The senate has passed for second reading a bill seeking to amend the act establishing Institute of Chartered Accountants in Nigeria (ICAN).
The senate has passed for second reading a bill seeking to amend the act establishing the Institute of Chartered Accountants of Nigeria .
The upper legislative chamber passed the bill for second reading after Adeola Olamilekan, senator representing Ogun west, led the debate on Wednesday. “Mr. President, Distinguished Colleagues, corporate governance of modern professional accountancy organizations has evolved, hence the need to amend parts of Sections 2, 3 and 6 and insert new Sections 24 to 26.
“Mr. President, Distinguished Colleagues, there is a need to enhance the capacity of the Institute to carry out its mandate in the area of regulation and compliance. This has necessitated the need to amend sections 7, 8,11,12, 16, 18, 20 and 21.“In the 59 years old Act, a proven infraction on summary conviction of any of the offences attracts a paltry N100 fine while a conviction on indictment attracts only a fine of N1,000.
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