The Institute of Chartered Accountants of Nigeria (ICAN) has signed the Mutual Cooperation Agreement (MCATI) with five tertiary institutions to deepen the standards of learning and dissemination of knowledge of Accounting in Nigeria.
The institutions are Benson Idahosa University, Benin; Igbinedion University, Okada, near Benin; Bowen University, Iwo, Osun State; Al-Hikmah University, Ilorin and Federal Polytechnic, Ilaro, Ogun State.
Signing on behalf of the Institute in Lagos last week, ICAN President Mazi Nnamdi Okwuadigbo explained that under the arrangement, accounting programmes of the partnering institutions from entry level to graduation will be moderated by ICAN to ensure they maintain the right professional standard in terms of course dept, teaching and examination.
He said the agreement meant that accounting students in the five institutions would study using the integrated accounting curriculum of ICAN, National Universities Commission (NUC) and National Board for Technical Education (NBTE).
“Accounting graduates from the institutions would be granted 10 subject exemptions as against seven 7 subjects exemption under the normal ICAN accreditation scheme”, he explained.
He commended the tertiary institutions for maintaining the high standards of tuition and learning at their various Departments of Accounting, imploring them to continue to maintain such standards. “Undoubtedly, today’s event is an endorsement of the quality of your institutions’ accounting education”, he said.
The President noted that MCATI was one of the Institute’s “proactive measures to ensure that individuals seeking to become chartered accountants acquire the knowledge, professional skills and competence required to protect the public interest in a rapidly changing business environment.”
Speaking on behalf of the institutions the Vice chancellor of Bowen University, Iwo, Professor Joshua Olalekan Ogunwole, thanked ICAN for the prestige the MCATI confers and pledged that the institutions would maintain the high standards that has attracted ICAN’s endorsement.