In respect of auditing standards, both the Companies Act and the Public Accountants' and Auditors' Act, Act 51 of 1951 are silent as to any specific authority to set auditing standards. ICAN, in the absence of any specific statutory standard setter accepted the responsibility to determine what shall constitute Namibian Generally Accepted Auditing Standards to be complied with by any ICAN members who carry out the attest (audit) function.
Namibia has no statutory accounting or auditing standard setting body as may exist in other jurisdictions. ICAN, as the oldest accounting Institute representing the highest level of accounting professionals has been recognized as the leading Accounting Institute in Namibia. This recognition is best reflected in the 2004 Companies Act, Schedule 4, Section 5 which states " ... Statements of General Accepted Accounting Practice accepted and applied by the Institute of Chartered Accountants by Namibia".