background note on action plans · 2012. 5. 21. · required to use ican syllabus in their...

Action Plan Developed by The Institute of Chartered Accountants of Nigeria (ICAN)

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BACKGROUND NOTE ON ACTION PLANS

Action Plans are developed by IFAC members and associates to address policy matters identified through their responses to the IFAC Compliance Self-Assessment Questionnaire. They form part of a continuous process within the IFAC Member Body Compliance Program to support the ongoing development and improvement of the accountancy profession around the world. Action Plans are prepared by members and associates for their own use based on the national frameworks, priorities, processes and challenges specific to each jurisdiction. As such, they will vary in their objectives, content and level of detail, consistent with their differing national environments and stages of development and will be subject to periodic review and update. Refer to responses to the Part 1 Assessment of the Regulatory and Standard-Setting Framework Questionnaire and Part 2 SMO Self-Assessment Questionnaire for background information on each member and associate their environment and existing processes. These responses may be viewed at: http://www.ifac.org/ComplianceAssessment/published_surveys.php The accompanying pages are the Updated Action Plan developed by the Institute subsequent to the initial action plan it developed and approved and published on the IFAC website in May 2009. Use of Information Please refer to the Disclaimer published on the Compliance Program website. IFAC Member: The Institute Of Chartered Accountants of Nigeria (ICAN) Original Publish Date: May 2009 Last Updated: May 2012 Next Update: May 2013

http://www.ifac.org/ComplianceAssessment/published_surveys.php�


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GLOSSARY: CPD Continuous Professional Development ED Exposure Draft FRC Financial Reporting Council of Nigeria I&D Investigation & Discipline IAASB International Auditing and Assurance Standards Board IAESB International Accounting Education Standards Board IASB International Accounting Standards Board IES International Education Standard IESBA International Ethics Standards Board for Accountants IFRS International Financial Reporting Standards IPSAS International Public Sector Accounting Standards IPSASB International Public Sector Accounting Standards Board ISA International Standard on Auditing ISQC 1 International Standard on Quality Control 1 MCPE Mandatory Continuing Professional Education ME & T Members Education and Training NSA Nigerian Standard on Auditing NSQC 1 Nigerian Standard on Quality Control 1 PPMC Professional Practice Monitoring Committee QA Quality Assurance SAS Statements of Accounting Standards SMPs Small and Medium Practices SMEs Small and Medium Enterprises SMO Statement of Membership Obligations


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Action Plan Subject: SMO 1 - Quality Assurance Action Plan Objective: To consolidate the Quality Assurance review programme in line with SMO 1

# Start Date Actions Completion Date Responsibility

Resource

Background: Prior to 2009, no Quality Assurance (QA) review system was established in Nigeria. ICAN had adopted, with modifications, the International Standard on Quality Control (ISQC) 1 as quality control standards (Nigerian Standard on Quality Control 1, NSQC 1) for its members and assisted audit firms with its implementation. Since then, ICAN has established and is implementing a QA review system.

Consolidation of Subsisting Quality Assurance Review System in accordance with SMO 1

1. May 3, 2011

Accelerate/intensify the activities of the Quality Assurance (QA) review system; all practicing firms are to be covered and all aspects of practice will be reviewed.

May 2, 2014

Chairman of the Professional Practice Monitoring Committee (PPMC)

Members of ICAN Council/PPMC Members

2. May 3, 2012 Revisit the three-year cycle for review of all firms. May 2, 2013 PPMC Chairman Members of ICAN Council/PPMC Members

3. July 2, 2011 Update, analyze and categorize the practicing firms operated by members holding practicing licences.

July 1, 2012 PPMC Chairman Members of ICAN Council/PPMC Members

4. September 2, 2012

Review cost implications of the continuing implementation of the QA review system.

November 30, 2012

PPMC Chairman Members of ICAN Council/PPMC Members

5. December 1, 2012

Obtain ICAN Council’s approval for the revised budget and funding of the updated QA review system.

March 1, 2013 PPMC Chairman Members of ICAN Council/PPMC Members

6. April 1, 2012

Update time table for QA reviews. Ongoing PPMC Chairman /Head of Practice Monitoring Department

Registrar/Chief Executive/ Members of ICAN Council


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Resource

7. April 15, 2012

Further develop the established reporting process for the QA reviews. The reporting process includes the following steps:

• Submission of QA reports by reviewers; • Consideration of QA reports by appropriate

Committees; • Communication by Institute with firms

reviewed to receive agreement on action plans and recommendations for firms to further meet professional and quality control requirements; and

• Publication of annual reports on quality reviews held highlighting areas of common weaknesses and departures from best practices.

Follow-up implementation of action plans and recommendations at the next review.

Ongoing PPMC Chairman Members of ICAN Council/PPMC Members

Strengthening Practice Monitoring Department and Enhancing the Capacity of Practice Monitoring Teams


Update the organizational chart for the Practice Monitoring Department and the requirements for its staff. The staff will continue to support the QA reviewers in their tasks.

Ongoing Registrar/Chief Executive/ICAN Council

Registrar/Chief Executive/Members of ICAN Council

9. December 1, 2011

Recruit suitably qualified staff for the department by means of advertisement or head hunting.



10. May 2, 2012 Organize orientation, training and re-training for staff.




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Resource

11. February 2, 2012

Advertise job offers and recruit QA reviewers.



Supporting Implementation of the Quality Assurance Review Program

12. December 1, 2011

Organize regular seminars to increase ICAN members’ awareness about the QA review system.

Ongoing PPMC Chairman /Head of Practice Monitoring Department


13. January 2, 2013

Review and update questionnaires for the reviews. The questionnaires will be completed by firms on their background information and quality control procedures; design checklist for the reviewers to carry out the monitoring exercise.




Organize regular training for QA reviewers.



15. April 15, 2012

Administer questionnaires to obtain and subsequently analyse information received from members about their practices.



16. May 2, 2012 Build capacity within the Institute’s Secretariat to provide an interface between the QA reviewers and the firms to be reviewed and to implement possible sanctions for infractions.



Promoting and Supporting Implementation of the Revised Quality Control Standards

17. November 2, 2011

Include courses on Nigerian Standard on Quality Control (NSQC) 1 in the annual curriculum of the Mandatory Continuing Professional Education (MCPE) programme. Note: NSQC 1 is an adaptation of the

Ongoing Head of Practice Monitoring Department / PPMC Chairman/ Chairman ME & T



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Resource

International Standard on Quality Control 1 (ISQC 1).

18. January 2, 2012

Organize regular seminars to increase ICAN members’ awareness of NSQC 1.

Ongoing Head of Practice Monitoring Department / PPMC Chairman


19. June 1, 2011 Issue practice statement as guidance notes on the implementation of NSQC 1 for the benefit of ICAN members.



20. April 15, 2012

Develop and publish Practice Manual for Small- and Medium-Practices



Maintaining Ongoing Processes

21. April 15, 2012 Continue to support ongoing implementation of the QA review system and NSQC 1. This includes review of the agreed Action Plan and updating the Action Plan for future activities as necessary.

Ongoing Head of Practice Monitoring Department/PPMC Chairman


Review of ICAN’s Compliance Information

22. Ongoing On a six-month basis, technical teams are constituted to review responses to IFAC Compliance Self-Assessment questionnaires. Once updated inform IFAC Compliance staff about the updates in order for the Compliance staff to republish updated information.

Ongoing Chairman, PPMC Registrar/Chief Executive/Members of ICAN Council


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Action Plan Subject: SMO 2 - International Education Standards Action Plan Objective: To Incorporate International Education Standards into ICAN training curricula

# Start Date

Actions Completion Date Responsibility Resource

Background: Candidates for ICAN membership were required to complete a program of professional accountancy education, thirty months of practical experience and pass a final level of qualifying examination. The broad education requirements are set in law and ICAN supplements these requirements with detailed standards. The professional accountancy education program is delivered by ICAN as well as universities and other training institutions which are legally required to use ICAN syllabus in their teaching. In addition, all ICAN members are required to follow 60 hours of MCPE over a two year rolling period. Since the publication of ICAN’s first Action Plan, the Institute has been focusing on promoting International Education Standards (IES) to Universities, improving its Practical Experience Requirements, and reviewing skills and knowledge requirements for candidates to membership.

Promoting International Education Standards to External Organizations

23. January 2, 2012

Promote compliance with International Education Standards (IES) to National Universities Commission and National Board for Technical Education that set education standards for universities and polytechnics in Nigeria, respectively. Note: The universities and polytechnics deliver part of the professional accountancy education program for ICAN Professional examinations’ candidates.

Ongoing Chairman, PPMC Members of ICAN Council/Members Nigerian Auditing Standards Committee

Further Improving the Practical Experience Requirement

24. June 1, 2009

Review IES 5, Practical Experience Requirement, which requires all candidates for ICAN membership to obtain at least three years of practical experience.

Completed Registrar/Chief Executive/Chairman, ICAN Council

Registrar/Chief Executive/Members, ICAN Council


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# Start Date


25. June 1, 2009

Draft new regulations requiring all candidates to accomplish at least three years of practical experience and in accordance with IES 5.

Completed Registrar/Chief Executive

Registrar/Chief Executive

26. July 1, 2009

ICAN Council to approve the new regulation on Practical Experience.



Review of Educational Requirements for Candidates to ICAN Membership


In accordance with the IES, new knowledge and skills requirements for candidates to ICAN membership who would like to obtain their practicing license were prepared.



28. Ongoing

Introduce an 80- hour mandatory practical Technology Competence Initiative (TCI) as a precondition for membership.



29. July 1, 2009

ICAN Council to approve the new knowledge and skills requirements to be fulfilled by future auditors.

Completed Registrar/Chief Executive/ Chairman ICAN Council



30. January 2, 2009

Monitor new and amended requirements from the International Accounting Education Standards Board (IAESB) and incorporate them in the national education requirements.

Ongoing Registrar/Chief Executive/ Chairman ICAN Council

Registrar/Chief Executive/ICAN Council

31. January 2, 2009

Update the ICAN accountancy education program in accordance with new and amended IES.

Ongoing Registrar/Chief Executive/Chairman ICAN Council


32. January 2, 2009

Set up a Technical Team for the review of training curricula




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# Start Date


33. July 1, 2009

Technical Team to update the training curricula in an ongoing manner and in accordance with new and amended IES, accounting and auditing standards.


Members of the Technical Team

34. January 2, 2009

Organize enhanced MCPE courses on new and amended accounting and auditing standards.

Ongoing Registrar/Chief Executive/Chairman ICAN Council/Chairman ME & T



35. Ongoing On a six-month basis, technical teams are constituted, to review responses to IFAC Compliance Self-Assessment questionnaires. Once updated inform IFAC Compliance staff about the updates in order for the Compliance staff to republish updated information.

Ongoing Chairman, PPMC Registrar/Chief Executive/Members, ICAN Council


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Action Plan Subject: SMO 3 - IAASB Pronouncements Action Plan Objective: Further improve and maintain ongoing processes of implementing IAASB Pronouncements

# Start Date

Actions Completion Date

Responsibility Resource

Background: The Financial Reporting Council (FRC) and ICAN share legal responsibility for drafting and adopting the auditing standards in Nigeria. ICAN first adopted the pronouncements of the International Auditing and Assurance Standards Board (IAASB), with modifications, as national auditing standards (Nigerian Standards on Auditing, NSAs) in the course of 2008. ICAN has established ongoing mechanisms for the adoption of new and revised IAASB pronouncements, including the Clarified International Standards on Auditing (ISAs), and to further assist with the implementation of the standards.

Enhancement of Adoption Processes of IAASB Pronouncements

36. January 11, 2008

Develop active publicity of the policy statement about ICAN’s adoption objectives of ISAs.

Ongoing Director, Membership Affairs & Registrar/Chief Executive

Members of the Governing Council/Nigerian Auditing Standards Committee

37. January 2011

Issue ISAs as exposure drafts (EDs) of NSAs. Ongoing Chairman, Nigerian Auditing Standards Committee & Registrar/ Chief Executive

Members of ICAN Council/Members of Nigerian Auditing Standards Committee

38. January 2011

Modify pronouncements of the International Auditing and Assurance Standards Board (IAASB). Modifications are due to local regulatory specificities. These modifications were done in accordance with the IAASB policy position.

Ongoing Chairman, Nigerian Auditing Standards Committee & Registrar/ Chief Executive


39. July 2011 ICAN Council to approve and issue EDs for obtaining stakeholders’ comments.

Ongoing Registrar Chief Executive/ Chairman of ICAN Council



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# Start Date



40. October 1, 2011

Teams of experts constituted beforehand to review comments received on various EDs.

Ongoing Registrar / Chairman, ICAN Council

Members of ICAN Council/Members of Nigerian Auditing Standards Committee/Members of Teams of Experts

41.

January 2, 2012

Amend EDs before issuance as standards if comments on EDs are credible and persuasive.

Ongoing Registrar/ Chairman, ICAN Council


42. March 1, 2012

Present finalised standards to Council for approval before issuance as NSAs.

Ongoing Registrar/ Chairman, ICAN Council


43. May 2, 2012

Issue new and revised NSAs. Note: Clarified ISAs have been adopted as NSAs.

Ongoing Registrar/Chief Executive/Chair man, Nigerian Auditing Standards Committee

Chairman, ICAN Council/Chairman, Nigerian Auditing Standards Committee

44. January 2, 2012

Regularly constitute a team of experts to review and comment on EDs of ISAs’

Ongoing Registrar/Chairman, ICAN Council


Supporting Implementation of revised Nigerian Standards on Auditing

45. June 5, 2012

Hold regular seminars to raise ICAN members’ awareness of new and revised NSAs.

Ongoing Director, Membership Affairs and Director, Education and Training Departments under the supervision of PPMC



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# Start Date




Update MCPE program to incorporate courses on new and revised NSAs.




Update pre-qualification program and training syllabus for would-be ICAN members every five years to incorporate courses on revised NSAs.



Maintaining Ongoing Adoption Process

48. Ongoing Review of the implementation of the agreed Action Plan and updating the Action Plan for future activities. Future activities that should be planned include ongoing review and adoption of new and amended ISAs providing comments about the IAASB exposure drafts to the IAASB; informing ICAN members on a regular basis about new and revised IAASB pronouncements and monitoring ICAN members’ activities via the QA review system to ensure they respect the revised NSAs.

Ongoing Director, Membership Affairs; Registrar/Chief Executive and Practice Monitoring Department

Director Membership Affairs and Head, Practice Monitoring Department


49. Ongoing On a six-month basis, technical teams are constituted to review responses to IFAC Compliance Self-Assessment questionnaires. Once updated inform IFAC Compliance staff about the updates in order for the Compliance staff to republish updated information.

Ongoing

Director, Membership Affairs; Registrar/Chief Executive and Practice Monitoring Department

Director, Membership Affairs and Practice Monitoring Department


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Action Plan Subject: SMO 4 - IESBA Code of Ethics Action Plan Objective: Adopt and support implementation of the revised IESBA Code of Ethics

# Start Date Actions Completion Date


Background: ICAN is responsible for adopting and implementing ethical requirements for its members. In accordance with its initial Action Plan, ICAN incorporated, with modifications, the requirements of the revised Code of Ethics (effective January 1, 2011) of the International Ethics Standards Board for Accountants (IESBA) in its own Code in the course of 2010. Differences between the revised ‘ICAN Professional Code of Conduct and Guide for Members’ and IESBA Code of Ethics are due to local circumstances. However, the requirements of the revised ‘Professional Code of Conduct and Guide for Members’ are not less stringent than the requirements of the revised IESBA Code of Ethics. ICAN has also developed courses on this new code after its adoption.

Adoption of the revised IESBA Code of Ethics


Compare existing ICAN’s code of ethics which is titled ‘Professional Code of Conduct and Guide for Members’ with the revised IESBA Code of Ethics (effective January 1, 2011, early adoption is permitted).

Completed Registrar Chief Executive/ Chairman of ICAN Council

Head, Legal Department/ Head, Professional Practice Monitoring Department/Chairman, Membership Affairs Committees of ICAN and Secretarial staff to provide support


Modify the ‘Professional Code of Conduct and Guide for Members’ to incorporate the requirements of the revised IESBA Code of Ethics (effective January 1, 2011).

Completed Registrar Chief Executive/ Chairman of ICAN Council

Head, Legal Department/ Head, Professional Practice Monitoring Department/ Chairman, Membership Affairs Committees of ICAN and Secretariat staff to provide support

Publication of Differences Between the Revised ICAN Professional Code of Conduct and Guide for Members and IESBA Code of Ethics

52. May 2, 2010

Publish differences between the ‘Professional Code of Conduct and Guide for Members’ and the IESBA revised Code of Ethics in journals and information booklets for the benefits of members.

Ongoing Chair of the Adhoc Committee

Registrar/Chief Executive, Members of the Adhoc Committee


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53. March 1, 2011

Provide a comparison report on SMO 4 to the IFAC Compliance staff.

June 1, 2012 Chair of the Adhoc Committee

Registrar/Chief Executive, Members of the Adhoc Committee

Supporting Implementation of the revised Code

54. June 2, 2010

Raise awareness about the revised ICAN ‘Professional Code of Conduct and Guide for Members’ through speeches of ICAN Office bearers that reflect provisions of its revision and encourage compliance with them.

Ongoing Registrar/Chief Executive/ Chairman, ICAN Council

Members of ICAN Council

55. January 2, 2010

Update the pre-qualification program to incorporate courses on the revised ICAN ‘Professional Code of Conduct and Guide for Members’.

Completed Registrar/Chief Executive/ Chairman, ICAN Council

Members, Education and Training/ Members of ICAN Council


Update the MCPE program to incorporate training on the revised ICAN Professional Code of Conduct and Guide for Members.

Ongoing Registrar/Chief Executive/Chairman, ICAN Council

Members, Education and Training/ Members of ICAN Council


57. Ongoing Maintaining the ongoing adoption process of the Pronouncements of the IESBA. This includes review of the implementation of the agreed Action Plan and updating the Action Plan for future activities as necessary. Future activities that should be planned include ongoing monitoring of new and revised IESBA pronouncements; reducing differences between the Professional Code of Conduct and Guide for Members; and monitoring ICAN members’ activities via the QA review system to ensure they respect the revised ICAN Professional Code of Conduct and Guide for members.




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58. Ongoing On a six-month basis, technical teams are constituted to review responses to IFAC Compliance Self-Assessment questionnaires with regards to SMO 4. Once updated, inform IFAC Compliance staff about the updates in order for the Compliance staff to republish updated information.




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Action Plan Subject: SMO 5 - Public Sector Accounting Action Plan Objective: Enhancing the strategies to facilitate issuance of Public Sector Accounting Standards by the FRC



Background: The FRC is responsible for adopting public sector accounting standards in Nigeria. FRC has set out a Roadmap to adopt International Public Sector Accounting Standards (IPSASs) from January 1, 2015. ICAN is undertaking some awareness activities and capacity building initiatives on the Road map for effective implementation of the IPSASs.

Promoting the Use of International Public Sector Accounting Standards (IPSASs)


Further support FRC’s adoption of the IPSASs and the activities of the International Public Sector Accounting Standards Board (IPSASB) via the two ICAN representatives on FRC, which has the statutory responsibility for issuing accounting standards for the public sector.


The Chairman and Council of the Institute and it’s representatives on FRC, Chairman, Professional Practice Monitoring Committee (PPMC) of ICAN and Secretariat staff to provide Support

60. June, 2011 Members of ICAN Council and the President of the Institute to regularly engage FRC on the latest developments of IPSASs.


The Chairman and Council of the Institute


The ICAN Council to promote to FRC the need to adopt IPSASs.

Completed Registrar/Chief Executive/ Chairman, ICAN Council

ICAN Council’s representatives on FRC/Professional Practice Monitoring Committee (PPMC) of ICAN and Secretariat staff to provide Support


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The Office of the Accountant General of the Federation entered into a “twinning” arrangement with CIPFA and ICAN to modernize the Federal Treasury Academy.

CIPFA is working with the Institute of Chartered Accountants of Nigeria (ICAN) to develop a joint qualification in Public Financial Management (PFM). The qualification is to be based on CIPFA's existing International Certificate and Diploma, adapted as necessary to reflect the circumstances of Nigeria.


Office of the Accountant General of Nigeria, CIPFA and ICAN representatives



Further support FRC’s ongoing IPSASs adoption process. This includes review of the implementation of the agreed Action Plan and updating the Action Plan for future activities as necessary. Future activities that should be planned include assisting FRC in reviewing new and amended IPSASs in an ongoing manner and providing comments on IPSASB exposure drafts.


Council’s representatives on FRC/Professional Practice Monitoring Committee (PPMC) of ICAN and Secretariat staff to provide support




Director, Membership Affairs and Practice Monitoring Department


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Action Plan Subject: SMO 6 - Investigation and Discipline Action Plan Objective: Implement Enhanced Investigation and Disciplinary Processes



Background: In line with its enabling Act, ICAN has implemented mechanisms for investigating and disciplining (I&D) its members for breach of professional standards and misconduct. ICAN I&D mechanisms incorporate the major requirements of SMO 6. The Institute has also developed activities to further raise its members’ awareness of these mechanisms including the publication of a booklet containing Disciplinary Procedure and Investigating Panel Procedural Rules.

Sustaining Awareness of the I&D Mechanism

65. June 1, 2011

Hold regular seminars to sustain members’ awareness of the provisions of ICAN Professional Code of Conduct and Guide for Members and Investigation & Disciplinary (I&D) processes.

Ongoing Registrar/Chief Executive & Chairman, ICAN Council

External Legal Counsels/ Panel members/ ICAN Council/Legal Dept of ICAN and Secretariat staff to provide support

66. June 1, 2011

Provide information and guidance notes to members about I&D processes.



67. Ongoing Disseminate information on appeal procedures via ICAN journal, websites, Annual Report and special publication of cases decided by Accountants’ Disciplinary Tribunal.


External Legal Counsels/ Panel members/ICAN Council/Legal Dept of ICAN and Secretariat staff to provide support


68. Ongoing Review the processes implemented for the investigation of complaints to ensure they are functioning as intended.




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69. Ongoing Conduct training and re-training for Panel members on investigation including information based approaches and confidentiality.



70. Ongoing Evaluate independence of Panel members to ensure objectivity.



71. Ongoing Establish and operate tracking mechanisms for all cases to prevent undue delays.



72. Ongoing Maintain records of cases and judgements during retention period as provided by the relevant legislation.



73. Ongoing Review ICAN Act to assess whether adequate provisions for powers of investigations continue to be set in accordance with SMO 6 requirements.



74. Ongoing Ensure that the Institute provides sufficient resources to deal with non-compliance issues.



75. Ongoing Maintain the I&D processes in accordance with SMO 6 requirements. This includes review of the implementation of the agreed Action Plan and updating the Action Plan for future activities as necessary.




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76. Ongoing On a six-month basis, technical teams are constituted to review responses to IFAC Compliance Self-Assessment questionnaires with regards to SMO 6. Once updated inform IFAC Compliance staff about the updates in order for the Compliance staff to republish updated information.

Ongoing Registrar/Chief Executive & Chairman,

ICAN Council

External Legal Counsels/ Panel members/ICAN Council/Legal Dept of ICAN and Secretariat staff to provide support


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Action Plan Subject: SMO 7 - International Financial Reporting Standards Action Plan Objective: Supporting FRC’s efforts to effectively implement IFRS

#

Start Date Actions Completion Date Responsibility Resource

Background: FRC, in which ICAN is represented by two representatives, has legal responsibility for adopting accounting standards in Nigeria. FRC has adopted the International Financial Reporting Standards (IFRS) as framework for financial reporting in Nigeria as follows: 1. Quoted entities and significant public interest entities: January 1, 2012 2. Other public interest entities: January 1, 2013 3. Small and Medium Enterprises (SMEs): January 1, 2014 This was approved by the Federal Executive Council of Nigeria on September 2, 2010. ICAN has commenced the building of human capacity on IFRS in the country in an ongoing manner and is further assisting its members with the implementation of the standards.

Supporting the Official Standard-Setter in Adopting IFRS

77. June 1, 2010

Active sensitisation of stakeholders on the implications of the adoption of IFRS.

Completed Registrar/Chief Executive & Chairman, ICAN Council

Council’s representatives on FRC/ICAN Secretariat staff to provide Support

78. June 1, 2010

Build capacity of members in IFRS. Regularly review the ongoing certification programme in IFRS. Hold skill renewal session under MCPE programmes. Support FRC’s establishment of IFRS centre of excellence.



79. June 1, 2010

Support FRC to review relevant legislations. Completed Registrar/Chief Executive & Chairman, ICAN Council



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#

Start Date Actions Completion Date Responsibility Resource

Supporting Implementation of IFRS

80. Ongoing Hold regular meetings with FRC to increase ICAN members’ awareness about IFRS.



81. Ongoing Update the Institute’s professional examination curriculum and MCPE program in accordance with amended IFRS.

Ongoing Registrar/Chief Executive & Chairman, ICAN Council/Chairman ME & T



82. Ongoing Encourage FRC to further implement the ongoing adoption process with IASB standards. This includes review of the implementation of the agreed Action Plan and updating the Action Plan for future activities as necessary. Future activities that should be planned include ongoing monitoring of ICAN members’ activities via the QA review system to ensure they respect the revised IFRS.

Ongoing Registrar/Chief Executive and Chairman, ICAN Council

Chairman, ICAN Council, representatives of ICAN Council in FRC and Head, Practice Monitoring Department




Members of ICAN Council/Representatives of ICAN Council on FRC, and Secretariat staff to provide support

background note on action plans · 2012. 5. 21. · required to use ican syllabus in their...

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