Higher Certificate in Accounting

Purpose

The purpose of the Higher Certificate in Accounting qualification is to provide entry into the field of Accounting. This qualification will equip learners with accounting skills to work at entry level in a business, particularly to develop a conceptual and procedural knowledge base of the context and strategies relevant to basic financial and cost accounting processes. The learner will also learn to understand the importance of the correct and accurate application of appropriate accounting principles and theories.

Learners will acquire the requisite knowledge and skills to operate in any commercial, governmental, or nonprofit organization. The qualification provides learners with the knowledge, principles, concepts, and techniques that underline the disciplines necessary for effective financial management. The qualification will improve the learners' efficiency and effectiveness, which are key components in a business environment and are necessary in ensuring that the organisation runs smoothly.

The skills, knowledge and understanding demonstrated within this qualification are essential for social and economic transformation and contribute to the upliftment and economic growth within the business sector. Learners will be able to obtain employment in a range of entry-level accounting and administrative positions including office administration, financial administration, and related positions such as financial clerks, tax consultants, basic auditing, and book-keeping and to support managers and supervisors in accounting tasks and activities.

Upon completion of the qualification, qualifying learners will be able to

• Communicate effectively, using various modes of accessing and communicating information to achieve business goals and objectives.
• Demonstrate the use of information systems and technical knowledge to support the completion of business accounting and financial tasks and to understand the role of software, hardware, and equipment.
• Demonstrate understanding of and engage in discussions of management theories, models approaches and key business functions that inform decision-making and planning within a business.
• Demonstrate understanding of how business law concepts, theories and procedures are applied to accounting, auditing, and taxation.

Rationale

In all spheres of business and industry, Accounting and Finance are an integral and important part of any business and incorporate key skills for business managers, administrators, supervisors, and staff in general. Accounting is used across business functions of organisations from manufacturing and the service industry and applies to all types and entities of businesses, governmental, and other organizations.

Statistics available from the National List of Occupations in High Demand (2018) lists Financial Managers, Accountants, Audit Managers and Credit Managers at the highest level of scarcity of occupations.

The current skills deficit across all sectors means that there is a great need for staff who are qualified and able to perform across the key areas of accounting, auditing, taxation, and economics. Employees must be equipped with skills and knowledge that are key to the transformation of the South African economy and that they can contribute to the positive performance of their employers.

This qualification has been designed and developed to make a positive contribution to the South African economy by providing an opportunity for the education and training of accounting and financial practitioners as well as for managers and administrators across all sectors of business and commerce.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 5 totalling 128 Credits.

• End User Computing, 12 Credits.
• Business Communication, 12 Credits.
• Business Management Fundamentals,12 Credits.
• Financial Accounting, 16 Credits.
• Cost and Management Accounting, 16 Credits.
• Auditing, 12 Credits.
• Taxation, 12 Credits.
• Economics, 10 Credits.
• Business Law, 10 Credits.
• Accounting Practice, 16 Credits.

1. Communicate effectively, using various modes of accessing and communicating information to achieve business goals and objectives.
2. Utilise information systems and technical knowledge to support the completion of business accounting and financial tasks and to understand the role of software, hardware, and equipment.
3. Apply knowledge and engage in discussions to show an understanding of management theories, models, approaches, and key business functions that inform decision-making and planning within a business.
4. Apply Accounting, Auditing and Taxation theories, concepts, approaches, procedures, processes, techniques, and tools in the business environment to inform decision-making in compliance with professional, legal, and ethical requirements.
5. Engage in discussions and ensure that theories, concepts, approaches, and techniques related to economics are applied to accounting, auditing taxation and general management.
6. Apply procedure and discuss how business law concepts, theories and procedures are applied to accounting, auditing, and taxation.

Associated Assessment Criteria for Exit Level Outcome 1

• Utilise effective communication skills to explain processes and procedures to achieve business goals and objectives.
• Explain effective verbal and written communication skills required in a business environment.
• Apply a variety of communication technologies to communicate effectively with stakeholders.
• Use appropriate style and language to communicate coherently and concisely with stakeholders in the work environment.
• Utilise the necessary interpersonal skills required to work effectively as part of a team to achieve a common outcome.
• Apply knowledge and appropriate communication skills to interact with culturally diverse colleagues and customers.
• Apply knowledge and proper application of social media tools.

Associated Assessment Criteria for Exit Level Outcome 2

• Apply knowledge of and discuss and describe information systems.
• Apply knowledge and discuss the purpose and use of business computing equipment and devices.
• Apply knowledge and use of computer hardware and software applications.
• Utilise the office software to complete business tasks.
• Use basic knowledge of the Internet to complete business tasks.
• Apply knowledge of management and accounting software in business contexts.
• Describe and demonstrate knowledge of social media applications.

Associated Assessment Criteria for Exit Level Outcome 3

• Describe and explain the elements, models, and components of various organizational types.
• Apply understanding and engage in discussion of organisational cultures.
• Apply knowledge in discussing planning, leadership, organising, motivating, and controlling business activities and functions of managers.
• Explain basic human resource management models and approaches.
• Apply understanding of basic marketing terms.
• Describe marketing approaches as well as marketing legal requirements.
• Apply knowledge discussing personal selling and advertising principles.

Associated Assessment Criteria for Exit Level Outcome 4

• Apply knowledge and explain the fundamental accounting, auditing, and taxation concepts, terms, and principles.
• Apply knowledge and discuss the ethical and professional duties of professional accountants and auditors.
• Describe and explain accounting, auditing and tax systems, approaches, processes, procedures, and theories.
• Describe and compare different approaches to recording trading.
• Apply basic procedures in the preparation, analysis, and interpretation of financial statements.
• Identify and discuss different types of fraud that can occur in the accounting and auditing cycle.
• Describe, explain, and discuss risk management and risk prevention measures in the auditing context.

Associated Assessment Criteria for Exit Level Outcome 5

• Apply insight to show an understanding of the basic principles of economics and how they impact the economy.
• Apply knowledge to show an understanding of the micro-economic environment of the individual company.
• Discuss and show an understanding of the impact supply and demand changes have on the economy.
• Show an understanding of the dynamics of macro-economics and describe their implication of business cycles.
• Identify and describe the key economic challenges in South Africa.

Associated Assessment Criteria for Exit Level Outcome 6

• Explain the basic framework of the South African Legal system.
• Explain and discuss the theories, approaches, concepts, and general principles of business law.
• Discuss and apply the legal principles governing unwarranted enrichment.