Nigerian accountants looking to practice in Canada now have a smoother path to obtaining certification, thanks to a new agreement between Chartered Professional Accountants Canada (CPA Canada) and the Institute of Chartered Accountants of Nigeria (ICAN).

The two organizations have signed a Memorandum of Understanding (MOU) that simplifies the certification process for fully qualified ICAN members who want to earn the CPA designation in Canada.

The development was confirmed by ICAN via a post on its X account, highlighting the enhanced professional mobility this agreement offers to its members.

This agreement also extends to CPA bodies in Canadian provinces, territories, and Bermuda.

How the new agreement benefits ICAN members

Before this MOU, ICAN members seeking to become CPAs in Canada had to go through a lengthy certification process, including additional coursework and examinations.

However, this agreement provides a more direct route, allowing ICAN members to gain advanced standing in the Canadian CPA certification process.

While the MOU makes it easier for Nigerian accountants to obtain CPA status, it does not automatically grant them the right to practice public accounting in Canada.

Those interested in offering audit or public accounting services may need to take additional exams or gain further experience to meet local requirements.

What this means for qualified Nigerians

For Nigerians already living in Canada who hold ICAN certification, this agreement offers a major career boost. Many skilled Nigerian professionals struggle to get their foreign qualifications recognized in Canada, often forcing them to take on lower-paying jobs or restart their careers from scratch.

With this new MOU ICAN members in Canada can now transition more easily into high-paying accounting roles without having to completely retrain.

It also offers a faster route to CPA certification, reducing the time and cost of obtaining Canadian professional recognition.

More career opportunities will open up for Nigerian accountants, especially in fields like financial management, taxation, and consulting.

The agreement enhances the value of ICAN certification globally, making it more attractive for Nigerians considering international job opportunities.

For many Nigerian professionals in Canada, this MOU means fewer barriers and a smoother career progression in the accounting and finance sector

What ICAN members need to qualify for CPA certification in Canada

To take advantage of this new pathway, ICAN members must meet the following conditions:

They also need to be in good standing with ICAN and have fully completed the ICAN qualification process.

They also need to pay applicable fees and meet the good character requirements for CPA membership.

Nairametrics also understands they need to have a recognized university degree along with their ICAN certification, or at least eight years of relevant work experience in core CPA technical areas such as financial reporting, management accounting, strategy, and taxation.

Finally, they need to pass the Common Final Examination (CFE), which is a key requirement for CPA certification in Canada.

ICAN members with more than two years of post-designation work experience will not need to have their practical experience reviewed.

Those with less than two years of post-designation experience may be required to submit both pre- and post-qualification experience for assessment.

Nigerian accountants interested in obtaining CPA certification in Canada will have to contact the CPA provincial or regional body in the area where they currently live or plan to move to.

?L-R: Head, External Report, Finance, Dangote Cement Plc, Paul Masvongo; Chief Executive Officer, NGX Regulation Limited, Olufemi Shobanjo; Chief Financial Officer, Dangote Sugar Refinery Plc, Dr. Isiaka Bello; Deputy Company Secretary/General Counsel, Dangote Cement Plc, Edward Imoedemhe; Head, Sustainability, Dangote Cement Plc, Dr. Igazeuma Okoroba; President, Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa; Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan, at the Maiden Edition of 2024 ICAN NGX Corporate Reporting Award, where Dangote Cement won the Platinum and Corporate Governance Award, in Lagos, on Friday, May 17, 2024.

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