Higher Certificate in Accounting Practice

Purpose

The purpose of this qualification is to ensure that graduates are equipped with the entry-level theoretical knowledge, methodology and practical competence of the important disciplines in accounting and related services. It will enable learners to demonstrate initiative, accountability and responsibility in a professional and/or academic context where application of the principles and theory are emphasised as a basis for entry into the labour market, professional training, graduate study, or professional practice in a wide range of careers within the civil society, public or private sectors. This qualification is developed in an increasingly applied manner covering the major functional specialisations and culminating into an integrated fashion, which provides broad strategic context for entry graduates on interrelated issues in business, commerce and management studies field. This qualification allows graduates to demonstrate initiative, accountability and responsibility in a professional and or academic context where application of the principles and theory are emphasised.

The other purpose of this qualification is to provide contemporary insights into this dynamic field, to develop the practical skills (i.e. principles and their application) to operate in the context of accounting and related services at Level 5 of the of the National Qualifications Framework. These contexts include bookkeeping, computing for income tax returns, numeracy, implementation of auditing and internal control procedures, perform basic costing and management of accounting procedures, and to undertake computerised accounting. Learners will be equipped with skills on how to administer payroll and monthly South African Revenue Service (SARS) returns using an appropriate application software in a computerised business environment. They will also be able to present reports using a computer software package, and also be empowered with accounting and business management skills and proficiencies necessary to function and progress in a variety of environments.

Learners who do not obtain Diploma or Degree access on their National Senior Certificate or National Certificate Vocational can, upon successful completion of this qualification, progress vertically to a target qualification of their choice, as the admission requirements would have been met. Within this ambit, this qualification is an ideal gateway qualification, which permits learners to articulate vertically by means of credit accumulation and transfer into Diploma and Degree studies.

This qualification signifies that the student has attained a level of higher education knowledge and vocational-occupational competence in accounting and related services, and is capable of applying such knowledge and competence in an occupation or role at the workplace.

The breadth and depth of learning achieved by individuals reflect a broad repertoire of skill-sets and knowledge-sets consisting of principles, theoretical engagement and levels of intellectual independence characteristic of this qualification, which facilitates access to the world of work and promotes critical and analytical citizenship for a rapidly evolving and growing nation, this qualification forms part of the increase in provision of graduates with higher order capabilities to grow the economy, to advance social transformation, and to remain regionally relevant and globally competitive.

In addition, this qualification is designed to bridge the skills gap in the accounting and related services sector by equipping potential candidates with the capability and aptitude acquired through a purposeful, sequenced and sustained effort to smoothly and adaptively carry out multifaceted activities or job functions involving ideas (cognitive skills), things (technical skills), and/or people (interpersonal skills).

Rationale

The Higher Certificate in Accounting Practice is justified, broadly, with reference to two considerations. The first is the pressing need for increased access to higher education in South Africa, and the unique contribution that distance education offers in this regard.

Secondly, the mismatch between skills and available jobs in South Africa's labour market, in particular, the need for management practitioners with accounting competence, mandates the provision of qualifications designed with this particular need in mind. This qualification has been designed with due cognisance of these aforementioned considerations. The result is a qualification that is fit for purpose and that offers a viable solution to challenges faced in the South African labour market. It is a response to the workplace need for competent individuals across the different industry sectors. Employers have expressed the current and future need for competent entry and junior practitioners, supervisors and management. The skills, knowledge, attitudes and values required by accounting practitioners are captured in this qualification while remaining, to a certain degree a generalist qualification for the field of practice rather than a specialist one, by offering good breadth on the important topics combined with appropriate occupational and professional depth for its intended purpose.

This qualification also provides career opportunities in the fields of accounting. It forms the basis for entry into the labour market, professional training, graduate study, or professional practice in a wide range of careers within the civil society, public or private sectors in various capacities for example:

• Assistant Accountant.
• Auditing Assistant.
• Accounts Receivable Administrator.
• Accounts Payable Administrator.
• Bookkeeper to Trial Balance.
• Computerised Bookkeeper.
• Management Trainee.
• Payroll and Monthly South African Revenue Service (SARS) Returns Administrator.
• Junior Cost Accountant.
• Junior Credit Analyst.
• Junior Tax Accountant.
• Internal Auditor.
• Inventory and Materials Controller.
• Administrator.

In the increasingly competitive, sophisticated and changing world of work, the continued development of entry to middle order applied knowledge is essential. The curriculum has been designed to give individuals the skills required for managing life-long learning to build successful careers and to remain productive and responsible citizens. This qualification provides a balance in fields that are broadly enabling in relation to career pathways while providing opportunities for both professional membership with a variety of local and international bodies and further studies through vertical and horizontal articulation pathways, for example:

• Specialised studies in tax practitioners.
• Advanced studies in business management or corporate accounting.
• Diploma or Bachelor's Degree studies in Bachelor of Commerce (B Com) related areas

Therefore, the design of this qualification balances the need for occupational specialisation with the requirement to extend learners' occupational capacity beyond a single area of competency thereby providing broader opportunities for eventual employment and life-long learning.

The professional environments in which graduates will participate are heavily reliant on specific and current knowledge and skill sets. The programme leading to the award of this qualification represents a planned and purposeful set of outcomes that prepare learners for entry into the associated occupation/s as well as preparing them for further learning pathways. This design of this qualification balances the need for occupational specialisation with the requirement to extend a learner's occupational capacity beyond a single area of competency thereby providing broader opportunities for eventual employment and life-long learning.

Completion of this qualification meets the minimum entry requirement for admission to an appropriate Advanced Certificate Advanced Certificate at Level 6. Accumulated credits may also be presented for admission into a cognate Diploma or may allowed access to a cognate Bachelor's Degree.

The philosophical and theoretical underpinnings informing the curriculum design of this qualification are set out in the course curriculum statements, which are populated by up-to-date trends in relation to good practice, sound knowledge content, and technical and technological content from the knowledge system associated with this knowledge project and from the broader commercial context. The design ensures that qualified learners are able to contribute to the transformation agenda in the South African economic context, while also being able to operate successfully in the global context.

Recognition of Prior Learning (RPL)

Learners may provide evidence of prior learning for which they may receive credit towards the qualification by means of portfolios or other forms of appropriate evidence which may include, verified accounts of previous relevant work done and performance records, and which evidence is in accordance with the requirements of the relevant Quality Council. Learners who do not meet the minimum entry requirements may be granted admission through Recognition of Prior Learning.

Entry Requirements

This minimum entrance requirement to this qualification is either a

• National Senior Certificate (NSC) granting access to Higher Certificate studies, and English as one of the subjects passed.

Or

• National Certificate (Vocational) (NC(V)), Level 4, granting access to Higher Certificate studies and English as one of the subjects passed.

This qualification consists of compulsory modules at Level 5 totalling 122 Credits.

• Business Mathematics 1, 6 Credits.
• Computer Literacy 1 (Introduction to PC, Windows and Word), 8 Credits.
• Computer Literacy 2 (Excel), 8 Credits.
• Bookkeeping to Trial Balance, 20 Credits.
• Introduction to Taxation, 15 Credits.
• Computerised Bookkeeping Pastel Accounting, 10 Credits.
• Business Management 1, 16 Credits.
• Introduction to Auditing and Internal Control, 15 Credits.
• Introduction to Cost and Management Accounting 1, 10 Credits.
• Work Integrated Learning (Sage Pastel Payroll and Monthly South African Revenue Services (SARS) Returns), 14 Credits.

1. Demonstrate competence in numeracy; inter alia working of the number system.
2. Discuss the role of business management in the world of business and the basic steps involved in the establishment of new businesses.
3. Apply an informed understanding of bookkeeping functions and compile some of the company's key accounts from a business context.
4. Maintain the entire company's books, make numerous daily computations and update accounting records.
5. Compile some of the company's accounts for the welfare of the business.
6. Demonstrate an awareness of the operation of the Income Tax Act and South Africa's taxation system.
7. Demonstrate an informed understanding and competence in Pastel language and navigation.
8. Implement auditing and internal controls in an entity to ensure that the records are accurate and conforms to set standards.
9. Understand how different kinds of systems or constituent parts and the relationships between these parts, and how actions in one area affects other areas within the same system.

Associated Assessment Criteria for Exit Level Outcome 1

• Perform calculations involving fractions and decimals using the four basic operations of Brackets of Division and Multiplication Addition and Subtraction (BODMAS).
• Perform calculations involving percentages, ratios, proportions and rates, and solve problems using algebraic methods in equations.
• Perform the steps in statistical data analysis, and compute various outcomes using probabilities.

Associated Assessment Criteria for Exit Level Outcome 2

• Explain the role of business enterprises in making the products and services available needed by society to exist and thrive.
• Describe the factors affecting the business environment and understand the importance of control of the managerial processes.
• Evaluate the various forms of ownership and choose the most appropriate form of business ownership under a given scenario.

Associated Assessment Criteria for Exit Level Outcome 3

• Record and analyse the effect of various transactions using the accounting equation.
• Account for assets and liabilities of the business.
• Calculate the effect on the basic accounting equation and transactions that give rise to income and expenditure.

Associated Assessment Criteria for Exit Level Outcome 4

• Explain how the rules of double entry are adhered to when making journal entries.
• Compute Value Added Tax (VAT) and account for a variety forms of VAT in the journals.
• Explain how the individual accounts for debtors and creditors work and why it is important to have separate ledgers.

Associated Assessment Criteria for Exit Level Outcome 5

• Work with control accounts, perform reconciliation of creditors/suppliers, general ledger, and bank statement culminating into the drafting of financial statements.
• Prepare reconciliation statement, interpret and investigate any outstanding items on the current month's bank reconciliation statement.
• Demonstrate the ability to prepare final accounts in the books of account at the year-end as well as prepare a simple income statement and balance sheet.

Associated Assessment Criteria for Exit Level Outcome 6

• Determine the individual or business's tax liability in terms of the existing legislations.
• Interpret and apply the legislation and procedures relating to capital gains/losses, donation tax, estate duty and the role of SARS and the Tax practitioner.
• Explain the need of Tax Practitioners in South Africa and the reasons why a Tax practitioner becomes a professional member of the South African Institute of Tax Professionals (SAIT).

Associated Assessment Criteria for Exit Level Outcome 7

• Execute computerised bookkeeping tasks using Pastel Accounting application software.
• Develop and process computerised accounting records, budgets and effect payments and SARS Monthly Returns of a company in Pastel.
• Communicate accounting information reliably, accurately and coherently to supervisors and other managers within the department or entire company.

Associated Assessment Criteria for Exit Level Outcome 8

• Evaluate the importance of the duties, rights, liabilities and the fundamental principles an auditor should adhere to.
• Understand the revenue, receipts cycle of an entity, and explain how the auditor will conduct an audit in the cycle.
• Examine audit adjustments and the process that the auditor will implement to formulate an external audit opinion.

Associated Assessment Criteria for Exit Level Outcome 9

• Understand the importance of the different fields of accounting and the essence of managerial accounting in the management of an enterprise.
• Implement measures to control inventory and overheads and apply a variety of accounting methods in line with organisational requirements and Generally Accepted Accounting Principles (GAAP) and Generally Recognised Accounting Practice (GRAP).
• Prepare statements for a manufacturing concern, carry out a variety of costing systems and prepare related ledger accounts in order to make informed financial management decisions for an organisation.

Integrated Assessment

Integrated assessment is essential to ensure that the purpose of the qualification is achieved in relation to the occupational focus carried by the qualifier and in terms of its propositional and declarative knowledge, vocational relevance and reflexive competency.

Successful learners will have undertaken an extensive process in which assessments progressively build the learners' integrated competency to a point where learners are able to express, through a range of mechanisms measured against valid, reliable and transparent criteria, which they can operate effectively in an entry-level occupational position within the knowledge system specified by the qualification title.

Formative assessment integrates the cycle of teaching and learning and assessment. Study guides and texts contain self-assessment exercises. The scheme of work includes formal assessments in the form of tests and/or assignments based on the learning material and students are graded and provided with written feedback. The process is continuous and focuses on smaller sections of the work and limited in the number of outcomes assessed.

Summative assessments are in the form of proctored examinations, or assessments such as a research report, which assesses a representative selection of the outcomes, practised and assessed in the formative stage. Summative assessment also tests the learner's ability to manage and integrate a large body of knowledge to achieve the stated outcomes of a qualification.