Bachelor of Management Sciences in Accountancy

Purpose

The purpose of this qualification is to provide students with the skills, competence, knowledge and understanding required to become professional accountants, which will enable them to perform services ranging from the more traditional service, independent review, accounting and tax, to value-adding business advisory services on a professional accountancy level. Given the strong focus on skills in the qualification, students will have to practically convert embedded knowledge into different software programmes relevant to professional accountants.

This enables students to develop work-relevant competence, as an aid to employment and career progression. The qualification also allows students access to lifelong professional development and support, by providing them with the opportunity to become full members of the South African Institute of Professional Accountants (SAIPA).

This qualification is aligned with the prerequisites of SAIPA. Although a letter of endorsement was received from SAIPA, indicating that the professional body supports the new qualification.

The qualification will provide students with the opportunity to study towards a prestigious, internationally recognised accounting qualification. The qualification is a planned combination of learning outcomes with a defined purpose that culminates in applied competence, and serves as the academic requirements for becoming a professional accountant practising in commerce, industry, academia and the public sector.

Rationale

The Bachelor of Management Sciences in Accountancy will benefit the South African economy by ensuring that the people responsible for accountancy work are skilled and competent practitioners. This qualification is designed in a manner that encourages broad conceptual understanding of accounting applications, underpinned by sound knowledge and skills. Graduates will be able to flexibly apply these acquired skills across the accounting spheres.

According to the National Development Plan 2030 (2012: 122) leader and high paid services, for example finance and transport, cover 15.4% in the sector distribution of employment and can increase up to 17.6% by 2030. With poor global conditions and without any major improvements to the policy environment there will still be a growth in this sector from 2 025 000 to 3 009 000 by 2030, but within a diversified economy, employment in this sector can grow up to 4 188 000 by 2030. The aforementioned, therefore, clearly indicates the increasing national need for finance skills in the country. It has also been indicated by Simpson (2008), that there is a national shortage of over 22 000 accountants, which could impact on the sound functioning of the economy.

The accounting profession in South Africa is growing and its business is becoming increasingly complex. The Finance and Accounting Services Sector Education and Training Authority (FASSET) Sector Skills Plan 2005 to 2010 indicated that shortages exist in four broad areas, including accounting skills. The shortages of accounting skills exist at all levels, from bookkeeping to registered auditor. Numerous studies have found that professional accountants are the top choice for business advice. Scarce skills in the financial services sector are mainly in the professional, technical and associated professional occupations. This poses a serious threat to the growth of the economy, especially as the demand for accounting staff extends to all sectors, and all sizes and types of organisations. Employers across the board are being urged to contribute to the development of these skills.

According to FASSET, financial professionals may belong to one or more professional bodies. Employers also often prefer to appoint people who are members of professional bodies. The advantage for the employer is that a professional designation is a good indication of the skills level that the individual has and thereby regulates the quality of the profession. In addition, members of professional bodies are bound by a code of ethics and conduct. For this reason, the intention of the relevant department is to apply for accreditation of the intended qualification with a professional body.

Recognition of Prior Learning (RPL)

Provision is made for students to obtain the qualification, whole or in part, through Recognition of Prior Learning (RPL). Selection of RPL students will be conducted on an individual basis in accordance with the institution's RPL policy.

RPL applications for the institution are received by the Assessment and Graduations Unit. If the application pertains to admission into the qualification, the candidate is required to complete an RPL application document. Certified copies of all previous qualifications, and a comprehensive portfolio of evidence, reflecting on extensive work and/or learning, must accompany the application. Once the institution's RPL Co-ordinator has deemed the RPL application complete, the portfolio will be sent to the Faculty of Management Sciences for assessment. The Faculty's RPL Committee then thoroughly assesses the candidate's portfolio against the relevant learning outcomes.

This qualification may be achieved in part through RPL and/or experience. Students are assessed against the Exit Level Outcomes of the qualification, on an individual basis, and in accordance with the University's RPL policy. Such procedures and assessment of individual cases are subject to moderation by independent assessors. The RPL policy stipulates that the holder of a university qualification certificate must have:

• Complied with the admission requirements for the qualification, including the admission requirements of the courses/modules prescribed for the qualification.
• Been assessed, and found competent in all the competences and skills prescribed for the qualification.
• Completed more than 50% of the credits of the prescribed courses/modules for the qualification at this institution.
• Completed more than 60% of the credits of the exit or final academic year of the prescribed curriculum for the qualification at this institution.

Entry Requirements

The minimum entry requirements to Bachelor's Studies are

• Senior Certificate (SC) with endorsement.
• National Senior Certificate (NSC) granting access to Bachelor's Degree studies.
• National Certificate (Vocational) (NC (V)) at NQF Level 4 granting access to Bachelor's Degree studies.

Prerequisite subjects

English proficiency (written and spoken).

• Accounting.
• Mathematical Literacy.

Or

• Mathematics.

This qualification comprises compulsory modules at Levels 5, 6, 7 and 8 totalling 517 Credits.

Compulsory modules, Level 5, 122 Credits

• Academic Literacy and Communication Studies, 12 Credits.
• Numeracy, 6 Credits.
• Digital Literacy, 6 Credits.
• Advanced Computer Literacy, 6 Credits.
• Financial Accounting I, 32 Credits.
• Professional Skills Development I, 8 Credits.
• Economics I, 16 Credits.
• Business Management I, 8 Credits.
• Taxation I, 12 Credits.
• Business Law I, 16 Credits.

Compulsory modules, Level 6, 131 Credits

• Professional Skills Development II, 8 Credits.
• Financial Accounting II, 32 Credits.
• Cost and Financial Management I, 25 Credits.
• Taxation II, 25 Credits.
• Auditing and Internal Control II, 25 Credits.
• Business Law II, 16 Credits.

Compulsory modules, Level 7, 123 Credits

• Financial Accounting III, 32 Credits.
• Cost and Financial Management II, 25 Credits.
• Taxation III, 25 Credits.
• Auditing and Internal Control III, 25 Credits.
• Research Methodology I, 16 Credits.

Compulsory modules, Level 8, 141 Credits

• Research Methodology II, 16 Credits.
• Financial Accounting IV, 16 Credits.
• Taxation IV, 13 Credits.
• Cost and Financial Management III, 13 Credits.
• Auditing and Internal Control IV, 13 Credits.
• Work-Integrated Learning (simulation), 30 Credits.
• Work-Integrated Learning (placement), 40 Credits.

1. Acquire knowledge of and demonstrate reflective competence in recording, summarising and reporting on financial information, in compliance with International Financial Reporting Standards (IFRS) for small-and medium-sized entities (SMEs), using the latest technology.
2. Acquire knowledge of and demonstrate practical competence in calculating, advising and the filing of direct and indirect tax, in accordance with the relevant tax legislation and regulations, using the latest technology.
3. Acquire knowledge of and demonstrates practical competence in the application, analysis and reporting of cost and management accounting, in accordance with current practice.
4. Apply theoretical and practical knowledge of risk management, internal control and independent review engagements, incorporating the latest technology.
5. Demonstrate professional skills, values and ethics, and the ability to integrate these in a practical manner.
6. Demonstrate sound understanding of commercial law, and an appreciation of the role of law within which an accountant operates.
7. Demonstrate sound knowledge of economics, business and financial management.
8. Meet the academic requirements set by South African Institute of Professional Accountants(SAIPA).

Associated Assessment Criteria for Exit Level Outcome 1

• Demonstrate fundamental theory, and practical knowledge and understanding with regard to recording, summarising and reporting on financial information.
• Produce financial statements according to set accounting standards.
• Analyse, interpret and communicate (oral and written) financial information effectively with peers and the broader community.

Associated Assessment Criteria for Exit Level Outcome 2

• Demonstrate primary knowledge of direct and indirect tax through practical calculations.
• Demonstrate the skills to use technology to process taxation related issues.
• Display competency to advice individuals and businesses on taxation issues and problems that are identified, interpreted and explained within different contexts using legislation and regulations.

Associated Assessment Criteria for Exit Level Outcome 3

• Demonstrate principal and core knowledge and understanding of management accounting through material application.
• Demonstrate the skills to calculate, record and report information necessary for effective cost management.
• Demonstrate the competency to prepare a report to management, outlining issues and principles of cost centres.

Associated Assessment Criteria for Exit Level Outcome 4

• Demonstrate fundamental theory and practical knowledge and application regarding risk management, internal control and independent review with incorporated technology.
• Prepare an audit programme for any given business operation relating the selected procedures to an appropriate risk for a given audit objective.
• Present assurance reports or opinions supported by defendable arguments through the application of professional judgement.
• Act, lead, work and communicate in a manner that resembles a professional accountant.

Associated Assessment Criteria for Exit Level Outcome 5

• Recognise and act upon cultural and ethical considerations.
• Understand and apply the importance of ethical and professional behaviour.
• Demonstrate adequate written, verbal and non-verbal communication skills and apply in the form of proposals and projects.

Associated Assessment Criteria for Exit Level Outcome 6

• Demonstrate fundamental and core knowledge of commercial law through measureable application.

Associated Assessment Criteria for Exit Level Outcome 7

• Meet concepts, principles and theories applicable to the needs of the subjects, specialist areas and industry.

Associated Assessment Criteria for Exit Level Outcome 8

• Meet academic requirements in accordance with South African Institute of Professional Accountants SAIPA criteria.