ACCA Professional Qualification (Chartered Certified Accountant) page 1 of 2
Application for the registration of the ACCA Professional Qualification (Chartered Certified Accountant) of the Association of Chartered Certified Accountants within the National Qualifications Framework
1. Title of the qualification
ACCA Professional Qualification (Chartered Certified Accountant) (NQF level 7)
Awarding body:
Association of Chartered Certified Accountants
29 Lincoln’s Inn Fields
London WC2A 3EE
With offices at:
94 Jan Smuts Avenue
Saxonwold
Johannesburg
Organising field: NSB03 (Accounting and Financial Management)
Sub-field: Accounting and Financial Management
2. Purpose of the qualification
2.1 The primary purpose of the qualification is to prepare learners to practise as professional accountants within any sector of the economy - public practice, industry, commerce or the public sector, either within South Africa or in other countries around the world.
2.2 There are two parts to the qualification, the examination syllabus and practical experience requirements. The purpose of the ACCA syllabus is to provide the learner with the knowledge and understanding needed to underpin the professional accountant’s role. The structure of the syllabus has been designed to assist learning and understanding and to ensure that learners develop an appreciation of the development and interdependence of subjects.
2.3 Together, the examination syllabus and practical experience requirements focus on the learner’s ability to satisfy the technical, managerial, interpersonal and ethical requirements of a professional accountant and require the learner to adopt an analytical and critical approach.
2.4 The qualification encourages a lifelong approach to learning thus ensuring that learners are able to cope with individual and social transformation.
3. Assumptions of learning already in place
3.1 There are three stages of the syllabus (Foundation, Certificate and Professional) comprising fourteen examination papers designed to test the knowledge and understanding required to work as Chartered Certified Accountants (a full copy of the syllabus can be supplied on request).
3.2 Registrants must normally be 18 years of age and hold the UK equivalent of 2 A-Levels and 3 GCSEs in 5 separate subjects, or equivalent. In South Africa, the equivalent qualification is the Senior Certificate (issued by the Matriculation Board). Passes must include English and mathematics at the higher level.
3.3 ACCA is committed to removing barriers to entry. In support of this policy, ACCA also operates a Mature Learner Entry Route (MSER) for candidates who do not have the minimum qualifications. Candidates must be 21 years of age or older and are given four consecutive attempts to complete papers 1 and 3 from the Foundation Stage. Upon successful completion, candidates are transferred to the main learner register.
3.4 Holders of higher level qualifications may be eligible for exemptions from some of the papers in the professional scheme. Exemptions are awarded if the qualification in question has displayed acceptable syllabus coverage of the ACCA examinations, the standard and style of questions used in examination papers are similar to ACCA’s and there are course regulations which meet ACCA’s requirements for course contact hours and pass marks.
3.5 The National Diploma in Accounting or Cost & Management Accounting from a Technikon in South Africa will qualify for exemptions from the Foundation Stage. A Bachelor of Commerce (Accounting) will normally be exempt from all papers at Foundation Stage. Additional exemptions may be awarded from Certificate Stage upon completion of specified options. Members of the South African Institute of Chartered Accountants are exempt from the Foundation and Certificate stages of ACCA’s professional examinations plus papers 10 and 13 on the basis of specified papers completed.
3.6 To qualify as a member of ACCA, candidates have to demonstrate that, in addition to passing the examinations, they have met ACCA’s practical experience requirements. All learners are required to obtain a minimum of three years’ supervised accountancy experience and meet the minimum competence requirements for membership. Details of the learner’s practical training and experience must be recorded in the Student’s Training Record (copy attached for ease of reference).
3.7 Completion of both the examinations and practical experience requirements are designed to ensure that candidates meet the technical, managerial, interpersonal and ethical requirements of a professional accountant.
3.8 Learners can apply to use the designation Chartered Certified Accountant and the letters ACCA on completion of the examinations and practical experience requirements.
4. Exit-level outcomes and associated assessment criteria
4.1 Critical cross-field outcomes have been developed for each stage of the professional examination syllabus. The associated assessment criteria specify the skills to be tested at each stage. Each paper contains syllabus aims and objectives, which equate to the specific outcomes and associated assessment criteria specified for registration.
Foundation StageCritical Cross-field Outcomes / Associated Assessment Criteria
This stage sets the scene for the accounting profession and introduces learners to the economic and organisational framework. At this stage the examinations concentrate on the basic knowledge and skills which form the platform from which professional competence can be developed. The knowledge and skills will be tested separately by subject and will be limited to straightforward examples of application required as a prelude to the more complex application problems in the Certificate Stage. / Learners should be able to demonstrate the ability to:
¨ Identify and retrieve information
¨ Appraise information
¨ Apply concepts and techniques
¨ Analyse and solve problems
¨ Present information in a logical format
¨ Communicate information clearly and succinctly
Module A – Paper 1, Accounting Framework
Specific Outcomes / Associated Assessment Criteria
To equip learners with the basic understanding of the principles and concepts of accounting and the ability to apply them in the preparation of financial and related information to meet internal and external obligations. / On completion of this paper learners should be able to:
¨ Outline the role and principles of financial accounting and reporting
¨ Record, handle and summarise accounting data
¨ Prepare financial statements for sole traders, clubs, partnerships and limited companies
¨ Discuss the accounting treatment of fixed assets, current assets, liabilities, goodwill, research and development, contingencies and post balance sheet events (including certain SSAPs and FRSs)
¨ Interpret and use financial statements
¨ Explain the nature, principles and role of auditing
¨ Demonstrate the skills expected at the Foundation Stage
Module A - Paper 2, Legal Framework
Specific Outcomes / Associated Assessment Criteria
To provide an awareness of the overall legal framework within which an accountant operates / On completion of this paper learners should be able to:
¨ Identify the main sources of law and explain how legal rules emerge in the legal system
¨ Describe in outline the various statutes which affect the accountant's work
¨ Explain the general principles of the law of contract
¨ Discuss the major legislative and common law principles which govern employment relationships
¨ Appreciate the formation of a company, covering share and loan capital
¨ Explain the management and administration of a company with respect to directors, company secretaries, and auditors and company meetings
¨ Identify the important external regulatory bodies
¨ Demonstrate the skills expected at the Foundation Stage.
Module B - Paper 3, Management Information
Specific Outcomes / Associated Assessment Criteria
To Provide a solid foundation in quantitative techniques and costing methods relevant to business and accounting / On completion of this paper learners should be able to:
¨ Discuss the role of cost and management accounting and quantitative analysis within the organisation
¨ Describe and apply the principles relating to the costing of the different resource inputs to a business
¨ Demonstrate output costing methods appropriate to a variety of different businesses
¨ Illustrate and evaluate absorption and marginal costing methods formulate a problem in mathematical terms, solve the problem and be able to interpret the results
¨ Understand and apply statistical techniques, including methods of presentation, which are appropriate in a business environment
¨ Demonstrate the skills expected at the Foundation Stage.
Module B - Paper 4, Organisational Framework
Specific Outcomes / Associated Assessment Criteria
To introduce learners to the key concepts in management and economics and their application in the context of the business environment. / On completion of this paper learners should be able to:
¨ Describe the nature and purpose of the main types of organisation and distinguish between different forms of organisational structure
¨ Outline the nature and purpose of the strategies, values and policies which operate in organisations
¨ Describe the nature of management and management styles
¨ Explain the role of communication in organisations
¨ Discuss the problems of scarcity and choice in the use of resources
¨ Outline the Monetarist and New Classical views of the economy and contrast with Keynesian perspective
¨ Explain the causes of unemployment, inflation and economic growth
¨ Outline the objectives of macro-economic policy
¨ Appreciate the importance of international trade, the effects of changes in the exchange rates and balance of payments to the performance of the business
¨ Explain the impact of changes in technology on organisations
¨ Explain how the socio-cultural and political environment affects the way in which organisations conduct themselves
¨ Demonstrate the skills expected at the Foundation Stage.
Certificate Stage
Critical Cross-field Outcomes / Associated Assessment Criteria
This stage continues the introduction of the new subject areas, develops learners’ analytical skills and introduces learners to the problems and situations that they will meet at work.
The Certificate Stage tests the application of the theory in the context of recognisable problems and conceptual understanding. It will consolidate knowledge of current principles, practices and techniques and begin to develop learners’ ability to criticise current practices. Questions will present practical scenarios requiring learners to select the best answer from a range of available solutions in order to achieve the specified objective.
This stage will establish links between subjects, for example, coverage of mathematical topics will be wholly in the context of their use in management accounting or financial management. / Learners should be able to demonstrate the ability to:
¨ Analyse and evaluate information
¨ Apply concepts and principles flexibly in a variety of circumstances
¨ Identify, define and rank problems
¨ Interpret results
¨ Criticise proposed solutions or practices
Module C - Paper 5, Information Analysis
Specific Criteria / Associated Assessment Criteria
To ensure learners appreciate the contribution of information systems to meeting the goals and needs of the business and understand procedures for the development, introduction and use of computer-based systems. / ¨ On completion of this paper learners should be able to:
¨ Describe different types of information systems, with particular reference to financial systems, and understand their role in the decision-making process and their relationship to the organisation
¨ Describe and apply the main tools and techniques of systems analysis and design
¨ Evaluate the performance of information systems
¨ Describe systems for security of data and applications
¨ Describe the tools available to assist in the efficient project management
¨ Discuss the procedures to enable systems maintenance to be carried out in an accurate and timely manner
¨ Demonstrate the skills expected at the Certificate Stage.
Module C - Paper 6 Audit Framework
Specific Outcomes / Associated Assessment Criteria
To provide learners with a basic understanding of the nature and objectives of an audit and general auditing practice. / On completion of this paper learners should be able to:
¨ Explain the nature, purpose and scope of an audit
¨ Outline and explain the purpose of the regulatory framework within which the auditor works, including the ethical and statutory considerations
¨ Describe the audit procedures undertaken in the planning stage of an audit
¨ Explain the methods for collecting and evaluating audit evidence4
¨ Discuss the nature of internal controls, the procedures required to evaluate control risk and use of compliance testing
¨ Explain the nature of audit sampling
¨ Describe the nature of the audit of computerised systems
¨ Explain the significance of management letters
¨ Perform substantive testing on balance sheet items
¨ Review subsequent events, going concern status, management representations and the truth and fairness of financial statements
¨ Prepare an audit report and understand the form and implications of audit qualifications
¨ Demonstrate the skills expected at the Certificate Stage.
Module D - Paper 7, Tax Framework
Specific Outcome / Associated Assessment Criteria
To provide a reliable foundation in the core areas of tax likely to be encountered during the initial phase of tax experience and to prepare learners for more advanced study in paper 11 Tax Planning / On completion of this paper learners should be able to:
¨ Discuss the operation of the UK tax system
¨ Compute the income tax liabilities arising on individuals and unincorporated businesses
¨ Compute corporation tax liabilities for individual companies
¨ Compute the chargeable gains arising on individuals and corporate tax payers
¨ Minimise/defer tax liabilities by identifying/applying relevant exemptions, reliefs and allowances
¨ Explain the impact of National Insurance contributions on individuals
¨ Outline the principles and scope of Value Added Tax
¨ Demonstrate the skills expected at the Certificate Stage.
Module D - Paper 8, Managerial Finance
Specific Criteria / Associated Assessment Criteria
To facilitate decision-making by developing the management accounting techniques for planning and control and introducing the financial management methods used for analysing the benefits of various sources of finance and capital investment opportunities / On completion of this paper learners should be able to:
¨ Apply management accounting techniques in planning, control and decision-making situations and interpret information available from their use
¨ Explain current practical methods used in making financial management decisions and the influence of the environment on such decisions
¨ Appreciate the nature and scope of working capital management
¨ Identify appropriate sources of finance for particular situations and assess the impact upon capital structure
¨ Appraise capital investment through use of appropriate methods and techniques and allow for the effects of tax, inflation, risk and uncertainty