The Institute of Chartered Accountants of Nigeria (ICAN), the only accountancy body in Nigeria recognized by the International Federation of Accountants (IFAC), was formed by an Act of Parliament No. 15 of 1 September 1965, aiming at training accountants. It was formed out of the already existing accounting and auditing organizations including The Association of Accountants in Nigeria, AAN. The institute headquartered in Lagos had 250 members at the initial stage. Vision of the Institute of Chartered Accountants of Nigeria is to be a leading global professional body. The institute looks forward to creating world-class Chartered Accountants, providing all that necessary to enhance their ethical standards and technical competence. Their motto is Accuracy and Integrity!
In 1982, ICAN played a significant role in the formation of the Association of Accounting Bodies in West Africa (ABWA). So far the institute has certified over 32000 outstanding chartered accountants, who serve various sectors in the economy. The institute conducts The Professional Examinations (PE) and The Accounting Technicians' Scheme (ATS) Examinations.
At present Accounting Bodies in West Africa (ABWA) conducts ATS examinations as ATS West Africa to promote the potential of middle level manpower within the sub regions of West Africa. The institute introduced the Accounting Research Foundation to award grants in support of researches in the accounting and related fields in 1989.