The Chartered Institute of Cost and Management Accountants (CICMA) or The Institute of Cost and Management Accountants (ICMA) is a Nigerian based professional accounting body offering Accounting education and professional qualifications in cost and management accountancy and related subjects, focus on accounting, business and government operations. The head office of the institute is in Kaduna. The institute also has regional offices at Abuja, Kano, Jos and Port Harcourt. As at September 2019, it had 10,800 members working in and outside Nigeria. It also has 6,744 registered students.
HISTORY OF THE INSTITUTE
The initial name of the institute was The Institute of Cost and Management Accountants (ICMA). The institute is a Subsidiary of Association of Cost and Management Accountants with RC NO.21145. In year 2004, the Nigerian National Assembly in the process of passing the institute’s Bill for an Act added the word “Chartered” to the name of the institute, thereby renaming it as Chartered Institute of Cost and Management Accountants.
OBJECTIVES
The main purpose of The Chartered Institute of cost and Management Accountants (CICMA) or The Institute of Cost and Management Accountants (ICMA) is to foster and maintain high standard of professional ability and practice in Cost and Management Accounting and related disciplines.
Precisely, the objects and purposes of the Chartered Institute of Cost and Management Accountants (CICMA) or The Institute of Cost and Management Accountants (ICMA) are as follows:
- To provide an organization, which shall be national and international in scope and activities for Cost and Management Accountants, Treasurers and Finance officers in Government Ministries, Parastatals, Corporations, commercial, Public Bodies, Local Government and other Industrial Organizations;
- Prescribe a standard and level of efficiency and experience as essential qualities for election of members, thereby conferring upon them a recognized status by virtue of such membership;
- Secure a professional status necessary to promote and encourage the study and development of the science of Cost and Management Accountancy;
- Enhance and increase knowledge and efficiency in Cost and Management Accountancy both in the public and private practice in Industry and Commerce;
- Maintain a Register of Members and publish from time to time a list of such members;
- Conduct examination in Cost and Management Accountancy and other subjects relevant to the profession and issue certificate of merit on the result and make awards as desirable;
- Promote the highest professional standard of competence in the practice of the profession and the conduct of members;
- Perform through the Council the functions referred on it by the Act of the Chartered Institute of Cost and Management Accountants (CICMA)