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ABSTRACT
The effectiveness of the Institute of Chartered Accountants as an agency for national development is a critical and multifaceted subject that warrants comprehensive exploration. The purpose of the study is to provide insights into the Institute of Chartered Accountants’ multifaceted contributions to national development, spanning from enhancing financial literacy and employability skills to influencing policy formulation and upholding ethical standards within the accounting profession. The study utilizes a quantitative research method. Data is collected through surveys and document analysis to assess ICAN’s impact on the economic and financial landscape of Nigeria. The findings reveal that ICAN contributions to national development are unquantifiable, majorly because no sector of the economy will survive without the presence of accounting and finance. It was found out that ICAN has vital potentials and core values to equipped candidates with necessary knowledge and skills to excel in accounting, finance, auditing and related fields. The result of the study also shows that ICAN plays an important role of shaping the employability skills of accounting professional and as well provide specialized training and support programs to SMES and entrepreneurs helping them enhance their financial management capabilities. Recommendations include, continuous training enhancement, collaboration with employers, active engagement in policy formulation and ethical training emphasis. By implementing these recommendations, ICAN can strengthen its position as a key agency for national development in Nigeria and continue to play a significant role in enhancing financial literacy, employability, policy formulation, and ethical standards across the country. In conclusion, the findings suggest that ICAN serves as a crucial agency for national development in Nigeria, with its multifaceted contributions to financial literacy, employability, policy formulation, and ethical standards. However, it is important for ICAN to continue its efforts to maintain and enhance its effectiveness in these areas to further contribute to Nigeria’s development and economic growth.
