Without writing the ICAN examination, it is possible for an individual to become a chartered accountant and of course fellow chartered accountant. This can be done through the registered accountant route. It only applies if you have a related accounting professional qualification and have worked in Nigeria for a specified number of years.
1. Who is a registered accountant (RA)?
A registered accountant (RA) is an accountant approved by the institute of chartered accountants of Nigeria (ICAN) to practice accounting and finance in Nigeria without writing the ICAN examination. This individual must possess a professional certificate from a foreign country.
For example, a CA in Ghana (which is recognized by the International Federation of Accountants) that got a job in Nigeria, can use that certificate to apply as a registered accountant without the need to write the exam in Nigeria. This will enable him practice financial reporting and other finance activities in the company he/she works. Also, will also give the individual the privilege to gain the ACA certificate in Nigeria after a few years of working as a RA.
2. How to become a RA
According to the ICAN circular on registered accountant, an individual with foreign accounting professional certificate that is recognized by the international federation of accountants (IFAG) and has good standing can apply for Registered Accountant. Here is what the individual must do to apply for a RA.
A. Pay a registration fee of the sum of N414,000 only through PAYDIRECT at any commercial bank in Nigeria using number “9999” as his/her membership number.
B. Complete the registration form
C. Collect the payment receipt and attach it with the completed registration form.
D. Attach Membership Certificate from Professional Accountancy Body.
E. Submit B to D at ICAN Office located at 16, Idowu Taylor Street, Victoria Island, Lagos.
3. Benefits of been a registered accountant
A. The individual is entitled to use the letters RA after his name similar to the use of ACA for ICAN holders.
B. He or she will be issued the Registered Certificate as a proof of recognition.
C. He can act as the Chief Financial Officer of an organization.
D. Can register for FRCN so he/she can sign financial statements of organisation.
E. Registered accountants can apply for full membership after five years.
4. What registered accountants cannot do
A registered accountant cannot be an internal or external auditor of a company. The job is limited to financial reporting, tax, and finance areas of the profession. More so, an RA cannot be voted for in the annual general meeting of ICAN. However, he has the right to vote on such occasions.
5. Conclusion
A RA can carryout an accounting practice in Nigeria with some exemption. He is capable of preparing financial reports, analysing them, and involved in other finance practice in the country but cannot practice auditing. There are procedures to register as one and they are stated above as well as other necessary things you should know.
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