Thursday, November 08, 2018 07:19PM / By ICAN with additional comments by Proshare Investigations
We reproduce herewith a message to members of the Institute of Chartered Accountants of Nigeria (ICAN), by its President on the subject of three bills before the national assembly and the implications, concerns and position of the institute thereof.
Bills for Acts to provide for the Establishment of the
Razak Jaiyeola, BSc, ACFE, CRISC, FCA
54th ICAN President
THE CHARTERED INSTITUTE OF FORENSIC AND INVESTIGATIVE AUDITORS IN NIGERIA
ARRANGEMENT OF SECTIONS
PART I - ESTABLISHMENT OF CHARTERED INSTITUTE OF FORENSIC AND INVESTIGATIVE AUDITORS IN NIGERIA, ITS FUNCTIONS, ETC.
1. Establishment of the Chartered Institute of Forensic and Investigative Auditors in Nigeria
PART II - FUNCTIONS AND RESPONSIBILITIES OF THE INSTITUTE
3. Functions and Responsibilities of the Institute
4. Composition of the Governing Council of the Institute.
5. Election of President and Vice-Presidents of the Institute.
6. Qualification for election of the President and Vice-President.
7. Admission to the Association, classes of members and recognition of national service.
PART II - FINANCIAL PROVISIONS
8. Funds of the Institute.
9. Transfer to the Institute of certain properties, etc.
PART III - APPOINTMENT OF REGISTRAR AND OTHER STAFF AND THEIR DUTIES
10. Appointment of Registrar and other staff and their duties.
11. Publication of registers of fellows and Chartered members
12. Qualification for appointment and duties of Deputy Registrar
PART IV - REGISTRATION OF MEMBERS
13. Registration of members
14. Approval of qualification
15. Supervision of instruction and examinations leading to approved qualifications
PART V - PROFESSIONAL DISCIPLINE
16. Establishment of Disciplinary Tribunal and Investigating Panel
17. Penalties for professional misconduct
PART VI - MISCELLANEOUS
20. Rules as to Practice, etc.
21. Provision of library facilities, etc.
FIRST SCHEDULE - Supplementary Provisions relating to the Council
SECOND SCHEDULE - Supplementary Provisions relating to the Disciplinary Tribunal and Investigating Panel
THIRD SCHEDULE - Transitional Provisions as to Property, etc.
FOURTH SCHEDULE - Professional Bodies
A BILL FOR AN ACT TO ESTABLISH THE CHARTERED INSTITUTE OF FORENSIC AND INVESTIGATIVE AUDITORS IN NIGERIA (FOR THE REGISTRATION AND REGULATION OF MEMBERSHIP)
ESTABLISHMENT OF CHARTERED INSTITUTE OF FORENSIC AND INVESTIGATIVE AUDITORS IN NIGERIA, ITS FUNCTIONS, ETC.
BE IT ENACTED by the National Assembly of the Federal Republic of Nigeria as follows:
1. Establishment, etc., of the Chartered Institute of Forensic and Investigative Auditors in Nigeria
(1) There is established a body to be known as Chartered Institute of Forensic and Investigative Auditors in Nigeria (in this act referred to as ‘the Institute’)
(2) The Institute:
(a) Shall be a body corporate with perpetual succession and a common seal;
(b) May sue and be sued in its corporate name; and may acquire, hold and dispose of any property, movable and immovable.
2. Membership of the Institute
(1) Subject to the provision of this act, a person admitted to membership of the Institute shall be registered as a member into the following categories:
(a) Student Member (SFIA)
(b) Member (Associate) (AFIA)
(c) Chartered Member; (CFIA)
(d) Fellow; (FCFIA)
(e) Honorary Fellow. (HFFIA)
Provided they meet the criteria set by the Council for registration in the respective category from time to time
(2) A person registered under this Act shall be enrolled to a higher membership status in any of the following categories:
(a) As a student Member if he:
(i) (i) Satisfies the Council that he is eligible to be so registered;
(ii) (ii) Has obtained such academic, professional or other qualification(s) as may be prescribed by the Council from time to time,
(b) As a Member (Associate ) if he:
(iii) Satisfies the Council that he is eligible to be so registered;
(iv) Has obtained such academic, professional or other qualification(s) as may be prescribed by the Council from time to time,
(v) Does not fall within any of the other categories specified in paragraphs (b)-(d) of this subsection.
(c) As a Chartered Member if he:
(i) Satisfies the Council that he is eligible to be so registered and has passed the Institute’s examinations and;
(ii) Has obtained such academic, professional or other qualifications as may be prescribed by the Council from time to time
(iii) Has acquired on the job practical forensic and investigative auditing or related experience for such number of years that may be specified by the Council;
(iv) Is neither a Fellow
(d) As Fellow if he:
(i) Satisfies the Council that he is eligible to be so registered,
(ii) Has obtained such academic, professional or other qualifications as may be prescribed by the Council from time to time,
(iii) Has held senior management positions in organization(s) either in the private or public sector
(iv) Has for a number of years (to be specified by the council) been a Chartered Member of the Institute.
(v) Satisfies all other criteria as may be specified by the Council from time to time
(e) As an Honorary Fellow if he:
(i) Satisfies the Council that he is eligible to be awarded the fellowship of the Institute.
(3) A member of the Institute shall be entitled to receive from the council, a letter of registration of membership for the category of membership
(4) A student member Associate or Member, Chartered Member, Fellow and Honorary Fellow shall be entitled to the use of such letters after his name as may be authorized by the Council from time to time as follows:
(a) A member registered into the category of Member (Associate) shall be entitled to use the initials ‘AFIA’;
(b) A member registered into the category of Chartered Member shall be entitled to use the initials ‘CFIA’;
(c) A member registered into the category of Fellow shall be entitled to use the initials ‘FCFIA’ and;
(d) A member registered into the category of Honorary Fellow shall be entitled to use the initials ‘HFFIA’
FUNCTIONS AND RESPONSIBILITIES OF THE INSTITUTE
3. Functions and Responsibilities of the Institute
The Institute shall have the responsibility to:
Promote and advance the forensic sciences and Technology in investigations, and use of forensic Auditing system, techniques and mechanisms in audit of financial records of public and private organizations that engender integrity, objectivity and trust in Accounting and Financial Reporting Process to inspire public Confidence in the Nigerian Financial and Economic system and fraud detection, prevention and investigation (in this Act referred to as "the profession") in Nigeria;
(1) To provide professional association for Forensic auditors, Cyber forensic specialists, Forensic investigators and as a whole true knowledge base for forensic and investigative auditors.
(2) Provides bona fide qualifications for Chartered Forensic and Investigative Auditors and Chartered Cyber Forensic Specialists through administration of the CFIA/CCFS Examination.
(3) To develop and improve the technique and practice of forensic audit/forensic investigators and to promote the study of and provide instruction in forensic audit and investigation field.
(4) To provide excellent opportunities on national and International level to deliver the skills and techniques of Forensic and Investigative Audit.
(5) To collaborate with relevant government organizations in the training of professionals on Forensic and investigative audit.
(6) To promote and maintain high standards of professional etiquettes and conduct.
(7) To Requires Chartered Forensic and Investigative Auditors and Chartered Cyber Forensic Specialists (CFIA/CCFS) members to adhere to a strict code of professional conduct and ethics.
(8) Serves as the international representative for Forensic and Investigative Auditors to business, government and academic institutions.
(9) To be the world leading forensic audit and investigation institute, and a premier provider of anti-fraud, forensic training and education to inspire public confidence in the integrity and objectivity of Auditing reporting;
(10)Provide a professional institute and certification for Forensic and investigative auditors, that will further enhance anti-fraud and forensic training and education amongst members, Cyber Crime forensic specialists and Forensic Investigators
(11) Offer platform for energetic and practical professionals to learn the techniques that go beyond the basic knowledge of Accounting, Auditing and Finance.
(12) Determine the standards of knowledge and skill to be attained by persons seeking to become registered members of the institute and reviewing those standards, from time to time;
(13) To provide excellent opportunities on national and international level to deliver the skills and techniques of forensic and investigative Audit for transparency in advanced audit, anti-fraud and fraud investigation;
(14) Promote and maintain high standard professional etiquette and conduct of its members in tune with global best practices;
(15) Promote and facilitate the training, education and examination of persons desiring to become professional forensic and investigative auditors and Cyber Crime Forensic Specialist according to the provisions of this Act;
(16) Collaborate with Relevant Government organizations to provide anti-fraud and forensic audit skills to internal and external Auditors and others to enable them prevent fraud from taking place.
(17) Promote a specialized organization for qualified and experienced forensic and investigative auditors and accounting students and to do such other things from time to time that may be necessary or desirable to maintain and advance the status and interest of the profession.
(18)To certify members desirous to go into private practice as a Forensic Auditors and those that shall be involved in white crime investigation in Nigeria, after passing the prescribed examination or test.
(19) To be a regulatory body for forensic and Investigative audit in Nigeria
(20) Promote and encourage the study and development of the art and science of thesis, allied subjects, practice and establishment of Colleges of Forensic Accounting, Auditing and investigation for the purpose of a suitable scheme of education and system of examination in the subject of forensic and investigative audit, cyber-crime specialist and allied disciplines for candidates desirous for membership of the institute for the purpose of law down a suitable course of study and scheme of education, to organize proper training and make adequate and comprehensive educational arrangement in the academic and practical fields.
(21) Promote knowledge, proficiency, professional skills of its students and members not only in public practice but also in the service and employment of government and semi-government, municipal, industrial, financial institutions and commercial organizations.
(22)Arrange and/or organize conferences, seminars, symposia, Trainings, workshops and meetings for discussion of forensic and investigative auditing, Cyber Crime Forensic specialist and related matters; reading of papers and delivery of lectures, periodic issue of journals of the Institute, publishing copies of abridgement of papers, books, post qualification courses, lectures, records and other memoranda to increase knowledge, professional skills and efficiency of its students and members both in the private and public sector;
(23)Perform such functions as are incidental to the objects or as the Council may deem necessary for the attainment of all or any of the objects of the Institute from time to time.