Diploma in Accountancy

Purpose

The primary purpose of the Diploma in Accountancy is to satisfy the educational requirements for qualifying as members of the SA institute of Business Accountants (SAIBA) and the Institute of Administration and Commerce (IAC(SA)) and to give graduates access to the Advanced Diploma in Accountancy which will make learners eligible for membership of an International Federation of Accountants accredited professional body, being the SA Institute of Professional Accountants. The secondary purpose is to give the qualifying learners a rounded education which will equip them with competencies to perform as members of the financial team of any entity or to develop into a team leader. The rounded education will include critical thinking skills, problem solving, ethical reasoning and communication and the pervasive theme of integrated applied technology.

The primary purposed is fulfilled by complying with the detail requirements of the targeted professional bodies' curricula, while the secondary purpose is served by incorporating courses such as Communication and Economics.

Graduates of the qualification could fulfil roles such as

• Support staff member of a financial team in Commerce and Industry.
• Bookkeepers and Accounting technicians using application software.
• Creditors' and/or debtors' clerks.
• Trainee Accountants in an Accounting Practice.

Rationale

South Africa is currently experiencing an acute shortage of professionally qualified accounting staff at middle management level and The Department of Home Affairs has designated Accounting and Auditing as a scarce skill.

This qualification aims to satisfy the educational requirements of at least two professional bodies, namely the South African Institute of Business Accountants (SAIBA) and the Institute of Accounting and Commerce (IAC). Upon successful completion of the first 2 years, which is predominantly conceptual in nature, in the 3rd year of study learners will be introduced to a problem-based project which cuts across the core and sub-disciplines in accounting, by solving a real-world problem drawn from industry, so adding value in the form of integrated contextual learning. Graduates of this qualification will be suitably equipped to fulfil roles such as:

• Bookkeeper/Business Accountant/Accounting Technician.
• Tax technician.
• Debtors clerk.
• Creditors clerk.
• Stock controller.

Recognition of Prior Learning (RPL)

An RPL application includes a specified curriculum vitae, testimonials and certified copies of any education and/or training certificates. RPL will be guided by institutions, SAQA, and CHE RPL policy guidelines on an individual, student-by-student basis. RPL may have two modes, namely:

• Credits in lieu of prior qualifications, provided there is equivalence in the new qualification both in terms of learning content and NQF level;
• Where substantial learning as a result of meaningful workplace (informal and non-formal) experience has been attained. Such learners can present themselves for assessment of prior learning (APL) for admission to the qualification.

Entry Requirements

The minimum entry requirement for this qualification is

• National Senior Certificate, NQF Level 4, granting access to Diploma studies with appropriate subjects and levels of achievement.

Or

• National Certificate (Vocational), NQF Level 4, granting access to diploma studies with appropriate subjects and levels of achievement.

Or

• A National Higher Certificate: Accountancy.

Or

• A National Higher Certificate in Financial Information Systems.

This qualification consists of the following compulsory and elective modules at National Qualifications Framework Level 6 totalling 368 Credits.

Year 1

Compulsory Modules, 120 Credits

• Accounting Information Systems 1, 18 Credits.
• Business Law1, 24 Credits.
• Communication, 18 Credits.
• Economics, 24 Credits.
• Financial Accounting 1, 24 Credits.
• Statistics for Accountants 1, 12 Credits.

Year 2

Compulsory Modules, 128 Credits

• Accounting Information 2, 32 Credits.
• Financial Accounting 2, 24 Credits.
• Taxation 1: Individuals, 24 Credits.
• Internal Auditing 2, 18 Credits.
• Management Accounting 2, 18 Credits.
• Statistics for Accountants 2, 12 Credits.

Year 3

Compulsory Modules, 96 Credits

• Integrated project in Accounting, 12 Credits.
• Management Accounting 3, 18 Credits.
• Financial Accounting 3, 24 Credits.
• Taxation 2; Business 24 Credits.
• Internal Auditing 3, 18 Credits.

Elective Modules, 24 Credits (Choose/Select one)

• Corporate Procedures, 24 Credits.
• Accounting Information, 24 Credits.

1. Acquire knowledge to be able to design, implement and maintain an accounting information system.
2. Demonstrate an understanding of the South African legal system.
3. Demonstrate knowledge and competence in all the areas of Financial Accounting.
4. Demonstrate an understanding of the role of Internal auditing as well as risk and internal controls.
5. Demonstrate a working knowledge of the relevant Taxation legislation and its application to various decision making contexts.
6. Demonstrate knowledge and competence in all the areas of Management Accounting.
7. Demonstrate the competencies necessary to perform professionally in an accountancy entry level position.

Associated Assessment Criteria for Exit Level Outcome 1

• Display competence in developing an accounting system and preparing a set of accounts for various types of entities (Profit and Non-Profit) using specialised accounting applications.

Associated Assessment Criteria for Exit Level Outcome 2

• Explain and apply a plethora of legislation that is relevant to the environment in which an accountant may find him/her-self practising in.

Associated Assessment Criteria for Exit Level Outcome 3

• Evaluate the appropriateness of accounting policies used to prepare financial statements.
• Apply International Financial Reporting Standards (IFRS) standards to a range of transactions and other events.
• Prepare primary financial statements, including consolidated financial statements, in accordance with laws and regulations.

Associated Assessment Criteria for Exit Level Outcome 4

• Describe an organisation's risks and opportunities within a risk management framework.
• Explain the principles of good governance, including the rights and responsibilities of owners, and the role of stakeholders in Governance, disclosure, and transparency requirements.
• Explain the components of an internal control system.

Associated Assessment Criteria for Exit Level Outcome 5

• Explain domestic taxation compliance and filing requirements.
• Prepare tax calculations for direct and indirect taxes for both individuals and organisations.
• Identify when it is appropriate to refer matters to taxation specialists.

Associated Assessment Criteria for Exit Level Outcome 6

• Analyse and integrate financial and non-financial data to provide relevant information for managerial decision making.
• Prepare reports to support managerial decision making, including reports that focus on planning and budgeting, cost management, quality control, performance measurement, and benchmarking.

Associated Assessment Criteria for Exit Level Outcome 7

• Describe the environment in which an organisation operates, including the main economic, legal, political, social, technical, international and cultural forces as well as their influences and values/ethics.
• Identify the features of globalisation, including the role of e-commerce and emerging markets.
• Describe the fundamental principles of micro and macroeconomics.

Integrated Assessment

Integrated assessment takes the form of both summative and formative assessments methods. For example: practice-based tutorials sessions, integrated with regular written class tests, assignments, projects and written and online examinations. Assessments are done on a continuous basis, to allow for the learners to be assessed on small portions of their work as they progress.