The Institute of Chartered Accountants of Nepal (ICAN) was established under a special act, The Nepal Chartered Accountants Act, 1997 to enhance social recognition and faith of people at large in the accounting profession by raising public awareness towards the importance of accounting profession as well as towards economic and social responsibility of the accountants, and to contribute towards economic development of the country. The Institute is an autonomous body and is fully authorized by the Act to regulate accountancy profession in Nepal. History 1934 The first ever Companies Act in Nepal legislated 1956 New Companies Act enacted. Books of accounts to be maintained specified. Accounts to be audited by an auditor licensed by the Dept of Industries 1974 Auditors' Act legislated, which entrusted the Office of Auditor General (OAG) to issue auditor's license and set qualification of auditors in four different classes of Registered Auditors. Chartered Accountants with five yea...