEMS, CURRICULA, FACULTIES AND INFRASTRUCTURE PERIODICALLY EXAMINED BY ICAN ACCREDITATION TEAMS – ACCREDITATION USUALLY SUBSISTS FOR A PERIOD OF FOUR YEARS • EXEMPTION

36. LECTURERS ON ACCREDITED PROGRAMMES THESE ARE THE FACULTY WHICH CONSTITUTED AN IMPORTANT ELEMENT OF THE CONSIDERATIONS FOR THE EXEMPTION GRANTED GRADUATES OF THESE SCHEMES EXEMPTION SAME AS GRANTED GRADUATES OF THE ACCREDITED PROGRAMMES

37. ATSWA MEMBERS THESE ARE GRADUATES OF A COMPETENCE BASED SCHEME DESIGNED, IMPLEMENTED AND SUPERINTENDED BY ICAN TO ENSURE THE ACQUISITION OF THE REQUISITE COMPETENCES. UNDER THE SAME PROCESS AS THE INITIAL PROFESSIONAL DEVELOPMENT AS PROFESSIONAL ICAN MEMBERS EXEMPTION

38. ACCOUNTING GRADUATES OF UN-ACCREDITED INSTITUTIONS THESE ARE GRADUATES WHOSE TRAINING PROGRAMMES CANNOT BE CERTIFIED TO PRODUCE THE REQUISITE COMPETENCES IN THE CANDIDATE THEY CAN ONLY BENEFIT FROM TECHNICAL SUBJECTS AT THE KNOWLEDGE LEVEL WHICH MAY BE ATTRIBUTABLE TO A RECOGNISED INSTITUTION EXEMPTION

39. NON-ACCOUNTING GRADUATES OF RECOGNISED INSTITUTIONS ONLY INTELLECTUAL SKILLS CAN BE ATTRIBUTED TO THESE GRADUATES BASED ON THEIR COURSES OF STUDY. NO OTHER SKILLS BEYOND THE KNOWLEDGE LEVEL CAN BE ATTRIBUTED TO THIS TRAINING AS THEY ARE NOT ORIENTED TOWARDS THE REQUISITE COMPETENCES EXEMPTION – SUBJECT FOR SUBJECT BASED ON THE RELEVANCE OF THE COURSE TO THE PROFESSION

40. MEMBERS OF RECOGNISED PROFESSIONAL ACCOUNTANCY BODIES • THESE ARE MEMBERS OF IFAC RECOGNISED PROFESSIONAL ACCOUNTANCY ORGANISATIONS (PAOs). THEY HAVE GONE THROUGH COMPETENCES-BASED PROGRAMMES. IT MUST BE RECOGNISED THAT EACH PAO HAS ITS OWN SLANT TO ITS TRAINING THUS EMPHASISING SOME COMPETENCES OVER OTHERS • EXEMPTION • THIS HAS LED TO DIFFERENT EXEMPTIONS FOR DIFFERENT BODIES DEPENDING ON THE ALIGNMENT OF THE PROGRAMMES OF THE BODIES WITH ICAN’S

41. MEMBERS OF OTHER RECOGNISED PROFESSIONS • THE INSTITUTE RECOGNISES THAT SOME PROFESSIONS SHARE SOME SUBJECTS WITH THE ACCOUNTANCY PROFESSION, THOUGH THE REQUISITE COMPETENCES MAY NOT BE THE SAME • HENCE EXEMPTIONS ARE GRANTED AT THE INTELLECTUAL LEVEL FOR THE TECHNICAL SKILLS ACQUIRED ON SUBJECT-FOR-SUBJECT BASIS

42. EXEMPTION STRUCTURE SUMMARY

43. SOURCE: A.U. Farouk, What Is New In The New ICAN Professional Syllabus 2014?

44. EXEMPTION PROCESS • AFTER STUDENT REGISTRATION, ARMED WITH YOUR STUDENT REGISTRATION NUMBER • LOG ON TO: www.icanig.org/students for EXEMPTION GUIDELINES AND FEES • PAY THE PRESCRIBED FEES TO ANY DESIGNATED ICAN BANK ACCOUNT AND OBTAIN A LOG-IN SLIP FOR EXEMPTION • YOU MAY PAY DIRECTLY FOR YOUR EXEMPTION USING VISA OR VERVE/MASTERCARD ON THE PAYMENT PORTAL UNDER PAYMENT FOR PROFESSIONAL STUDENTS EXEMPTION ON THE STUDENTS PAGE @ www.icanig.org/students • SUBMIT ALL YOUR SUPPORTING DOCUMENTS AT ANY OF ICAN OFFICES OR LIAISON OFFICES FOR VERIFICATION • THE EXEMPTION PROCESS IS USUALLY COMPLETED WITHIN 2 WEEKS

45. BASIS OF EXEMPTION FEES • GENERALLY, THE BASIS OF COMPUTATION OF EXEMPTION FEES IS USUALLY THE SAME AS THE FEE THAT WOULD HAVE BEEN PAID TO REGISTER FOR THE EXAMINATION TO TEST THE REQUISITE COMPETENCE FROM WHICH THE CANDIDATE IS BEING EXEMPTED

46. SUMMARY AND CONCLUSION • THE INSTITUTE HAS AS ITS MISSION PRODUCTION OF WORLD-CLASS CHARTERED ACCOUNTANTS • HENCE ITS CURRICULUM IS BENCH MARKED AGAINST GLOBAL BEST PRACTICES • THE 2014 SYLLABUS IS COMPETENCE BASED • EVALUATION OF THE COMPETENCES IS ON THE OUTPUT-BASED APPROACH • IT CONFORMS WITH ALL THE RELEVANT IESs AND PRONOUNCEMENTS OF IAESB OF IFAC • THE OUTPUT BASED APPROACH TO COMPETENCE ASSESSMENT REQUIRES EVIDENCE OF THE COMPETENCE • THEREFORE EXEMPTIONS ARE BASED ON PROVEN COMPETENCES AQUIRED BY CANDIDATES • HENCE ACCREDITATION PROCESS AND EXEMPTION STANDARDS ARE MORE STRINGENT • THESE CONDITIONS PUT THE ICAN CURRICULUM AT PAR WITH THOSE OF TOP GLOBAL PAOs IN LINE WITH HER MISSION STATEMENT

47. REFERENCES • Laws of the Federal Republic of Nigeria, Act of Parliament No. 15, 1965 • The Institute of Chartered Accountants of Nigeria, Regulations And Examinations Syllabus for The Training of Chartered Accountants in Nigeria, 2014 • International Federation of Accountants – International Accounting Education Standards Board, Handbook of International Education Pronouncements, 2014 • A.U. Farouk, What Is New In The New ICAN Professional Syllabus 2014? • www.icanig.org/students

48. THANK YOU FOR LISTENING

49. INTERACTIVE SESSION