The Institute of Chartered Accountants of Nepal (ICAN) was established under a special act, The Nepal Chartered Accountants Act, 1997 to enhance social recognition and faith of people at large in the accounting profession by raising public awareness towards the importance of accounting profession as well as towards economic and social responsibility of the accountants, and to contribute towards economic development of the country. The Institute is an autonomous body and the Council is fully authorized by the Act to undertake accountancy profession in Nepal.

History

Constitution of Council

Section 7 of the Nepal Chartered Accountants Act 1997, provides for the constitution of the Council of the Institute as follows:

Total members (2022/23)

Controversies

Tax exemption controversy

Two practising chartered accountants, Lumba Dhwaj Mahat and Umesh Prasad Dhakal, were involved in misappropriating state tax revenue through dubious tax settlements as Chairman and Member of Tax Settlement Commission involving Chudamani Sharma, Director General of Inland Revenue Department (Nepal). The corruption scam was considered as one of the biggest in the Nepalese history. ICAN disciplinary committee failed to take any action against the two accused CAs. Vice-Chairman Jagannath Upadhyay Niraula said that "the disciplinary committee can take action only after receiving information or the complaint is lodged against any chartered accountant. We have not received any complaint against the duo." The fraud amounted to NRs. 21 billion. Both the CAs have fled from the incident and were declared fugitive by Commission for the Investigation of Abuse of Authority.

Bharatpur Listing controversy

46 Nepalese audit firms, including the firm of former President of ICAN CA Prakash Jung Thapa (i.e. PJ Thapa & Company), were listed in the Bharatpur Municipality against the legal regulations of ICAN. On 18 October 2019, ICAN President Krishna Prasad Acharya has declared to punish the audit firms for conducting such illegal listing.

Chartered Accountancy Course

The course is divided into: CAP - I - Six Months. CAP - II - Nine Months. CAP -III - Three Years (including practical training). Which is trained in every authorized colleges in Nepal.