Thus, from the outset, the Institute had the pioneering statutory rights to set standards and regulate the practice of accounting in Nigeria and still has these rights today. These rights entail, among others, determining what standards of knowledge and skills are to be attained by persons seeking to become members of the profession and monitoring them to ensure that they meet internationally acceptable standards. The Institute is also required to maintain a register of Fellows, Associates and Registered Members. The Institute, which has continued to accomplish these objectives, started with only 250 members in 1965. Since then, it has trained and certified over 35,794chartered accountants who are making their marks in different sectors of the economy. Most of the details of the Act can be found in various publications of the Institute. The Act is CAP 185, Laws of the Federation of 1990, now retained in CAP III Laws of the Federation 2004. It is also contained in the members’ handbook included in your packs. I would like to briefly highlight some of the core areas of the Act, particularly its structure, rules of professional conduct for members and disciplinary procedures. 2.2 THE STRUCTURE OF THE INSTITUTE The Institute is governed by a Council, which is the highest policy making body. It is assisted by Twenty-five standing Committees and a Secretariat headed by the Registrar who is also the Chief Executive Officer. 2.3 THE COUNCIL The Act provides that shall be a governing body of the Institute; a Council “there charged with the administration and general management of the Institute.” The Council shall consist of a total of thirty persons, being fellows or associate members as follows: six persons nominated by the Minister of Education, of whom each shall be a chartered accountant whether in practice or not. twenty four persons elected by the members of the Institute thirteen of whom shall be members in practice as accountants.
Thus, from the outset, the Institute had the pioneering statutory rights to set standards and regulate the practice of accounting in Nigeria and still has these rights today. These rights entail, among others, determining what standards of knowledge and skills are to be attained by persons seeking to become members of the profession and monitoring them to ensure that they meet internationally acceptable standards. The Institute is also required to maintain a register of Fellows, Associates and Registered Members. The Institute, which has continued to accomplish these objectives, started with only 250 members in 1965. Since then, it has trained and certified over 35,794chartered accountants who are making their marks in different sectors of the economy. Most of the details of the Act can be found in various publications of the Institute. The Act is CAP 185, Laws of the Federation of 1990, now retained in CAP III Laws of the Federation 2004. It is also contained in the members’ handbook included in your packs. I would like to briefly highlight some of the core areas of the Act, particularly its structure, rules of professional conduct for members and disciplinary procedures. 2.2 THE STRUCTURE OF THE INSTITUTE The Institute is governed by a Council, which is the highest policy making body. It is assisted by Twenty-five standing Committees and a Secretariat headed by the Registrar who is also the Chief Executive Officer. 2.3 THE COUNCIL The Act provides that “there shall be a governing body of the Institute; a Council charged with the administration and general management of the Institute.” The Council shall consist of a total of thirty persons, being fellows or associate members as follows: six persons nominated by the Minister of Education, of whom each shall be a chartered accountant whether in practice or not. twenty four persons elected by the members of the Institute thirteen of whom shall be members in practice as accountants.
RCE-INDUCTION-SPEECH-November-2012.docx