The World Bank Report No: ISR9407 Implementation Status & Results Nigeria Capacity Strengthening of ICAN to Support National and Regional Accountancy Development (P121511) Public Disclosure Copy Operation Name: Capacity Strengthening of ICAN to Support National and Project Stage: Implementation Seq.No: 3 Status: ARCHIVED Archive Date: 16-Mar-2013 Regional Accountancy Development (P121511) Country: Nigeria Approval FY: 2010 Product Line: Institutional Development Fund Region: AFRICA Lending Instrument: Implementing Agency(ies): Institute of Chartered Accountants of Nigeria Key Dates Board Approval Date 04-May-2010 Original Closing Date 08-Oct-2013 Planned Mid Term Review Date Last Archived ISR Date 06-Mar-2012 Effectiveness Date 08-Oct-2010 Revised Closing Date 08-Oct-2013 Actual Mid Term Review Date Project Development Objectives Project Development Objective (from IDF Proposal) As the follow-on to a previous IDF grant-supported operation (P101402: Enhancing the Quality of Accounting Practice in Nigeria), the Objective of this project is to consolidate the previous gains, to build upon the foundation laid during the past few years, and to further strengthen institutional capacity of ICAN through twinning arrangement with a strong member body of the International Federation of Accountants (IFAC). Successful implementation of the proposed project would enable ICAN to achieve mutual recognition arrangement with the twinning partner and some other strong professional accountancy bodies in OECD countries. Also, ICAN aims to reach and maintain internationally recognized level of quality assurance, and to be able to better lead national accountancy profession and development, as well as to adapt to new changes. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Component(s) Component Name Component Cost COMPONENT: Enhancing curriculum and exam for ICAN's professional accountancy qualification 0.00 COMPONENT: Assisting ICAN to strengthen profession-wide quality assurance 0.00 Public Disclosure Copy COMPONENT: Strengthening overall institutional capacity of ICAN 0.00 COMPONENT: Audit 0.00 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Moderately Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Overall Risk Rating Low Page 1 of 4 The World Bank Report No: ISR9407 Implementation Status Overview The project covers the strengthening of the institutional capacity of ICAN through a twinning arrangement with ICAEW. Project implementation was delayed due to a long process of concluding international competitive bidding, contract negotiation and signing. The ICAEW officials and specialists had their first visit to ICAN in October 2012. Since then, the ICAEW specialists have been providing professional services on an expedited basis. Visits and stakeholder consultations were carried out by ICAEW specialists to support their work. Public Disclosure Copy Project implementation status as at January 31, 2012 is presented below: Component: Governance and Capacity (Strengthening overall institutional capacity of ICAN) Project inception visit by the consultants. This mission was held between 26 September and 5 October. The ICAEW team consisted of Vernon Soare (Project Director), Mark Campbell (Lead Consultant), Stephen Lamdin (Specialist Consultant, education and training), John Boocock (Specialist Consultant, audit and regulation). See the project inception report for details. Project inception report (Deliverable 1). The draft report went through an ICAN-ICAEW review cycle in November 2012, taking into account ICAN feedback on the draft report, a final inception report was delivered by the consultants (ICAEW) on 23 November 2012. ICAN strategic plan (Deliverable 2). Work is underway to draft a 3-year strategic plan of ICAN. The plan includes key priorities for strengthening overall institutional capacity of ICAN. It includes a series of recommendations, a roadmap for the way forward and a breakdown of this into next steps, actions, activities and deliverables. At present, there is an interim draft strategic plan. It is scheduled for a 6-week ICAN-ICAEW review commencing w/c 11 February 2013. ICAEW specialists will then visit Lagos to co-present a final draft ICAN strategic plan to the Council plan (Deliverable 3). Component: Professional Qualification (Enhancing curriculum and exam for ICAN's professional accountancy qualification) Review of the ICAN professional qualification. This commenced with a visit to Lagos by two ICAEW specialists—(i) specialist on professional qualifications, and (ii) specialist on syllabus and examinations on 3-7 December 2012. Report on the ICAN professional qualification (Deliverable 6). At present, there is an interim draft of this report. It is scheduled for a 6-week ICAN-ICAEW review commencing 11 February 2013. ICAEW will then visit Lagos to co-present a final draft of ICAN professional qualification. Component: Audit Quality and Regulation (Assisting ICAN to strengthen profession-wide quality assurance) Work is yet to start for activities under this component Public Disclosure Copy At present, it seems that there are no major issues of concern. However, it is worth noting that proposed amendments to the Institute of Chartered Accountants of Nigeria Act (1965), to address a number of known gaps, have been with the National Assembly since 2008; this needs to be followed up in order to ensure better results of the project outputs. Locations No Location data has been entered Results Indicators Page 2 of 4 The World Bank Report No: ISR9407 Indicator Name Core Unit of Measure Baseline Current End Target Internationally accepted curriculum of Text Value ICAN's current curriculum Consulting work is underway. The curriculum of ICAN will professional qualification examination lacks full compliance with the fully comply with the Public Disclosure Copy International Education requirements of IES. The Standards (IES) issued by the IFAC Member Body International Accounting Compliance program will Education Standards Board of review the ICAN#s curriculum IFAC. and assess its compliance with IES requirements. Date 01-Apr-2010 11-Jan-2013 31-Dec-2014 Comments Implementation of revised curriculum will need to follow the established procedure in the country. International mutual recognition of ICAN Text Value At present, ICAN does not Consulting work is underway ICAN's enhanced institutional professional qualification have mutual recognition capacity will enable it to arrangement with any establish mutual recognition professional accountancy arrangement with at least one body of OECD countries. strong professional accountancy body in one of the OECD countries. Date 01-Apr-2010 11-Jan-2013 31-Dec-2014 Comments For recognizing ICAN qualification the ICAEW will need to follow established procedure in the United Kingdom. Data on Financial Performance (as of 13-Dec-2012) Financial Agreement(s) Key Dates Project Ln/Cr/Tf Status Approval Date Signing Date Effectiveness Date Original Closing Date Revised Closing Date Public Disclosure Copy P121511 TF-97436 Effective 21-Sep-2010 08-Oct-2010 08-Oct-2010 08-Oct-2013 08-Oct-2013 Disbursements Project Ln/Cr/Tf Status Currency Original Revised Cancelled Disbursed Undisbursed % Disbursed P121511 TF-97436 Effective USD 0.50 0.50 0.00 0.07 0.43 15.00 Disbursement Graph Page 3 of 4 The World Bank Report No: ISR9407 Public Disclosure Copy Key Decisions Regarding Implementation The proposed amendments to the Institute of Chartered Accountants of Nigeria Act (1965), to address a number of known gaps, have been with the National Assembly since 2008; this needs to be followed up by ICAN leadership in order to ensure better results of the project outputs. Restructuring History There has been no restructuring to date. Related Projects There are no related projects. 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