Institute of Chartered Accountants is formed to uplift the professionalism of accountants and prevent accounting practices of low standards. The Institute of Chartered Accountants provides support and assistance to members who are called Chartered Accountants. These members hold a wide range of responsibilities and positions such as CFO, board directors, finance managers, or business owners.
The Institute of Chartered Accountants in Namibia, or ICAN, is an institution that embodies professional accountants in the region. It is the only institution in Namibia that holds the sole right to grant the Chartered Accountant title to qualified accountants.
Formed in 1990, ICAN has adopted the GAAP (Generally Accepted Accounting Practice) of South African Accounting Practices Board. ICAN is recognized as the oldest-running accountancy institution that represents the highest standards of accounting professionals in the country. To become a member, a series of tests must be passed and certain requirements must be fulfilled. ICAN patterned most of its policies from South African Institute of Chartered Accountants or SAICA.
To become a member of ICAN, he must complete an accounting degree. He is also required to complete a course that focuses on taxation, auditing, and financial management. Once completed, the candidate must undergo three-year training, or commonly called the articleship.
Since ICAN and SAICA worked closely together, a reciprocity agreement was passed in 1992 which states the permission of members of one Institute, or SAICA, to apply for membership of the other, the ICAN, without additional requirements. All the details regarding the eligibility and rights of members are given on the official website.