Advanced Diploma in Internal Audit

Purpose

The purpose of this qualification is to provide learners with intellectual enrichment through the strengthening and deepening of their understanding of current thinking, theory as well as national and international trends in the field of Internal Audit. The qualification seeks to develop the necessary industry knowledge, technical skills and proficiencies required for the learner to work in either a local or global internal audit environment. Successful attainment of this qualification will broaden the scope of the learner's function in the Internal Audit context or in a related area of specialisation.

The qualification also provides a holistic, integrated approach to the learner's broad range of competencies. It achieves this by incorporating Accounting and Financial Management content into the curriculum. Information Technology has been included to address emerging trends in this field and its resultant impact on the new generation of internal auditors. In this manner, the qualification further prepares a learner to act as an independent self-starter in the corporate environment or provide his/her services in a private consultant capacity.

Rationale

The scarce skills guideline, issued by the Finance and Accounting Services Sector Education and Training Authority (FASSET) for 2015/16, regards the occupation Internal Auditor as a scarce skill. An Internal Audit manager is regarded as being one of the top managerial occupations which is scarcely resourced.

The qualification has been designed to address such skills shortages by providing a qualification that is both relevant and practical. Qualifying learners could be employed in the private and public sector as employees of various Internal Audit related departments.

Qualifying learners should be able to provide much needed skills to financial sectors such as, but not limited to

• Advisory services within the sphere of Internal Audit.
• Independent consultants in Internal Audit.
• Internal audit clerks.

Recognition of Prior Learning (RPL)

The structure of this qualification makes the Recognition of Prior Learning possible. The Advanced Diploma in Internal Auditing may be achieved in part through the Recognition of Prior Learning, which includes formal, informal and non-formal learning and work experience. The appropriate credits would be assigned provided that the prospective candidate is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in the Advanced Diploma in Internal Auditing. RPL provides for admission or admission with credit is applicable where appropriate.

Entry Requirements

The minimum entry requirements are

• A 360 Credits Diploma in Internal Auditing, Level 6.

Or,

• A 360 Credits National Diploma in Internal Auditing, Level 6.

This qualification consists of compulsory modules at Level 7 totalling 120 Credits.

Compulsory Modules

• Financial Reporting 4A, 12 Credits.
• Managerial Accounting and Finance 4A, 12 Credits.
• Internal Audit 4A, 12 Credits.
• Internal Audit 4B, 12 Credits.
• Internal Audit 4C, 12 Credits.
• Information Systems Audit, 12 Credits.
• Advanced Computer Audit 4A, 12 Credits.
• Advanced Computer Audit 4B, 12 Credits.
• Financial Reporting 4B, 12 Credits.
• Managerial Accounting and Finance 4B, 12 Credits.

1. Apply disciplinary and interdisciplinary based knowledge to take an informed stand with regard to the impact of accounting, business and trade policies on the internal audit engagement.
2. Apply corporate governance practices, laws and regulations that are pertinent to an Internal Auditor and related to accounting, business, commerce and management in diverse business environments.
3. Engage with advanced theories and practices pertaining to the fields of internal audit, financial accounting, management accounting, auditing and taxation.
4. Design a risk based approach for internal audit procedures to address significant risks within a business.
5. Evaluate the consequences of accounting, economic policy, business decisions and information technology on the corporate governance function in a language which is accessible to the general public and various stakeholders in the business community.
6. Manage and coordinate the applied accounting sciences activity relating to the internal audit function, both in terms of assurance and consulting engagements, in diverse business environments.

Associated Assessment Criteria for Exit Level Outcome 1

• Apply accounting, business and trade policies are analysed and principles.
• Apply disciplinary and interdisciplinary based knowledge to contextualised situations.

Associated Assessment Criteria for Exit Level Outcome 2

• Apply corporate governance principles fully in all business environments to ensure the ethical conduct of the internal audit.
• Identify and report on non-compliance with laws and regulations in accordance with the internal audit functions operating guidelines.
• Design and develop policies and procedures by the internal audit function to ensure all exceptions and areas or non-compliance are identified.

Associated Assessment Criteria for Exit Level Outcome 3

• Apply internal audit theory, principles, practices and guidelines in diverse environments by the Internal Auditor.
• Contextualise associated discipline specific knowledge in terms of its impact on the conduct of the internal audit function.

Associated Assessment Criteria for Exit Level Outcome 4

• Analyse fraud and error and its impact on the business.
• Design appropriate internal audit procedures to identify these risks.
• Identify and quantify laws, regulations, governance practices, and business risks
• Design internal control procedures to address risks identified.

Associated Assessment Criteria for Exit Level Outcome 5

• Identify and analyse emerging trends in information technology and business in terms of audit risk and the impact to a business and its stakeholders quantified.
• Design internal control procedures to address the risk identified and, where warranted, to reduce the impact of fraud and error.
• Report audit risks, fraud and other risks in accordance with audit guidelines and standards.
• Report audit risks, fraud and other risks at the appropriate level based on internal audit guidelines and practices.

Associated Assessment Criteria for Exit Level Outcome 6

• Plan and conduct audit engagements in accordance with internal audit regulations and principles.
• Adopt risk based Audit approaches by the internal audit function.
• Compile assurance and consulting engagements standards with in all aspects relating to the engagement, conduct and reporting of the Internal audit activity.

Integrated Assessment

Integrated Assessments will be used to combine the assessment of a variety of different skills at the same time; assessing a number of outcomes together; assessing a number of assessment criteria together; using a combination of assessment methods and instruments.

Formative Assessments will be used to support the learner developmentally and to feed back into the teaching and learning process. This links the relationship between assessment, learning and teaching and ensures that assessment informs and strengthens both the teaching and learning process. Integrated Assessments will be used to combine the assessment of a variety of different skills at the same time; assessing a number of outcomes together; assessing a number of assessment criteria together; using a combination of assessment methods and instruments. Summative Assessments will be used to make a judgement about achievement and to provide "snapshot" information about a learner's level of competence at a given time. This includes assessment marks that contribute to the final mark.