Diploma in Accounting

Purpose

The Diploma in Accounting is designed to develop learners who can

• Understand and apply relevant rules and procedures of auditing.
• Apply advanced Financial Accounting principles to companies and other business entities.
• Examine the implications of the provisions of the Income Tax Act on companies, individuals and partnerships.
• Independently integrate and apply advanced scientific technical/vocational principles and techniques.

Rationale

Students currently graduating with the National Diploma in Accounting have two available options: to study further or to seek employment. Many of the students who come from an impoverished background use their qualification as a stepping stone to get a job, whether it is in the accounting field or not. Very few students have the option of coming back to study further on a full-time basis. These students have worked hard to obtain a Diploma encompassing knowledge in a skilled, scarce field, yet they opt for jobs as cashiers and call centre operators. The rationale behind offering a programme that is accredited by a professional body gives students a third option - being accepted as a trainee in a firm of professional accountants, thus giving them, the practical skills needed by the corporate environment and the means to study further to enable them to write the professional qualifying examination.

This qualification will replace an existing qualification the National Diploma in Accounting. The Diploma has been designed according to the new Higher Education Qualification Sub-Framework (HEQSF).The department has identified the need to be recognised as offering a flagship qualification that is accredited by a professional body, in addition to the requirements of the Council on Higher Education (CHE). The South African Institute of Professional Accountants (SAIPA) is the leading accounting institute representing suitably qualified Professional Accountant (SA) practicing in commerce, industry, academia and the public sector.

Recognition of Prior Learning (RPL)

The structure of this qualification makes the recognition of prior learning possible. This qualification may therefore be achieved in part or completely through the Recognition of Prior Learning, which includes formal, informal and non-formal learning and work experience. The learner will be thoroughly briefed on the mechanism to be used and support and guidance will be provided. Care will be taken that the mechanism used provides the learner with an opportunity to demonstrate competence and is not so onerous as to prevent learners from taking up the RPL option towards gaining a qualification.

If the learner is able to demonstrate competence in the knowledge, skills, values and attitudes implicit in this qualification the appropriate credits should be assigned to the learner. Recognition of Prior Learning will be done by means of Integrated Assessment as mentioned above. This Recognition of Prior Learning may allow:

• Accelerated access to further learning at this or higher levels on the NQF.
• Gaining of credits.
• Obtaining of this qualification in part or in whole.

Entry Requirements

The minimum requirements for admission into the Diploma studies are

• A senior Certificate (SC).

Or

• A national Senior Certificate (NSC) granting access to Diploma studies.

Or

• A national Certificate Vocational (NCV) at Level 4 granting access to Higher Certificate studies and with appropriate levels of achievement in the following subjects: three fundamental subjects including English and in three compulsory vocational subjects.

This qualification comprises elective and compulsory modules at Levels 5, 6 and 7 totalling 380 Credits.

Compulsory Modules Level 5, 120 Credits

• Introduction to Micro-Economics, 12 Credits.
• Introduction to Macro-Economics, 12 Credits.
• Business Calculations, 12 Credits.
• Business Fundamentals I (GE), 12 Credits.
• Commercial Law for Accountants I, 12 Credits.
• Financial Accounting I Module 1, 12 Credits
• Financial Accounting I Module 2, 12 Credits
• Cost Accounting I, 12 Credits
• Business Information Systems I, 12 Credits
• Cornerstone 101, 12 Credits

Elective Modules Level 5

• GE Module, 8 Credits.

Compulsory Modules Level 6, 152 Credits

• Commercial Law for Accountants II Module 1, 12 Credits.
• Commercial Law for Accountants II Module 2, 12 Credits.
• Business Fundamentals II (GE), 12 Credits.
• Advanced Law III, 12 Credits.
• Business Information Systems II Module 1, 12 Credits.
• Financial Accounting II Module 1, 12 Credits.
• Financial Accounting II Module 2, 12 Credits.
• Cost Accounting II Module 1, 12 Credits.
• Cost Accounting II Module 2, 12 Credits.
• Auditing II Module 1, 12 Credits.
• Auditing II Module 2, 12 Credits.
• Taxation 1, 12 Credits.
• ICT (GE), 8 Credits.

Elective Modules Level 6

• GE Module, 8 Credits.
• GE Module, 8 Credits.

Compulsory Modules Level 7, 84 Credits

• Financial Accounting III Module 1, 12 Credits.
• Financial Accounting III Module 2, 12 Credits.
• Management Accounting III Module 1, 12 Credits.
• Management Accounting III Module 2, 12 Credits.
• Auditing III, 12 Credits.
• Taxation II Module 1, 12 Credits.
• Taxation II Module 2, 12 Credits.

1. Examine the implications of the provisions of the Income Tax Act on companies, individuals and partnerships.
2. Apply advanced Financial Accounting principles to companies and other business entities.
3. Understand and apply relevant rules and procedures of corporate law.
4. Understand and apply relevant rules and procedures of auditing.

Associated Assessment Criteria for Exit Level Outcome 1

• Demonstrate knowledge and skills to calculate taxable income or assess loss for normal taxation as well as for the undistributed profit tax liability.
• Demonstrate knowledge of special allowances, exemptions from tax and deductions.
• Demonstrate knowledge and skills to calculate taxable income or assessed loss for normal calculation.
• Demonstrate detailed knowledge of allowances, exemptions from tax, deductions and rebates.
• Demonstrate knowledge and skills of Value Added Tax, Capital Gains Tax, Non-residence tax on dividends, royalties, interest, using "tax formula" for lump sums received, provisions of the Act relating to tax avoidance and objection procedures and Payment of tax, PAYE and provisional tax.

Associated Assessment Criteria for Exit Level Outcome 2

• Demonstrate knowledge and skills in the application of advanced financial accounting principles: advanced accounting principles, group statements, valuation of business and other securities, liquidation, amalgamation and reconstructions, Management Information, International Financial Reporting Standards at an introductory level.

Associated Assessment Criteria for Exit Level Outcome 3

• Demonstrate application of the following knowledge and skills; general principles of law and the procedure of meetings such as the distinction between public and private meetings; the various types of company meetings including board and board committee meetings; the meetings of a close corporation; the rights and restrictions with regard to the holding of meetings; maintenance of order at meetings, essentials of a valid meeting; the appointment, duties and powers of the chairman; procedural rules governing adjournment, postponement, agenda, notice, minutes and reports; rules of debates, motions, resolutions, points of order, amendments, voting, proxies, formal motions and resolutions in writing; the law of defamation relating to meetings.
• Demonstrate application of the following knowledge and skills:

> Loans, payments to members and liability of members.

> Membership of a close corporation, name, association agreement, conversion and deregistration.

> Internal and external relationships and report to members.

> Responsibilities, duties and powers of the accounting officer.

> Accounting and disclosure requirements.

> Documents and records.

> Changes to matters referred to in a founding statement.

> Use and changes of a corporation`s name.

> Legal proceedings.

> Annual duty and other duties.

Associated Assessment Criteria for Exit Level Outcome 4

- Demonstrate knowledge and skills in the application of auditing principles

> Audit process including types of engagements.

> Risk assessment including internal control.

> Gathering audit evidence.

> Audit reporting including 'other engagement reports'.

> Ethics.

Integrated Assessment

This is to ensure that the purpose of the qualification is achieved. The following will be applied

• Assessment practices will be open, transparent, fair, valid, and reliable and ensure that no learner is disadvantaged in any way whatsoever, so that an integrated approach to assessment is incorporated into the qualification.
• Learning, teaching and assessment are inextricably interwoven. Whenever possible, the assessment of knowledge, skills, attitudes and values shown in the qualification should be integrated.
• Assessment of fundamental should be integrated as far as possible with other aspects and should use practical contexts wherever possible. A variety of methods must be used in assessment and tools and activities must be appropriate to the context in which the learner is working or will work. Where it is not possible to assess the learner in the workplace or on-the-job, simulations, case studies, role-plays and other similar techniques should be used to provide a context appropriate to the assessment.

The term `Integrated Assessment` implies that theoretical and practical components should be assessed together. During integrated assessments, the assessor will make use of a range of formative and summative assessment tools methods and assess combinations of practical, applied, foundational and reflective competencies. Continuous assessment should be provided through:

• Portfolios.
• Simulations.
• Workplace assessments and practical workbooks.
• Written assignments.
• Written tests.
• Case studies and case presentations.
• Peer group evaluation.
• Competency evaluations of clinical skills.
• Face to face contact with learners.

Assessors will assess and give credit for the evidence of learning that has already been acquired through formal, informal and non-formal learning and work experience.