Bachelor of Commerce Honours in Internal Auditing

Purpose

The purpose of this qualification is to develop intellectual and practical skills in the analysis, interpretation and application of advanced accounting, governance and control and internal auditing principles. This qualification will prepare students to identify and solve advanced accounting governance and control and internal auditing problems in practice. Lastly this qualification will prepare students for further studies in accounting and internal auditing as a science.

Rationale

Every business and public sector entity needs competent auditing professionals to form part of an internal auditing department; assisting the board of directors (or council) and its audit committee to ensure proper and adequate corporate governance and internal financial, performance and other controls. The existing skills shortage is exacerbated by the large internal audit outsourcing services provided by large audit firms. The lack of auditing professionals is widely publicised, and could only be addressed by educating future internal auditing professionals.

This qualification strives to deliver competent graduates to the market, who can assist in addressing the current skill shortage on a national as well as international level. The qualification will equip learners to render a professional internal auditing service to various role players, including private companies, public companies, government and auditing or consultation firms. The qualification will also aid professionals already employed in the finance and business environment to enhance their skills in terms of internal auditing, Information Technology (IT) governance and auditing, counteracting of fraud, business strategy, performance management and risk management.

The qualification will thus be a value-add for young graduates at the beginning of their careers in auditing, as well as for internal auditing professionals already working in the industry or in government departments. The benefit of this qualification to graduates would be that they would be able to apply for exemptions from the Institute of Internal Auditors (IIA) for certain of the subjects, which would reduce the study period towards a professional qualification. The relevant module outcomes of the qualification are aligned with the IIA's global Model Internal Audit Curriculum and the IIA's Competency Framework.

Recognition of Prior Learning (RPL)

The College of Business and Economics (CBE) accepts Recognition of Prior Learning (RPL) as an integral part of education and academic practice. It is acknowledged that all learning has value and the Faculty of Humanities will endeavour to assess prior learning and award credit where relevant.

The CBE manages RPL according to the University of Johannesburg's RPL policy, which will be applied as follows for purposes of this programme as set out in the Faculty of Humanities policy:

• Through RPL a student may gain access, or advanced placement, or recognition of status, on condition that he/she continues his/her studies at the University of Johannesburg (UJ).
• Recognition takes place in terms of requirements and procedures applied by the Faculty of Humanities.
• RPL in the case of a student not complying with the formal entry requirements.
• Is conducted after payment of the prescribed fees in accordance with the policy and guidelines of the University.
• Is based on other forms of formal, informal and non-formal learning and experience.
• Is considered only where prior learning corresponds to the required NQF-level.
• Takes place where prior learning in terms of applied competencies is relevant to the content and outcomes of the programme.
• Is considered in terms of an assessment procedure that includes a motivated recommendation by an assessment panel to the Dean's Committee of the CBE.
• Is finally decided upon by the CBE Dean's Committee.

Entry Requirements

The minimum entry requirement to this qualification is

• Bachelor of Commerce in the related field, Level 7.

This qualification consists of compulsory modules at National Qualifications Framework (NQF) Level 8 totalling 120 Credits:

• Accounting 4,30 Credits.
• Advanced Internal Auditing,30 Credits.
• Applied Research: Internal Auditing,30 Credits.
• Governance and Control 4, 30 Credits.

1. Adhere to ethics pertinent to Business, Commerce and Management and in particular those pertinent to the Certified Internal Auditor.
2. Manage advanced problems, specifically pertaining to the field of Internal Auditing that relates to the fields of business commerce and management studies.
3. Demonstrate an advanced understanding of the theories and practices pertaining to the field of Internal Auditing specifically, but also in the related fields of business, commerce and management studies.
4. Manage the internal audit activity and conduct internal audit engagements, both assurance and consulting, in diverse business environment.
5. Produce a well-structured research report is written.

Associated Assessment Criteria for Exit Level Outcome 1

• Comply with corporate governance principles.
• Apply the knowledge and understanding of the ethics prescribed by the professional bodies in the sector.
• Advanced understanding of the need to act professionally and ethically to clients, employees and the world at large.

Associated Assessment Criteria for Exit Level Outcome 2

• Categorise problems in the Internal Auditing field and related disciplines.
• Develop appropriate solutions in the internal auditing context.
• Formulate appropriate responses to resolve both concrete and abstract problems internal auditors are normally confronted with.

Associated Assessment Criteria for Exit Level Outcome 3

• Analyse, evaluate and apply advanced business, commerce and management theories and principles to practical situations relating to Internal Auditing.
• Contribute to the improvement and development of principles and procedures in practical situations.
• Customise and adapt international business, commerce and management practices and theories to South African requirements.

Associated Assessment Criteria for Exit Level Outcome 4

• Apply advanced judgemental processes to identify and plan internal audit assignments for the internal audit activity.
• Demonstrate knowledge of information technology, risk based auditing, control frameworks and control systems so as to adequately perform internal audit assignments and to advise management and audit committees on appropriate practice.
• Analyse and evaluate operations within organisations.
• Analyse and test control and advising on control systems.
• Conduct advanced and specialised engagement procedures, report findings and follow up on the implementation of audit findings.
• Establish an internal audit activity.
• Manage an internal audit activity.
• Monitor the quality of internal audit work performed within the internal audit activity.

Associated Assessment Criteria for Exit Level Outcome 5

• An appropriate referencing technique is used and a bibliography in the required format is produced.
• An academic writing style is used with clearly structured arguments.
• An abstract is written in the required form.

Integrated Assessment

Assessment across the qualification forms an integral part of the teaching and learning process for this programme. In achieving the learning outcomes, students are required to comply with the minimum assessments set for the level of the qualification, as per the Institution's Assessment Policy. Assessments vary depending on the module and the outcomes of the module, however all modules are formatively and summatively assessed. The assessment of theoretical modules is usually in the form of assignments, practicals and written tests or examinations. The weighting of the different assessments toward the calculation of the final mark is clearly indicated to students in the learning guide for each module.

Integrated Assessments/case studies also take place through a variety of assignments, for example, those completed in industry or those that assess aggregated knowledge acquired (such as in a capstone module).

Formative and Summative Assessment

Formative Assessment opportunities are not formally recorded and take the form of class tests, question and answer sessions and monitoring of practical work.

Summative Assessment leads to the final judgmental mark in accordance to the institution's Assessment Policy. The assessments for theoretical modules will be in the form of assignments and written tests or practical examinations.