We have been part of the accounting history of Nepal from last three decades, witnessing several changes in the way the profession is regulated and in the way the audit is conducted. We believe that the Nepalese profession still has long way to go so as to transform it in line with the international best practices and we seek to develop ourselves, improve from strength to strength, so as to be part of the globalized accounting profession.

The auditing profession began in Nepal from around 1956. In 1974 The Auditors' Act entrusted the Office of Auditor General (OAG) to issue auditor's license and set qualification of auditors into four different classes. In 1997, The Institute of Chartered Accountants of Nepal (ICAN) was established, having two classes of members: Chartered Accountants and Registered Auditors. All Registered Auditors holding audit license from the Auditor General Office were eligible for membership. Now, the Institute of Chartered Accountants of Nepal is the regulatory body with the responsibility of licensing and regulation of auditing profession.

ICAN is an IFAC member, and also member of regional bodies like SAFA and CAPA. The Nepal Accounting Standards prepared in line with IAS, are mandatory for all companies. The Nepal Standards on Auditing and Nepal Standards on Quality Control which are also prepare in line with International Audit Standards and ISQC 1 are mandatory for all audits. ICAN had its own code of Ethics, however IFAC code of ethics has now been made mandatory for all members.