ICAN Professional Case Study case studies
ICAN Professional Case Study · Put your knowledge to work in context.
The ICAN Professional Case Study is the capstone-style written paper of the Institute of Chartered Accountants of Nigeria's professional examination pathway. Rather than testing isolated syllabus topics, it presents a realistic business scenario and asks you to respond as a senior finance professional would: analysing the situation, applying technical standards, and recommending a course of action in clear, structured prose. The ICAN Professional Case Study case studies are 5 cases and about 4,096 words.
1Bill-and-Hold Revenue, Rebates and Auditor Independence at Kowa Foods Plc
Kowa Foods Plc, a Nigerian listed manufacturer, reports under IFRS with a 31 December year end. In December 2025 it recognised ₦1.8bn of revenue from a distributor under a bill-and-hold arrangement.
901 words, about 5 min2FX Hedging, Net Exposure and Covenant Headroom at Ladipo Auto Components
Ladipo Auto Components Ltd manufactures in Ogun State and exports to ECOWAS. It expects USD 8m from a Ghanaian customer in 90 days and must pay EUR 3m to an Italian equipment supplier in 60 days.
886 words, about 4 min3Transfer Pricing, Thin Capitalisation and the Cost-Plus Defence at Zuma Pharma
Zuma Pharma Nigeria Ltd, a Nigerian company wholly owned by an Indian parent, had revenue of ₦9.2bn, EBITDA of ₦2.4bn and API purchases of ₦3.0bn for the year ended 31 December 2025. It paid its parent ₦1.1bn in management fees (12% of revenue), ₦600m in royalties (6.5% of sales), and ₦2.1bn interest on a US$10m intra-group loan at 14%; the arm's-length rate is 9%.
700 words, about 4 min4Solar Plant Investment and Board Governance at Danladi Group
Kano-based family conglomerate Danladi Group has a six-person board: the 72-year-old founder-chairman, his two sons (CEO and commercial director), a cousin (finance director), and one 'independent' director who is the founder's personal lawyer and receives annual legal fees. The audit committee has not met for 18 months.
764 words, about 4 min5Auditor Independence, a Backdated Comfort Letter and Suspicious Deposits at QuickCash MFB
You are the engagement quality review partner at a mid-tier audit firm in Lagos. The firm audits a licensed microfinance bank, QuickCash MFB Plc, which is also applying to the Central Bank of Nigeria for a national banking licence.
845 words, about 4 min