The Institute is an autonomous body and the Council is fully authorized by the Act to undertake accountancy profession in Nepal.

All Registered Auditors holding audit license invited to apply for the membership of ICAN.

Signed MOU with AICPA Section 7 of the Nepal Chartered Accountants Act 1997, provides for the constitution of the Council of the Institute as follows:[1] Two practising chartered accountants, Lumba Dhwaj Mahat and Umesh Prasad Dhakal, were involved in misappropriating state tax revenue through dubious tax settlements as Chairman and Member of Tax Settlement Commission involving Chudamani Sharma, Director General of Inland Revenue Department (Nepal).

Vice-Chairman Jagannath Upadhyay Niraula said that "the disciplinary committee can take action only after receiving information or the complaint is lodged against any chartered accountant.

Both the CAs have fled from the incident and were declared fugitive by Commission for the Investigation of Abuse of Authority.

On 18 October 2019, ICAN President Krishna Prasad Acharya has declared to punish the audit firms for conducting such illegal listing.