Advanced Diploma in Internal Auditing

Purpose

The Advanced Diploma in Internal Auditing offers learners the opportunity to gain scientific knowledge, insight, analytical skills and practical experience to ensure that they are competent to perform in an Internal Auditing function in an organisation. The purpose of the qualification is to provide the learner with a deep and systemic understanding of current thinking practice, theory and methodology followed in internal auditing through a curriculum that is based on the competencies required by the Institute of Internal Auditing. The qualification equips qualifying learners with advanced knowledge, skills and competencies in Internal auditing, Financial accounting, Cost and Management accounting, Information systems auditing, and Business communication. It also equips learners with research knowledge and skills to enable them to investigate internal auditing problems and prepare them for further studies. A further purpose of the qualification is the development of employable Internal Auditors and Financial Accountants to address the critical shortage in industry and to align with the national development plan of South Africa.

Rationale

The qualification is offered as a vertical progression for the Diploma in Internal Auditing to learners who wish to further their studies. The qualification is aligned with the IIA Inc. Competency Framework to ensure that it meets the requirements of industry and that it contributes to the employability of qualifying learners. This framework is globally acknowledged in more than 120 countries. Qualifying learners will be able to register with the Institute of Internal Auditors for the Internal Audit Technician Professional Training Program.

The teaching, learning, assessment, and research approach in this qualification addresses industry, social, economic and community needs of South Africa through applied approaches where the learner is actively and inter-actively involved in the learning process. The qualification is designed to give specialised knowledge in a disciplined field of study which needs specific skills and applied competences that provide opportunities for continued intellectual growth.

Recognition of Prior Learning (RPL)

The qualification may be granted, according to policies governing higher education, to learners who have acquired the skills and knowledge without attending formal courses provided they can demonstrate competence in the Exit Level Outcomes of the qualification as required by the fundamental, core and elective areas stipulated in the Qualification and Exit Level Outcomes.

• An RPL process may also be used to credit learners with credits in which they have developed the necessary competency because of workplace and work-integrated learning.
• Learners applying for RPL will be thoroughly briefed prior to assessment and may be required to submit a portfolio or evidence in the prescribed format to be accessed for formal recognition.
• The details of the Faculty RPL policy are as follows, presuming prior accredited learning has taken place:

> Learner applies for RPL against module, or part/full qualification at the relevant department (Head of Department-HOD).

> An exemption form is completed for the RPL of modules or part/full qualification.

> Credits are awarded for relevant, approved prior learning (RPL).

> Only then may the prospective learner may continue with full registration.

The institution will use the principles of RPL to assess two broad kinds of prior learning for credit

• Recognition of prior accredited learning. (Formal RPL) The current qualification can be successfully completed through recognition of unit standards, modules or qualifications obtained at accredited institutions.
• Recognition of prior experiential learning. (Work experience, Informal, Non-formal) Recognition of prior experiential learning (work experience) is based on the principle of matching previous learning with the Exit Level Outcomes of the qualification and by this means," translating' the prior learning into the "levels and credits' of the qualification framework in the formal system. This refers to learning acquired in an 'uncredentialled' context, such as through work experience or through life experience.

Entry Requirements

The minimum entry requirement for this qualification is

• Diploma in Internal Auditing, NQF Level 6 with Financial Accounting and Internal Auditing, 360 Credits.

This qualification consists of the following compulsory modules at Level 7 totalling 130 Credits.

Compulsory Modules, Level 7, 130 Credits

• Advanced Internal Auditing Module 1, 15 Credits.
• Advanced Financial Accounting Module 1, 15 Credits.
• Advanced Management Accounting Module 1, 15 Credits.
• Research Methodology in Internal Auditing, 15 Credits.
• Advanced Internal Auditing Module 2, 15 Credits.
• Advanced Financial Accounting Module 2, 15 Credits.
• Advanced Management Accounting Module 2, 15 Credits.
• Advanced Business Communication for Internal Auditors, 10 Credits.
• Advanced Information Systems Auditing, 15 Credits.

1. Demonstrate understanding of the business environment and the role of internal auditors in risk management, governance and control processes.
2. Apply internal audit methodology to perform internal audit and associated roles.
3. Demonstrate proficiency in in effective communication skills for interviewing, facilitating processes, and doing presentations.
4. Demonstrate research knowledge and skills to define and investigate broadly defined internal auditing problems.
5. Apply interdisciplinary based information to solve internal auditing, financial accounting and management accounting problems.
6. Practice the ethics pertinent to an independent auditor.

Associated Assessment Criteria for Exit Level Outcome 1

• Analyse, evaluate and recommend improvements to risk management, control and governance processes.
• Demonstrate understanding of the business environment and the role of the internal auditor in enterprise risk management.
• Demonstrate the ability to facilitate control self-assessment of a business unit or process.
• Demonstrate understanding of the business legislative environment and its influence on the role of the internal auditor.
• Illustrate an in-depth understanding of how Information System risk controls, Information System Networks, Telecommunications, and E-business affect organisations.

Associated Assessment Criteria for Exit Level Outcome 2

• Apply the International Planned Parenthood Federation (IPPF) in managing the internal auditing activity.
• Apply internal auditing methodology in performing operational audits and public sector auditing.
• Apply the International Internal Auditing Standards in reporting audit findings.
• Apply internal auditing methodology and effective communication skills in reporting audit findings.
• Assess and select appropriate theories, practices and methodologies that are critical to produce an IS audit report.
• Determine and recommend appropriate Computer Assisted Audit Techniques (CAATs) for various scenarios.
• Apply forensic auditing techniques to evaluate potential fraud areas.
• Evaluate planning methodologies and procedures for conducting comprehensive and thorough Information System audits.

Associated Assessment Criteria for Exit Level Outcome 3

• Apply the International Internal Auditing Standards in reporting audit findings.
• Apply internal auditing methodology and effective communication skills in reporting audit findings.
• Compose effective business letters and memos.
• Explain the role of interpersonal and group communication in the business environment.
• Plan, propose and write reports.
• Make public presentations.
• Write job resumes.

Associated Assessment Criteria for Exit Level Outcome 4

• Identify and analyse a research problem.
• Identify and recommend one of the several types of literature reviews available to a researcher.
• Discuss the literature review process.
• Formulate a research question and/or hypothesis.
• Choose and justify a specific research process.
• Discuss and recommend the various sampling methods available to a researcher.
• Discuss the various data collection methods and recommend an appropriate collection method to a researcher.

Associated Assessment Criteria for Exit Level Outcome 5

• Critically analyse and provide recommendations to improve the operations of organisations through the application of management accounting techniques in decision making.
• Demonstrate mastery of costing systems, cost management systems, budgeting systems and performance measurement systems in decision making.
• Demonstrate the need for a balance between financial and non-financial information in decision making, control and performance evaluation applications of management accounting.
• Evaluate the costs and benefits of different conventional and contemporary costing systems in decision making.
• Prepare operational and strategic budgets.
• Apply strategic performance measurement systems.
• Analyse and apply advanced Management Accounting control systems.
• Explain and calculate material mix and yield and sales mix and quantity variances.
• Explain and calculate planning and operating variances.
• Explain the factors that influence the decision to investigate a variance and describe the different; methods that can be used to determine whether an investigation is warranted.
• Explain the role of standard costing within an ABC system.
• Discuss the various strategic cost management techniques.
• Discuss strategies to achieve sustainable competitive advantage.
• Describe the four perspectives of the balanced scorecard.
• Demonstrate understanding of the requirements of the Conceptual Framework and Companies Act in terms of preparation and presentation of financial statements.
• Understand and apply advanced knowledge in terms of recognition, measurement and disclosure of revenue from contracts from customers.
• Understand and apply the principles and disclosure of deferred taxes.
• Understand and apply the principles related to PPE, impairment of assets, intangible assets and non-current assets held for sale.
• Apply the principles and requirements related to accounting policy changes, errors and accounting estimates.
• Apply the principles related to provisions, contingencies and events after reporting date.
• Prepare and present complex consolidated financial statements.
• Account and report for all types of joint ventures and associates.
• Apply the knowledge gained in terms of financial instruments.

Associated Assessment Criteria for Exit Level Outcome 6

• Apply the IPPF in managing the internal auditing activity.
• Apply the International Internal Auditing Standards in reporting audit findings.
• Discuss the various sampling methods available to a researcher and recommend a suitable method.
• Discuss the various data collection methods and recommend an appropriate collection method to a researcher.

Integrated Assessment

Learning outcomes are assessed on a continuous basis by means of assignments, class tests, semester tests and presentations (formative assessment), culminating in Summative Assessments (written examinations).