Diploma in Internal Auditing

Purpose

The intended purpose of this Diploma is to give the successful student a professional, vocational and sound understanding of the general theoretical principles and their applications in the field of Internal Auditing. The programme will be treated according to the policies and procedures of the institution regarding assessment, moderation (including external moderation), monitoring of student progress in the programme, provision for student disputes regarding assessment results and Recognition of Prior Learning.

Rationale

A qualifying learner will be able to perform (manual and computerised) financial and operational audit functions as part of an audit team or independently.

Recognition of Prior Learning (RPL).

The Institutional Recognition of Prior Learning (RPL) policy and procedures are followed. Learners who do not meet entry requirements can apply for access to the qualification through RPL against a module, or part/full qualification for learning obtained through formal, informal and non-formal learning. Learners need to submit a Portfolio of Evidence which will be internally assessed. Credits may be awarded based on the assessment results and learners have the opportunity to appeal against the assessment result where credits were not awarded.

Entry Requirements

The minimum requirement is

• National Senior Certificate National Qualifications Framework(NQF) Level 4.

This qualification comprises of compulsory modules at National Qualifications Framework(NQF) Level 5 and 6 totalling at 361 Credits.

Compulsory Modules, Level 5, 124 Credits

• Auditing Aspects 1, 12 Credits.
• Accounting 1.2, 12 Credits.
• Economics 1.1, 12 Credits.
• Accounting 1.1, 12 Credits.
• Economics 1.2, 12 Credits.
• Applied Communication Skills 1.1, 8 Credits.
• Commercial Law for Accountants 1.2, 10 Credits.
• Applied Communication Skills 1.2, 8 Credits.
• Information and Communications Technology(ICT) Skills 1, 10 Credits.
• Commercial Law for Accountants 1.1, 10 Credits.
• Accountancy Technology 1, 8 Credits.
• Entrepreneurship 1, 10 Credits.

Compulsory Modules, Level 6, 237 Credits

• Cost and Management Accounting 1.1, 12 Credits.
• Internal Auditing 1.2, 12 Credits.
• Applied Communication Skills 2.2, 8 Credits.
• Cost and Management Accounting 1.2, 12 Credits.
• Statistics 1.2, 10 Credits.
• Statistics 1.1, 10 Credits.
• Financial Accounting 1.2, 12 Credits.
• Applied Communication Skills 2.1, 8 Credits.
• Internal Auditing 1.1, 12 Credits.
• Financial Accounting 1.1, 12 Credits.
• Taxation 1, 12 Credits.
• Cost and Management Accounting 2.1, 15 Credits.
• Information Systems Auditing, 12 Credits.
• Internal Auditing 2.1, 15 Credits.
• Commercial Law for Accountants 2.1, 12 Credits.
• Accountancy Technology 2, 8 Credits.
• Financial Accounting 2.2, 15 Credits.
• Financial Accounting 2.1, 15 Credits.
• Business Ethics 1, 10 Credits.
• Cost and Management Accounting 2.2, 15 Credits.

1. Demonstrate an understanding of the dynamics of the organisation and the role of internal audit in the governance structures of the organisation.
2. Demonstrate an understanding of the basics of internal auditing as it relates to planning, control systems, working papers, tools and techniques and reporting procedures.
3. Understand the elements of risk and control both in financial and non-financial areas.
4. Demonstrate competence in the use of Information Technology(IT) applications employed to assist with accounting and internal auditing.
5. Identify and demonstrate knowledge and understanding of fraud and corruption risk areas in the business environment.
6. Perform internal audit and associated roles under supervision.

Associated Assessment Criteria for Exit Level Outcome 1

• Demonstrate an understanding of how an internal audit department operates and how it serves management.
• Demonstrate an awareness of the existence and purpose of audit standards.
• Demonstrate knowledge of relevant legislation and the application of corporate governance in the organisation.

Associated Assessment Criteria for Exit Level Outcome 2

• Display an awareness of the internal audit process, including planning, conducting, reporting and following up.
• Display an understanding of the concept of risk and control strategies.
• Display an understanding of the systems in use.
• Compile an effective plan for an audit.

Associated Assessment Criteria for Exit Level Outcome 3

• Process receipts, payments, and deal of debtors and creditors.
• Demonstrate an understanding of the systems in place relating to inventory as it affects procurement and recording.
• Display an understanding of processing of receipts, systems in place relating to inventory as it affects procurement and recording.
• Apply the payroll procedures.
• Record and control basic assets and liabilities.
• Apply the principles of developing budgets and the monitoring and control thereof.
• Apply the principles relating to investments, the risk relating thereto, and control strategies that may be implemented.
• Apply the principles relating to finance and funding, and what controls can be introduced to manage the risks.
• Demonstrate an awareness of the strategic issues that affect the business.
• Evaluate the key risk areas in the area of human resources, health and safety, environment and any other non-financial specific areas.

Associated Assessment Criteria for Exit Level Outcome 4

• Demonstrate an understanding of the structures and management of Information Technology(IT) in the organisation.
• Demonstrate an awareness of the role of IT in accounting as a tool to promote efficiency.
• Demonstrate an awareness of the role of IT in an audit assignment as a tool to promote efficiency.

Associated Assessment Criteria for Exit Level Outcome 5

• Apply the values and ethical codes of business.
• Apply the policies in place, indicators that may be observed, in the detection, reduction and prevention of fraudulent and corrupt actions.

Associated Assessment Criteria for Exit Level Outcome 6

• Perform manual and computerised compliance and substantive financial audit tests on various fields within the organisation.
• Perform manual and computerised operational audit tests on various fields within the organisation.
• Prepare financial statements for companies disclosing all information required by Generally Accepted Accounting Principles(GAAP).
• Prepare the accounting entries and draft the balance sheet.
• Prepare annual tax returns for individuals.\ and other bodies.
• Compile effective documentation systems for the administration of a retail business.

Integrated Assessment

• Both formative and summative assessments are integral components of all modules within the programme and have application to both traditional summative and continuous assessment, ensuring overall applied competence.
• All teaching and learning activities in the programme are aligned to the assessment approach of the individual modules indicating a constructive alignment approach in the design of the programme. The assessment activities form an integral part of the teaching and learning process and are systematically and purposefully used to generate data for grading.
• Timely feedback provides to the learners forms part of the assessment strategy of the institution and is used to inform teaching and learning and to improve the curriculum.
• Learning outcomes in all modules give an indication as to what will be assessed in the module and thus ensures constructive alignment of the modules within the programme.