Diploma in Public Finance

Purpose

The purpose of this qualification is to provide qualifying learners with a sound understanding of general theoretical principles as well as a combination of general and specific procedures, skills, attitudes, competence and their application in the field of finance and accounting within the national, provincial and local government. Qualifying learners will have theoretical knowledge in financial accounting, public finance management, public finance law and auditing together with practical innovative skills in performing reporting functions in accordance with the various regulatory frameworks. They will be able to record accounting transactions, draft financial statements and budgets, report on financial performance, audit any public finance related matters according to prescribed legislation. Each of the modules in this qualification contribute to the required skills identified by industry competency frameworks. The significance of this qualification is that it will enable successful learners to enter a career path in the public sector and private sector to address the skills gap as identified by various national treasuries in the world. The graduates will function independently with little or no intervention from senior officials within the scope of practice.

Rationale

There is an increased need for skilled people in junior and senior financial positions in the three spheres of government. This demand has brought new challenges to higher education and professional bodies alike.

The development of this qualification is in line with the government policies to provide the necessary professional career paths for the learners in the Public Sector Finance domain. Qualified and competent financial managers in the public sector have a direct influence on the effective and efficient delivery of public services to the citizens of a country, through the efficient management and accounting of public financial resources. The typical learner that will enrol for this qualification includes learners interested in the academic fields of accounting, financial management and auditing that seeks to contribute to their communities through efficient and effective government services or employees that work in the Public Sector Finance domain.

The skills obtained on the different levels will correspond with the skills required by government and the professional body, the Chartered Institute of Government Finance, Audit and Risk officers (CIGFARO), previously known as the Institute for Municipal Financial Officers (IMFO). This professional body is not a statutory body but regulates the skills needed as identified in the Local Government: Regulations on Appointment and Conditions of Employment of Senior Managers and the skills guideline for National and Provincial government. It also provides opportunities in continuous professional development for public sector finance practitioners.

This qualification intends to strengthen the skills needed in National, Provincial and Local government and to close the gaps that may arise from various governments. This diploma qualification includes an appropriate Work Integrated Learning (WIL) component through simulation.

Recognition of Prior Learning (RPL)

Learners who do not meet the entry requirements may gain admission through recognition of prior learning. In all cases, recognition will be considered under the conditions of the institution's policies and approval as per institutional policy: credits towards this qualification may be obtained by means of Recognition of Prior Learning (RPL).

Entry Requirements

The minimum entry requirement is

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

Or

• Relevant qualification on National Qualifications Framework(NQF) Level 4.

This qualification consists of compulsory modules at National Qualifications Framework (NQF) Levels 5 and 6 totalling 360 Credits.

Compulsory Modules at Level 5: 168 Credits

• Communication for Academic purposes I, 10 Credits.
• Computer Literacy I, 10 Credits.
• Life Skills I, 2 Credits.
• Academic Literacy I, 2 Credits.
• Advanced Communication I, 12 Credits.
• Work Integrated Learning (WIL) in Public Finance I (Simulation), 20 Credits.
• Public Finance Administration I, 20 Credits.
• Public Finance and Accounting I, 10 Credits.
• Financial Accounting IA, 12 Credits.
• Financial Accounting IB, 12 Credits.
• Public Finance Management I, 10 Credits.
• Public Finance law II, 12 Credits.
• Macro Economics I, 12 Credits.
• Taxation I, 12 Credits.
• Professional Standards and Ethics in Public Sector I, 12 Credits.

Compulsory Modules at Level 6: 192 Credits

• Work Integrated Learning (WIL) in Public Finance II (Simulation), 20 Credits.
• Public Finance and Accounting II, 8 Credits.
• Financial Accounting IIA, 12 Credits.
• Financial Accounting IIB, 12 Credits.
• Auditing IIA, 12 Credits.
• Auditing IIB, 12 Credits.
• Public Accounting Systems II, 10 Credits.
• Public Finance Management II, 10 Credits.
• Public Finance Law III, 10 Credits.
• Public Finance Management III, 18 Credits.
• Financial accounting IIIA, 12 Credits.
• Financial accounting IIIB, 12 Credits.
• Auditing IIIA, 12 Credits.
• Auditing IIIB, 12 Credits.
• Work Integrated Learning (WIL) in Public Finance III (Simulation), 20 Credits.

1. Apply the key terms, concepts, facts, principles, rules and theories to unfamiliar but relevant contexts; and demonstrate knowledge of the area of public finance and how that knowledge relates to auditing, accounting and economics in the field of business studies.
2. Select, analyse, evaluate and interpret financial information and legislation related to the public sector, compile financial statements Generally Recognised Accounting Practice (GRAP) and Generally Accepted Accounting Practice (GAAP), public sector auditing reports, budgets, tax returns, and diligently apply financial accounting, public accounting, public sector auditing and taxation methods, procedures or techniques to professionally investigate matters related to public finance in the field of government studies.
3. Identify, analyse and solve problems in financial accounting, public accounting, public financial management, public sector auditing, taxation, professionally gathering evidence and attentively applying solutions based on evidence and procedures appropriate to the field of government studies.
4. Demonstrate an understanding of professional standards and ethics in accounting, public financial law, public financial administration, and life skills, within an organisational or professional context based on an awareness of the complexity of ethical dilemmas in public finance.
5. Select, interpret, analyse, evaluate and present appropriate sources of information in financial accounting, public sector auditing, public accounting, taxation, information literacy, and public financial management using investigative, reporting, planning, numeracy and life skills in the field of government studies.
6. Prepare, analyse, interpret, present and communicate financial information reliably and coherently using communication for academic purposes, computer literacy and information literacy in the area of public finance appropriate to the field of government studies.
7. Make decisions and act appropriately in a diligent, effective, accurate manner, demonstrating an understanding of the relationships between recording of transactions, preparation of ledgers, trial balance and financial statements within public accounting and public financial management, and how these impact on other matters in the field of government studies.
8. Work effectively in a team or group, and take responsibility for own decisions and actions and the decisions and actions of others within well-defined contexts, including the responsibility for the use of resources where appropriate.

Associated Assessment Criteria for Exit Level Outcome 1

• Explain key terms, concepts and principles in accounting, finance and auditing as applied in the public sector environment.
• Discuss terminology, concepts and principles applicable in financial accounting, financial management, auditing in detail.
• Show understanding of economic theories and principles.
• Apply basic principles of public finance legislation and regulation in the recording of accounting transactions, basic tax, drafting of financial statements and budgets, reporting on financial performance, auditing and public finance related matters.

Associated Assessment Criteria for Exit Level Outcome 2

• Apply appropriate methods, procedures and techniques to execute proper financial management in government.
• Apply appropriate methods and procedures to record financial transactions manually and computerised in the private and public sector.
• Identify and apply procedures for a proper audit.
• Identify and apply correct legislation and regulations on selected circumstances.
• Demonstrate ability to calculate tax.
• Draft appropriate and accurate reports including graphs.

Associated Assessment Criteria for Exit Level Outcome 3

• Evaluate records, procedures and decision making in accordance with accepted accounting and auditing practice.
• Identify and evaluate public Finance related law, regulations and procedures before applying them in an industrial related scenario to solve a problem.
• Identify and apply solutions to solve specific problems regarding public finance management issues.
• Apply professional gathering of evidence during an audit in a professional manner.
• Align budget to cash flow projection to expenditure.
• Gather evidence for appropriate analyses to solve problems.

Associated Assessment Criteria for Exit Level Outcome 4

• Show awareness of ethical issues and professional standards when seeking guidance on ethical issues in a public financial management environment.
• Apply organisational values are visible when principles and procedures in the public accounting environment.
• Demonstrate ethical behaviour during the Work Integrated Learning (WIL) module.
• Resolve ethical and potential conflict of interest issues, taking into account associated risks.

Associated Assessment Criteria for Exit Level Outcome 5

• Apply well-developed processes when recording all aspects of public accounting.
• Evaluate different sources of information before applying it for budget and decision making purposes.
• Apply well-developed processes of analysis, synthesis and evaluation when managing public finance and reporting to senior managers.

Associated Assessment Criteria for Exit Level Outcome 6

• Coherently communicate and present complex information on the level of a middle manager.
• Analyse, interpret and report on information for the purposes of solving problems using communication skills through computer literacy.
• Communicate the analysis and interpretation of information reliably and coherently in different formats (Manual, computer or presentation).

Associated Assessment Criteria for Exit Level Outcome 7

• Illustrate the difference between the accounting system in the private sector Generally Accepted Accounting Practice (GAAP). and public sector Generally Recognised Accounting Practice (GRAP) accurately when recording transactions, preparing the ledger, trial balance and financial statements.
• Apply the correct legislation effectively and in an accurate manner to demonstrate an understanding of the legislation during a decision making process.
• Identify the relationships between the accounting system, financial management system and other systems when making decisions.

Associated Assessment Criteria for Exit Level Outcome 8

• Demonstrate the ability to work effectively in a team or group.
• Accept responsibility for decisions and actions of self and others within well-defined contexts.
• Accept responsibility for the use of resources where applicable.

Integrated Assessment

For the assessment strategy as a whole, evidence will be demonstrated through a variety of options that can include formative assessment such as class tests, case studies, problem solving assignments, and practical exercises. Learners will be required to compile a portfolio of learning materials. Summative assessment will consist of at least two assessments that cover theory and practical activities or formal exams.

Integrated assessment will measure applied competence. It will assess whether learners are able to recognise, identify, apply, analyse and assess internal and external factors that influence the public finance environment (practical competence), understand the theoretical and fundamental basis of all accounting and auditing principles (foundational competence) and apply these principles in the public finance environment in order to make economic decisions (reflective competence).