Postgraduate Diploma in Internal Auditing

Purpose

The purpose of the Postgraduate Diploma in Internal Auditing is to promote professional values, ethics, attitudes, and skillsets to produce professional leaders capable of successfully contributing to the internal auditing industry. The qualification will expose learners to contemporary developments in the field of internal auditing and will graduate with the ability to perform a variety of internal audit procedures, inclusive of risk-based internal auditing, risk management, presenting formal reports, and preparing engagements within various organisational contexts in South Africa.

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

• Critically assess the dynamics and significant factors involved in establishing internal auditing activities at a managerial level, along with the primary responsibilities of the chief audit executive and the corporate board, in order to successfully implement and manage all aspects of the internal audit function.
• Demonstrate in-depth knowledge of the tools and techniques related to the planning, fieldwork and reporting mechanisms involved in the analysis of financial data and statements during an internal audit, to improve the overall efficiency of an organisation
• Utilise appropriate assessment and management techniques to perform comprehensive audits of Information Systems and internal controls associated with supporting technology (database, security, maintenance, etc.), to identify potential risks and establish best practices.
• Correctly explain and implement the various phases of a performance audit using suitable techniques to collect and document relevant evidence appropriate to meeting the audit's objectives; finally interpreting the results within the report to enhance organisational performance.

The qualification offers vertical articulation for graduates with a Bachelor of Accounting Science, Bachelor of Commerce in Finance or similar Finance and Accounting-related qualifications. It is intended for professionals already in the financial industry, to enhance their skill sets by specialising in the field of Internal Auditing.

Learners will develop the competencies required to successfully engage with organisations as either internal audit managers or ethical and capable consultants for the internal auditing profession. The qualification sets the foundation for furthering careers by undertaking the Chartered Accountant examinations. It also prepares graduates for further studies at a master's level.

Rationale

Locally and internationally, it has been acknowledged that internal auditing is an essential governance and assurance function to ensure the successful operation of organisations in both the private and public sectors. Internal auditing is mandated by law for government entities. However, there is a shortage of qualified and competent auditors available to meet the demand, which can only be addressed by educating future auditing professionals.

From an external perspective, it is essential that educational institutions deliver competent graduates to the market, who can assist in addressing the identified skill shortage and aid in ensuring the effective governance of organisations, which ultimately contributes to the performance of the economy. From an internal perspective, the design of the qualification was influenced by the institution's strategic decision to develop ethical and competent leaders across various sectors and disciplines, inclusive of the financial and auditing environment.

This qualification is concerned with the inculcation of values around ethics, morality and responsible conduct in the world of work and society in general. The qualification will also aid professionals already employed in the finance and business environment to enhance their skills in terms of internal auditing, Information Technology (IT) governance and auditing, counteracting fraud, business strategy, performance management and risk management.

The qualification was designed to enhance the employability of learners who have completed the Bachelor of Accounting Science (or similar financial qualification) or to assist professionals already employed in the finance and business environment to enhance their skills in terms of internal auditing.

Recognition of Prior Learning (RPL)

The institution's RPL and Process applies recognition of prior learning in the scope of the SAQA RPL Policy and Criteria (As Amended 2019): to determine the criteria and methodology used to assess prior learning

RPL for access

• Recognition of Prior Learning (RPL) may be applied for by applicants who do not meet the admission criteria for any qualification. Recognition of prior learning access into this qualification will be applied to learners who discontinued their postgraduate diploma or honours degree studies at the institution or other institutions
• 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.
• Admission of applicants per qualification through an RPL route would not constitute more than 10 percent of the learner intake for the qualification.

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.

RPL for credits

• RPL for credits will only apply to learners who discontinued their studies at NQF 8 in a cognate qualification should it be determined that there is a 70 % correlation in modular content between the completed modules and the modules from the institution's modules.
• Learners will be granted credit to a maximum of 60 credits of the qualification.
• Credits are awarded based on the assessed evidence of the knowledge and skills acquired informally and non-formally.

Entry Requirements

The minimum entry requirement for this qualification is

• Advanced Diploma in Internal Auditing, NQF Level 7.

Or

• Bachelor of Accounting Sciences in Internal Auditing, NQF Level 7.

Or

• Bachelor of Management Sciences in Internal Auditing, NQF Level 7.

This qualification consists of the following compulsory modules at National Qualifications Framework Level 8 totalling 120 credits.

Compulsory Modules, Level 8, 120 Credits

• Managing the Internal Audit Function, 20 Credits.
• Internal Audit Services, 20 Credits.
• Information Systems Auditing, 20 Credits.
• Performance Auditing, 20 Credits.
• Forensic Accounting, 20 Credits.
• Risk Management, 20 Credits.

1: Critically assess the dynamics and significant factors involved in establishing internal auditing activities at a managerial level, along with the primary responsibilities of the chief audit executive and the corporate board, to successfully implement and manage all aspects of the internal audit function.

2: Demonstrate in-depth knowledge of the tools and techniques related to the planning, fieldwork and reporting mechanisms involved in the analysis of financial data and statements during an internal audit, to improve the overall efficiency of an organisation

3: Utilise appropriate assessment and management techniques to perform comprehensive audits of Information Systems and internal controls associated with supporting technology (database, security, maintenance, etc.), to identify potential risks and establish best practices.

4: Correctly explain and implement the various phases of a performance audit using suitable techniques to collect and document relevant evidence appropriate to meeting the audit's objectives; finally interpreting the results within the report to enhance organisational performance.

5: Demonstrate a solid comprehension of Forensic Accounting principles and systems (inclusive of relevant legislation and legal concepts) to accurately identify financial fraud or factors that may increase the likelihood of fraudulent activities, reporting effectively both verbally and in writing in a manner that would be admissible within legal proceedings.

6: Utilise the integrated knowledge of corporate governance, enterprise risk management, and risk-based auditing to design and implement effective engagement plans, employing the use of appropriate risk assessment computer software, to enhance the operations of the organisation.

Associated Assessment Criteria for Exit Level Outcome 1

• Comprehensively evaluate the responsibilities of the Chief Audit Executive (CAE) and the corporate board, as well as the competence of the CAE in establishing internal auditing activities for their organisations.
• Analyse the implementation of internal auditing activities in unfamiliar scenarios, and their skills in employing critical reflection to address ethical issues related to internal auditing.

Associated Assessment Criteria for Exit Level Outcome 2

• Comprehensively examine the tools and methods associated with planning and conducting fieldwork, along with implementing reporting mechanisms concerning the analysis of financial data and statements.
• Use a variety of specialised skills and communication methods, appropriate to the field of internal auditing, to effectively communicate with a wide range of audiences.

Associated Assessment Criteria for Exit Level Outcome 3

• Discuss the principles and practices of information systems auditing and apply them in a variety of contexts related to information systems, information security, and data privacy.
• Effectively recommend actions to address Information Technology risks, information security, and data privacy, coupled with the specialised skills to communicate with different levels of knowledge or expertise, also forms part of the competency to be displayed.

Associated Assessment Criteria for Exit Level Outcome 4

• Discuss the principles and practices of performance auditing along with the proficiency and apply relevant collection and analysis techniques to interpret and enhance organisational performance.
• Conduct performance audits through a systematic process of reviewing and evaluating activities as an indicator of having achieved exit-level outcomes.

Associated Assessment Criteria for Exit Level Outcome 5

• Apply legislation and legal concepts pertinent to forensic accounting.
• Discuss the principles and practices of forensic accounting.
• Identify financial fraud or risk factors in an unfamiliar scenario.
• Apply specialised skills in forensic accounting to address complex and challenging problems.

Associated Assessment Criteria for Exit Level Outcome 6

• Discuss the principles and practices of corporate governance, enterprise risk management, and risk-based auditing and apply their knowledge in a variety of contexts.
• Effectively appraise the methods used to assess the efficacy of risk identification and management.

INTEGRATED ASSESSMENT

The assessment strategy broadly includes formative assessment and summative assessment. For purposes of the formative assessment segment learners are required to complete and submit two formal formative assessment tasks per module, i.e. objective test, e.g. multiple choice (weighted at 20%), and cognitive assessment, e.g. traditional assignment (weighted at 40%).

Learners who receive less than 50% for their formative assessment may request a re-submission after improvements are made. Learners who do not achieve an average sub-minimum of 40% in the formative assessments may be given the opportunity to re-submit their assessment tasks after academic support and guidance are provided through the Academic Department.

Learners who receive a mark of 39% and below are not eligible for the summative assessment, i.e. examination. Learners are therefore encouraged to request a re-submission and ensure submission of a greatly improved assessment. A re-submission is capped at 60% unless the Academic Committee is convinced that the reason for the re-submission is valid and compelling. The mark awarded after marking the re-submission will be the final recorded mark against the module, even if it is lower than the original mark.

Upon achievement of a sub-minimum of 40% for each formative assessment, the learners will be allowed to proceed to the summative assessment (weighted at 40%). The summative assessment will itself also have a sub-minimum of 40%. The summative assessment carries a weight of 40 %. The final mark therefore is formed of the formative assessment carrying a weight of 60 % and the summative assessment carrying a weight of 40 %.

A learner passes a module if a final average mark of at least 50% is achieved for the module, i.e. the final mark. This is subject to a sub-minimum of 40% being obtained for both the formative and summative assessments. A learner who does not achieve an average pass mark of 50% for the module after writing the exam may be granted the opportunity to improve and re-submit the assignment for which a mark of between 40-50% was achieved. Such a re-submission mark is capped at 60%.

Those learners who obtained a final module mark of between 30% and 39% are not automatically allowed a second examination opportunity but may apply to the Academic Committee for special permission to write during the next examination session, providing written justification for the request. Weighting is 20 % for the digital assessment, 40 % for the individual assessment and the summative assessment weighs 40 %.

This strategy aligns with the broad sub-minimum approach and is seen to be part of the renewal of the Regenesys assessment approach as part of its plans to mitigate risks posed by the impact of external factors on learner success.