leMORftNDUM OF UNDERSTANDING

leMORftNDUM OF UNDERSTANDING
DATED THIS 26TH DAY OF MAY, 2010.
BETWEEN
INSTITUTE OF CHARTERED ACCOUNTANTS OF
(ICAN)
AND
1ABC0EK UNIVERSITY
(UNIVERSITY)
IN RESPECT OF THE INTEGRATED B.Sc/ACA CURRICULUM PROVIDING FOR THE
PROFESSIONAL CERTIFICATION OF ACCOUNTING STUDENTS OF BABCOCK UNIVERSITY,
ILISHAN-REMO, OGUN STATE, NIGERIA.
MEMORANDUM OF UNDERSTANDING
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THIS MEMORANDUM OF UNDERSTANDING is made the ...rfr..
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day of
2010
BETWEEN
The INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA of Plot 16, Idowu
Taylor Street, Victoria Island, Lagos (hereinafter called "ICAN" which expression shall
where the context so admits include its successors-in-title and assigns) of the one part
AND
BABCOCK UNIVERSITY, a higher institution of learning registered under the laws of
the Federal Republic of Nigeria, and having its principal place of location at Ilishan
Remo, Ogun State of Nigeria, (hereinafter referred to as "BU" which expression shall
where the context so admits, include its successors-in-title and assigns) of the other
part.
to
(Both Parties are herein jointly referred to as "The Parties").
WHEREAS:
ICAN is an Institute established by Act of Parliament of 1965 and charged with
the duty of determining the standard of knowledge and skill to be attained by
persons seeking to become members of the Accounting profession and raising
these standards from time to time.
BU is an approved Tertiary Institution established to award both graduate and
post graduate degrees in various disciplines to deserving students of the
Institution.
ICAN desires to partner with BU through its Department of Accounting to produce
Bachelor of Science (hereinafter referred to as "B.Sc") Accounting graduates
from ACA holders who possess adequate technical and theoretical knowledge to
function in all areas of the economy.
4.
BU desires to partner with ICAN to admit into the student Membership of ICAN
Accounting undergraduates of BU who will undergo an integrated curriculum as
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Memorandum of Understanding between ICAN & Babcock University
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specified in the 4th Schedule and 5th Schedule to this Memorandum of
Understanding (hereinafter referred to as "MoU").
5.
ICAN agrees to provide exemption opportunities for pre-integrated curriculum
B.Sc. Accounting graduates of BU desirous to become members of ICAN.
6.
BU through its Department of Accounting agrees to provide opportunities for
ICAN members (i.e. Chartered Accountants) without first degree (i.e. B.Sc.) in
Accounting within a minimum of two sessions or four semesters at both the full
and part time basis.
THIS MEMORANDUM OF UNDERSTANDING WITNESSES AS FOLLOWS:
2.0
OBLIGATION OF PARTIES
2.1
OBLIGATIONS OF BU
BU shall:
(a)
Admit ICAN members without degrees into its Department of Accounting
degree programme for a minimum of two sessions (four semesters) on
prescribed courses as approved by the Senate of the University from time
to time.
(b)
Award the Bachelor of Science (B. Sc.) degree in Accounting to such ICAN
members that fulfill the requirements for the award of the degree in
accordance with the University rules and regulations and the first schedule
attached hereto.
2.2
OBLIGATIONS OF ICAN
ICAN shall:
(a)
Exempt pre-integrated curriculum BU graduates of Accounting who are
desirous of becoming Chartered Accountants from writing the subjects
under the various levels as applicable to other ICAN accredited institutions.
(b)
Exempt integrated curriculum BU graduates of Accounting who are
desirous of becoming Chartered Accountants from writing the subjects
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Memorandum of Understanding between ICAN & Babcock University
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under the various levels as listed in the second schedule hereunder
provided.
(c)
Admit into membership of ICAN graduates of BU in accordance with this
MoU and particularly as provided for under Fourth Schedule and Fifth
Schedule hereunder.
(d)
In addition to general exemption granted to all accredited Institutions, give
BU, as a result of this Memorandum of Understanding (MoU) the following:
(i)
Research grants for Chartered Accountants who are lecturers in the
Department undertaking doctoral studies in Accounting.
(ii)
Donation of books and journals etc.
(iii)
May periodically support the Department/Accounting Students in
some activities such as:
(a)
Accounting Students League of*Babcock University (ALBU).
(b)
Departmental workshop, Seminars etc.
(c)
Accounting Teachers Industrial Work Experience Scheme
(ATIWES).
(d)
External Examiner/Student Supervision Honorarium.
(iv)
Award prizes to overall best graduate student in Bachelor of Science
Degree Programme in Accounting annually.
(v)
Involve some BU Senior Accounting academics in ICAN Accreditation
Committee and other committees.
(vi)
Encourage non-degree holding ICAN members to apply for the B.
Sc. Degree programme in Accounting.
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Memorandum ofUnderstanding between ICAN &Babcock University
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3.
IT
IS
HEREBY
FURTHER UNDERSTOOD
AND
AGREED AS
FOLLOWS:
3.1
The parties herein shall take reasonable steps to ensure that their employees and
agents respect the obligations contained in this Memorandum of Understanding
(MoU).
3.2
The parties herein agree that either party shall be at liberty to review periodically
the performance of the other party in order to assess the level of compliance
based on agreed obligations contained in this MoU .
3.3
Any disagreement arising from this MoU shall be settled amicably between "the
parties" or by an Arbitrator jointly appointed by them. In the event that the
parties are unable to resolve the matter or appoint an arbitrator, the President (or
anybody acting in that capacity) of the Nigerian Institute of Arbitrators shall
appoint a single arbitrator to adjudicate on the matter.
-
3.4
Either party may terminate this Memorandum of Understanding upon serving six
months written notice (without the need for any further notice) on the other
party.
3.5
The termination or severance of the relationship shall NOT affect in any way
whatsoever all the on-going or subsisting activities as pertaining to the MoU
between the parties until all the said on-going activities shall have been
concluded.
4.0
NOTICES
4.1
Any notice and other communication required or permitted under the terms and
provisions hereof shall be in writing and shall be given by personal delivery, or
courier service and shall be deemed given when received by the recipient at the
following address:
ICAN
The Registrar
Institute of Chartered Accountants of Nigeria
Plot 16 Idowu Taylor Street
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Memorandum of Understanding between ICAN &Babcock University
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Victoria Island, Lagos.
BU
The President/Vice Chancellor
Babcock University
Ilishan Remo
Ogun State.
5.0
CONFIDENTIALITY CLAUSE
5.1
In the performance of their duties and obligations, except for the following
reasons:
(i)
Where the parties are compelled by law or a court of competent
jurisdiction;
•
(ii)
Where the information is in the public domam (other than as a result of
breach or default by a party to this Understanding);
The parties undertake not to under any other circumstance reveal, disclose
to and or discuss in whatever manner with a third party any subject matter
relevant to this MoU that might become known to them in the course of
the execution of this MoU or after the execution of this MoU without the
written consent of ICAN first sought and obtained in writing.
6.0
GOVERNING LAW
6.1
This MoU shall be governed by and construed in accordance with the laws of the
Federal Republic of Nigeria.
7.0
MODIFICATION OF MoU
7.1
This Memorandum of Understanding shall be modified only in writing, agreed and
signed by the parties.
Memorandum ofUnderstanding between ICAN &Babcock University
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FIRST SCHEDULE
MODE OF STUDY
The programme is going to be run for a minimum of two sessions comprising of four
semesters on either part time or full-time basis.
ADMISSION REQUIREMENTS
1.
Holders
of ICAN
Professional
Certificate -
Associate Chartered
Accountant
(hereinafter referred to as "ACA"), Fellow Chartered Accountant (hereinafter
referred to "FCA") are eligible for admission into BU provided they possess, in
addition, a minimum of five credits at WASSCE or NECO "0" level subjects
(including English and Mathematics) or their equivalent AND at not more than two
sittings.
••
2.
Holders of HND Accounting from a recognized Polytechnic.
3.
The meaning, interpretation or determination of equivalent of WASSCE or NECO
"0" level shall be the sole prerogative of BU.
REGULATIONS GOVERNING LEVELS OF PERFORMANCE SUBJECT
TO BU SENATE REGULATIONS
1.
The Department of Accounting of BU shall provide courses leading to the award
of Bachelor of Sciences (B. Sc.) in Accounting, in line with the University Rules
and Regulations.
2.
The Department shall operate a course system in two semesters (designated
Harmattan and Rain semesters) in an academic year. Students will be required to
register and take approved courses as set out by each Department recommended
by the Faculty and approved by the University Senate.
3.
Courses shall be evaluated in terms of course units. A course unit is defined as
one lecture or tutorial contact hour per week or one three hour practical class per
week throughout a semester, or an equivalent amount of other assigned study or
practical experience or any combination of these.
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Memorandum ofUnderstanding between ICAN &Babcock University
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The minimum and maximum number of courses that can be offered during each
semester or each year shall be determined by the Department and approved by
the Faculty/College/School.
MEASUREMENT OF
PERFORMANCE:
Performance in
a
course shall
be
measured in terms of:
(a)
The results of prescribed theory and practical examination and/or
(b)
Assessment of essays, practical exercise and reports prescribed for each
course.
LEVELS OF PERFORMANCE
FIRST DEGREE IN ACCOUNTING
A candidate shall be graded using the underlisted information:
Mark
Letter Grade
Grade Point
A
5
80-100%
B
4
60-79%
C
3
50-59%
D
2
45-49%
E
1
40-44%
F
0
0-39%
CLASSES OF DEGREES
A candidate who has satisfactorily completed all requirements for the B.Sc. Hons
degree in Accounting with an overall Grade point
First Class
4.50 - 5.00
Second Class (Upper Division)
Second Class (Lower Division)
3.50 - 4.49
2.50 - 3.49
Third Class
2.00 - 2.49
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Memorandum of Understanding between ICAN & Babcock University
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SECOND SCHEDULE
EXEMPTIONS FOR BU GRADUATES OF INTEGRATED ACCOUNTING
PROGRAMME fBASED ON ICAN 2010 SYLLABUS^
FOUNDATION
Fundamentals of Financial Accounting (FFA)
Corporate and Business Law (CBL)
Economics and Business Environment (EBE)
INTERMEDIATE
Costing and Quantitative Techniques (CQT)
Taxation (TAX)
Auditing and Assurance (AAS)
Business Communication and Research Methodology (BCRM)
PROFESSIONAL EXAMINATIONS I
Information Technology (IT)
Management Accounting (MA)
Financial Accounting (FA)
Advanced Audit and Assurance (AAA)
The exempted BU students shall pay the requisite exemption fees before
writing the ICAN final examination.
THIRD SCHEDULE
This shall consist of the descriptions of the approved courses to be offered by the
Candidate as described in the University Brochure or prospectus.
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Memorandum of Understanding between ICAN & Babcock University
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FOURTH SCHEDULE
INTEGRATED CURRICULUM
1.
Integrated Curriculum shall be ICAN curriculum to be integrated into B.Sc.
Accounting Programme of BU as shall be jointly prescribed and agreed by both
parties.
2.
BU shall undertake to register all new/fresh B. Sc. Accounting undergraduates
with ICAN as student members and integrate all curriculum and requirement of
ICAN into its academic programme.
3.
ICAN shall assume the supervisory and regulatory role for the integrated
curriculum and BU shall accept same for the planning, preparation and conduct of
the academic component of its examinations.
FIFTH SCHEDULE
1.
fc
ICAN shall establish an Examination Centre on the premises of BU which center
shall continue as long as this Mou subsists. •
2.
The above center so established shall comply with ICAN examination
regulations.
3.
ICAN will grant to BU integrated curriculum students exemptions of all levels
except the final part, currently Professional Examination level PEII (All subjects)
as earlier stated in the Fourth Schedule to this MoU.
4.
BU integrated students at the end of 400 level shall write the P.E II Professional
Examination of ICAN to be conducted by ICAN either in the month of May and or
in the month of November respectively every year.
5.
The Parties shall fully co-operate with each other in relation to the intent and
object of this MoU in accordance with the provisions herein and shall act at all
times in such a way as to further the common interest of the Parties as Parties in
cooperation.
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Memorandum of Understanding between ICAN & Babcock University
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6.
This MoU constitutes the entire and only MoU/Agreement between the parties
hereto relating to the subject matter hereof, and supersedes and cancels all
previous Memorandum of Understanding(s), agreements, negotiations,
commitments and/or representations made between the parties hereto, either
orally or in writing, which conflict with this MoU.
IN WITNESS WHEREOF the parties have set their respective hands and seals the day,
the month and the year first above written.
The
Common
Seal
of
the
within
named
INSTITUTE
OF
CHARTERED
ACCOUNTANTS OF NIGERIA (ICAN) is hereby affixed in the presence of:
PRESIDENT
REGISTRAR/CHIEF EXECUTIVE
The Common Seal of the within named BABCOCK UNIVERSITY (BU) is hereby
affixed in the presence of:
PRESIDENT/VICE CHANCELLOR
VICE PRESIDENT FOR ENROLMENT
SERVICES/REGISTRAR
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Memorandum of Understanding between ICAN & Babcock University