Postgraduate Diploma in Accounting Science

Purpose

The purpose of the Postgraduate Diploma in Accounting Science is to equip learners with sound subject knowledge, sound theoretical underpinnings to practice, the capacity to integrate theory and practice, and appropriate values and skills to deal with diversity in business.

The qualification is designed to provide learners with integrated knowledge and skills related to accounting to prepare them for the Initial Test of Competency (ITC) administered by the South African Institute of Chartered Accountants (SAICA) the next step in becoming a charted accountant. This qualification will widen access to learners from disadvantaged backgrounds. The qualification will integrate Financial Accounting, Management Accounting, Financial Management, Auditing, Taxation, Strategy, Risk and Governance.

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

• Develop an in-depth knowledge of a major discipline in more than one area.
• Convert business records using formal and accepted accounting practices into management information and be skilled at interpreting such information.
• Operate in both turbulent and stable economic environments and respond effectively to uncertainties.
• Access, process and communicate information appropriately and effectively.
• Work effectively as an individual, in multicultural teams.
• Engage in life-long learning through the exercise of fundamental learning skills and understand the requirement to maintain continued competence and to keep abreast of the changing business, financial and policy environment which brings ever-new methods, techniques, and competitive challenges.
• Demonstrate ethical awareness of the code of conduct of accounting practitioners prescribed by the relevant professional bodies and carry this code into the world of work.
• Demonstrate specialised knowledge of Financial Accounting and other related fields (such as Tax, Auditing, Managerial Accounting and Financial Management) and,
• Write the South African Institute of Chartered Accountants examination and apply for professional recognition.

Rationale

South Africa currently experiences a shortage of qualified accountants. There is a need for this qualification as the current demand for Chartered Accountants exceeds the supply in the country. The qualification will address a critical need in South Africa for Chartered Accountants (CA) who are equipped to deal with the challenges facing business, who are knowledgeable, confident in their ability to learn and who are not afraid of change. The qualification will address the lack of black chartered accountants in South Africa and redress the demographics of professional accountants, to transform the profession.

The South African economy requires Accounting and Finance professionals who can manage their organization's profitability and sustainability. This qualification will therefore provide South Africa with skilled human capital in the accounting discipline. This discipline is vitally important for an organization to gain and maintain a competitive advantage in its cost structure. The learners will be provided with a rigorous grounding for a career in commerce by equipping them with postgraduate-level knowledge, specific skills and applied professional competencies in accounting and other related fields.

The institution recently gained SAICA accreditation for its undergraduate Accounting Science degree and has been preparing to offer the final academic qualification required to register for the professional entrance examinations. To transform the accounting profession and its membership base, SAICA through its nation-building division and the University of Cape Town, has mentored the department through its capacity-building project. Learners from the institution and those from disadvantaged rural backgrounds fit squarely into these transformation objectives and together with factors such as cost and departmental assistance toward obtaining funding, make the decision to offer the qualification logical.

The qualification was developed in consultation with SAIC in the quest to develop black Chartered Accountants from previously disadvantaged societies. These learners may be employed as entry-level bookkeepers and various accounting and administration-related posts in commercial private and public sectors.

This qualification will meet the needs of industry and business by providing learners with a broad understanding of accounting and related fields. Employers require qualified learners who can demonstrate that they have developed skills as reflective, independent learners, who can critically analyse complex problems. The needs of industry sectors are further met in that learners will also master a range of specialised competencies in the field of applied accounting which constitutes auditing, taxation, financial management, management accounting and a research project.

The qualification will allow learners to fill vacancies in the public and private sectors and be allocated responsibilities in Technology, Financial Reporting, Governance, Taxation and Asset management. In the public sector, there are opportunities in SOE's, Treasury and the Auditor General. The qualification will contribute to the development of the country and the economy by developing learners who can apply critical and analytical thinking and innovation in business and industry.

The qualification will prepare learners for entrance to the accounting profession's qualifying examination. The qualification will also allow learners to proceed to further academic study for the Master's degree. An important competence we try to inculcate is the idea of lifelong learning thus the learning process never ends.

Apart from expressing opinions on financial statements accountants have the skills and knowledge to improve efficiency, and operational capacity and create awareness regarding what constitutes irregular and corrupt activities.

Recognition of Prior Learning (RPL)

The institution's RPL Policy and Procedures set out the requirements and procedures for the recognition of prior learning for the purpose of admission to university study. Prior learning will be recognized in the form of properly certified university qualifications that are acceptable to the Senate for recognition for admission. Appropriate professional qualifications, as well as a body of practical experience, substantiated through a portfolio providing documentary evidence in support of the specific RPL application may also be considered.

Applications are admitted in terms of the rules governing selection for postgraduate studies which state that: "An applicant who has graduated from another tertiary institution or who has in any other manner attained a level of competence which, in the opinion of the Senate, is adequate for the purpose of postgraduate studies or research, may be admitted as a learner of the institution. Learners will have to use the university's procedure, which is approved at various university levels". Assessment of all applicants must be endorsed by the relevant body for approval prior to student registration. The performance of learners admitted by RPL will be closely monitored, and the implementation and effectiveness of RPL evaluated annually.

The 10% of the cohort of learners will be determined through the enrolment target provided in the University Plan and these will be admitted following the institution's policy. The institution's RPL Policy is in the process of being revised to include the 10% rule as stated in the National Policies for Recognition and Prior Learning: Credit Accumulation and Transfer, and Assessment in Higher Education, 2016.

Entry Requirements

The minimum entry requirement for this qualification is

• Advanced Diploma in Accounting Sciences, NQF Level 7.

Or

• Advanced Diploma in Accounting, NQF Level 7.

Or

• Advanced Diploma in Cost and Management Accounting, NQF Level 7.

Or

• Advanced Diploma in Management Accounting, NQF Level 7.

Or

• Bachelor of Accounting, NQF Level 7.

Or

• Bachelor of Accounting Sciences in Management Accounting, NQF Level 7.

Or

• Bachelor of Commerce in Accounting, NQF Level 7.

Or

• Bachelor of Commerce in Accounting Science, NQF Level 7.

Or

• Bachelor of Commerce in Cost and Management 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 Reporting, 30 Credits.
• Advanced Managerial and Financial Management (MAF), 30 Credits.
• Business Controls, Governance and Assurance, 30 Credits.
• Advanced Taxation, 30 Credits.

Exit Level Outcomes

1. Integrate Financial Accounting, Management Accounting, Financial Management, Auditing, Taxation and the attributes and create practical solutions to real and hypothetical circumstances.
2. Analyse and evaluate the pertinent information from a given scenario against established knowledge and propose an appropriate response to the given.
3. Attain a level of knowledge, understanding of technical skills and professional expertise to work in an entry-level managerial post in a professional accounting environment.
4. Apply the essential ethical principles in personal, business and professional accounting environments.
5. Design, analyse and evaluate financial and related information systems for business monitoring and control purposes.
6. Demonstrate the values of intellectual honesty and ethical behaviour.
7. Demonstrate evidence of self-directed learning and an appreciation of the concepts of continuous professional development and life-long learning.
8. Independently apply economic knowledge and practices to an understanding of conceptual and practical problems.

Associated Assessment Criteria for Exit Level Outcome 1

• Integrate the complexities of accounting standards, audit procedures, cost and financial management techniques and tax legislation.
• Critically evaluate and interpret individual financial statements, group financial statements and the elements thereof.
• Communicate a range of options available to a diverse group of stakeholders through a discussion of the merits (or negative consequences) of choices available.
• Demonstrate an understanding of the circumstances in the documents.

Associated Assessment Criteria for Exit Level Outcome 2

• Critically evaluate the circumstances presented.
• Produce an original and complete integrated set of annual financial statements (or part thereof) through analysis and investigation of case study scenarios learners.
• Produce an assurance report.
• Give Tax consequence advice.
• Produce a strategic report on financial and other effects in accordance with the conceptual Framework and International Financial Reporting Standards, the Companies Act or other statutes, International Auditing standards, the various components of the tax regime including legislation and case law and established financial and management practices.

Associated Assessment Criteria for Exit Level Outcome 3

• Conduct investigations using written and technological resources.
• Analyse and interpret financial and other information to promote constructive change within a professional accounting context.
• Develop a train of logic to a conclusion supported by qualitative and quantitative arguments.

Associated Assessment Criteria for Exit Level Outcome 4

• Participate in activities such as group work, individual projects and assessment activities and show an appreciation of related ethical principles.
• Apply ethical principles accordingly as required by the professional body.
• Critically discuss and evaluate ethical dilemmas and provide appropriate recommendations to address unethical behaviour.

Associated Assessment Criteria for Exit Level Outcome 5

• Prepare operational programs, either individually or in groups which require independent critical thinking and problem-solving skills.
• Communicate the financial plan in a written or oral presentation.
• Explain, discuss recognize and improve the financial plan demonstrating problem-solving skills.

Associated Assessment Criteria for Exit Level Outcome 6

• Analyse the accounting profession structure, different roles and responsibilities available to accounting professionals.
• Discuss the responsibilities of internal and external role players and perform the functions of each category.
• Integrate responsibilities of internal and external role players with governance protocols.
• Compare internally and externally the United Nation's Sustainability Development Goals with other good governance protocols.

Associated Assessment Criteria for Exit Level Outcome 7

• Articulate strategies in a self-critical manner, which effectively address professional ongoing learning needs.
• Promote continuous professional development and lifelong learning as individuals and as groups.

Associated Assessment Criteria for Exit Level Outcome 8

• Reflect with self and others during lectures and group work.
• Critically analyse own and other people's thoughts and actions during presentations.
• Organise self and work in groups in the face of continual challenges and changes from the academic environment demonstrated.

INTEGRATED ASSESSMENT

The qualification utilises an integrated continuous assessment model incorporating formative and summative assessment. A range of assessment instruments, including but not limited to, objective tests, essays, reports, presentations, group work, projects, term tests and examinations will contribute to each discipline's final mark. This qualification is monitored by the accounting profession.

Formative Assessment

Whilst an important component of the final mark constitutes 50% of the final assessment with most modules included in this professional qualification having final marks constituted of a final summative written assessment (examination).

Summative Assessments

Summative assessment will be in the form of

• Assignments.
• Presentations.
• Controlled assessments.
• Exams.
• Final project.

These assessments will test the learners' level of competence and ability to manage and integrate a large body of knowledge to ensure that all Exit Level Outcomes are achieved.