KASNEB
KASNEBREVISED EXEMPTION POLICYAUGUST 2016
TABLE OF CONTENTSPAGEINTRODUCTION . 1A.EXEMPTIONS FOR KASNEB GRADUATES WISHING TO PURSUE OTHERKASNEB QUALIFICATIONS . UATES . 22.EXEMPTIONS FOR KASNEB DIPLOMA EXAMINATIONS GRADUATES . 73.EXEMPTIONS FOR KASNEB TECHNICIAN EXAMINATIONS GRADUATES . 9B.EXEMPTIONS FOR HOLDERS OF VARIOUS UNIVERSITY DEGREES . 11C.EXEMPTIONS FOR HOLDERS OF DIPLOMA QUALIFICATIONS OFFERED BYTHE KENYA NATIONAL EXAMINATIONS COUNCIL (KNEC), KENYAINSTITUTE OF MANAGEMENT (KIM) AND KENYA SCHOOL OF LAW (KSL) . 18D.EXEMPTIONS FOR HOLDERS OF THE ASSOCIATION OF CERTIFIEDCHARTERED ACCOUNTANTS (ACCA-UK) AND INSTITUTE OF COMPANYSECRETARIES AND ADMINISTRATORS (ICSA-UK) QUALIFICATIONS . 19
REVISED EXEMPTION POLICY 2016INTRODUCTIONThe revised examination syllabuses of KASNEB were implemented with effect from 1 July2015 and examined from the November 2015 examination sitting. Under the revisedsyllabuses, the structure of the examinations and content of various papers were reviewed,which necessitated a review of the exemption policy.Under the revised exemption policy, exemptions will continue to be granted on a paper bypaper basis. However, students are advised that the exemptions specified under this policyare not automatic. For an exemption to be granted in any one paper, the applicant mustprove that he/she attempted and passed an equivalent paper whose content at least matchthat of the paper for which an exemption is sought. This means that students will be grantedexemptions in those papers in which they demonstrate sufficient coverage of course contentin their respective qualifications. For this purpose, an applicant may be required to submit theuniversity catalogue detailing the course content for a specific paper under consideration.Applicants for exemptions should complete the official Application for Exemption Form (alsoavailable for download on the KASNEB website: www.kasneb.or.ke) and attach the requireddocuments specified in the form, including certified copies of academic and professionalcertificates and transcripts. Students awaiting graduation should attach certified copies oftranscripts and a letter from the university confirming that the student has completed theundergraduate studies and is awaiting graduation.Applications for exemptions should ideally be submitted at the time of registration or beforepayment for the first examination. Where, subsequent to registering with KASNEB, a studentobtains a qualification for which he/she is eligible to seek exemption(s), the student may stillapply for exemptions provided that such exemptions relate to subsequent section(s) forwhich the student has not attempted any of the papers.Students are reminded that an exemption granted in a particular paper will be forfeited if onesubsequently enters to sit the paper. Similarly, a student should not apply for exemption in aparticular paper if he/she has already sat the paper and failed.This policy addresses exemptions for holders of the following qualifications:1. KASNEB professional, diploma and technician qualifications.2. Undergraduate and postgraduate degrees from recognised universities based in Kenyaor outside Kenya.3. Diploma qualifications offered by the Kenya National Examinations Council (KNEC),Kenya Institute of Management (KIM) and the Kenya School of Law (KSL).4. Association of Certified Chartered Accountants (ACCA) and Institute of CharteredSecretaries and Administrators (ICSA) of the United Kingdom.Before applying for exemption on the basis of a qualification such as a degree the applicantmust have fully completed the application including any thesis or research project.The exemptions under each of the above qualifications are outlined on pages 2 to 19.1
A. EXEMPTIONS FOR KASNEB GRADUATES WISHING TO PURSUE OTHER KASNEBQUALIFICATIONSHolders of KASNEB technician, diploma and professional qualifications who wish to pursueother professional qualifications offered by KASNEB will be eligible for exemption in thecommon or equivalent papers undertaken in their current qualification(s).Holders of KASNEB diploma qualifications will be eligible to a maximum of six (6)exemptions in Part I of the professional qualifications depending on the professionalqualification under consideration.Holders of KASNEB technician qualifications will be eligible to a maximum of three (3)exemptions in Part I of the professional qualifications.The detailed list of exemptions for KASNEB graduates is provided under Schedule I of thispolicy.SCHEDULE IEXEMPTIONS FOR KASNEBEXAMINATIONS IONS FOR KASNEB PROFESSIONAL EXAMINATIONS GRADUATES(a)CPA graduates(i)(ii)(iii)Exemptions in CS Commercial Law Business Communication Economics Principles of Accounting Public Finance and Taxation Company Law Financial Management Principles and Practice of Management Management Information SystemsExemptions in CICT Introduction to Computing Entrepreneurship and Communication Principles of Accounting Strategy, Governance and EthicsExemptions in CIFA Financial Accounting Financial Mathematics Entrepreneurship and Communication Economics2
Public Finance and Taxation Corporate Finance Financial Statements Analysis Quantitative Analysis Strategy, Governance and Ethics(iv) Exemptions in CCP(b) Commercial Law Entrepreneurship and Communication Economics Principles of Accounting Public Finance and Taxation Company Law Financial Management Management Information Systems Quantitative Analysis Strategy, Governance and EthicsCS/CPS graduates(i)(ii)Exemptions in CPA Financial Accounting Commercial Law Entrepreneurship and Communication Economics Public Finance and Taxation Company Law Financial Management Management Information Systems Strategy, Governance and EthicsExemptions in CICT Introduction to Computing Entrepreneurship and Communication Principles of Accounting Strategy, Governance and Ethics(iii) Exemptions in CIFA Financial Accounting Entrepreneurship and Communication Economics Public Finance and Taxation Regulation of Financial Markets Corporate Finance Strategy, Governance and Ethics3
(iv) Exemptions in CCP(c) Commercial Law Entrepreneurship and Communication Economics Principles of Accounting Public Finance and Taxation Company Law Financial Management Management Information Systems Strategy, Governance and EthicsCICT graduates(i) Exemptions in CPA Financial Accounting Entrepreneurship and Communication Management Information Systems Strategy, Governance and Ethics(ii) Exemptions in CS Business Communication Principles of Accounting Principles and Practice of Management Management Information Systems(iii) Exemptions in CIFA Financial Accounting Entrepreneurship and Communication Strategy, Governance and Ethics(iv) Exemptions in CCP Entrepreneurship and Communication Principles of Accounting Management Information Systems Strategy, Governance and Ethics(d) CIFA/CSIA graduates(i)Exemptions in CPA Financial Accounting Entrepreneurship and Communication Economics Public Finance and Taxation Financial Management Management Information Systems Quantitative AnalysisStrategy, Governance and Ethics Advanced Financial Management4
(ii)(iii)Exemptions in CS Business Communication Economics Principles of Accounting Public Finance and Taxation Financial Management Principles and Practice of Management Management Information Systems Financial Markets LawExemptions in CICT Introduction to Computing Entrepreneurship and Communication Principles of Accounting Strategy, Governance and Ethics(iv) Exemptions in CCP(e) Entrepreneurship and Communication Economics Principles of Accounting Public Finance and Taxation Financial Management Management Information Systems Quantitative Analysis Strategy, Governance and EthicsCCP graduates(i)Exemptions in CPA Financial Accounting Commercial Law Entrepreneurship and Communication Economics Public Finance and Taxation Company Law Financial Management Management Information Systems Quantitative AnalysisStrategy, Governance and Ethics(ii) Exemptions in CS Commercial Law Business Communication Economics Principles of Accounting Public Finance and Taxation5
(iii) Company Law Financial Management Principles and Practice of Management Management Information SystemsExemptions in CICT Introduction to Computing Entrepreneurship and Communication Principles of Accounting (iv)Strategy, Governance and EthicsExemptions in CIFA Financial Accounting Entrepreneurship and Communication Economics Public Finance and Taxation Corporate Finance Quantitative Analysis Strategy, Governance and Ethics6
2.EXEMPTIONS FOR KASNEB DIPLOMA EXAMINATIONS GRADUATES(a)Accounting Technicians Diploma (ATD)(i) Exemptions in CPA Financial Accounting Commercial Law Entrepreneurship and Communication Economics Management Accounting Public Finance and Taxation(ii) Exemptions in CS Commercial Law Business Communication Economics Principles of Accounting Public Finance and Taxation(iii) Exemptions in CICT Introduction to Computing Entrepreneurship and Communication Principles of Accounting(iv) Exemptions in CIFA(v)(b) Financial Accounting Financial Mathematics Entrepreneurship and Communication Economics Public Finance and TaxationExemptions in CCP Commercial Law Entrepreneurship and Communication Economics Principles of Accounting Public Finance and TaxationDiploma in Information Communication Technology (DICT)(i)Exemptions in CICT Introduction to Computing Computer Applications Practical I Entrepreneurship and Communication Principles of Accounting Computer Support and Maintenance7
(ii)Exemptions in CPA (iii)(iv)Exemptions in CS Business Communication Principles of AccountingExemptions in CIFA (v)Entrepreneurship and CommunicationEntrepreneurship and CommunicationExemptions in CCP Entrepreneurship and Communication Principles of Accounting(c) Diploma in Credit Management (DCM)(i)(ii)(iii)Exemptions in CCP Credit Management Commercial Law Entrepreneurship and Communication Principles of Accounting Public Finance and TaxationExemptions in CPA Commercial Law Entrepreneurship and Communication Public Finance and TaxationExemptions in CS Commercial Law Business Communication Principles of Accounting Public Finance and Taxation(iv)Exemptions in CICT(v) Entrepreneurship and Communication Principles of AccountingExemptions in CIFA Financial Mathematics Entrepreneurship and Communication Public Finance and Taxation8
3.EXEMPTIONS FOR KASNEB TECHNICIAN EXAMINATIONS GRADUATES(a)Accounting Technicians Certificate (ATC)(i)Exemptions in CPA(ii)(iii)(iv)(v)(b) Financial Accounting Commercial Law Entrepreneurship and CommunicationExemptions in CS Commercial Law Principles of AccountingExemptions in CICT Entrepreneurship and Communication Principles of AccountingExemptions in CIFA Financial Accounting Entrepreneurship and CommunicationExemptions in CCP Commercial Law Entrepreneurship and Communication Principles of AccountingInformation Communication Technology Technicians (ICTT)(i)(ii)Exemptions in CICT Introduction to Computing Computer Applications - Practical Entrepreneurship and Communication Computer Support and MaintenanceExemptions in CPA (iii)Entrepreneurship and CommunicationExemptions in CSNo exemptions(iv)Exemptions in CIFA (v)Entrepreneurship and CommunicationExemptions in CCP Entrepreneurship and Communication(c) Credit Management Technicians (CMT)(i)Exemptions in CCP Credit Management Commercial Law Entrepreneurship and Communication Economics9
(ii)Exemptions in CPA Commercial Law Entrepreneurship and Communication Economics(iii) Exemptions in CS Commercial Law Economics(iv) Exemptions in CICT Entrepreneurship and Communication(v) Exemptions in CIFA(d) Entrepreneurship and Communication EconomicsInvestment and Securities Technicians (IST)(i)(ii)Exemptions in CIFA Entrepreneurship and Communication Economics Financial Institutions and MarketsExemptions in CPA Entrepreneurship and Communication Economics(iii) Exemptions in CS Economics(iv) Exemptions in CICT (v)Entrepreneurship and CommunicationExemptions in CCP Commercial Law Entrepreneurship and Communication Principles of Accounting10
B.EXEMPTIONS FOR HOLDERS OF VARIOUS UNIVERSITY DEGREESExemptions will be granted to holders of undergraduate and postgraduate degrees fromrecognised universities based in Kenya or outside Kenya who have sat and passed unitsconsidered to be equivalent to those under the respective professional qualifications of KASNEB.For certain foreign universities, the graduates may be required to obtain a written confirmationon recognition of their universities in Kenya from the Commission for University Education(CUE) in Kenya.In granting exemptions, priority will be accorded to the units covered in undergraduate degreeprogrammes and in particular, the areas of specialisation (also referred to asmajors/concentrations/options). Where one has pursued a postgraduate degree programme,consideration will also be given as to whether the postgraduate degree programme is aprogression of the specialisation at undergraduate degree level.University graduates whose degree certificates and transcripts are in a language other thanEnglish will be required to include certified copies of the degree certificates and transcriptstogether with a set of these documents translated into English by a qualified translator. Thetranslated documents should bear the official rubber stamp of the translator indicating thename, telephone number and physical address.University graduates are further required to note the following:(i)Those who have only attempted introductory papers in their undergraduate orpostgraduate degree programmes, such as Introduction to Financial Accounting orIntroduction to Economics will not qualify for exemptions in the respective papers inthe professional examinations of KASNEB. To qualify for an exemption in theEconomics paper, for instance, a graduate must demonstrate that he has sufficientlycovered micro and macro-economics, ideally as two distinct papers.(ii)University graduates will be eligible for exemptions in Part I of the professionalexaminations based on equivalent units undertaken at undergraduate or postgraduatedegrees, except that for the under mentioned papers, exemptions will only beconsidered based on the conditions specified fying degrees Holders of undergraduate business degrees withspecialisation in accounting.FinancialCIFAInstitutions andMarkets Holders of undergraduate business degrees withspecialisation in either finance/micro finance mustdemonstrate that they undertook an equivalent unitbefore consideration for exemption in the paperHolders of undergraduate business degrees withspecialisation in either accounting/finance/micro finance.No exemption will be granted in the paper if a studentpursued a unit with only a public finance component Holders of undergraduate business degrees withspecialisation in either finance/micro finance/financialengineeringCreditManagement Holders of undergraduate business degrees withspecialisation in accounting must prove that theyundertook an equivalent unit before consideration forexemption in the paperHolders of business related degrees with specialisationin credit managementPublic Finance CPA/CS/and TaxationCIFA/CCPCCP11
Note:(iii) No exemptions will be granted in the Computer Applications – Practical paper andOperating Systems – Practical paper in CICT Part I. Graduates of universities based in non-commonwealth member countries will not beexempted in the Commercial Law paper in Section 1 of the respective professionalexaminations.No exemptions shall be granted in Part II of the professional qualifications unless thepaper(s) for which the exemptions are sought were covered at undergraduate degreelevel as options/concentrations/majors and not just as units. The exemptions in Part IIof the professional qualifications will however be limited to the following paperssubject to the conditions specified below:PaperCompany LawExaminationCPA/CS/CCPQualifying degrees Holders of Bachelor of Laws (LLB) degree fromuniversities based within the East African region tion rinciples andPractice ofManagementDatabase SystemsCSSystemsAnalysisand DesignCorporate FinanceCICTMarketing andPublic RelationsCCPCICTCIFAHolders of LLB degrees from outside the EA regionand have been admitted as advocates of the HighCourt of KenyaHolders of undergraduate business degrees withspecialisation in either accounting/finance/ economicsand finance (issued as one option)/financial engineeringHolders of undergraduate degrees in computerscience/business information technology degree or otherdegrees with a minor in Information Technology (minormust be indicated on transcripts and degree certificate)Holders of undergraduate degrees with specialisation ineither: Management science or operations research(excluding from Strathmore University) Financial economics or economics and statistics(issued as one option) Actuarial science (JKUAT) Mathematics Financial engineering (JKUAT)Holders of business related degrees with specialisationsin management, human resource management ormarketing management optionsHolders of Bachelor of Computer Science/Business Information Technology degreeHolders of Bachelor of Computer Science/BusinessInformation Technology degreeHolders of undergraduate business degrees withspecialisation in either accounting/finance/economics andfinance (issued as one option)/financial sNo exemptions shall be granted in Part III of the professional examinations ofKASNEB except to graduates of other professional qualifications of KASNEB inequivalent papers.The detailed list of exemptions for various categories of university degrees is providedunder Schedule II of this policy. This list will be regularly updated as applications forexemptions continue to be received.12
SCHEDULE IIEXEMPTIONS FOR HOLDERS OF VARIOUS UNIVERSITY DEGREESQUALIFICATION(i) Bachelor ) Bachelor ofCommerce/BusinessManagement(FinanceOption and MicroFinance Option)CPAEXEMPTIONSCSCICTCIFASection 1: Financial Accounting Commercial Law Entrepreneurshipand CommunicationSection 2: Economics ManagementAccountingSection 3: FinancialManagementNB:(i) Exemptions in thePublic Finance andTaxation paper willonly be considered ifan applicant hascovered anequivalent paper or apaper with a bias intaxation practice.(ii) Graduates with aminor in InformationTechnology, asindicated on thedegree certificate,will also beexempted in theManagementInformation SystemspaperSection 1:Section 1: Organisational EntrepreneurshipBehaviourand Communication Commercial LawSection 2: Business Principles ofCommunicationAccountingSection 2: Economics Principles ofGraduates with aAccountingminor in InformationSection 3:Technology, as Financialindicated on theManagementdegree certificate,NB:will also be(i) Exemptions inexempted in thethe Publicfollowing papers:Finance and Introduction toTaxation paperComputingwill only be Computer Supportconsidered if anand Maintenanceapplicant has Systems Analysiscovered anand Designequivalent paperor a paper with abias in taxationpractice.(ii) Graduates with aminor inInformationTechnology, asindicated on thedegreecertificate, willalso beexempted in theManagementInformationSystems paperSection 1: FinancialAcco
EXEMPTIONS FOR KASNEB PROFESSIONAL, DIPLOMA AND TECHNICIAN EXAMINATIONS GRADUATES 1. EXEMPTIONS FOR KASNEB PROFESSIONAL EXAMINATIONS GRADUATES (a) CPA graduates (i) Exemptions in CS Commercial Law Business Communication Economics Principles of Accounting Public Finance and Taxation Company Law
COMPANY LAW www.someakenya.com Contact: 0707 737 890 Page 1 COMPANY LAW PART II SECTION 3 CPA CS CCP STUDY TEXT KASNEB JULY 2018 SYLLABUS Revised on: Januay 2019 . COMPANY LAW www.someakenya.com Contact: 0707 737 890 Page 2 PAPER NO.7 COMPANY LAW GENERAL OBJECTIVES This paper is intended to equip the candidate with knowledge, skills and .
found in the two fundamental principles of company law as discussed below: Legal/Corporate personality Theory of limited liability 1. Legal/Corporate personality Fast forward: Ø A company is a legal person distinct and separate from the subscribers to the memorandum Ø A company thus has rights and duties similar to those of human beings
Paper No. 7 Company Law 19 Paper No. 8 Financial Management 22 Paper No. 9 Financial Reporting 26 Section 4 Paper No. 10 Auditing and Assurance 28 Paper No. 11 Management Information Systems 30 Paper No. 12 Quantitative Analysis 33 PART III Section 5 .
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