Request a Demo

Edit Template

ICAN Professional Level Syllabus

Starting your ICAN professional level this year? Download this ICAN professional-level syllabus to study smart and excel in your exams

Home » ICAN Syllabus » ICAN Professional Level Syllabus

About Professional Level Exams

The Professsional level of the ICAN (Institute of Chartered Accountants of Nigeria) is the third and final level in the ICAN-ACA professional examination. The professional level examinations are taken by individuals who aspire to become chartered accountants and have successfully completed the foundation and skills level.

The Professional level syllabus aims to equip accounting professionals with the knowledge required to make professional judgments and evaluations based on more complex business situations. It links the diverse competencies acquired at the Foundation and Skills levels, and there are five courses at this level. Graduates of Accounting are not exempted from taking professional-level examinations.

The chartered accountancy qualification – the ACA, of the Institute of Chartered Accountants of Nigeria (ICAN), with its integrated components, is one of the most advanced professional accountancy qualifications globally. The requirements for ICAN – ACA qualification are set out in this syllabus in the form of learning outcomes and competencies.

Professional Level in ICAN

The Professional level consists of five subjects including Corporate Reporting, Advanced Audit and Assurance, Strategic Financial Management, Advanced Taxation, and Case Study. This professional level takes candidates to the point where they have to make professional judgments and evaluations based on more complex business situations by linking competencies acquired at the Foundation and Skills levels.

Case Study, at this level, develops students’ ability to discuss, analyse and evaluate different business scenarios with a view to proffering solutions which are articulated in the form of business reports.

Course 1 : Corporate Reporting

About Corporate Reporting

Welcome to the first subject in the last stage of your journey towards becoming a Chartered Accountant. The Corporate Reporting course is an extension of Financial Reporting covered in the Skills level syllabus.  

This course syllabus aims to provide you with a deepened understanding of the principles of financial reporting and its application to more complex situations. It reflects the latest developments, regulations, and standards in Corporate reporting.

 

The ICAN professional level under which Corporate Reporting falls is focused on helping professional accountants make better and more informed judgments. Studying for this examination using the ICAN syllabus ensures you cover every topic and helps you achieve excellent result. It also guarantees your success in the forthcoming ICAN-ACA professional examination.

Aim & Competencies

Aim 

This syllabus extends candidates’ coverage of generally accepted accounting principles (GAAP), deepens their understanding of financial reporting and their ability to apply principles and practices to more complex situations.

Main competencies

On successful completion of this paper, candidates should be able to:

  • Prepare and report information in financial statements and notes on complex single-entity, group (subsidiaries and associates) and all forms of business combinations;  
  • Select, assess and present suitable accounting policies;  Analyse, interpret and evaluate financial information and disclosures;  
  • Prepare and analyse financial statements to show the position, performance, prospect and risks of business;  
  • Understand current issues in the reporting framework and corporate reporting; and  
  • Understand and assess creative accounting and aggressive earnings management.

C1 Corporate Reporting

 Syllabus for ICAN Professional Level 
 LevelProfessional 
 Course nameC1-Corporate Reporting 
 AbbreviationCR 
 A.Ethical issues in and regulatory framework of corporate reporting. 
 TopicBreakdownMarking guide
1Ethical issues in corporate reporting(a) Discuss professional accountants’ code of ethics as it relates to corporate
reporting.
(b) Discuss and evaluate the ethical considerations that may arise in corporate
reporting, including ethical dilemmas.
(c) Assess, recommend and justify actions to be taken where ethical issues
arise in given corporate reporting scenarios.
10%
2Regulatory framework of corporate reporting(a) Discuss the need for convergence in international regulatory frameworks
of financial reporting standards.
(b) Evaluate the desirability, feasibility and implications of global financial
reporting convergence using International Financial Reporting Standards
(IFRS).
(c) Differentiate between rules-based and principles-based accounting
standards;
(d) Assess the applicable regulations as sources of Nigerian GAAP;
(e) Discuss the merits and demerits of international convergence of
financial reporting standards;
Evaluate, assess and apply ethical issues and regulatory frameworks
to corporate reporting
Evaluate and
apply accounting
standards to
preparing reports
on corporate
performance and
position
Prepare and
present
financial
statements of
complex
group
Critically
examine
current issues in
and beyond
financial
reporting
Analyse, interpret and evaluate financial and non-financial information and
disclosures
(f) Evaluate disclosures of corporate governance and chairman’s report as
they relate to a company’s annual report; and
(g) Discuss the roles of Financial Reporting Council of Nigeria (FRCN) in
financial reporting regulations and enforcement including IFRS compliance.
 
 B. Reporting of entity’s performance to stakeholders20%
1Performance reporting(a) Evaluate how different bases of measurement and recognition of
assets and liabilities affect reported financial performance.
(b) Apply accounting standards relating to performance reporting such as IFRS
15; IFRS 8; IFRS 5; IAS 33; and IAS 34 to the preparation of financial
statements.
(c) Formulate and evaluate entity’s accounting policies (including group
entities) in accordance with the provisions of IAS 8.
(d) Prepare entity’s financial statements in accordance with legal
requirements and applicable financial reporting standards.
 
2Non- financial assets(a) Assess the effects of different recognition and measurement methods and
timing of recognition of non-financial assets on reported financial position.
(b) Discuss and appraise accounting treatments of non-current assets, such
as: Property, Plant and Equipment – IAS 16; Intangible Assets – IAS 38;
Investment Properties – IAS 40; Leases – IFRS 16; Non-current Assets Held
for Sale – IFRS 5; Inventories -IAS 2; Agriculture – IAS 41; Accounting for
Government Grants and Disclosure of Government – IAS 20; and
Borrowing Costs – IAS 23.
 
3Non-financial liabilities(a) Evaluate how different methods and timing of recognition and
measurement of non-financial liabilities affect reported financial position.
(b) Appraise accounting treatments of non-financial liabilities, such as:
Employees’ Benefits – IAS 19; Share-based Payment –IFRS 2; Income Tax
– IAS 12; Provisions, Contingent Liabilities and Contingent Assets – IAS
37; and Leases – IFRS 16.
(c) Appraise the effect of related parties’ transactions and disclosures on
reported performance in line with relevant accounting standards.
 
4Financial assets and liabilities(a) Determine and assess how different bases for recognition,
measurement and classification of financial assets and financial
liabilities impact on reported performance and position.
(b) Appraise the accounting treatment of financial instruments (IFRS 7 and
IFRS 9); borrowing costs (IAS 23); and government grant (IAS 20) including
impairment and hedge accounting under IFRS 9 for financial assets and
liabilities.
 
5Segment reporting(a) Determine and assess the nature and extent of reportable segments
(IFRS 8).
(b) Discuss the nature of segment information to be disclosed and its
overall impact on reported performance of the reporting entity.
 
6Accounting treatments of insolvency and business recovery(a) Discuss insolvency and circumstances under which a company may be
insolvent.
(b) Discuss the consequences of receivership and liquidation of corporate
entities.
(c) Advise on implications of insolvency for corporate
governance and going concern threats.
(d) Differentiate between:
i. A receiver and receiver manager;
ii. Secured and unsecured creditors;
iii. Receiver and liquidator;
iv. Statement of financial position and statement of affairs;
v. Bankruptcy and liquidation; and
vi. Floating charge and fixed charge.
 
 C. Group financial statements30%
1Introduction to consolidating complex group structure(a) Identify and discuss complex group relationships including the criteria used
to identify a subsidiary and an associate.
(b) Identify and discuss the circumstances in which a group is required to
prepare group financial statements and when an exemption can be granted.
(c) Identify and discuss the criteria used to determine how different types of
investment are recognised and measured.
(d) Discuss and apply the treatment given to a subsidiary acquired exclusively
with a view to its subsequent disposal.
(e) Discuss why directors may not wish to consolidate a subsidiary and when
this will be permitted.
(f) Outline and apply the key definitions and accounting methods relating to
interests in associates and joint arrangements.
 
2Preparation of group financial statements of a complex group(a) Apply the provisions of relevant standards in determining the cost of
acquisition in business combination under different scenarios.
(b) Determine and apply appropriate procedures to be used in preparing group
financial statements.
(c) Determine, apply and disclose from financial information or other data in a
given scenario, the amounts to be included in group financial statements in
respect of acquisitions achieved one time or in stages involving
subsidiaries, associates and joint ventures.
(d) Calculate, determine and disclose, from financial information or other data
in a given scenario, the amounts to be included in group financial
statements in respect of full or partial disposals involving subsidiaries,
associates and joint ventures.
(e) Discuss and appraise how foreign currency transactions of a single entity or
group entities are measured and accounted for in the financial statements.
(f) Discuss and appraise how the financial statements of overseas entities are
translated and consolidated.
(g) Calculate, determine and disclose, from financial information or other data
in a given scenario, the amounts to be included in group financial
statements relating to part of a group which activities have been
discontinued, or have been acquired or disposed of in the period.
(h) Prepare group financial statements where necessary in (c) to (g) above
 
 D. Current developments in and beyond financial reporting20%
1Global convergence of financial reporting and Nigerian Generally Accepted
Accounting Principles (NGAAP)
(a) Determine, discuss and apply the accounting treatment of issues
arising from the first-time transition to international accounting standards,
such as IFRS from NGAAP.
(b) Discuss accounting issues relating to applicable Nigerian accounting
standards after IFRS adoption.
 
2New international accounting standards and exposure drafts(a) Discuss and apply newly issued international financial reporting
standards that are effective 6 months from examination date.
(b) Discuss and apply newly issued exposure drafts.
(c) Discuss any current issue in relation to the conceptual framework for
financial reporting.
 
3Social, environmental and ethical reporting(a) Discuss the need for social, environmental and ethical reporting and why
companies may engage in these types of reporting.
(b) Appraise the impact of social, environmental and ethical factors on
corporate performance measurement.
 
4Sustainability and integrated reporting(a) Discuss the progress from social and environmental accounting to
sustainability reporting.
(b) Discuss the principles and content elements of Global Reporting Initiative
(GRI) and United States (US) Sustainability Accounting Standards Board
(SASB) frameworks for sustainability reporting.
(c) Evaluate the impact of sustainability reporting on corporate performance
measures.
(d) Discuss the principles and contents of International Integrated Reporting
Council (IIRC) Integrated Reporting (IR) framework.
(e) Discuss the need for and advantages of integrated reporting.
(f) Discuss the progress towards global adoption of integrated reporting.
 
 E. Analysis of financial and other reports to appraise entity’s financial performance
and position
20%
1Suitability of accounting policies and reported numbers(a) Assess the suitability of an entity’s accounting policies to meet their
reporting requirements.
(b) Assess accounting treatments adopted in financial statements and assess
their validity, suitability and acceptability.
(c) Appraise the nature and validity of information disclosed in annual reports,
including integrated reporting and other voluntary disclosures.
(d) Appraise the nature and validity of items included in published financial
statements
 
2Analyses, interpretation and appraisal of financial and other reports(a) Evaluate relevant indicators of financial and non-financial performance.
(b) Analyse and evaluate the performance, including stock market
performance, liquidity, efficiency and solvency of an entity using different
techniques of analysis, such as: horizontal; vertical; ratios; trends; and
common size.
(c) Adjust reported earnings of an entity to make it comparable over time, with
similar entities and industry average.
(d) Assess the potential complex economic environment in which an entity
operates, and its strategies based on financial and operational information
contained within the annual report (such as Chairman and CEO/CFO
business and performance reports, management commentary, corporate
governance disclosures, financial summaries and highlights).
(e) Make inferences from the analyses of information taking into account the
limitations of the information, the analytical methods used and the business
environment in which the entity operates.
(f). Discuss and evaluate earnings management and creative accounting and
assess their impact on the usefulness of ratios.
 
3Limitations of financial analyses(a) Appraise the limitations of financial analyses.
(b) Appraise the significance of inconsistencies and omissions in
reported information in evaluating performance.
 
 Applicable Accounting Standards 
   Preface to IFRS
 The Conceptual Framework for Financial Reporting
 IAS 1 – Presentation of Financial Statements
 IAS 2 – Inventories
 IAS 7 – Statement of Cash Flows
 IAS 8 – Accounting Policies, Changes in Accounting Estimates and
Errors
 IAS 10 – Events after the Reporting Period
 IAS 12 – Income Taxes
 IAS 16 – Property, Plant and Equipment
 IAS 19 – Employee Benefits
 IAS 20 – Accounting for Government Grants and Disclosure of
Government Assistance
 IAS 21 – The Effects of Changes in Foreign Exchange Rates
 IAS 23 – Borrowing Costs
 IAS 24 – Related Party Disclosures
 IAS 26 – Accounting and Reporting by Retirement Benefit Plans
 IAS 27 – Separate Financial Statements
 IAS 28 – Investments in Associates and Joint ventures
 IAS 29 – Financial Reporting in Hyperinflationary Economies
 IAS 33 – Earnings per Share
 IAS 34 – Interim Financial Reporting
 IAS 36 – Impairment of Assets
 IAS 37 – Provisions, Contingent Liabilities and Contingent Assets
 IAS 38 – Intangible Assets
 IAS 40 – Investment Property
 IAS 41 – Agriculture
 IFRS 1 – First-Time Adoption of IFRS
 IFRS 2 – Share-based Payment
 IFRS 3 – Business Combinations
 IFRS 5 – Non-current Assets Held for Sale and Discontinued
Operations
 IFRS 6 – Exploration for and Evaluation of Mineral Resources
 IFRS 7 – Financial Instruments: Disclosures
 IFRS 8 – Operating Segments
 IFRS 9 – Financial Instruments
 IFRS 10 – Consolidated Financial Statements
 IFRS 11 – Joint Arrangements
 IFRS 12 – Disclosure of Interest in other entities
 IFRS 13 – Fair Value Measurement
 IFRS 14 – Regulatory Deferral Accounts
 IFRS 15 – Revenue from Contract with Customers
 IFRS 16 – Leases
 IFRS 17 – Insurance
 IFRS for SMEs
 NGAAP-SAS 32- Statement for Not-for-profit New standards may be examined six months after date of issue.
Applicable laws may be examined six months after date of amendment or enactment.
 

Course 2 : Advanced Audit & Assurance

About AAA

Advanced Audit and Assurance(AAA) is an extension of Audit and Assurance studied in the skills level.  It provides a better understanding of the critical aspects of managing audit and assurance engagements which is essential for you as an aspiring chartered accountant.

The AAA examinations are carefully curated using the updated ICAN syllabus, so studying this syllabus will ensure that you are adequately prepared for the examinations.

Studying for this examination using the updated ICAN AAA syllabus prepares you for the ICAN-ACA professional examination, and helps enhance your professional knowledge and skills in the business world. This will help you excel as an expert auditor in your field.

Aim & Competencies

Aim

The candidate is expected to understand the critical aspects of managing audit and assurance engagements: acceptance; planning; concluding; and reporting.

Main Competencies

On successful completion of this paper, candidates should be able to:  

  • Explain and advise on professional, ethical and legal issues arising during assurance engagements; 
  • Advise on various planning procedures involved in carrying out assurance engagements;  
  • Advise on risks associated with assurance engagements and various types of business and relevant control measures to mitigate those risks; and  
  • Identify features of assurance engagement reports and also be able to write relevant reports after concluding the assignment on assurance engagements.

Advanced Audit & Assurance Syllabus

 Syllabus for ICAN Professional Level 
 LevelProfessional 
 Course nameC2 -Advanced Audit and Assurance 
 AbbreviationAAA 
 A. Laws and regulations on audit and assurance engagements 
 TopicBreakdownMarking guide
1Laws, regulations and ethical issues1. Advise on technical, professional and ethical issues that may arise during
assurance engagements in the public and private sectors including
evaluation and communication with any party to the engagement. 2. Identify and make judgements on when it may be appropriate to refer a
matter to a senior colleague or for third party advice or consultation. 3. Identify and explain the nature and purposes of laws, regulations,
standards and codes in the context of assurance engagements.
4. Evaluate, explain and communicate the process and issues involved in
standards setting process at national and international levels.
5. Evaluate and communicate the interactions between national laws and
regulations and the requirements of an assurance engagement.
6. Evaluate and communicate the differences between various jurisdictions
and how they deal with audit issues including national and international
Apply laws and
regulatory
frameworks to audit
and assurance
Consider professional and
ethical issues in audit and
assurance
Plan audit and
assurance
Evaluate risk and
institute quality
control measures
Advise on selected
assurance services
Prepare reporting to
appropriate clients
approaches such as the US Sarbanes-Oxley and related requirements for
audit.
7. Evaluate and explain how audits may fail to meet users’ expectations.
8. Evaluate and explain the extent of legal liabilities including criminal and
civil law liabilities and professional negligence and how they can be
mitigated.
20%
 B. Accepting professional engagements and managing assignments15%
1Accepting engagements(a) Analyse and evaluate the issues that may arise during the
process of obtaining audit work.
(b) Identify and explain the legal, professional and ethical issues that
may arise during the acceptance of assurance or audit assignments.
(c) Analyse and evaluate the potential issues that determine the nature,
scope and extent of an assurance or audit engagement.
(d) Discuss how engagement terms can be agreed and recorded by an
auditor including those agreed with a client and those imposed by
laws or regulations.
 
2Practice management(a) Evaluate and apply appropriate procedures and policies for
management of an assurance or audit engagement.
(b) Evaluate and apply appropriate quality control measures that may
be used by a firm during the course of an assurance or audit
engagement.
(c) Identify and evaluate the extent to which assurance and audit
functions within an entity can be used or relied upon.
(d) Evaluate and apply appropriate monitoring and review procedures
to effectively manage an audit or assurance engagement.
(e) Identify and explain the purposes of external monitoring of audit and
assurance assignments and how this might ensure engagement or
firm’s quality.
(f) Identify and evaluate the considerations by an auditor of risk issues
identified prior to accepting an engagement.
 
 C. Planning and undertaking audit work40%
1Overall audit strategy(a) Analyse, evaluate and explain the key areas of a business that are
important to understand in developing an effective strategy or plan
based on a business scenario. (ISA 300 – Planning an audit of
financial statements)
(b) Analyse and evaluate the relevant techniques needed for an
effective understanding of the audit work.
(c) Analyse and evaluate the situations when third party expertise may
be required (ISA 620 – Using the Work of an Auditor’s Expert)
(d) Evaluate and advise on elements of audit risks, including inherent
and control (risk of material misstatement), sampling and nonsampling (detection risk) and their relationships with audit planning
procedures (ISA 315 – Identifying and Assessing the Risk of
Material Misstatement through Understanding the Entity and its
Environment).
(e) Identify and evaluate the components of risk for any assurance
engagement.
(f) Evaluate and explain how business process effectiveness may affect
an audit assignment.
(g) Identify and evaluate the risks arising from accounting manipulation,
error, fraud or other irregularities in a business scenario.
(h) Identify and evaluate the risks arising from business and financial
issues in a business scenario.
(i) Evaluate and apply judgements and measures of materiality in
carrying out an audit or assurance engagement (ISA 320 –
Materiality in Planning and Performing an Audit).
(j) Evaluate and apply analytical procedures that may be used to plan
an audit or assurance engagement.
(k) Analyse and evaluate how risk and materiality judgements affect the
planning of an assurance or audit engagement, including the nature,
timing and extent of work.
(l) Develop an audit plan, justifying judgements made on an audit or
assurance engagement based on a business scenario, including
considerations relating to:
 Materiality decisions;
 Internal control assessments including information technology
(IT) ;
 Reliance on internal audit, specialists and the work of other
auditors;
 Use of client’s generated data, information and reports;
 Tests of control, substantive and analytical procedures; and
 Visits to locations, branches and departments.
(m) Describe the appropriate procedures for assurance engagements in
respect of corporate social responsibility and sustainability reports.
(n) Describe the differences between assurance engagements and audit
engagements for profit and not-for-profit entities, including those in
the public sector.
(o) Explain local and international frameworks for auditing and
assurance work in private and public sectors.
 
2Assessment of risks, internal controls, internal financial controls(a) Identify and assess reporting and compliance risks in the context of an
assurance or audit engagement in the public or private sector based on a
given business scenario.
(b) Give an advice based on the assessment above.
(c) Analyse the role of information technology control framework in internal
control.
 
3Evaluation of accounting treatmentsEvaluate and draw conclusions on the appropriateness of stated accounting
treatments in the context of a given scenario for public or private sector based on
national and international standards on auditing and international financial
reporting standards (IFRS).
 IAS1 – Presentation of Financial Statements
 IAS 2 – Inventories
 IAS 7 – Statement of Cash Flows
 IAS 8 – Accounting Policies, Changes in Accounting Estimates and Errors
 IAS 10 -Events after the Reporting Period
 IAS 12 -Income Taxes
 IAS 16 -Property, Plant and Equipment
 IAS 19 -Employee Benefits
 IAS 20-Accounting for Government Grants and Disclosure of Government
Assistance
 IAS 21 -The Effects of Changes in Foreign Exchange Rates
 IAS 23 -Borrowing Costs
 IAS 24 -Related Party Disclosures
 IAS 26 -Accounting and Reporting by Retirement Benefit Plans
 IAS 27 -Separate Financial Statements
 IAS 28 -Investments in Associates and Joint ventures
 IAS 29 -Financial Reporting in Hyperinflationary Economies
 IAS 32 -Financial Instruments: Presentation
 IAS 33 -Earnings per Share
 IAS 34 -Interim Financial Reporting
 IAS 36 -Impairment of Assets
 IAS 37 -Provisions, Contingent Liabilities and Contingent Assets
 IAS 38 -Intangible Assets
 IAS 40 -Investment Property
 IAS 41 -Agriculture
 IFRS 1 -First-Time Adoption of IFRS
 IFRS 2 -Share-based Payment
 IFRS 3 -Business Combinations
 IFRS 5 -Non-current Assets Held for Sale and Discontinued
Operations
 IFRS 6 -Exploration for and Evaluation of Mineral Resources
 IFRS 7 -Financial Instruments: Disclosures
 IFRS 8 -Operating Segments
 IFRS 9 -Financial Instruments
 IFRS 10 -Consolidated Financial Statements
 IFRS 11 -Joint Arrangements
 IFRS 12 -Disclosure of Interest in other entities
 IFRS 13 -Fair Value Measurement
 IFRS 14 -Regulatory Deferral Accounts
 IFRS 15 -Revenue from Contract with customers
 IFRS 16 -Leases
 IFRS 17 -Insurance
 
4Specialised audits and investigations(a) Understanding special features of certain types of audit and investigation
(i.) Forensic investigation and reporting
 Describe the major applications of forensic auditing e.g. fraud,
negligence, insurance claims and analyse the role of a forensic
auditor as an expert witness.
 Distinguish among forensic accounting, forensic investigation and
forensic audit.
 Identify the various government agencies associated with forensic
auditing.
 Apply the fundamental ethical principles to forensic auditor’s
engagement.
 Describe the procedures to be adopted in forensic audit.
 Select investigative procedures and evaluate the evidence
appropriate to determine the amount of loss in specific
circumstances.
(ii) Banks, insurance companies, primary mortgage institutions, other
financial institutions, farmers, professionals, hospitals, hotels and
pension fund administrators (PFAs)
 Identify the relevant legal frameworks that affect these institutions.
 Evaluate the critical audit areas in respect of each of these
institutions.
 Develop audit plans and procedures for each of the identified
institutions.
 Recognise various provisions of the Central Bank of Nigeria (CBN)
Act that affect each of the financial institutions.
 Advise on the application of control measures on the activities of
each of the institutions.
(iii) Not-for-profit organisations – charities, non-governmental organisations
(NGOs).
 Identify and explain various types and objectives of not-for-profit
organisations.
 Explain how the audit of a not-for-profit organisation differs from the
audit of a profit oriented organisation.
 Assess the audit risks associated with not-for-profit organisations.
 Develop plans and procedures for the audit of not-for-profit
organisations.
 Suggest various control measures that can be applied by a not-forprofit organisation in its operations.
 Determine the form and contents of audit report for a not-for-profit
organisation.
(b) Joint audits
(i) Explain the term joint audit.
(ii) Develop a plan for a joint audit.
(iii) Identify circumstances under which a joint audit occurs.
(iv) Describe the factors to consider in sharing audit work in joint audits.
(v) Advise management on the merits and demerits of joint audits.
(vi) Advise on matters to consider by firms engaging in joint audits.
(c) Investigations
(i) Identify and discuss various circumstances under which an
investigation may be conducted.
(ii) Differentiate between investigation and statutory audit.
(iii) Analyse and evaluate various stages involved in conducting
investigations.
(iv) Write an appropriate report on each investigation.
(v) Discuss the nature and methods of investigation relating to
liquidation and bankruptcy.
(d) Due diligence reviews for mergers, acquisitions and business combinations
(i) Differentiate between due diligence and external audit.
(ii) Describe the procedures involved in carrying out due diligence.
(iii) Write a report on the outcome of a due diligence assignment.
(e) Discuss the duties and responsibilities of a reporting accountant in raising
capital.
 
5Application of information technology in auditing(a) Explain the impact of IT in an auditing environment.
(b) Analyse the benefits of IT control frameworks in internal controls (example
COBIT Framework).
 
 D. Drawing conclusions and reporting25%
1Drawing conclusions(a) Analyse, evaluate and propose how issues identified during the course of
an assignment may be raised and dealt with in communication with
management, directors and those charged with governance, including
actions taken when issues cannot be agreed.
(b) Identify, explain and apply procedures that may be used and considerations
relating to the identification of subsequent events that may require
adjustments or disclosures.
(c) Identify, explain and apply procedures that may be used and considerations
relating to the identification of risk issues that require disclosures.
(d) Evaluate and apply quantitative and qualitative judgements based on the
results of tests and evidence obtained.
 
2Audit report(a) Discuss the concept of key audit matters (KAM) and justify the basis for
reporting same.
(b) Explain the responsibilities of an auditor with respect to KAM.
(c) Explain the audit documentation requirements of ISA 701 with respect to
KAM.
(d) Identify the additional national requirements beyond those of ISA 701 for
entities that should be within the scope of ISA 701 per the requirements of
the Financial Reporting Council of Nigeria.
(e) Appraise the form and contents of the audit report under ISA 700
(revised), given a specific situation.
(f) Explain the responsibilities of auditors in respect of other information
in line with the requirements of ISA 710.
(g) Explain circumstances under which emphasis of matters or other
matters paragraph may be appropriate to an audit report.
(h) Draft extracts of suitable audit, assurance and management
reports based on a given scenario in accordance with Nigerian laws
and international standards on auditing.
(i) Evaluate and apply suitable judgments on when it may be appropriate to
refer to a specialist in giving an opinion or preparing a report.
(j) Evaluate and apply suitable judgments on when it may be appropriate to
withhold an opinion, withdraw an opinion or take other such appropriate
actions on an audit or assurance engagement.
(k) Identify and explain the issues that may be relevant and the nature of report
that may be given relating to risk management, internal controls and
governance.
 
 E. Applicable Standards 
1International standards on auditing (ISA) 200 – Overall Objectives of the Independent Auditor and the Conduct of an
Audit in Accordance with International Standards on Auditing
 210 – Agreeing the Terms of Audit Engagements
 220 – Quality Control for an Audit of Financial Statements
 230 – Audit Documentation
 240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of
Financial Statements
 250 – A Consideration of Laws and Regulations in an Audit of
Financial Statements
 260 – Communication with Those Charged with Governance
 265 – Communicating Deficiencies in Internal Control to Those
Charged with Governance and Management
 300 – Planning an Audit of Financial Statements
 315 – Identifying and Assessing the Risks of Material Misstatement
through Understanding the Entity and its Environment
 320 – Materiality in Planning and Performing an Audit
 330 – The Auditor’s Procedures in Response to Assessed Risks Contents
 402 – Audit Considerations Relating to an Entity Using a Service
Organisation
 450 – Evaluations of Misstatements Identified during the Audit
 500 – Audit Evidence
 501 – Audit Evidence – Specific Considerations for Selected Items
 505 – External Confirmations.
 510 – Initial Audit Engagements – Opening Balances
 520 – Analytical Procedures
 530 – Audit Sampling
 540- Auditing Accounting Estimates, Including Fair Value
Accounting Estimates and Related Disclosures
 550 – Related Parties
 560 – Subsequent Events
 570 – Revised Going Concern
 580 – Written Representations
 600 – Special Considerations – Audits of Group Financial
Statements (including the Work of Component Auditors)
 610 – Using the Work of Internal Auditors
 620 – Using the Work of an Auditor’s Expert
 700 – Revised Forming an Opinion and Reporting on Financial
Statements
 701 – Communicating Key Audit Matters in the Independent Auditor’s
Reports
 705 – Modifications to the Opinion in the Independent Auditor’s
Report
 706 – Revised emphasis of Matter Paragraphs and Other Matter
Paragraphs in the Independent Auditor’s Report
 710 – Revised Comparative Information – Corresponding Figures
and Comparative Financial Statements
 720- Revised The Auditor’s Responsibility Relating to Other
Information in Documents Containing Audited Financial Statements
 800- Special Considerations – Audits of Financial Statements
prepared in Accordance with Special Purpose Frameworks
 805- Special Considerations – Audits of Single Financial Statements and
Specific Elements, Accounts or items of a Financial Statement
 810 – Engagements to Report on Summary Financial Statements
 
2International Auditing Practice Statements (IAPSs) 1000 – Inter-bank Confirmation Procedures
 1004- The Relationship Between Banking Supervisors and Banks’
External Auditors
 1006 – Audits of the Financial Statements of Banks
 1010 -The Consideration of Environmental Matters in the Audit of
Financial Statements
 1012 – Auditing Derivative Financial Instruments
 1013 – Electronic Commerce- Effect on the Audit of Financial
Statements
 
3International Standards on Review Engagements (ISREs) 2400 – Engagements to Review Financial Statements
 2410 – Review of Interim Financial Information Performed by the
Independent Auditor of the Entity
 
4International Standards on Assurance Engagements (ISAEs) 3000 – Assurance Engagements Other than Audits or Reviews of
Historical Financial Information
 3400 – The Examination of Prospective Financial Information
 3402 – Assurance Reports on Controls at a Service Organisation
 
5International Standards on Related Services (ISRSs) 4400- Engagements to Perform Agreed-upon Procedures
Regarding Financial Information
 4410 -Engagements to Compile Financial Statements
 
6IFAC Statements ISQC1- Quality Control for Firms that Perform Audits and Reviews
Financial Statements, and Other Assurance and Related
Services
 IFAC – IESBA Code of Ethics for Professional Accountants
 
7Other relevant laws and pronouncements including:(a) Insurance Act;
(b) BOFIA, including prudential guidelines and other circulars issued
by CBN from time to time;
(c) Money (Prohibition) Laundering Act 2011;
(d) Corporate Governance Codes;
(e) ICAN Professional Code of Ethics and Guide for Members;
(f) International Financial Reporting Standards (IFRS) and Nigerian
Standards on Auditing (NSAs); and
(g) Companies and Allied Matters Act (CAMA) 1990 (as amended).
 

Course 3 : Strategic Financial Management

About Strategic Financial Managment

Are you aiming for excellence in your ICAN Strategic Financial Management exams or you simply want to broaden your knowledge in a quest for career advancement? Then you need to study intensively to achieve that.

The updated ICAN syllabus on Strategic Financial Management offers you an opportunity to advance your career and gain expertise in strategic financial management. It covers topics on risk management, investment alternatives, and the value of business equipping you with the tools and strategies needed to excel in the dynamic business world.

Studying intensively using the updated ICAN syllabus allows you access to the topics you would meet in the exams, and this will ensure your success in the forthcoming ICAN-ACA professional examinations.

Aim & Competencies

Aim

Strategic Financial Management supports management in making informed decisions. Candidates are expected to apply relevant knowledge, and skills and exercise professional judgement in recommending appropriate options for financing a business, recognising and managing financial risks, dividend decisions and investments.

Main competencies

On successful completion of this paper, candidates should be able to:  

  • Explain the purpose of financial management and evaluate the impact of macroeconomic environment on it;  
  • Assess and advise on dividend decisions;  
  • Evaluate and assess investment alternatives and the value of business;  
  • Evaluate alternative sources of finance; 
  • Assess and plan alternative growth strategies and corporate re-organisation strategies; and  
  • Evaluate and apply alternative treasury and risk management techniques.

Strategic Financial Management Syllabus

 Syllabus for ICAN Professional Level 
 LevelProfessional 
 Course nameC3 -Strategic Financial Management 
 AbbreviationSFM 
 A. Financial environment, role of financial manager and money market Institutions 
 TopicBreakdownMarking guide
1Financial environment and role of financial managera. Evaluate financial objectives within the strategic planning process of an
organisation.
b. Identify key stakeholders of organisations and advise on their interests.
c. Evaluate the impact of macroeconomic environment and the role of
international financial institutions in strategic financial management.
d. Evaluate and apply the concept of corporate social responsibility and its
relationship with the objective of maximising shareholders’ wealth.
e. Assess and advise on agency theory and its relevance to financial
management.
f. Report on the professional, regulatory and legal frameworks relevant to
financial management, including stock exchange requirements, antimoney laundering regulations and directors’ responsibilities. g. Evaluate and communicate the key activities undertaken by treasury
managers.
h. Analyse and evaluate centralised and decentralised treasury management
and the arguments for and against each.
i. Identify and assess the impact of emerging issues in strategic financial
management.
j. Discuss ethical issues in strategic financial management.
15%
2The nature and roles of financial markets and institutions(a) Identify the nature and roles of money and capital markets, both nationally
and internationally.
(b) Explain the roles of financial intermediaries.
(c) Explain the functions of stock market and corporate bond market.
 
3The nature and roles of money markets(a) Describe the roles of money markets in providing
i) short-term liquidity to private and public sectors, and
ii) short-term trade finance.
(b) Explain the functions of banks and other financial institutions in the
operations of money markets.
(c) Explain the characteristics and roles of the following principal money market
instruments:
i) interest-bearing instruments;
ii) discount instruments; and
iii) derivative products.
(d) Compare and contrast capital and money market operations.
 
 B. Business analysis30%
1 Evaluate and assess the value of businesses and give advice on the value of
shares and business, in a given scenario, using:
(a) Dividend yield based valuation techniques;
(b) Price earnings ratio based valuation techniques;
(c) Discounted cash flow based valuation techniques and free cash flow
models;
(d) Asset-based measures of value;
(e) Option-based techniques;
(f) Value-based management;
(g) Shareholder value analysis;
(h) Short and long term growth rates and terminal values;
(i) Economic profit methods;
(j) Cash flow return on investment;
(k) Total shareholder return;
(l) Economic value added (EVA) and market value added (MVA); and
(m) Efficient Market Hypothesis (EMH) and practical considerations in the
valuation of shares
 
2International Valuation StandardsCarry out financial valuation in accordance with guidelines provided by
International Valuation Standards (IVS) Council:
a. IVS 200: Business and business interest;
b. IVS 210: Intangible assets;
c. IVS 410: Development property; and
d. IVS 500: Financial instruments.
 
3Bond valuation and analysisa. Evaluate and advise on the worth of a bond using value of bond or yield
to maturity.
b. Assess an organisation’s yield volatility using simple Macaulay duration
and modified duration methods.
c. Assess and apply terms interest rate (yield curves).
d. Assess the benefits and limitations of duration including the impact of
convexity. (Note: calculation of convexity not required)
 
4Forecast and evaluate long term financial performance and position of a
business, using:
a. Statement of profit or loss;
b. Statement of financial position; and
c. Statement of cash flows.
 
5Investment appraisal(a) Discounted cash flow techniques
(i) Evaluate potential value added to an organisation arising from a
specified capital investment project, using the net present value
(NPV) model covering:
 Inflation and specific price variation;
 Taxation;
 Single period and multi-period capital rationing, including
linear programming formulation and interpretation of final
tableau;
 Probability and sensitivity analyses;
 Decision tree, simulation, certainty equivalent;
 Value of perfect and imperfect information;
 Project duration as a measure of risk; and
 Risk adjusted discount rates.
(ii) Establish the potential economic return (using internal rate of
return (IRR) and modified internal rate of return).
(iii) Assess the relative merits of NPV and IRR.
(b) Specific investment decisions
(i) Evaluate leasing and borrowing to buy.
(ii) Evaluate asset replacement decisions using equivalent annual cost
and equivalent annual benefits.
(c) Impact of financing on investment decisions
Assess the worth of projects using adjusted net present value (ANPV).
(d) International investment decisions
(i) Assess factors affecting foreign investment decisions and
associated risks.
(ii) Apply interest rate parity and purchasing power parity to assess
appropriate discount rate for foreign projects.
(iii) Evaluate NPV of foreign projects.
(e) Real options in investment appraisal
(i) Identify possible embedded real options within a project.
(ii) Advise on the value of options to delay, expand, abandon and
redeploy, using the Black-Scholes option pricing model.
 
 C. Financing decisions25%
1Sources of finance(a) Assess the range of long-term sources of finance available to businesses,
including equity, debt and venture capital.
(b) Evaluate and discuss methods of raising equity finance, including:
(i) Rights issue;
(ii) Placement;
(iii) Public offer;
(iv) Stock exchange listing; and
(v) Financial market dealers quotations over the counter
(FMDQOTC).
(c) Methods of raising short and long term Islamic finance including major
differences between Islamic finance and the other forms of business finance
(i) Evaluate the concept of riba (interest) and how returns are made
by Islamic financial securities. (ii) Evaluate Islamic financial instruments available to businesses,
including:
 Murabaha (trade credit);
 Ijara (lease finance);
 Mudaraba (equity finance);
 Sukuk (debt finance); and
 Musharaka (venture capital).
(Note: calculations are not required)
d. Assess and advise on appropriate dividend policy.
 
2Estimating cost of capitalEvaluate and apply:
(a) Cost of equity, using dividend growth model and capital asset pricing
model (CAPM);
(b) Cost of fixed interest capital;
(c) Weighted average cost of capital (WACC);
(d) Project specific cost of capital; and
(e) Business and financial risk, asset and equity beta.
 
3Capital structure theories(a) Assess the traditional view of capital structure and its assumptions.
(b) Evaluate and apply Modigliani and Miller models 1 & 2 on
capital structure.
(c) Discuss the limitations of Modigliani and Miller models 1 & 2 on capital
structure.
(d) Discuss and evaluate pecking order theory.
 
4Finance for small and medium-sized entities (SMEs)Discuss the various sources and problems of access to finance for SMEs
including:
(a) Business angel;
(b) Government assistance;
(c) Supply chain financing; and
(d) Crowd funding.
 
5Portfolio theory and asset pricing models(a) Portfolio theory
Assess and apply:
(i) Risk and return relationship in investments;
(ii) Risk (standard deviation) of 2-asset portfolio; and
(iii) Risk reduction through diversification.
(b) Capital asset pricing model (CAPM)
i) Discuss:
 Systematic and unsystematic risks;
 Capital market line (CML) and the security market line (SML);
and
 Alpha value and its use.
(ii) Calculate Beta factor and explain its uses.
(c) Evaluate return on assets using multi factor model (MFM).
 
 D. Mergers and acquisitions, organic growth and corporate restructuring15%
1Acquisition and mergerAssess and advise on:
(a) The arguments for and against the use of acquisitions and mergers as a
method of corporate expansion;
(b) The criteria for choosing an appropriate target for acquisition;
(c) The reasons for high failure rate of acquisitions;
(d) The use of the reverse takeover as a method of acquisition;
(e) Defensive strategies in hostile takeover bids;
(f) Valuation of an organisation in the context of a potential takeover;
(g) Due diligence during a merger/acquisition; and
(h) Management buy-out (MBO), management buy-in and buy-in
management buy-out (BIMBO).
 
2Organic growthEvaluate and discuss organic growth. 
3Corporate reconstruction and re-organisation(a) Corporate failure
Assess and advise on:
(i) Causes and symptoms of corporate failure; and
(ii)Corporate failure using Altman Z-score model.
(b) Financial reconstruction
(i) Assess the suitability of financial reconstruction as a survival
strategy.
(ii) Assess market reaction to reconstruction schemes.
(c) Business re-organisation
(i) Advise on strategies for unbundling parts of a quoted company.
(ii) Evaluate the likely financial and other benefits of unbundling
(iii) Advise on de-merger, equity carve out, equity carve in, spin off,
asset stripping and liquidation.
(iv) Discuss the arguments for and against a quoted company
going private.
 
 E. Management of financial risks15%
1 (a) Assess and advise on:
(i) Different types of foreign currency risk;
(ii) The causes of exchange rate fluctuations (balance of payments,
purchasing power parity theory and interest rate parity theory);
(iii) The causes of interest rate fluctuations (structure of interest rates and yield
curves, expectations theory, liquidity preference theory, market
segmentation, spot and forward interest rates);
(iv) The traditional and basic methods of foreign currency risk
management, (currency of invoice, netting and matching, leading and
lagging, forward exchange contracts, money market hedging, asset and
liability management);
(v) The appropriate derivative instruments for hedging foreign currency risks,
(forward contracts, futures contracts, currency options and currency swaps);
(vi) The appropriate derivative instruments for hedging interest rate risk,
(forward interest rate agreement, interest rate futures, interest rate options
and interest rate swaps)
(b) Assess and apply financial options in capitalisation:
(i) Value of call and put options using Black-Scholes option pricing
model and the Binomial option pricing model; and
(ii) Option sensitivities (delta, gamma, rho, theta and vega).
 

Course 4: Advanced Taxation

About Advanced Taxation

Whether you are an aspiring chartered accountant preparing for your ICAN-ACA professional exams, a tax professional seeking to hone your skills, or both, this ICAN Advanced Taxation(AT) course is for you.

The ICAN Advanced Taxation course covers topics on the regulations and practices in taxation and affords you an in depth understanding of  their application to resolve tax and ethical issues.

Studying for the ICAN AT course using the updated ICAN syllabus is your sure bet to passing your forthcoming ICAN exams and becoming a certified tax professional.

Aim & Competencies

Aim

Candidates are expected to apply technical knowledge, professional skills and exercise professional judgement to resolve tax and ethical issues that may arise in given taxation scenarios and to advise on tax planning and mitigation strategies for individuals and businesses.

Main competencies

On successful completion of this paper, candidates should be able to:  

  • Apply and advise on specific provisions of the tax laws in computing the tax liabilities of companies;
  • Recognize and explain ethical and legal issues arising in taxation scenarios;  
  • Gain knowledge of how to run and manage a tax practice firm;  
  • Advise on tax planning including alternative tax treatments to defer or minimize tax liabilities;  Understand tax dispute resolution mechanisms;  
  • Discuss tax policy formulation and apply the principles of the National Tax Policy to contextual scenarios;  
  • Understand taxation of the digital economy and other contemporary issues in international taxation;  
  • Prepare petroleum profits tax computation by the relevant provisions of the Petroleum Profits Tax Act; and  
  • Liaise with tax officials, clients and other professionals suitably.



Advanced Taxation Syllabus

 Syllabus for ICAN Professional Level 
 LevelProfessional 
 Course nameC4 -Advanced Taxation 
 AbbreviationAT 
 A Taxation of Business and Investment Income 
 TopicBreakdownMarking guide
1Companies Income Tax(a) Legal framework, bases period and total profits
(i) Explain the legal framework for the imposition of taxes on
business and investment income
(ii) Advise on income tax liability of companies based on:
Apply advanced tax laws and principles to resolve real life tax scenarios
Design and evaluate appropriate ethical safeguards to mitigate threats in a
workplace.
Evaluate and apply the provisions relating to capital gains tax
Apply the concept of tax planning and tax mitigation
Understand tax dispute resolution mechanism
Compute petroleum profits tax
Liaise with tax officials, clients and other professionals in a suitable way
• Total profit;
• Minimum tax;
• Dividend distribution; and
• Revenue/turnover.
(iii) Explain the taxation of the following investment income
from Nigerian and non-Nigerian companies:
• Dividend
• Interest
• Royalty
• Rent
40%
2Oil and Gas Taxationa. Discuss the general overview of the oil and gas industry in
Nigeria.
b. Discuss the roles of regulatory agencies in the oil and gas
industry such as the Nigerian National Petroleum Corporation
(NNPC), National Petroleum Investment Management
Services (NAPIMS), Department of Petroleum Services
(DPR) and Federal Inland Revenue Service (FIRS).
c. Consider the effects of the provisions of The Petroleum
Industry Governance (PIG) Bill.
d. Discuss the fiscal/operating arrangement/regimes in the
upstream sector, with emphasis on:
i. Joint Venture;
ii. Production sharing contract;
iii. Risk service arrangement;
iv. Oil and gas free trade zones; and
v. Marginal field operators.
e. Advise on what constitutes accounting period for tax
purposes.
f. Ascertain the sources of income accruing to petroleum
companies.
g. Evaluate and advise management on adjusted profit,
assessable profit, chargeable profit, and tax liabilities.
h. Advise on allowable and disallowable expenses and
other deductions.
i. Discuss the treatment of losses in the computation of
petroleum profits tax liabilities.
j. Identify and describe qualifying capital expenditure for
capital allowance purposes and compute capital
allowances claimable by petroleum companies.
k. Advise on petroleum profits tax (PPT) under Joint
Ventures (JV), production sharing contracts (PSC),
marginal field operators, etc.
l. Discuss tax payable based on the incentives available to
companies under production sharing agreements
with the Federal Government of Nigeria.
m. Describe the tax regime applicable to sole risk and
marginal field operators.
n. Advise on the offences and penalties applicable to
petroleum companies.
o. Discuss the requirements for registration and filing of returns
for petroleum companies.
 
3Mining taxation(a) Advise on the scope and administration of the Nigerian
Minerals and Mining Act, 2007 (as amended), in
respect of:
(i) Mining incentives;
(ii) Minerals titles;
(iii) Possession and purchase of minerals;
(iv) Environmental considerations and rights of
host communities;
(v) Offences and penalties;
(vi) Allowable and disallowable expenses;
(vii) Rates of capital allowances;
(viii) Computation of capital allowances;
(ix) Total profits; and
(x) Treatment of losses.
(b) Advise on the scope and administration of the Nigeria
Extractive Industries Transparency Initiative (NEITI) Act
No 17, 2007.
 
 B International Taxation20%
1Non resident taxation(a) Explain the various forms of tax presence of a non-resident
company doing business in Nigeria
(b) Evaluate the tax implications of non-resident companies
doing business in Nigeria.
 
2Taxation of the digital economy(a) Explain the concept of digital economy
(b) Evaluate the key challenges of taxing digital goods and
services
(c) Discuss the existing and proposed legal/administrative
framework for taxing digital transactions
 
3Tax Treaties.(a) Define and explain the following:
i. Unilateral relief
ii. Double taxation agreements
iii. Multilateral treaties
(b) Advise on the application of tax rules and reliefs available as
follows:
(i) Reliefs under the Commonwealth tax relief
(ii) Impact of double tax treaty;
(iii) Resolution of conflicts between double taxation
agreements (DTAs) and Nigerian tax laws; and
(iv) Nigerian double tax agreements (DTAs).
• Permanent Establishment
• Taxation of business profits and incomes from
movable and immovable properties.
• Taxation of investment incomes.
• Dispute resolution mechanisms.
 
4Transfer pricing(a) Introduction to transfer pricing
(i) Advise on transfer pricing (TP) by reference to
the guidelines of Organisation for Economic
Cooperation and Development (OECD), United
Nations (UN) and Pacific Association of Tax
Administrators (PATA).
(ii) Justify the application of transfer pricing
regulations by multinationals and developing
countries.
(b) Nigerian transfer pricing regulations
Evaluate and apply the provisions of the Nigerian Income Tax
(Transfer Pricing Regulations) 2012, in respect of:
(i) Objectives and scope of transfer pricing
regulations;
(ii) Commencement date;
(iii) Connected taxable persons;
(iv) Transfer pricing methods such as traditional
transaction methods and transactional profit
methods or any other method;
(v) Advance pricing agreements (APA);
(vi) Functional analysis in transfer pricing;
(vii) The basic comparability factors in the
process of transfer pricing benchmarking; and
(viii) The basic documentation requirements for
transfer pricing benchmarking.
 
5Actions against Base Erosion and Profit Shifting (BEPS)(i) Explain the 13 BEPS Action Plans of the OECD
(ii) Advise on the provisions and application of the Income
Tax (Country By Country Reporting) Regulations 2018
issued by the Federal Inland Revenue Service
 
6Regional integration and trade blocs(i) Discuss the formation and fiscal policy objectives of the
Economic Community of West African States (ECOWAS)
(ii) Explain the application of ECOWAS Common External
Tariffs
(iii) Discuss other regional trading blocs in Africa and
comparison to the European Union (EU) and North
American Free Trade Agreement (NAFTA)
 
7Current issues and emerging trends(a) Explain the following:
i. Tax Inspectors Without Borders
ii. Cooperative Compliance
iii. Common Reporting Standards
iv. Foreign Account Tax Compliance Act
 
 C Tax Management & Planning25%
1Mergers and acquisition(a) Advise on the bases periods for assessment relating to
Mergers and acquisitions
(b) Discuss the tax implications of mergers and acquisition
 
2Tax incentives(a) Explain the tax implications of Pioneer Legislation
[Industrial Development (Income Tax Relief) Act] and
Pioneer Status Incentive regulations released by Nigerian
Investment Promotion Commission (NIPC) in 2014 and
2017, on the:
(i) Various pioneer industries and products on the
pioneer list;
(ii) Procedure for applying and obtaining pioneer status
and how pioneer certificate can be amended;
(iii) Provisions relating to retrospective operations
and the date of production certification;
(iv) Conditions relating to qualifying capital expenditure
for pioneer industries;
(v) Circumstances for the cancellation of pioneer
certificates;
(vi) Tax relief period and the conditions for extension of
pioneer period;
(vii) Tax incentives available to pioneer industries;
(viii) Application of the commencement and cessation
provisions to pre- and post-pioneer period, together
with the treatment of losses and capital allowances of
pioneer period; and
(ix) Various restrictions applicable t o pioneer industries.
(b) Explain the tax implications of operations in the Free Trade
Zones
(c) Appraise the tax incentives for manufacturing, Agricultural
and exports business
 
3Tax practice management(a) Explain the legal requirements for a professional accountant
in practice
(b) Describe the process involved in client and engagement
acceptance
(c) Advise on the risks and benefits of running a professional
tax practice
(d) Discuss the role of technology in running a contemporary tax
practice
 
4Tax Planning, avoidance and evasion(a) Advise management on tax planning activities and strategies.
(b) Differentiate between tax avoidance and evasion.
(c) Evaluate the tax implications of the following:
(i) Thin capitalisation;
(ii) Tax havens;
(iii) Non-tax factors; and
 
5Tax audit and tax investigation(a) Differentiate between tax audit and tax investigation.
(b) Identify and advise on the different types of tax
audit.
(c) Advise on the powers of tax authority to request for
an audit.
(d) Advise management on tax audit procedures,
covering:
(i) Pre-audit;
(ii) Field audit; and
(iii) Post-audit including various reports and
correspondence.
(e) Discuss the main causes of tax investigation and
state the procedures involved.
(f) Discuss the provisions backing the power to distrain
for non-payment.
(g) Advise on ethical issues – implications of
confidentiality, conflict of interest and disclosure of
information in tax practice.
(h) Advise on interpretation of tax laws using decided
cases.
(i) Advise on the nature of communication with clients,
tax authorities and other stakeholders.
 
6Dispute resolution(a) Discuss the elements of a valid objection and appeal,
covering:
(i) Time limit for objection and appeal;
(ii) Content of a notice of objection and appeal;
(iii) Amendment of assessment and refusal to
amend; and
(iv) Appeal procedures and process: Tax Appeal
Tribunal, Federal High Court, etc.
(c) Draft a report on the procedure for the
presentation of cases before a Tax Appeal
Tribunal.
 
7Ethical and professionalism in tax management(a) Apply the five fundamental principles and guidance in
International Ethics Standards Board for Accountants
(IESBA) codes to recommend and justify appropriate legal
actions where ethical dilemmas arise.
(b) Advise on legal and ethical issues arising from tax work
undertaken and explain the significance of these issues in the
preparation of returns and in reporting.
(c) Design and evaluate appropriate ethical safeguards to
mitigate threats that could arise when professionals deal with
employers, clients, government agencies and other
stakeholders.
(d) Explain the practical process to follow in addressing a tax
violation under the NOCLAR framework as a:
(i) professional accountant in tax practice; and
(i) Tax professional in business.
 
8Tax accounting and reporting(a) Discuss the treatment of income tax items in annual reports
prepared in line with International Financial Reporting
Standards
(b) Advise on potential risks of wrong or misleading tax disclosures.
 
 D Tax Administration and Fiscal Policy15%
1Tax Administration(a) Explain the Nigerian tax administration system with focus on:
(i) Constitutional provisions regarding fiscal federalism
(ii) Structure and taxing rights of different levels of
government
(iii) Role of the three arms of government
(iv) Functions of the various tax administration bodies
(v) Challenges of multiplicity of taxes and possible solutions
 
2Domestic Tax Policy(a) Discuss key principles and cannons of tax policy
formulation
(b) Advise on the key provisions and application of the 2017
National Tax Policy in Nigeria
(c) Explain the interaction of fiscal policy, monetary policy
and trade policy
 
3International tax policy(a) Evaluate the roles being played by inter-governmental
and supranational organizations that shape tax policy.
(b) Discuss the effectiveness of global cooperation and
assistance on tax matters
(c) Evaluate the use of neutralities in international tax policy.
 

Course 5: Case Study

About Case Study

To ensure that candidates can provide advice in respect of complex business issues in the form of a written report. The objective of Case Study is to assess candidates’ understanding of complex business issues and their ability to analyse financial and nonfinancial data, exercise professional and ethical judgements, draw conclusions and make recommendations.

Aim & Competencies

Aim

To ensure that candidates can provide advice in respect of complex business issues in the form of a written report. The objective of Case Study is to assess candidates’ understanding of complex business issues and their ability to analyse financial and nonfinancial data, exercise professional and ethical judgements, draw conclusions and make recommendations.

Main competencies

The competencies that will be assessed under the Case Study paper include:
1. The core technical knowledge, skills and practical application acquired at the Foundation and Skills levels;
2. The technical, analytical, evaluative and integration skills from the Professional level; and
3. The advisory, judgmental and communication skills acquired through practical work experience.

Case Study Syllabus

 Syllabus for ICAN Professional Level 
 LevelProfessional 
 Course nameC5 – Case Study 
 AbbreviationCS 
 Detailed Syllabus 
 TopicBreakdownMarking guide
1IntroductionThe case study assesses the capability of a candidate who has covered all other ICAN
examination papers to understand issues in a relatively unstructured scenario enabling
the production of a professional report based on the use of financial and business
knowledge and skills acquired in earlier examination subjects. It requires the use of
underpinning tools that support both financial and business analyses.
 
2ScenarioIt will consist of a single scenario, comprising pre-seen and unseen. Candidates will receive the pre-seen electronically two (2) weeks before the examination date while the unseen will be given to them on the day of the examination. The scenario is a complete and highly realistic scenario based on a private, public or charitable sector entity or entities in a current business environment that is stated and explained. 
3Scenario continuedThe Scenario is followed by two requirements
The candidate will be required to write a report based on a given business scenario from a
brief. This will include:
1. Executive summary, introduction, main body, conclusion and recommendation; and
2. Appendices.
The assessment will be evidence based on the content of the script submitted by the
candidate in an examination that lasts for four (4) hours. The first purpose is to test the
capability of the candidate to show evidence of his understanding of specified issues in
the scenario in an answer that is a written report but that may include the presentation of
some financial or non-financial information. The other purpose is to assess the capability
of the candidate to produce a professional report dealing with two specific requirements
based on a combination of financial and business analyses of the information in the
scenario. The report produced may include appendices to show evidence of analyses
undertaken.
 
4Scenario requirementsThe scenario requirements may involve the following:
1. Informed business judgement;
2. Managerial judgement;
3. Professional scepticism;
4. Professional ethics;
5. Business ethics;
6. Risk assessment;
7. Due diligence;
8. Corporate social responsibility;
9. Governance;
10. Social issues;
11. Efficiency, economy and effectiveness;
12. Managing shareholders’ and other stakeholders’ interest;
13. Globalisation issues; and
14. Business sustainability issues.
 
5Analytical toolsThe following strategic management tools will be tested:
1. Strategic tools which include PESTEL, SWOT, Porter’s five forces, Benchmarking,
Porter’s value chain analysis, Porter’s generic strategies, Porter’s diamond, Boston
consulting group model (BCG), Ansoff’s matrix, gap analysis, business capacity
analysis, resource audit, Boston and business process model;
2. Performance management tools such as Critical success factors (CSF), key
performance indicators (KPIs), balanced scorecard, value for money, economic
value added (EVA);
3. Tools to analyse a basic set of financial statements consisting of statement of profit
or loss and other comprehensive income, statement of financial position, statement
of cash flows and supporting notes such as trend analysis, ratio analysis and
common size analysis;
4. Tools that can be used with management information such as budgets and
forecasts;
5. Tools that can be used for management short term decisions such as marginal
costing and contribution analysis;
6. Financial engineering assessment tools;
7. Business valuation tools;
8. Analyses and evaluation of key types of business risks and assessment of their
implications within a given scenario;
9. Appraisal and evaluation of financial reconstruction proposals in a given scenario;
and
10. Advise on investment proposals appropriate to the objectives of a given business
organisation.
 
6Ethical considerationEthical issues are component of Case Study. They will be assessed in a contextual and
broad way using case study examination. Ethics will not be more than 15% of the content.
However, candidates will not be asked about ethics directly, they will have to recognise
and include ethical matters and concerns in their output as part of the case study. They
include professional issues and how businesses are conducted – sustainability, social and
environmental impact. Ethics may be seen in the context of regulations, regulatory
oversight, professional duties, public interest and reputation.
 
7Assessment procedureThe Case Study requirements are relatively open and there is no single solution or model.
However, candidate’s report will be assessed based on the content and in-depth
analysis of the scenario. The assessment will be based on the following factors:
1. Use of data and information provided in the case scenario and appendices
appropriately;
2. Use of professional tools and knowledge – those acquired in the other subjects of
the examination;
3. Use of analytical skills;
4. Identification of issues and options;
5. Application of professional scepticism and ethical judgement;
6. Evaluation of issues and options;
7. Arriving at appropriate conclusions; and
8. Proposing appropriate recommendations.
The candidate’s overall report will be assessed based on the following factors:
1. Inclusion of appropriate appendices;
2. Good structure; and
3. Appropriate style and language
 

Academic Exemption for Some Courses

 Exemption Guidelines
SNAcademic QualificationExemptions
APhD (Accounting) with M.Sc. (Accounting) and B.Sc.(Accounting)All subjects in Foundation and Skills levels
BM.Sc. (Accounting) obtained from ICAN accredited institutions in addition to B.Sc. in Accounting. All subjects in Foundation level
 B1.Financial Reporting
 B2. Audit and Assurance
CM.Sc. (Accounting) obtained from ICAN accredited institutions but
without B.Sc. in Accounting.
 A2. Business, Management and Finance
 A3. Financial Accounting
 A4. Management Information
DM.Sc. (Accounting) obtained from non-accredited institutions in addition
to B.Sc. in any accounting related discipline.
 A2. Business, Management and Finance
 A3. Financial Accounting
 A5. Business Law
EB.Sc/HND (Accounting) obtained under the Mutual Co-operation
Agreement with Tertiary Institutions (MCATI)
 All subjects in Foundation and Skills Levels
FATSWA ( from year 2010) All subjects in Foundation Level
 B2. Audit and Assurance
GATS II (pre-2010) A2. Business, Management and Finance
 A3. Financial Accounting
 A4. Management Information
HB.Sc./HND (Accounting) obtained from ICAN accredited Institutions in Nigeria. All subjects in Foundation Level
 B2. Audit and Assurance
IB.Sc./HND (Accounting) obtained from recognised institutions in Nigeria but not accredited by ICAN. A2. Business, Management and Finance
 A3. Financial Accounting
 A5. Business Law
JB.Sc./HND (Accounting)/ Masters in Accounting & Finance (MAF) obtained from foreign recognised institutions. A2. Business, Management and Finance
 A3. Financial Accounting
 A4. Management Information
KB.Sc. Economics A2. Business, Management and Finance
LB.Sc. Actuarial Science A2. Business, Management and Finance
 A5. Business Law
MB.Sc./HND Insurance A2. Business, Management and Finance
 A5. Business Law
NB.Sc./HND/B.A Business Admin/Management/Public
Administration
 A2. Business, Management and Finance
 A5. Business Law
OB.Sc./HND Banking and Finance A2. Business, Management and Finance
 A5. Business Law
PB.Sc./HND Marketing A2. Business, Management and Finance
 A5. Business Law
QMBA/MBF in addition to B.Sc./HND in non- accounting discipline A2. Business, Management and Finance
 A5. Business Law
RB.Sc. (Ed.) Accounting or B.Ed. Business Education (Accounting option) A2. Business, Management and Finance
 A3. Financial Accounting
 A5. Business Law
SB.Ed. Education Management (Accounting Option) A2. Business, Management and Finance
 A5. Business Law
TB.Ed. Business Education A2. Business, Management and Finance
UB.Sc./B.A Commerce A2. Business, Management and Finance
 A5. Business Law
VB.Sc./HND Cooperative and Rural Development A2. Business, Management and Finance
 A5. Business Law
WLL.B/LL.M/LL.D A5. Business Law

Professional Exemption

 Professional qualifications
SNQualificationsExemptions
AAssociate Chartered Institute of
Bankers of Nigeria (ACIBN)
 All subjects in Foundation level except Taxation
BAssociate Institute of Financial
Services, UK (Formerly Chartered
Institute of Bankers, London)
 A2. Business, Management and Finance
 A3. Financial Accounting
CAssociate Chartered Institute of
Stockbrokers of Nigeria (ACIS)
 A2. Business, Management and Finance
 A3. Financial Accounting
 A5. Business Law
DAssociate Institute of Chartered
Secretaries and Administrators
(AICSA)
 A2. Business, Management and Finance
 A3. Financial Accounting
 A5. Business Law
EAssociate Chartered Institute of
Insurance of Nigeria (ACIIN)
 A2. Business, Management and Finance
 A5. Business Law
FAssociate Chartered Institute of
Taxation of Nigeria (ACITN)
 All subjects in Foundation level except
Management Information
GCertified National Accountant of
Nigeria (CNA)
 All subjects in Foundation and Skills
levels
HFederal Treasury Academy with
effect from 1987 (Formerly
Federal Treasury Training School)
(EMA)
 All subjects in Foundation Level
 B2. Audit and Assurance
IICAEW All subjects at all levels
J*CIPFA, UKAll levels except the following subjects in each of the levels:
 A5. Business Law
 C4. Advanced Taxation
K*CIMA, UKAll levels except the following subjects in each of the level:
 A5. Business Law
 B5. Public Sector Accounting & Finance
 C2. Advanced Audit and Assurance
 C4. Advanced Taxation
L*ACCA, UK
CPA, USA
ICAS, UK
ICAI, UK
All levels except the following subjects in
each of the levels:
 A5. Business Law
 B5. Public Sector Accounting & Finance
 C4. Advanced Taxation
MAIA (Final) with effect from 1994
AAT (UK)
 A2. Business, Management and Finance
 A3. Financial Accounting
 A4. Management Information
 B2. Audit and Assurance
NAIA (Pre-1994) A2. Business, Management and Finance
 A3. Financial Accounting
 A4. Management Information

Frequent Asked Questions About ICAN Professional Level

What's the ICAN professional level exam fee??

Exam registration fee for the professional level of ICAN depends on the number of courses you want to register for. Writing 5 courses at this level will cost you N93,870. See fee breakdown here.

How many courses are in the professional level of ICAN?

There are five courses in the professional level of ICAN. They are; Corporate Reporting, Advanced Audit and Assurance, Strategic Financial Management , Advanced Taxation, and Case Study.

How do I register for the foundation level of ICAN?

Candidates must register online for the examinations. Visit the institute’s website for guidelines on students’ registration.

How long does it take to complete the professional-level exams?

The Professional level examinations can be completed in one diet sitting. Candidates writing the examinations may register for any number of papers at a level and shall be credited with each paper passed. 

When will registration for the ICAN examinations begin?

ICAN examination is done twice a year, usually in May and November. However, registration for the exam starts 3 months before the exam dates.

What is the ICAN pass mark for the professional level?

The pass mark for each paper of the ICAN examination is 50%.

Do I need to attend tutorial to pass this exam?

You can choose “self-study” or attend tutorials. It is advised that you study for the exams using the updated ICAN syllabus which available at syllabus.ng.

Are graduates exempted from foundation-level stage of ICAN?

Yes, Graduates with international certifications, and some post graduate qualification from ICAN-accredited institutions or obtained under the Mutual Co-operation Agreement with Tertiary Institutions (MCATI) are exempted from all or some courses in the professional level. Please check academic and professional exemption sections for more information

Form

Ad Space

Other Categories

primary-2-scheme-of-work

Nigerian Exams

primary-2-scheme-of-work

Professional Exams

primary-2-scheme-of-work

International Exams

primary-2-scheme-of-work

School Syllabus

primary-2-scheme-of-work

Primary School

primary-2-scheme-of-work

Secondary School

Welcome to Syllabus.ng. We’re on a mission to empower learners of all ages and backgrounds with educational resources they need to succeed academically and professionally

Professional Certification

CIBN Syllabus

CITN Syllabus

CIPM Syllabus

APCON Syllabus

Company

Career

Media Kit

Contact

© 2024 Created with Page 5 Digital