Caleb University, Imota, Lagos recently signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Nigeria (ICAN) to improve the quality of accounting education and quality of graduates produced by the institution.
In his remarks during the official visit of the 53rd President of the institute and the mutual cooperation agreement with tertiary institution (MCATI) MoU signing ceremony, the Vice-Chancellor, Professor Aina said the partnership would enable the institution to align the market and the classroom and to bring about an effective collaboration between town and gown.
He disclosed that the university has also partnered the Chartered Institute of Taxation in Nigeria (CITN) and their banker counterpart (CIB), saying, “we have recruited world class professors and distinguished professionals to become part of our faculties. We don’t only need academic knowledge, but the professional and practical knowledge. It is those who have gone through the practical knowledge that can discuss it effectively in the classroom so that students will be able to enter into the world of work fully prepared.”
The VC added that with the agreement, the students will now be challenged for the world of work.
“We train students holistically, they have the advantage now to pass their examination and move into the professional world with confidence and joy because they would have secured the best of education in a matter of months and years.
The President of the institute Mallam Ismalla Muhammad Zakari, who expressed delight about the partnership, said 200 level students of the university can have exemption in 11 subjects when writing their final ICAN examination.
“Five foundation and six skills level subjects would be exempted for the students,” he said, adding that the gesture is aimed at deepening the standard of learning, developing technical competence and ethical skills among the students.
“Already some universities that we started this arrangement with are producing the best accounting graduates for the nation. We are very happy with the kind of arrangement and signing of the MoU. It will go a long way in ensuring quality for Nigeria and the role that ICAN is playing to ensure high quality accounting education and high quality professional accountants for the Nigerian economy.”
Emphasising on the ethics of the profession and why it seems easy to be ICAN certified, the president said, “what we are doing is that every level of our examinations, we have integrated ethics. Right from when they are doing it and when they have integrated the syllabus, there is a tinge of ethics in what they are studying and when they graduate and sit for ICAN exams, they are also going to find ethics. As far as ICAN is concerned, it is a continuum.
“The study of accounting and the qualifications to become chartered accountant is by design rigorous because as a member of ICAN, it means they have covered the ground and become experts in their fields, that is why the examination of becoming chartered anywhere in the world is very rigorous.
“The reason why you see people passing now is because we have brought down the ICAN syllabus to the universities so that they will be taught with the ICAN syllabus which you can compare to the NUC minimum basics BMAS, there was a gap. We are now closing that gap now at the university level. If we are able to close the gap at university level with the MoU, when they graduate, they are better equipped to face the exam. They will pass the ICAN exam faster.”