MUTUAL COOPERATION AGREEMENT
THIS MUTUAL COOPERATION AGREEMENT MADE the...........Day of ............ 20
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
………………………… (Name of Institution), an Institution of higher learning
registered under the laws of the Federal Republic of Nigeria, and having its principal
place of location at
, (hereinafter referred to as „‟The Institution‟‟ which
expression shall where the context so admits, include its successors-in-title and assigns)
of the other part.
(Both Parties are herein jointly referred to as “The Parties”).
WHEREAS:
1.
ICAN is an Institute established by Act of Parliament of No. 15 of 1965 and
charged with the duty of determining the standard of knowledge and skills to be
attained by persons seeking to become members of the Accounting profession
and raising those standards from time to time.
2.
The Institution is an approved Tertiary Institution established to award both
graduate and or post graduate degrees in various disciplines to deserving
students of the Institution.
3.
ICAN desires to enter into a Mutual Cooperation Agreement (hereinafter called
„MCA‟) with the Institution to improve quality of Accounting graduates in Nigeria
as it is done in other jurisdictions to benchmark international best practices.
4.
The Institution desires to partner with ICAN to register Accounting
undergraduates of the Institution as ICAN students who will undergo an
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integrated curriculum as specified in the 2nd Schedule to this Mutual Cooperation
Agreement.
THIS MUTUAL COOPERATION AGREEMENT WITNESSES AS FOLLOWS:
2.0
OBLIGATION OF PARTIES
2.1
OBLIGATIONS OF THE INSTITUTION
The Institution shall:
2.2
(i)
Subject its assessment processes from entry level to graduation to a joint
moderation by both ICAN and the Institution.
(ii)
Register all new or fresh Accounting undergraduates with ICAN as student
members and integrate the curriculum and requirements of ICAN into its
academic programme.
(iii)
The Institution shall accept ICAN‟s supervisory and regulatory role for the
integrated curriculum under this MCA for the planning, preparation and
conduct of the academic component of its examinations.
OBLIGATIONS OF ICAN
ICAN shall:
(i)
Exempt Integrated Curriculum Accounting Graduates of the Institution who
are desirous of becoming Chartered Accountants from writing the subjects
under the various levels as listed in the 1st schedule hereunder provided
and in accordance with the rules and regulations approved by ICAN Council
from time to time.
(ii)
Admit into membership of ICAN, graduates of the Institution in accordance
with this MCA and ICAN membership admission Rules, and as provided for
under 2nd and 3rd Schedules hereunder.
(iii)
Put in place a monitoring and evaluation framework for effective
monitoring of the ongoing arrangements in the Institution. Same shall
continue until completion of each program.
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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 agreement.
3.2
On passing the final examinations of ICAN, the student shall undergo thirty six
months period of practical training to upgrade from graduate member to
associate member of the Institute.
3.3
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 agreement.
3.4
Any disagreement arising from this MCA 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.
3.5
Either party may terminate this agreement upon serving six months written notice
on the other party.
3.6
The termination or severance of the relationship shall not terminate or affect in
any way whatsoever all the on-going or subsisting activities as pertaining to 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 INSTITUTION
The Registrar/Chief Executive
The Registrar
Institute of Chartered Accountants of Nigeria
Name and address of the Institution
Plot 16 Idowu Taylor Street
Victoria Island, Lagos.
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5.0
GOVERNING LAW
5.1
This MCA shall be governed by and construed in accordance with the laws of the
Federal Republic of Nigeria.
6.0
MODIFICATION OF MCA
6.1
This Mutual Cooperation Agreement shall be modified only in writing, agreed and
signed by the parties.
FIRST SCHEDULE
EXEMPTIONS FOR THE GRADUATES OF INTEGRATED
PROGRAMME (BASED ON ICAN 2014 SYLLABUS)
ACCOUNTING
KNOWLEDGE LEVEL
A1
A2
A3
A4
A5
Quantitative Technique in Business
Business and Finance
Financial Accounting
Management Information
Business Law
APPLICATION LEVEL
B1
B2
B3
B4
Financial Reporting
Audit and Assurance
Taxation
Performance Management
The accounting graduates of the institution under this MCA shall sit for papers
B5 Public Sector Accounting and B6 Management Governance and Ethics in
the application level.
Accounting graduates granted exempted under this MCA shall pay the
requisite exemption fees as calculated in accordance with the ICAN approved
exemption fees before writing the remaining ICAN examinations papers.
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SECOND SCHEDULE
INTEGRATED CURRICULUM
1. Integrated Curriculum shall be ICAN curriculum to be integrated into the Accounting
Programme of the Institution as shall be jointly prescribed and agreed by both
parties.
THIRD SCHEDULE
1. ICAN will grant to the accounting graduates of the Institution under this MCA
exemptions in all five (5) papers at the Knowledge level and four (4) Papers at the
Application level as listed under the first schedule to this MCA.
2. The accounting graduates of the Institution under this MCA shall write two (2) papers
in the application level, B5, (Public Sector Accounting) and B6 (Management
Governance and Ethics) as well as all five (5) papers in the final Professional Level
upon graduation from the Institution.
3. The examinations are conducted by ICAN either in the month of May and or in the
month of November every year.
4. The Parties shall fully co-operate with each other in relation to the intent and object
of this agreement 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.
IN WITNESS WHEREOF the parties have set their respective hands and seals the day,
and 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 UNIVERSITY is hereby affixed in the
presence of:
...................................................
VICE CHANCELLOR
……..…………….............................
REGISTRAR
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