Postgraduate Diploma in Accounting

Purpose

The purpose of the Postgraduate Diploma in Accounting is to provide successful learners with advanced knowledge, explicit skills, and technical competence for continued personal, intellectual, and professional growth. The qualification is designed to nurture theoretical engagement, specialist knowledge, intellectual independence, and continuous development. It is also designed to be forward-thinking and ensures that problem-solving integrates through each of the modules. Learners will demonstrate advanced competence in a range of fields including strategy and governance, stewardship of capital (with a focus on business processes and risk management), decision-making around capital, reporting on value creation, tax governance and compliance as well as assurance and assurance related services. Learners who obtain the qualification will be ethical, well-rounded professionals with an attitude of life-long learning who contribute to the profession and wider society through good judgement, keen discernment, and sharp insight.

The qualification will build on the foundation established by the successful completion of a Bachelor of Accounting to equip learners with the necessary knowledge, skills, and attributes to pass the South African Institute of Chartered Accountants' (SAICA) Initial Assessment of Competence (IAC) as part of the formal Chartered Accountant (South Africa) qualification process. Professional competence is the integration and application of professional values and attitudes, enabling competencies and technical competencies in the value-creation process that goes beyond knowledge of principles, standards, concepts, facts, and procedures. These competencies are grounded in the qualification as essential parts of the well-rounded development of the accounting professional. This enables graduates to become ethically responsible leaders who fulfil social mandates by optimising integrated thinking to create sustained value. Development of all competencies is prioritised such as the development of decision-making skills, judgement, professional scepticism and the awareness of different cultures, economic, political, and social forces in the world.

On completion of the qualification, successful learners will be able to

• Conceptualise and solve complex accounting problems in an entity's individual financial statements and group financial statements in terms of International Financial Reporting Standards.
• Develop and demonstrate the ability to provide divergent insights, rigorous interpretations, and robust solutions to practical problems through critically applying cost and financial decision-making management techniques.
• Demonstrate an advanced understanding of the statutory environment that governs the audit profession including the formulation of audit procedures by critically evaluating an entity's internal control and risk environment.
• Critically assess and apply tax legislation based on an advanced understanding of the tax consequences for individuals, companies, and distinctive tax matters in terms of the South African tax legislative framework.
• Identify and appropriately address ethical issues and challenges by applying the advanced knowledge, values and principles embedded in and expected of a Chartered Accountant.
• Integrate the complexities of accounting standards, audit procedures, tax legislation and cost and financial management techniques in relation to the professional Competency Framework.
• Critically review, evaluate, present, and communicate information effectively to a range of audiences by developing appropriate responses through problem-solving and decision-making.

Rationale

The accounting profession has been exposed to significant changes and will be faced with challenges in the upcoming decades. Research by the Association of Chartered Certified Accountants (ACCA) indicates that these changes are rapid and driven largely by advances in smart and digital technology, globalisation of reporting/disclosure standards, new forms of regulation as well as ethical considerations. Due to greater public pressures and stakeholder expectations, future accountants will consequently require education in digital technologies such as cloud-based accounting, automation, artificial intelligence and big data, globalisation, evolving regulations such as tax regulation, new forms of corporate reporting, integrated reporting, and ethical considerations.

The ACCA report revealed that knowledge of digital technologies is an area of key competence where professional accountants have demonstrable skill gaps. At present, accountants lack knowledge and understanding of the transformation of new disclosure regulations, new forms of disclosures, and awareness of the interconnectedness of financial and non-financial reporting. Professional accountants will need the skills to provide more all-inclusive corporate reporting, which is typified by less quantitative information in favour of more narrative detailing the quality of the organisation.

The Government Notice published by the Department of Home Affairs in February 2021, recorded the Chartered Accountancy skill as a scarce skill as reflected in the Chartered Accountant (South Africa) designation, on the South African scarce skills list. This alludes to the demand for this unique skillset in the Republic of South Africa, with a low supply of qualified individuals. To meet this demand, the institution will offer a qualification in the distance mode of provision, thereby increasing the opportunities available to those who wish to follow this career path. The need for the qualification is further evidenced by the intentions set out for the Higher Education Sector. One of which is the pressing need for increased access to higher education in South Africa, and the unique contribution that distance education at the institution offers in this regard. Furthermore, the South African Government has observed the potential for preparing learners to become Chartered Accountants and, as a result, urges departments such as the Treasury and the Office of the Auditor General to provide financial assistance to learners who are interested in studying toward the Chartered Accountant designation.

The institution is uniquely positioned to offer the qualification given its history and proven ability to deliver similar qualifications as a provider of ACCA-accredited qualifications and as a provider of HEQSF-aligned accounting qualifications.

The qualification will facilitate the national and global recognition of the skills and experience required as identified above. It will add value to the accounting and finance sector by recognising the broad range of expertise needed to be successful in this field by ensuring that the required level of knowledge is achieved, and applied in relevant working scenarios and that the experience necessary to demonstrate sustained competence in a variety of situations is developed to allow the learner to progress academically and practically in accounting and related fields. The typical learner who will benefit from this qualification will be an individual who has completed an accredited Bachelor of Accounting Degree, intends to or is already working in the accounting sector, and wishes to become a qualified, registered Chartered Accountant (South Africa).

The qualification is designed to prepare learners for the SAICA Initial Assessment of Competence (IAC) in partial fulfilment of the requirements for qualification as a Chartered Accountant and is aligned with the competency framework and curriculum requirements of SAICA. Learners who successfully complete the qualification will be eligible for careers in public, private, governmental, and non-profit organisations as Chartered Accountants, Auditors, Financial Managers, Financial Advisors and Specialists, Financial, Management Consultants, Tax Specialists, Business Managers, Business Owners, or Entrepreneurs as well as Banking and Financial Analysts, locally and globally.

Recognition of Prior Learning (RPL)

The institution's existing RPL policy and practices will be applied in the qualification. The principles of recognising learning that has already taken place will be applied at a modular level. The institution follows the Council on Higher Education's (CHE's) Policies on the Recognition of Prior Learning, Credit Accumulation and Transfer, and Assessment (CHE, 2016) and in accordance with the National RPL Policy (SAQA, Amended 2019). Learners need to be able to demonstrate their prior learning either through evaluation/verification and/or assessment.

RPL for access

• Learners who do not meet the minimum entrance requirements or the required qualification at the same NQF level as the qualification required for admission may be considered for admission through RPL.
• To be considered for admission in the qualification based on RPL, applicants should provide evidence in the form of a portfolio that demonstrates that they have acquired the relevant knowledge, skills, and competencies through formal, non-formal and/or informal learning to cope with the qualification expectations should they be allowed entrance into the qualification.
• Although learners are rigorously assessed, as per the principles of RPL, there is no guarantee that a learner will gain admission into a qualification.
• Each application will be considered on a case-by-case basis and learners will enter discussion with the RPL advisor to determine the requirements for the RPL assessment/portfolio of evidence.
• Only 10 % of a cohort will be allowed admission to a qualification on an RPL basis.

RPL for exemption of modules

• Learners may apply for RPL to be exempted from modules that form part of the qualification.
• For a learner to be exempted from a module, the learner needs to provide sufficient evidence in the form of a portfolio that demonstrates that competency was achieved for the learning outcomes that are equivalent to the learning outcomes of the module.
• Learners applying for admission to the qualification via RPL can only be exempted from a maximum of 50 % of the modules.
• Although learners are rigorously assessed, as per the principles of RPL, there is no guarantee that a learner will receive exemptions from modules.
• Each application will be considered on a case-by-case basis and learners will enter discussion with the RPL advisor to determine the requirements for the RPL assessment/portfolio of evidence.

All RPL applications will be adjudicated by the Academic Committee and Registrar: Administration. The outcome of the applications will be communicated to learners in writing (via email).

Entry Requirements

The minimum entry requirement for this qualification is

• Advanced Diploma in Accounting, NQF Level 7.

Or

• Bachelor of Accounting, NQF Level 7.

Or

• Bachelor of Commerce in Accounting, NQF Level 7.

This qualification consists of the following compulsory modules at NQF Level 8 totalling 120 Credits.

Compulsory Modules, Level 8, 120 Credits

• Advanced Financial Accounting including International Financial Reporting Standards (IFRS) and Group Statements, 40 Credits.
• Advanced Cost and Financial Management Accounting, 30 Credits.
• Advanced Auditing, 25 Credits.
• Advanced Tax, 25 Credits.

1. Conceptualise and solve complex accounting problems in an entity's individual financial statements and group financial statements in terms of International Financial Reporting Standards.
2. Develop and demonstrate the ability to provide divergent insights, rigorous interpretations, and robust solutions to practical problems through critically applying cost and financial decision-making management techniques.
3. Demonstrate an advanced understanding of the statutory environment that governs the audit profession including the formulation of audit procedures by critically evaluating an entity's internal control - and risk environment.
4. Critically assess and apply tax legislation based on an advanced understanding of the tax consequences for individuals, companies, and distinctive tax matters in terms of the South African tax legislative framework.
5. Demonstrate the ability to identify and appropriately address ethical issues and challenges by applying the advanced knowledge, values and principles embedded in and expected of a Chartered Accountant
6. Demonstrate the ability to integrate the complexities of accounting standards, audit procedures, tax legislation and cost and financial management techniques in relation to the professional Competency Framework.
7. Critically review, evaluate, present, and communicate information effectively to a range of audiences by developing appropriate responses through problem-solving and decision-making.

Associated Assessment Criteria for Exit Level Outcome 1

• Meticulously prepare individual financial statements and group financial statements in terms of International Financial Reporting Standards.
• Critically evaluate and interpret individual financial statements, group financial statements and the elements thereof in terms of International Financial Reporting Standards.

Associated Assessment Criteria for Exit Level Outcome 2

• Critically evaluate different costing systems and cost behaviours and provide innovative recommendations to effectively manage costs.
• Perform holistic analysis to aid performance evaluations.
• Accurately prepare budgets and valuations and perform detailed analyses to provide advice, solve problems and enable informed decision-making.
• Develop plans and critical analysis with appropriate contextual consideration given to business risks, business planning and business strategy development and implementation.

Associated Assessment Criteria for Exit Level Outcome 3

• Critically evaluate the external audit process and develop detailed audit plans and audit strategies based on these evaluations within the context of the statutory environment that governs the audit profession.
• For complex business systems, processes, and technological environments, appropriately evaluate and critically analyse the risks, controls, financial and information systems and develop extensive tests of controls and substantive procedures.

Associated Assessment Criteria for Exit Level Outcome 4

• Perform accurate calculations and critically assess the tax liabilities of individuals, businesses, and distinctive tax matters.
• Depending on the needs of taxpayers, provide useful tax advice supported by logical analysis.

Associated Assessment Criteria for Exit Level Outcome 5

• Critically discuss and evaluate ethical dilemmas and provide appropriate recommendations to address unethical behaviour.

Associated Assessment Criteria for Exit Level Outcome 6

• Integrate the complexities of accounting standards, audit procedures, cost and financial management techniques and tax legislation.
• Apply the South African Income Tax Act and other statutes relevant to the business environment of the individual and corporate taxpayer locally and globally.
• Provide accurate and useful tax advice supported by valid and well-reasoned analysis according to the taxpayer's needs.

Associated Assessment Criteria for Exit Level Outcome 7

• Critically review, evaluate, present, and communicate information effectively to a range of audiences by developing appropriate responses through problem-solving and decision-making.
• Explain the ramifications of accounting and economic policy and business decisions in a language which is accessible to the general public and various stakeholders in the business community.
• Use language effectively to convey ideas and insights intelligibly.
• Formulate appropriate responses to resolve both concrete and abstract problems that accountants and auditors are normally confronted with.