Is a CPA Better than ICAN: Understanding the Differences and Exam Usability in Nigeria

When it comes to the professional accounting world, the distinction between a Certified Public Accountant (CPA) and a member of the Institute of Chartered Accountants of Nigeria (ICAN) can significantly influence career paths and opportunities. This article aims to clarify the differences between these two designations and explore the possibility of writing the CPA exam in Nigeria.

CPA vs. ICAN

Global Recognition

The CPA designation stands out for its global recognition. Accredited by major accounting bodies in the United States and Canada, CPAs are often held in high regard internationally.

In contrast, ICAN, while respected within Nigeria and some Commonwealth countries, may not carry the same international recognition as the CPA.

Scope of Practice

CPA: CPAs are authorized to perform a wide array of accounting services, including auditing, tax preparation, and consulting. In many jurisdictions, only authorized CPAs can conduct audits and provide assurance services.

ICAN: Similarly, ICAN members offer comparable services, but the legal recognition and specific rights may vary by country.

Examination and Qualification Process

CPA: The CPA certification program is rigorous and involves completing four parts of an exam. Candidates must usually have a degree in accounting or a related field and meet a certain amount of work experience.

ICAN: ICAN candidates follow a structured program with multiple levels, including the Professional Examination. The curriculum is tailored to the Nigerian context and includes subjects relevant to local practice.

CPA Exam in Nigeria

Yes, the CPA exam can indeed be written in Nigeria. The American Institute of CPAs (AICPA) has partnerships with testing centers that allow candidates to sit for the exam in Nigeria. However, candidates must meet specific educational and experience prerequisites to qualify.

It's crucial to consult the AICPA or local testing centers for the most up-to-date information on exam schedules and locations.

Conclusion

Ultimately, both CPA and ICAN professionals offer valuable services in accounting and finance. However, when considering the global exposure and recognition, a CPA may provide more extensive opportunities. It is paramount to familiarize oneself with the regional regulations and requirements before pursuing any of these certifications.

In addition, it is important to note that an 'ICAN' was mistakenly identified in the initial query as an 'International Campaign to Abolish Nuclear Weapons.' This association underscores the significance of accurate terminology in professional settings.

As a US-based CPA, the CPA designation is clearly superior from a global recognition standpoint, but other factors such as local market demands and qualifications should also be taken into consideration.