ICAN CAP-III study guide
ICAN CAP-III · Work through your exam, one topic at a time.
CAP-III is the final professional level of the Institute of Chartered Accountants of Nigeria (ICAN) qualification, taken after the foundation and skills levels and typically alongside or after practical training. It is designed for candidates moving into senior assurance, reporting, tax and finance roles - people expected to exercise judgement rather than apply a checklist. The ICAN CAP-III study guide has 7 sections and about 2,033 words.
01Advanced Financial Reporting
Advanced Financial Reporting tests how the economic substance of groups and complex transactions is reported under IFRS as adopted by the FRCN in Nigeria. CAP-III scenarios are usually computational: consolidation workings, revenue allocation, expected credit losses and deferred tax.
345 words, about 2 min02Advanced Audit and Assurance
Advanced Audit and Assurance tests the application of ISAs and Nigerian regulatory requirements to complex engagements: group audits, estimates, going concern, modified opinions, quality management and professional scepticism. Answers must link risk to evidence and to the report's wording.
319 words, about 2 min03Corporate Taxation and Tax Planning
Corporate Taxation and Tax Planning tests Nigerian tax law and lawful planning: Companies Income Tax, VAT, WHT, CGT, capital allowances, incentives and transfer pricing. CAP-III requires computation and judgement on whether a scheme has commercial substance.
300 words, about 2 min04Strategic Management Accounting and Performance Measurement
Strategic Management Accounting and Performance Measurement tests how managers use cost, pricing and performance data to make decisions and align behaviour. Expect calculations plus critique of metrics and transfer pricing.
268 words, about 1 min05Corporate Finance and Treasury Management
Corporate Finance and Treasury Management tests financing, valuation, risk and liquidity decisions: WACC, CAPM, capital structure, dividend policy, valuation, FX and interest-rate hedging, and treasury controls. WACC = E/V × ke + D/V × kd × (1 − t), using market values and after-tax cost of debt.
262 words, about 1 min06Governance, Ethics and Professional Conduct
Governance, Ethics and Professional Conduct tests board effectiveness, the Nigerian Code of Corporate Governance, CAMA 2020 duties, audit committees and the IESBA-based ICAN Code. Ethics questions are scenario-based and require the conceptual framework, not slogans.
269 words, about 1 min07Information Systems, Data Analytics and Emerging Technology
Information Systems, Data Analytics and Emerging Technology tests IT governance, controls, audit analytics and the risks of emerging tools. Questions link technology to financial reporting risk and audit evidence.
270 words, about 1 min