Advanced Diploma in Accountancy

Purpose

The purpose of the Advanced Diploma in Accountancy is to provide entry-level professional preparation by offering an intensive, focused and applied disciplinary knowledge within accountancy and some of its sub-disciplines, namely Cost and Management Accounting, Financial Accounting, Taxation and Public Sector Accountability via articulation pathways.

The qualification is also designed to prepare learners for further postgraduate studies through the deepening of their knowledge and understanding of theories, methodologies and practices in accounting and some of its sub-disciplines, as well as the development of the ability to formulate, undertake and solve complex theoretical and practice related problems through the selection and use of appropriate methods and techniques.

The qualification will also equip learners with the knowledge, skills, attributes and ethical consciousness to function optimally and become a competent practitioner, in line with the professional and ethical standards set out by the South African Institute of Tax Professionals (SAIT), Chartered Institute of Management Accountants (CIMA) and South African Institute of Professional Accountants (SAIPA).

The qualification will thus bridge the gap in knowledge of aspiring accountants/bookkeepers/debtors clerks/stock clerks/creditors clerks/tax practitioners to gain professional certification. The qualification will equip learners not only in Accountancy but also with expertise in all areas of the business such as Management and Strategic Management, thereby addressing and informing all functions of the organisation at different levels of management.

Rationale

The justification for educating accountants at various levels in South Africa is recognised by the Department of Home Affairs who has designated accountants and financial managers as a scarce skill in the Government Gazette, 37716 (2014).

A general lack of trainee accountants/auditors/article clerks was reported by employers in their Work Skills Programme (WSP) submissions in the 2014/2015 financial year as well as most recent grant applications and the 2016/17 Sector Survey. (Financial Services Sector Education and Training Authority (FASSET) Workplace Skills Plan, 2015/6, FASSET Sector Skills Plan, 2018/2019:35-36).

The qualification offers a career path for learners leading to professional certification in their respective fields of specialisation. The consequently increased employability is evidenced by the number of requests for placements by the industry for this type/calibre of learners which will alleviate the primary shortage of designated accountants and financial managers (FASSET Workplace Skills Plan, 2015/2016).

The FASSET Scarce Skills Guide published in November 2015, highlights the reality that too few learners from previously disadvantaged groups were moving up to the higher professional qualification levels. It confirmed the dire need for professionalised accountants in support roles (FASSET Scarce Skills Guide, 2015/2016).

Upon completion of the qualification, learners can apply for membership of the professional bodies and start with their workplace requirements as stated by the specific professional body. Ultimately, upon achieving full professional body membership, graduates may elect to establish their private practices rendering Accounting, Taxation, consulting and company secretarial services.

Learners can be linked to different professional bodies as follows

• By electing Taxation they may become eligible for membership with SAIPA and SAIT.
• By electing Management Accounting they may become eligible for credits from CIMA.

Accountancy is on the scarce skills list as defined by the National Skills Development Strategy III and scarce skills areas of some Sector Education and Training Authorities (SETAs), and is a priority area for national and provincial strategic plans.

The qualification is intended to provide an articulation route for Diploma learners to gain professional certification of their knowledge and experience. The qualification provides an opportunity for further education and applies specialisation after which the learners will have developed increased capacity to meet the high level of theoretical and intellectual independence as required by the HEQSF and so allow learners a pathway to progress to postgraduate study.

Recognition of Prior Learning (RPL)

Learners can apply for RPL to gain access to the qualification as well as credits for specific modules. An RPL application includes a specified curriculum vitae, testimonials and certified copies of any education and/or training certificates.

RPL learners for the qualification are required to submit a portfolio of evidence that represents their formal, non-formal informal learning and work experience, or any other experience that demonstrates learning in the respective field and level of study.

Advanced standing is the status granted to a learner for admission to study at a higher level than the learner's prior knowledge and skills and/or formal studies would have allowed, including exemption where applicable. Upon adoption of the portfolio evaluation by the Faculty RPL Committee a consolidated RPL report is tabled at the Faculty Executive Committee and then the Executive Committee of Senate for final approval.

A similar RPL process as required for access to this qualification may be instituted for learners to be exempted from modules/subjects through RPL, and be awarded credits for, or towards this qualification. In such instances, the RPL candidate will need to provide a portfolio of evidence for each subject for which RPL needs to be granted. Evaluation of the module(s) portfolio is governed by credits, outcomes, knowledge areas, skills and attributes as evidenced in the portfolio.

Entry Requirements

The minimum entry requirement for this qualification is a

• Diploma in Accounting, NQF Level 6.

Or

• National Diploma: Accounting or Cost and Management Accounting, NQF Level 6.

Or

• Diploma in Cost and Management Accounting, NQF Level 6.

This qualification consists of the following compulsory and elective modules at Level 7 totalling 120 Credits.

Compulsory Modules, 120 Credits

• General Financial Reporting, 18 Credits.
• Financial Management, 18 Credits.
• Management, 24 Credits.
• General Management Accounting, 24 Credits.
• Specific Financial Reporting, 18 Credits.

Elective Modules, Level 7, 18 Credits (Choose one module)

• Advanced Taxation, 18 Credits.
• Specific Management Accounting, 18 Credits.
• Public Sector Accountability, 18 Credits.

1. Accurately prepare financial statements and reports, taking cognisance of the relevant IFRS and other relevant legislative and industry requirements and incorporating best practice.
2. Evaluate systems of internal control, risk management and governance.
3. Effectively perform independent reviews and prepare for audits.
4. Comply with the highest ethical standards of the Accounting, Taxation and Public Sector professions.
5. Render effective value-adding advisory services encompassing: strategic planning, systems optimisation/implementation and tax consultations to achieve strategic viability.

Associated Assessment Criteria for Exit Level Outcome 1

• Select appropriate accounting software package/s to correctly customise entity setup processes and accurately perform various accounting tasks relative to the business context.
• Correctly apply knowledge of accounting/taxation/legal procedures and principles to prepare reports in familiar and unfamiliar contexts.

Associated Assessment Criteria for Exit Level Outcome 2

• Perform an accurate assessment of governance, risk management and internal controls within a given business context.
• Communicate areas for improvement with appropriate recommendations concerning weaknesses identified post review of internal control and/or risk management and governance.

Associated Assessment Criteria for Exit Level Outcome 3

• Conduct an effective independent review from planning, through field-work, to the presentation of the reports.
• Present a comprehensive report of the audit review to management, detailing areas for improvement with suggested recommendations using the conventions of the profession.

Associated Assessment Criteria for Exit Level Outcome 4

• Demonstrate compliance with organisational and professional body ethical guidelines within the accounting profession.
• Apply principles and procedures related to ethical practices within given accounting contexts.

Associated Assessment Criteria for Exit Level Outcome 5

• Analyse financial and non-financial indicators drawing on inter-disciplinary knowledge within the business context to enable clients to make informed business or finance-related decisions.
• Demonstrate knowledge of accounting information systems, governance, risks and control by correctly setting up and planning a general accounting system for specific business clients.
• Conduct regular evaluations of the accounting system to identify and communicate areas for improvement.
• Formulate appropriate responses to resolve complex client tax problems and communicate this information effectively verbally or in writing with clients, SARS and other stakeholders.

Integrated Assessment

Integrated assessment forms part of continuous assessment at the institution and takes the form of an appropriate mix of both formative and summative assessment methods. Assessment policy and practices at the institution promote constructive alignment of the curriculum outcomes, learner-centred learning activities and assessment, and the importance of feedback to enhance learner engagement.

Formative assessment is aimed at enhancing student learning and provides students with an opportunity to reflect critically on their learning and to improve their levels of personal accountability and time management. The formative assessment usually consists of a variety of assessment tasks relevant to the field of study.

In this qualification, the assessment will consist of a variety of tasks such as problem-solving individual and/or group assignments and projects, case studies, class discussions and others.

Summative assessment will take place at the end of a section of work/quarter or semester and is aimed at assessing students' attainment against the learning outcomes of the programme and subject(s). Summative assessments are internally and externally moderated based on institutional policy and requirements. Summative assessments usually consist of a variety of formal assessment tasks relevant to the field of study, including written tests at the end of the academic semester/year, assignments, projects, reports and class tests.