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Namibia Institute of Professional Accountants Guide for Accredited Training Centres

NIPA GUIDE

Guide for Accredited Training Centres

Page 2 of 100 of Guide

TABLE OF CONTENTS

Section1: Welcome!

Chapter 1: Partners in learning

Chapter 2: The Training contract path

Chapter 3: Your role of the Accredited Training Centre (ATC)

Chapter 4: Other key roles and responsibilities

Chapter 5: Managing the training process

Chapter 6: Training requirements

Chapter 7: Monitoring site visits

Chapter 8: Trainee Accountant assessments

Chapter 9: Interruptions to the training

Chapter 10: Recognition of Prior Learning

Chapter 11: Closure of the Training contract

Chapter 12: Career guiding the Trainee Accountant

Chapter 13: Implementation

Section 2 : Additional information

Attachment 1: Definitions

Attachment 2: Sample of Logbook and associated evidence

Attachment 3: Associated Assessment Criteria for relevant subjects



Section 1- Welcome!

Welcome to the NAMIBIA INSTITUTE OF PROFESIONAL ACCOUNANTS - NIPA Training contract Programme. We are delighted that you have decided to join our programme.

NIPA’s Accredited Training Centres are selected only from respected NIPA, ICAN members and members of the Business Environment. They have passed a rigorous quality check to qualify and we are confident that they will offer a high standard of training and development necessary to produce professionals who will carry out the Institute’s good name into the marketplace.

The role of the Principal is to facilitate all experiential training of the Trainee Accountants and they are in the position to pass on valued knowledge and experience and provide important opportunities for the growth of our profession. THE INSTITUTE is committed to supporting all members in this endeavour and we want to equip members with all the necessary information and tools required to ensure success.

This guide has been constructed as a reference for all possible enquiries. It will provide you with important information and guide you through procedures. The guide will also be revised annually (if necessary); with further relevant updated information you may require.

We trust that Principals and Trainee Accountants will reap the benefits of the NIPA Training contract.

For any further information or queries please contact the Administrator of the Institute.

.



Chapter 1: Partners in learning

You are undoubtedly aware of the many benefits of your membership and our Training contracts and the associated Trainee Accountants also benefit from the backing of an established institution which offers:

• International credibility • A high standard of ethics and governance and • A broad spectrum of support throughout the profession.

NIPA offers the Accredited Training Centres, the full strength of our organisation and we will partner you throughout the Training contract.

The Namibia Institute of Professional Accountants is a professional body representing suitably qualified accountants for Namibia. Our members offer professional accounting and allied services to business entities and the general public and are also employed in commerce, industry and the public (government) sector.

About Us

The Institute is the second largest accounting institute in Namibia.

The INSTITUTE was founded in May 2005. The Instituted was previously affiliated to the Southern African Institute of Professional Accountants (SAIPA) as a region. Members of the Institute were recognized to act as Accounting Officers for Close Corporations by proclamation in the Government Gazette of 1 July 2006.

The Institute operates independently from South Africa as from 1 February 2007. Current members, accounting technicians and Trainee Accounting members may register at both the Institutions (SAIPA) as reciprocal membership is encouraged. Membership fees are payable separately to both Institutions.

Institute Profile

The Namibia Institute of Professional Accountants provides a home for professional accountants practicing in Namibia. This includes accountants in practice, business, government, academia and commerce & industry. The majority of our members offer accounting and allied services to the general public and to business entities, ranging from large organisations to small, owner-managed businesses.



Our Vision

To be the Accounting Institute of choice in Namibia and the premier professional accounting body in Southern Africa.

Our Mission

We are renowned for our integrity, competency and technologically advanced service to the profession.

We are committed to:

• Develop and maintain the skills of the professionally qualified accountants to serve the needs of our members, business, and social structure and government institutions.

• To be an organisational home for professional accountants, prospective accountants and accounting students.

• Set and maintain high professional and ethical standards. • Take part in and exercise influence on public policy and decision-making processes,

developments, forums and the implementation thereof, which impacts on the accounting profession.

• Provide effective ongoing continuous educational and technical services to our members.

• Take initiative in a relevant changing environment.

NIPA Values

Our values determine the way we behave at all times, towards each other and with our clients and other stakeholders. We value…

• Integrity – We are always honest, reliable, trustworthy, credible, and sincere.

• Ethics – We are principled, fair, just.

• Excellence – We work with quality, superiority, objectivity, urgency.

• Professionalism – We are qualified, certified, expert, skilled, and confident.

• People-centeredness – We interact with understanding, accepting, empathic, polite.



NIPA Associates

THE INSTITUTE has associations with the following bodies, to ensure quality and consistency in all that we deliver:



Chapter 2: The training contract path

A Training contract is a sponsored form of study, whereby the Trainee Accountant is employed by an Accredited Training Centre (ATC) in Namibia for a set period of time, so that he/ she can gain workplace experience that will support academic studies.

The diagram below represents the pathway that Trainee Accountants will follow as they progress though the Training contract. Each step is explained in greater detail within this document.

At least: B Comm. degree

with core subjects Start a Training contract at ATC

in either Business or

Private practice

Grade 12 / Partial completion of

B Comm. degree

Regular monitoring visits

OR

Start a Training contract at ATC in either Business or

Private practice

Enrol at an accredited Tertiary

Institution to achieve academic

requirements

Regular monitoring visits

and

Obtain at least B Comm. degree

with core subjects

Achievement – complete 80% of

log book

Monitoring site visit – final assessment

Logbook to NIPA

Receive letter of completion from

NIPA

Apply for membership

and

Start training period not less

than approved by Council

OR

RPL

NIPA Membership

3B Final Exam Final Admission

Write 3A Qualifying exam

• Financial Accounting 3 • Taxation 1 • Auditing 1 or Internal Auditing 2 or Internal Control & Code of Ethics

• Corporate Law 1 or Commercial Law 2 • Management Accounting 1



Chapter 3: The role of the Accredited Training Cent re (ATC)

The role of the Accredited Training Centre (ATC) is critical to the success of the Trainee Accountant and the profession as a whole. Principals are carefully selected and approved by THE INSTITUTE to fulfil the role of the ATC and provide the necessary environment for the NIPA Training contract. Accredited Training Centres must have successfully met the following minimum requirements.

• The ATC must be a member of the Institute:

• The principal member of the practice or company must be a member in good standing with NIPA.

• The ATC must provide suitable practice facilities: • The ATC must have a workstation available exclusively for the Trainee Accountant

during the period of their Training contract. • The workstation must include a desk, chair, basic stationery and a PC with access to

all relevant and up to date software applicable to the tasks that the Trainee Accountant needs to perform.

• The ATC must comply with legislation:

• The ATC must abide by the conditions laid out in: o the Basic Conditions of Employment o The Labour Act o The Occupational Health and Safety Act

• The ATC must provide practical exposure:

• The ATC must have sufficient business exposure to make it possible for the Trainee Accountant to gain experience in all of the applications set down in the prescribed Logbook.

• Any shortfalls in this area must be covered by a written agreement with another business entity which can provide the Trainee Accountant with exposure or guidance in the area that is lacking. Alternatively the practice must be able to provide guidance on how to research the areas of shortfall, or find other methods of exposing you to the requirements of the Training contract

• Trainee Accountants must be employees of the Principal.



Registration Period

• The Institute will during the training period conduct Monitoring Site Visits to enabled to check the continued compliance with the Institute’s standards of Good Practice.

• If the ATC has not taken on new Trainee Accountant’s for 3 consecutive years, the ATC will have to re-apply and undergo another Accreditation Site Visit.

Suspension and termination of an ATC

• If THE INSTITUTE has evidence that an ATC is not fulfilling expectations, the Council may

suspend an ATC. Written notification of the suspension will be forwarded to the Principal, as well as to the Trainee Accountants registered at the suspended practice.

• The ATC will be regarded to be terminated should the sole Principal of an entity forfeit its membership due to non-payment or disciplinary procedures, unless the firm is taken over or merge with another Principal.

• Principals must update the Logbooks of the Trainee Accountants to the date of suspension/termination against all of the outcomes already achieved. Evidence of these outcomes should be kept in the Trainee Accountant’s Portfolio of Evidence, to be taken with them on exit from the ATC. It is the responsibility of the Trainee Accountant to find alternative employment with another ATC.

• All principals of deregistered ATC’s will need to re-apply for accreditation of an ATC, should they wish to resume.

• Suspended ATC can resume, once they have been re-instated. • Upon receipt of the fees an accreditation visit will be performed by an appointed

representative of the Institute.



Chapter 4: Other key roles and responsibilities

The Training process is facilitated by a number of key individuals and organisations. Each of these stakeholders plays an important role in the fulfilment of the training requirements and each has responsibilities that contribute to the success of the process. Members are supported in the training process directly and indirectly by each of these stakeholders.

• THE TRAINEE ACCOUNTANT

• Although the role of the Principal is to mentor and guide the Trainee Accountant, the Trainee Accountant is ultimately responsible for his or her progress and development throughout the Training contract.

• Responsibilities:

o To drive his or her training and fulfil the training requirements

o To access and arrange further research to fulfil the training requirements if required. The Trainee Accountant may also request further external training. The cost will be for their own account unless otherwise arranged with the Principal.

• Duties:

o It is the duty of the Trainee Accountant to ensure that his/her work will at all time be diligent and performed with the utmost professional skill and care.

o The Institute also expect the Trainee Accountant to fully comply with all relevant legislation and in particular the Income tax Act and the VAT Act of Namibia, when performing his duties.

o The Trainee Accountant is expressly forbidden to permit or omit anything that is in violation of legislation and in a case where the Trainee Accountant feels that he is put under undue pressure to do so he/she shall forthwith report such event to the Institute.

o The Trainee Accountant will be faithful and honest and will not in any way impair or pledge the credit or good reputation of the Principal or the CFA.

o The Trainee Accountant shall under no circumstances give any advice (be it in writing or otherwise) of a financial accounting, taxation or related nature to the General Public including clients of the Principal, unless specifically instructed by the Principal.

o The Trainee Accountant shall be expected to complete time records in the manner to complete his/her logbook. Such time records shall specify the nature of the work done and the amount of time spent on client affairs. These time records must be an honest and materially



correct reflection of the actual time spent by the Trainee Accountant and must be kept up to date regularly.

• Other

o The Trainee Accountant is bound to absolute secrecy regarding the affairs of the Principal or any of the Principal’s clients, and may not divulge any information of whatsoever nature to any person other than to the relevant client himself or to any other person employed by the Principal.

o The secrecy pertains to all and any matters of the Employer or the Employer’s clients; and also includes any information obtained whilst working for the Employer such information including but not being limited to all methods, processes, computer software, documentation, client lists, programs, trade secrets, technical information, formulas, drawings and any financial information. This is a material provision of his/her Training Agreement and a breach thereof may result in summary dismissal and/or a claim for damages against the Trainee Accountant.

o Notwithstanding anything contained in the training contract, the secrecy clause shall survive the termination of the training contract and the secrecy shall be maintained even after the training contract has been terminated.

• THE PRINCIPAL/TRAINING OFFICER

The Principal can be a member of the Institute, but all Principals of ATC shall act as mentors to Trainee Accountants for the duration of the training contract. The Principal or company may also appoint a Training officer for the ATC.

o Responsibilities:

� To ensure that the Trainee Accountant is exposed to all the work required to demonstrate competence in each outcome listed in the Logbook.

� To assist in the assimilation of appropriate evidence for the Trainee Accountant’s Portfolio of Evidence, and guide and coach the Trainee Accountant in terms of their developmental areas.

� To arrange and facilitate the Monitoring Site Visits. The Principal ensures that each Trainee Accountant, together with their Portfolio of Evidence and Logbook, are available for



assessment and that there is an appropriate space available for one on one or group interviews.

� To remediate on findings raised during the Monitoring Site Visit within the specifications and time frame given for each finding.

� To find suitable alternative Training contract employment with another practice or company should the ATC cease to be a going concern.

� To ensure that all necessary fees, including Trainee Accountant Annual Fees, are paid timeously to THE INSTITUTE. The Principal Member may choose to recover these costs from the Trainee Accountant through salary deduction, although this is very rare.

� To provide assistance to the Trainee Accountant.

� To provide the necessary resources to ensure an environment which is conducive to the Trainee Accountant’s training and development needs.

� The Principal may delegate these duties to a training officer, but takes ultimate responsibility.

• THE MONITORING OFFICER The Monitoring Officer is selected/appointed by THE INSTITUTE. The Monitoring Officer is qualified to assist any of the parties concerned with the training contract.

o Responsibilities:

� To visit the ATC at least every 18 months to ensure that the training is progressing adequately.

� To ensure that the Principal is providing the training with the necessary guidance and support.

� To assess the progress of the outcomes in the Logbook and confirm sufficient evidence of the Trainee Accountants competence.

� To identify any problems in the working environment that would compromise or hinder the training process and submit these findings to NIPA.

� To follow up with the ATC and Principal to make sure that any identified problems have been rectified.



• THE INSTITUTE: NIPA

The role of THE INSTITUTE is to provide quality assurance with regard to the ATC and the overall training process. T

o Responsibilities:

� To ensure that the Trainee Accountant is fully supported during their Training contract with the ATC

� To arrange and ensure that a Monitoring Officer visits the ATC’s premises at least every 18 months to assess the Trainee Accountant’s progress and check that the ATC is still maintaining their standard of Trainee Accountant delivery.

• THE INSTITUTE may ask for Trainee Accountant’s Portfolio of Evidence at

any time during moderation for review.

Chapter 5: Managing the training process.

Effective management of the Training contract requires accurate record-keeping and reporting. All training elements and time exposure is subject to and limited to the minimum requirements set by the Namibia Qualification Authority (NQA). This is supported by the appropriate use of the following three elements:

• Trainee Accountant number

• Logbook

• Portfolio of Evidence

Trainee Accountant

• Trainee Accountants must be employees of the registered ATC.

• All Trainee Accountants receive a letter confirming their Trainee Accountant number. This Confirmation should be kept on file and these numbers must be included on all reports to THE INSTITUTE.

The Logbook

• The Trainee Accountant is required to keep a NIPA Logbook recording those areas in which he or she has gained sufficient working experience to be considered competent.



• This document identifies and provides information and guidelines for all of the learning outcomes to be accomplished by the Trainee Accountant within the training period.

• These logbooks may be sent to the Principal via the ATC’s postal address, courier services, or by e-mail. All mail returned to THE INSTITUTE will be charged for accordingly and a further fee will be charged for re-forwarding the parcel. Alternatively the logbooks can be downloaded from the website of the Institute.

• The Principal takes responsibility for issuing the Trainee Accountants with their Logbooks, updating them and managing the ongoing process by signing off competencies as and when the Trainee Accountant accomplishes them.

• The Logbook must be kept at the workplace, with the Trainee Accountant’s Portfolio of Evidence file.

The Portfolio of Evidence (POE)

• Throughout the Training contract, the Trainee Accountant will need to collect verifiable evidence of their progress. This documentation is referred to as the Portfolio of Evidence (POE). The POE is critical to the Training contract as the assessment of Trainee Accountants is based on this evidence together with the signed off competencies in their Logbook.

• The Principal is responsible for assisting the Trainee Accountant in creating a Portfolio of Evidence (POE) file containing evidence of each of the outcomes listed in the Logbook.

• Once the Trainee Accountant has achieved competence in each outcome, he/she files the evidence of competence in their POE. The Principal will then check the Trainee Accountant’s evidence and sign off competence in the Trainee Accountant’s Logbook.

• The Trainee Accountant may also be requested to submit their portfolio to THE INSTITUTE for moderation or verification.

• The Principal acts as an evidence facilitator by assisting the Trainee Accountant in the collection and recording of the necessary documentation.

Chapter 6: Training requirements

To fulfil the training requirements effectively, attention needs to be given to the following processes:

• Complete the Logbook

• Complete the criterion

• Guarantee exposure



• Supervise progress

• Present evidence

• Period of Training contract

• Sign off

The processes are largely the responsibility of the Trainee Accountant and the Principal. The ATC however is responsible for ensuring an environment that is conducive to the fulfilment of these requirements.

o Complet1e the Logbook

Each outcome of the Training contract is listed in the Logbook as per the example on the next page.

o Process to complete the Logbook:

• The Trainee Accountant is given working exposure to the specific topic.

• During this time the Principal helps the Trainee Accountant to collect substantiating

evidence.

• This information is filed in their Portfolio of Evidence for their Principal to review.

• The Principal evaluates their progress through periodic sign off in their Logbook. It

is recommended that the Principal sign the Logbook against outcomes achieved at least once in every 6 months, to ensure the consistent development of the Trainee Accountant.

• Together the Trainee Accountant and Principal complete the criterion until the Trainee Accountant has completed no less than 80 % of their Logbook by the end of the last year of the Training contract

•

Page 16 of 67 of guide

(EXAMPLE) You need to provide evidence of all Core requirements of Internal Controls, as well as 2 El ective components Planning, Internal Control, Reporting

Core/

Elective Signature - Principal Date Reference to POE

1 Pre – engagement Procedures C 2 Permanent File C 3 Working Paper File C 4 Planning Memorandum C 5 Authority & Signing Powers C 6 Internal Control Procedures C 7 Special Assignments C 8 Risks & Materiality C 9 Compliance Procedures C 10 Reliance on the Work of Internal Auditors C 11 Transaction Testing & Verification A Vouching tests C B System based tests C C Compliance procedures C

D Verification for completeness, existence, accuracy, valuation, ownership, presentation C

E Analytical Review C F Solvency & liquidity tests C G Post balance sheet events C

H

Statutory checks (member certificate, founding statement, association agreement, etc) C

I Overall review of financial statements C

12 Internal Control A Control objectives (general, specific, computer) C

B Methods to determine strengths & weaknesses C

C Evaluating systems & weaknesses C D Reliance on specialists & other professionals C 13 Final Report A Qualifying or non-qualifying report C 14 Reporting A Management representation letter E B Management letter E 15 Audit Presentation A Reconciliation E B Schedules E C Audit file E D Audit management letter E E Audit committee reports E

16 General - Auditing - Relevant Standards Pertaining to the Above E


o Complete the Criterion

Trainee Accountants need to complete all ‘Core Criterion’ and sufficient ‘Elective Criterion’ to fulfill the 80% requirement.

o Completing the Core Criterion

• Core line items are reflected as “C” in the Core/Electives column of the Logbook.

• Trainee Accountants must ensure that these are completed and signed off with their relevant evidence enclosed in the Trainee Accountant’s POE.

• Many ATC’s do not have a client base offering the entire spectrum of Core criterion. In this event the ATC must make an alternative arrangement for the Trainee Accountant to gain sufficient exposure to the core elements. Evidence of this arrangement is required so that the Trainee Accountant may be signed off on the Core line item.

o Completing Elective Criterion

• Elective line items are reflected as “E” in the Core/Electives column of the Logbook.

• Trainee Accountants must ensure that the correct number of elective line items are completed and signed off, with the relevant evidence enclosed in the Trainee Accountant’s POE.

• The number of Electives completed should ensure that the Trainee Accountant fulfils the 80 % requirement of the Logbook.

• Many ATCs do not have a client base offering the entire spectrum of Elective criterion. In this event the ATC must make an alternative arrangement for the Trainee Accountant to gain sufficient exposure to the core elements. Evidence of this arrangement is required so that the Trainee Accountant may be signed off on the Elective line item.

o Guarantee exposure

Where an ATC is not able to provide exposure to the required criterion, various arrangements can be made which could include, but are not limited to:

• Arrangements with alternative companies. Other companies providing services relevant to the core criterion may take the Trainee Accountant on for a short period of time in order to expose them to the element in question.

• A short course. The Trainee Accountant may wish to go on a short course, to allow for suitable exposure.

• A simulated scenario. The Principal may devise a scenario in which the Trainee Accountant can gain exposure and practice in the given area.



o Supervise Progress

• Trainee Accountants are largely responsible for suitably pacing themselves throughout their Training contract. As all Trainee Accountants will differ, it is very difficult to benchmark their progress in relation to other Trainee Accountants. The pace of a Trainee Accountant, who has completed their academic studies, would differ greatly from another Trainee Accountant who has completed, for example, only their first year B Comm.

• On Annual Monitoring Visits however, it is expected that the Trainee Accountant would have reached the following benchmarks in their training:



GUIDELINE FOR PRACTICAL EXPERIENCE PROGRESS

A: STREAM A: On completion of a B-degree with core subjects

Hours Logbook topics completed Academic requirement s

708 (+/- 6 months) 10% Not Applicable

1416 (+/- 12 months) 20%

2125 (+/- 18 months) 40%

2832 (+/-24 months) 60%

3540 (+/- 30 months) 70%

4250 (+/- 36months) 80%

On completion of a B-degree with core subjects

• After 708 hours (+/- 6 months) at least 10% of Logbook signed off.




• After 3540 hours (+/- 30 months) at least 70 % of Logbook signed off.

• After 4250 hours (+/- 36 months) at least 80 % or more of Logbook signed off.

Note:

Above mentioned hours must be divided as follows:

Accounting: not less than 25% of total time Internal Controls: not less than 10% of total time Tax: not less than 25% of total time Commercial Law: not less than 15% of total time Management Accounting: not less than 15% of total time Practice Management: not less than 10% of total time



All training elements and time exposure is subject to and limited to the minimum requirements set by the Namibia Qualification Authority (NQA).



STREAM B: Grade 12 or partial B-degree with core subjects

Time Hours Logbook topics completed

Academic requirements

425 (+/- 6 months) 7,5%

850 (+/- 12 months) 15% 50% of first academic year

1275 (+/- 18 months) 25%

1700 (+/-24 months) 35% Equivalent of one academic year

2125 (+/- 30 months) 42%

2550 (+/- 36months) 50% Equivalent of half of studies completed

2975 (+/- 42 months) 57%

3400 (+/- 48 months) 65% Equivalent of two academic years completed

3825 (+/-54 months) 72%

4250 (+/- 60 months) 80% Complete the academic requirements

• After 425 hours at least 7,5% of Logbook signed off and completed at least 25% of first year academic requirements

• After 850 hours at least 15% of Logbook signed off and completed at least 50% of first year academic requirements

• After 1700 hours at least 35 % of Logbook signed off and completed his studies to at least the equivalent of the one academic year.

• After 2550 hours at least 50% Logbook signed off and completed at least half of the academic requirements

• After 3400 hours at least 65 % of Logbook signed off and completed at least the equivalent of two academic years.



• After 4250 hours at least 80 % or more of Logbook signed off and completed at least not less than 90% of the academic requirements.

Note:




STREAM C: Recognition for Prior Learning

1. Definition

The Recognition of Prior Learning (RPL) is a mechanism for the recognition of the achievement of the competencies prescribed by the NIPA syllabus, however obtained. In terms of RPL a trainee need not undertake any further learning intervention in respect of the relevant competency or competencies.

2. Objective

RPL is a stepping stone to the further development of a trainee accountant and is intended to confer a benefit to the trainee accountant in the form of a remission in the term of his/her training contract.

3. Legislative context

3.1. RPL is a national system and a key principle of the National Qualifications Framework created in terms of the Namibia Qualifications Authority Act (Act 29 of 1996).



3.2. The NIPA is committed to facilitate the implementation of RPL in order to open up access and entry into the accountancy profession and thereby contribute to redressing past imbalances in accountancy education and training.

3.3. The principles of the NIPA’s RPL Policy are:

3.3.1. Compliance with the objectives of the National Qualifications Framework and the NQA guidelines and criteria on assessment;

3.3.2. International comparability;

3.3.3. A consistent approach to the granting of credit;

3.3.4. Allowing access to all individuals regardless of gender, race or disability; and

3.3.5. RPL credentialing is done after competence has been proven through an assessment process.

4. Applying for RPL

4.1. A prospective trainee accountant who wishes to apply for RPL must first enter into a training contract with a training office.

4.2. An RPL application must be made within 6 months after the trainee has entered into a training contract.

4.3. For RPL remission based on previous service under the NIPA registered training contract, the NIPA may allow a remission of up to a maximum of the time served at the previous training office. A maximum of 12 months’ remission may be granted for previous experience obtained outside of a NIPA training contract.

4.4. The training officer must follow the assessment process prescribed in paragraph 5 below, and if he/she is satisfied that there are skills and/or competencies that the trainee accountant had already acquired, for which credit may be granted, the training officer and the trainee accountant must complete and submit the following to the NIPA:

4.4.1. the relevant RPL form prescribed by the NIPA; and

4.4.2. the applicable fees.

5. Process of assessment for purposes of RPL

5.1. The training officer must assess the trainee accountant using the RPL form prescribed by the NIPA.

5.2. The trainee accountant must submit to the training officer the NIPA logbook and portfolio of evidence of his/her previous work or any other relevant documentation in support of the application.



5.3. The training officer or another registered assessor must determine which competencies the trainee accountant has achieved, and compare them to the competencies prescribed by the NIPA.

5.4. Credit may be granted in respect of any competency achieved by a trainee accountant that match a competency prescribed by the NIPA.

5.5. Based on the number of credits granted, the training officer must determine the length (in months) of remission to be granted, subject to 4.3 above.

6. NIPA discretionary powers

NIPA reserves the right to investigate any RPL application submitted to the NIPA and may in its sole and absolute discretion amend the RPL remission granted by the training officer.

Time Hours Logbook topics completed

Academic requirements

425 (+/- 6 months) 25%

850 (+/- 12 months) 45% 50% of first academic year

1275 (+/- 18 months) 52%

1700 (+/-24 months) 60% Equivalent of one academic year

2125 (+/- 30 months) 65%

2550 (+/- 36months) 70% Equivalent of half of studies completed

2975 (+/- 42 months) 75%

3400 (+/- 48 months) 80% Equivalent of two academic years completed

3825 (+/-54 months)

4250 (+/- 60 months) 80% or more

• It is expected that a candidate that apply for recognition for prior learning would have completed at least 45% of the practical experience in the first year and have after 850 hours completed at least 50% of his first year of academic requirements



• After 1700 hours (24 months) at least 60 % of Logbook signed off and completed his studies to at least the equivalent of the one academic year.

• After 2550 hours (36 months) at least 70 % or more of Logbook signed off and completed at least half of the academic requirements

• After 3400 hours (48 months) at least 80 % of Logbook signed off and completed at least the equivalent of two academic years.

• After 4250 hours (60 months) at least 80 % of Logbook signed off and completed at least the equivalent of two academic years.

Note:




7. Present evidence

It is suggested that the Trainee Accountants arrange their Portfolio in the following way:

• According to the sections of their Logbook:

• Professional Skills

• Financial Accounting

• Internal Control

• Taxation

• Corporate/ Commercial Law

• Management Accounting

• Practice Management

Each of these sections is catalogued according to the number format found in their Logbook.

For example:

File 1: Financial accounting will have sub divisions:



o Cashbook and Recon

o Cash

o Control etc.

Under each of these headings they will then include a hard copy record of the evidence gathered for that topic. Evidence may include, but is not limited to:

o Financial Statements

o Research on the Topic Presented

o Screen Dumps of transactions the Trainee Accountant has uploaded

o Bibliography of books read on the subject

• The Principal is responsible for ensuring that the Trainee Accountant has provided verifiable evidence of their competence.

• The Principal will use the Portfolio of Evidence to sign off the Trainee Accountant’s Logbook. Should evidence not be sufficient, the Principal will advise the Trainee Accountant accordingly and offer the Trainee Accountant an opportunity to provide further/ alternative evidence to substantiate their competence.

• The Portfolio of Evidence should also include:

o A certified copy of the Trainee Accountant’s ID document

o A certified copy of the Trainee Accountant’s academic record or proof of registration with a tertiary institution, for the following subjects, minimum requirements:

� Financial Accounting 3

� Taxation 1 / 2 (depending on educational institute)

� Auditing 1/ Internal Auditing 2/ Internal Control and Code of Ethics

� Corporate Law 1/ Commercial Law 2

� Management Accounting 1

o A copy of the Trainee Accountant’s registration with CFA(NAM)

o Proof of Payment of the current year’s Trainee Accountant fees

8. NIPA discretionary powers

NIPA reserves the right to investigate any application submitted to the NIPA and may in its sole and absolute discretion grants admission as a trainee accountant.

9. Sign off



On completion of both the academic and practical requirements, the logbook will be signed off by the principal and the trainee accountant.



Chapter 7: Monitoring site visits

What is a Monitoring Site Visit?

A Monitoring Site Visit (MSV) is a valuable opportunity for all concerned to measure the performance

of the trainees and check if the training is on track. The MSV is really a developmental process.

CFA is there to assist the OE or Principle Member in ensuring that training is of the highest quality

by taking these steps:

Step 1 CFA will contact the OE to book an annual MSV.

Step 2 The Monitoring Officer (MO) will conduct a short interview with you to discuss any matters of concern. The interview may be done as a group if there are multiple trainees at an ATC at the time of the visit.

Step 3 The MO will also assess the progress and authorise the evidence already signed off by the OE in the Logbook and POE file/s. This is done through a random check of the evidence and by asking you questions to ensure that the evidence is valid, current, practical and appropriate. The MO may also perform a quality check on the training environment provided by you ATC and raise any concerns directly to CFA, so that we may make sure you are being looked after.

Step 4 If there is any indication that something in the working environment could compromise the quality of the training, the MO will raise a “finding” against the ATC.

Step 5 If the finding is not successfully remediated (rectified) and evidence of this remediation is not forwarded to CFA within the given time frame, the ATC risks losing their accreditation. Furthermore, the Principle Member and OE risk losing their CFA membership.

Protocol:

• The Monitoring Officer is carefully selected by THE INSTITUTE and entrusted to carry the name of NIPA professionally into your ATC and business.

• We recognize that the Principals of the Accredited Training Centre entrust the Monitoring Officer with highly confidential information on their clientele. Consequently, the selected Monitoring Officers are expected to behave appropriately and respect the practice’s discretion in maintaining confidentiality of all information.



• The Monitoring Officer will have signed a contract with THE INSTITUTE guaranteeing their professional conduct and any misconduct will be viewed in a very serious manner.

• Evidence of misconduct should be forwarded to the INSTITUTE Investigations Committee for further investigations and possible disciplinary procedures.

Procedure:

• The Secretariat contracts the Principal, to book a Monitoring Site Visit. The visit will be conducted at the ATC’s cost, at the applicable rate at the time of the visit.

• The Monitoring Officer contracts the ATC to inform them of the visit. No visit may be delayed for more than 2 months. Any delay, on either side, must be reported to THE INSTITUTE so that the necessary corrective measure may be undertaken.

• The ATC is sent a training questionnaire to distribute to each Trainee Accountant before the Monitoring Visit. The Trainee Accountant is required to complete these pages, and sign them together with the Principal. This is to ensure that the Trainee Accountant is fully prepared for the Monitoring Site Visit and is assisted in preparing their Portfolio of Evidence.

• The Monitoring Officer conducts a short interview with the Principal to discuss any matters of particular concern. The Principal completes the ATC summary sheet in order to verify that the ATC information is uploaded correctly onto the INSTITUTE database.

• Where there are a group of Trainee Accountants, they are called together as a group, and their joint feedback is recorded. In such a forum, any shared issues with regard to the training progress are identified so that THE INSTITUTE may easily review and take necessary measures to assist the Trainee Accountants and the Principal in remediating against these.

• Directly after the group interview, the Monitoring Officer conducts a one on one interview with each Trainee Accountant. Every Trainee Accountant needs to make them available for the Monitoring Site Visit and must have their Logbook and Portfolio of Evidence prepared and ready for scrutiny.

• The Monitoring Officer reviews the Trainee Accountant’s Logbook and authorizes the progress of the Trainee Accountant in their Logbook as an assessment of their achievements to date. The Monitoring Officer highlights delays in Trainee Accountant progress so that THE INSTITUTE may advise and assist on lack of progress of the Trainee Accountant.



• The Monitoring Officer completes a final report which reflects his or her overall impression of the practice or business, as well as any ‘findings’ that require remediation to meet the required standards.

• The Monitoring Officer signs the report and presents it to the Principal who also signs as having read the report.

• On receiving the Monitoring Officers final recommendation, THE INSTITUTE will assess the recommendation and communicate the outcome of the visit, in writing, to the ATC.

• Applicants who wish to lodge an appeal against the decisions must sign off the report, and then lodge the appeal on the Appeal Form, directly with THE INSTITUTE. This is to ensure fair and equitable accreditation process

• Should there be findings raised during the process, the Monitoring Officer will continue to liaise with the ATC until these findings have been suitably remediated.

The Finding:

• A finding is a report, completed by the Monitoring Officer, indicating a gap in quality which may compromise the quality delivery of suitable training to the Trainee Accountant. Herewith a few examples:

o The Logbook is not being signed or checked on a regular basis.

o The Trainee Accountant has not been exposed to sufficient areas within the practice or company, in order to complete their Logbook.

o No feedback or insufficient feedback has been given to the Trainee Accountant regarding their evidence provided in their Portfolio of Evidence.

o The required percentage of completion in the Logbook is not sufficient as per the requirements as discussed in chapter 6.

o There are no references from the Logbook to the POE or vice-versa.

o All the required personal documentation is not filed in the trainee’s POE.





Recommendation:

• A recommendation is a suggestion made by the Monitoring Officer to the ATC which would assist them in improving or streamlining the process of training within the ATC.

• A recommendation is part of the developmental approach taken by the Monitoring Officer, through the mechanism of the Monitoring Visit, and can be implemented or discarded as the Principal sees fit.

• There is no risk associated with discarding a recommendation but it is suggested that the Principal takes note of the suggestions made, as this will assist him/ her in continuous improvement of the Practice or Company and will prevent a finding having to be raised at the next annual visit.

Remediation:

• The Monitoring Site Visit must be viewed as a developmental process and the findings coming out of the site visit must be remediated against to the satisfaction of the Monitoring Officer and the Institute (NIPA).

• Findings raised may require a second visit by the Monitoring Officer to check implementation of the finding. This visit will be to the ATC’s account at the rate applicable at the time of the visit.

• Findings however, may not require a further visit as evidence of remediation may be submitted with the appropriate form in hard or soft copy. This may be done in agreement with the Principal, and a further fee may be billed accordingly, depending on the nature of evidence required. This will be indicated and discussed between the Monitoring Officer and the Principal in the completion of the Findings Report,

• If the findings are not successfully remediated and evidence of remediation is not provided to THE INSTITUTE within the allotted time frame, the ATC risks losing their accreditation and the Principal Member and Principal’s membership with NIPA may be at risk.



Chapter 8: Trainee Accountant assessment

Continuous mentorship is provided by the Principal to ensure that the Trainee Accountant achieves the necessary competencies to perform any task required of a NIPA. The evidence collected between the Trainee Accountant and their Principal provides the necessary documentation to assess the Trainee Accountant’s achievements. NIPA performs assessments to gauge if the Trainee Accountant is able:

• To integrate the academic skills acquired from their tertiary education, with the practical skills required in the workplace

• To use professional judgments in evaluating situations and making sound recommendations

o To effectively communicate recommendations in a logical and systematic manner

o To apply the principles as contained in the official CFA(NAM) syllabus

o To apply academic knowledge in a dynamic environment

Scope of the Assessment

The Trainee Accountant’s abilities are assessed according to the Associated Assessment Criteria for each subject. Subjects within the scope of assessment are:

• Professional Skills

• Financial accounting

• Internal Control

• Taxation

• Commercial law

• Management accounting

• Practice Management

A detailed brief of the associated assessment criteria for each of the above subjects is included for your reference in Attachment 3 of this document.

The Right to Appeal

Every Trainee Accountant has the right to lodge an appeal, in the event of the following:



• The assessment is considered unfair

• The assessment is considered invalid

• The assessment is considered unreliable

• The assessors’ judgment is considered to be biased

• The assessor is considered to have inadequate expertise and experience

• If the practice of assessment is considered unethical

• The assessment did not follow correct procedure.

• Any other circumstances that have influenced the assessment will be taken into consideration on a case by case basis.

Process of the appeal

The appeal will follow a strict process to ensure a fair and timely response.

1. The appeal must be raised in accordance with the Assessment Appeals Process, within seven working days from the date of Assessment Feedback, directly to the Administrator at CFA. A copy of the Appeal Form is available at the CFA office.

2. The Administrator will review the case together with the CFA CEO to make a final decision.

3. The CEO may request that your evidence be forwarded to the Institute for further investigation.

4. In order to avoid unnecessary and unwarranted appeals against assessment, and assessment appeals fee will be levied, to be paid by the trainee. If the appeal is found justified this fee will be refunded in full to the trainee. If the appeal is rejected, the fee will be retained by the Institute to recoup their costs.

5. Once a judgment has been made by the CFA CEO and Administrator, their decision remains final and no further correspondence will be entered into.



Chapter 9: Interruptions to the training

Interruptions to training may occur through:

• Transfers, resignations and interruptions

• Disputes

• Cancellations

• Suspensions

• Other

o Transfers, resignations and interruptions

Transfers to other practices impact poorly on the Trainee Accountant’s progress and are therefore not supported. Transfers, resignations and interruptions from the Training contract are therefore strongly discouraged. All resignation requires a strong motivation. Trainee Accountants that wishes to transfer from one ATC to another must arrange with the Institute prior to the transfer for approval.

Accepted conditions of transfer are:

• Relocation of the Trainee Accountant due to acceptable personal circumstances.

• De-accreditation of the training centre by THE INSTITUTE.

• The training office ceases to exist

• Any other circumstances acceptable by NIPA

• THE INSTITUTE reserves the right to investigate all circumstances relating to a transfer and impose penalties upon either party that has broken contractual obligations in the regard.

• THE INSTITUTE reserves the right to refuse transfer, and thereby cancel the Trainee Accountant’s Training contract accordingly.

• Trainee Accountants that wishes to resume their training after resignation will be penalized with a lengthening of the training contract of an additional six months.

• The 6 month penalty will not be applicable if a written consent from both receiving and transferring Principals is submitted to THE INSTITUTE.

• If a Trainee Accountant chooses to transfer to another ATC and this transfer is accepted, the ATC may not withhold a Trainee Accountant’s Logbook or Portfolio of Evidence.



• Transfers in any other manner will be regarded as a breach of contract, and the contract will cease to exist with no further Trainee Accountant achievements being recognised by the Institute.

o Disputes

Disputes may originate between the ATC and Trainee Accountant or by the Principal.

Should a trainee and his training officer be unable to resolve a dispute on a matter relating to the training contract, either party may appeal to the PAAB for arbitration?

o Disputes by the Trainee Accountant

The following procedures must be adhered to when issuing complaints regarding the ATC:

• The complaints must be in writing in the form of an affidavit only concerning training contract matters.

• The complaint must be lodged directly to the secretariat.

• Upon receipt of the complaint, The Institute will acknowledge receipt of the dispute form in writing.

• The complaint will be forwarded by the Investigation Committee to the Principal for his/her response. The Principal will respond within the said deadlines.

• The dispute response will be addressed directly to the Investigation Committee of the Institute for further action.

o Disputes by Principal

Disputes originating with the Principal must adhere to the following procedures:

• Complaints must be in writing and in the form of an affidavit only concerning training contract matters.

• Complaints must be lodged directly to the secretariat.

• Upon receipt of the complaint, the Institute will acknowledge receipt of the dispute in writing.

• The complaint will be forwarded to the Trainee Accountant for his/ her response.

• The Trainee Accountant must respond within the said deadlines.



o Cancellations

Trainee Accountants may have his/her training contract cancelled after proper proceedings have been followed for (eg):

• A misrepresentation of skills or competencies

• Dishonesty in assessment

• Committing fraud

o Suspensions

A Trainee Accountant may be suspended from the Training contract:

• If fees are outstanding

• If the Trainee Accountant has left the employment of the ATC without informing the Institute.

o Other

Should the Trainee Accountant pass away whilst completing his/her Training contract, the database will refer to them as Deceased.



CHAPTER 10: Recognition of Prior Learning

A Trainee Accountant may request that his or her prior learning be recognised by the Institute, through the process of Recognition of Prior Learning. (RPL). This may result in, not an interruption but a shortening of the Training contract.

On acceptance, the Institute will arrange with a monitoring Officer to evaluate the Trainee Accountant’s competence. The Trainee Accountants must also provide POE on the evaluation. At no times will the RPL be shorter than the minimum period of the Training contract of a Trainee Accountant with no prior learning.

Minimum Requirements for application of membership without prior academic qualification :

• Written recommendation of a CFA/ICAN member in good standing should accompany application for membership.

• At least 10 years of practical experience must be relevant to the profession,

• On application for membership, the candidate must provide detail of experience which is equal to at least 80% of the logbook.

• Final approval is at the discretion of the Council of CFA (NAM).



Chapter 11: Closure of training contract

The Trainee Accountant may exit the Training contract on completion of both of the following:

• The Training contract demonstrated by the 80 % completion of the Logbook within the prescribed time frame as per the Constitution.

AND

• The Academic requirement is completed

The following process concludes the Training contract:

• Once the Trainee Accountant’s evidence has been verified by the Principal, the last page of the Logbook is signed off.

• The Trainee Accountant submits proof that he/she complies with academic requirements.

• The Trainee Accountant should take a copy of their Logbook for safekeeping and then post or courier the original to CFA(NAM) head office at the following address:

o For Hand Delivery/ Courier:

o Attention: The Secretariat

o CFA(NAM) 27h 1st floor, Old Power Station

o Building

o Cnr Nobel and Armstrong street,

o Southern Industrial Area

o Windhoek

o Tel (061) 382700

o For Postage:

o Att: The Secretariat

o CFA(NAM)

o PO Box 90756

o Windhoek

o Namibia

o Tel: (061) 382700

• On receipt and successful processing of the Logbook, THE INSTITUTE will acknowledge in writing that the Trainee Accountant has successfully completed their Training contract.

• The Secretariat will record the data on the Database.





Chapter 12: Career guiding the Trainee Accountant

As an Accredited Training Centre you have provided your Trainee Accountants with numerous opportunities to develop into professional accountants, but as they complete their Training contract they are still only at the beginning of their career. Your advice and guidance at this point can make an important difference to their career path.

One of the most valuable pieces of advice we can offer newly qualified professional accountants is to take advantage of the ongoing support and information provided by the Institute.

To view our Constitution, Code of Conduct & By-laws, please refer to the following web link: www.cfanam.com

On closure of the Training contract it is advisable that the Principal assists the Trainee Accountant to be admitted as a member of the Institute.

NIPA Membership Requirements

To become a member of NIPA your Trainee Accountant would require the following:

• Complete the academic component

• Complete the practical component

• Complete the evaluation process

ACADEMIC COMPONENT

BCOMM Accounting or equivalent, with the following subjects:

• Financial Accounting 3

• Taxation 1

• Auditing 1/ Internal Auditing 2/ Internal Control and Code of Ethics

• Corporate Law 1/ Commercial Law 2

• Management Accounting 1

PRACTICAL EXPERIENCE

• Practical experience as demonstrated in this guide



• Other suitable experience approved by Council

• As per the CFA(NAM) logbook

PROFESSIONAL EVALUATION

A (3A) written exam, assessing your integration of your Academic Qualification and Experiential Learning and oral evaluation (3B) is prescribed in the by-laws.

Minimum Requirements for application of membership without prior academic qualification:

• Written recommendation of a CFA/ICAN member in good standing should accompany application for membership.

• At least 10 years of practical experience that must be relevant to the profession.

• On application for membership, the candidate must provide detail of experience which is equal to at least 80% of the logbook.

• Complete 3A exam and oral evaluation (3B) a prescribed in the by-laws

• Final approval is at the discretion of the Council.

Further Studies 1. The Trainee Accountant may wish to continue with their Honours and Masters Degree



Chapter 13: Implementation The implementation of this document is as follows:

New trainee contracts

The implementation date is 1 September 2013.

Existing trainee contract

The following process must be followed for the implementation in the transitional period:

1. Training contracts less than 18 months in existence:

2. Training contract must be implemented as if the process was in place at the date of signature of the contract.

3. Trainee Accountants must prepare the logbook and POE before the first Monitoring visit.

4. The first Monitoring visit will be within 18 months of the date of the signature of the contract.

5. Monitoring visits after the first visit will be in line with this guideline.

6. Training contracts older than 18 months in existence but less than 3 years:

o Trainee Accountants must prepare the logbook and POE before the first Monitoring visit.

o The first Monitoring visit will be within the first six months after the implementation date – before 1 March 2014.

o Monitoring visits after the first visit will be in line with this guideline.

7. Training contract older than 3 years:

o Trainee Accountants must prepare the logbook and POE before the first Monitoring visit.

o A Monitoring visit will be conducted before sign-off of the trainee contract.

Section 2: Additional information

In this section of the document we provide you with the following additional information to assist you in your understanding of the NIPA Training contract.

1. Definitions

2. Sample of Logbook and associated evidence



3. Associated Assessment Criteria for relevant subjects

4. Forms

Attachment 1: Definitions

AT Accounting Technician

ATC Approved Training Centre

ACCA Association of Chartered Certified Accountants

ACFIST Accountancy and Financial Standards

AETA Association for the Education and Training of Accountants

AGA Associate General Accountant

BCEA Basic Conditions of Employment Act

CA Chartered Accountant

CAT Certified Accounting Technician

CBET Competency Based Education and Training

CFA (SA) Institute of Commercial and Financial Accountants of Southern Africa (changed

to CPA(SA) – now SAIPA

CPD Continuous Professional Development – a requirement of IFAC

CPE Continuous Professional Education – as per CPD

CTA Certificate in the Theory of Accountancy

ECSAFA East, Central and Southern African Federation of Accountants

EEA Employment Equity Act

EST Electronic Simulation Tool

ESDA Employment and Skills Development Agency

ETQA Education and Training Quality Assurance

GAAP Generally Accepted Accounting Practice

HDI Historically Disadvantaged Individuals

IFAC International Federation of Accountants – a body focussing on the global

standards and norms in the industry of accounting

LRA Labour Relations Act

NIA National Institute of Accountants of Australia



NLRD National Trainee Records Database – a database reflecting results of each

person who has been registered for an accredited qualification, skills

programme or unit standard based training. The NLRD is administered by

SAQA

NQA National Qualifications Authorities

OE Principal/Overall evaluator

PE Professional Evaluation examination

POE Portfolio of Evidence

Principal The Principal Member or Practitioner is the owner or only member of the

Institute within a Practice or Company. The Principal may or may not be the

Principal of the ATC

QA Quality Assurance

QAP Quality Assurance Partner

RPL Recognition of Prior Learning

SAICA South African Institute of Chartered Accountants

CFA(NAM) Institute for Commercial and Financial Accountants of Namibia

SIPA Professional Accountants – Russia




Attachment 2: Sample of logbook and evidence guide

Herewith the possible manner of evidence which the Trainee Accountant must provide for each Logbook Line Item:

Professional Skills:

Business ethics (Acts ethically and in accordance with

the rules of professional

conduct)

A Displays honesty and integrity

E For all of these professional skills: Explain in your own words, what this means and how and when it would be applicable in your practice. Obtain practical examples that you experienced in your practice. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask you questions and provide feedback. Summaries this feedback in a brief report and have him/her sign it. . Other options: 1. Do research using the web or another method. 2. Attend a seminar or course on any/all of these professional skills. 3. Your OE could conduct formal or informal training within the practice. Once you have completed one of the above, you could write up a summary. After presenting this summary to your OE s/he would need to work through this and give you feedback. You must then summarise this feedback in a brief report and your OE needs to sign it.

B Carries out work with a desire to exercise due care

E

C Maintains objectivity and independence

E

D Avoids conflict of interest E

E Protects the confidentiality of information

E

F Maintains and enhances the profession’s reputation

E

G Adheres to the rules of professional conduct, including the SAICA Code of Professional Conduct

E

H Identifies and adequately responds to potential ethical dilemmas

E

I Applies ethical principles to business activities, business decisions and policy development

E

Management & leadership (demonstrates an ability to manage and lead)

A Keeps abreast of global and local economic events through reading and interpreting the financial and business press

E

B Identifies critical factors in the economic, social, legislative, regulatory and political environment that impacts on business and financial decisions of an entity

E

C Identifies the factors which impact an entity’s financial strategies

E

D Applies project management techniques, such as developing milestones, managing resources, meeting deadlines, etc.

E

E Leads effective meetings E



F Respects deadlines, manages time and organizes tasks logically

E

G Delegates tasks effectively E H Manages and supervises

others effectively E

I Works effectively with colleagues and clients from diverse backgrounds and cultures

E

J Collaborates with colleagues and works effectively as a team member

E

K Resolves conflict and negotiates appropriate solutions

E

Personal attributes

A Responds and adapts to change

E

B Identifies problems, conducts research, evaluates evidence and makes appropriate decisions

E

C Asks appropriate and probing questions to obtain required information

E

D Communicates effectively in written format

E

E Communicates effectively in verbal format

E

F Takes responsibility for own development

E

Information technology

A Effectively uses IT applications including spreadsheets, word processing, presentation and e-mail

E

B Effectively uses the internet as a source of information

E

C Applies procedures and controls to ensure integrity and security of personal IT

E



resources, e.g. password protection, backup procedures, anti-virus measures, etc

D Assesses IT risks and how they are managed

E

Financial Accounting:

Basic Accounting Records - Preparation, Control & Calculation of

1 Cashbook & Bank Reconciliation

A Recording of Receipts and payments

C If you use an accounting software program this could be the cashbook entries (once posted) or the entry type bank receipts and payments details (before being posted) Printouts of manual and or computerised cashbook entries or details. At least 1 set of evidence for 3 consecutive months for at least 1 client.

B Bank Reconciliation

C Printouts of manual and or computerised reconsiliations of the 3 months that you used for item 1A. Also include another set of bank reconciliations for 3 months of another client where you have actually drafted the cashbook.

2 Cash A Performing and supervising Petty cash

C Printouts of manual and or computerised cashbooks for 3 months. Also an explanation in your own words the difference between the ‘imprest’ system’ and ‘variable balance system’ for petty cash control.

B Cash control account C Ledger printout and petty cash reconciliation thereof. An explanation of how cash takings, cash payments, banking and cash floats should be controlled at a retail client.

C Cash on Hand C Physical check of petty cash certificate or confirmation from



client

3 Inventory A Control of stock C This whole section (Inventory 3A to 3E) can be linked to some evidence in Internal Control (sections 6,9,11,12) and could be done in one project or one section by, for example, one or more of the following listed below: (i) You must be exposed to all the actual processes and include some examples of purchases, delivery notes and stock-take schedules as your evidence. For your OE to sign off s/he must be sure that you are competent in all the required areas. (ii) If you are not exposed to the actual practical processes here, your OE could set you an assignment to research these areas, followed by an oral examination with evidence to prove your research. Note that you must then type up a report of this oral exam and get your OE to sign your report. (iii) Your OE could run a practical training session and then give you an assignment on all of these topics. The OE need to assess this assignment and give you feedback. You must then type up a report of this assessment and your OE needs to sign it. (iv) Included in the above examples, remember to cover more than just one form of valuation method. You can also combine this with some of your evidence in the Management Accounting section (items 5A,5B and 9)

B Purchases C

C Outstanding orders C

D Receiving & dispatch C

E Valuation methods C



E.g. Physical stock take, procedures, questionnaire with client etc Creditors invoices agrees to stock orders Agree actual cost against the stock sheet Explain different valuation methods and examples

4 Creditors & Purchases

Administration

A Matching of document

C This whole section (4A to 4G) can be linked to some evidence in Internal Control (sections 6,9,11,12) and could be done in one project or one section by, for example, one or more of the following listed below: (i) You must be exposed to all the actual processes and include some examples of orders, purchases, delivery notes, payments, statements and reconciliations as your evidence. For your OE to sign off s/he must be sure that you are competent in all the required areas. (ii) If you are not exposed to the actual practical processes here, your OE could set you an assignment to research these areas, followed by an oral examination with evidence to prove your research. Note that you must then type up a report of this oral exam and get your OE to sign your report. (iii) Your OE could run a practical training session and then give you an assignment on all of these topics. The OE need to assess this assignment and give you feedback. You must then type up a report of this assessment and your OE needs to sign it. (iv) Included in the above

B Discount management

C

C Adjustments & interest

C

D Reconciliation C E Trade, cash &

settlement discount C

F Print Creditors Payments – Remittance advices

C

G Extracting Creditors Age Analysis

C



examples, remember to cover more than just one example of a supplier monthly reconciliation. This is so you can include all the principles involved in 4A to 4G in your PoE. E.g. Order against invoice, GRN’s, delivery notes Check discount policy and documents for example invoices Reconciling against the creditors statement Copy of the reconciliation Discount Policy of the company and to check if correctly applied Agree accrual payments to remittance advices Age analysis agree to TB to statements

5 Jour nals A General, purchases, sales

C If you use an accounting software program this could be the entry type printout once posted. Ensure that this is your own work. Alternatively you can provide Excel type journals that will demonstrate your understanding.

B Period-end/ opening adjustments

C If you use an accounting software program this could be the entry type printout once posted. Ensure that this is your own work. Alternatively you can provide Excel type journals that will demonstrate your understanding.

C Monthly payroll journals

C If you use an accounting software program this could be the entry type printout once posted. Ensure that this is your own work. Alternatively you can provide Excel type journals that will demonstrate your understanding. Make sure that you demonstrate how these journals are linked to the relevant salary registeres and RoR and other third party



payments. Also explain how the relevant payroll clearing (control accounts) are ‘cleared’ and/or reconciled. Refer this evidence to item 7C below.

6 General Ledger

A Searching for a specific entry

C Your evidence here should preferably be linked with item 12 (the trial balance). If you use an accounting software program this could be the printout of the trial balance with some of the general ledger accounts included. You could also include an explanation of what you understand the trial balance and general ledger accounts to be. Finally, highlight some errors that may not be revealed even when the trial balance actually balances.

B Extracting Cost Code based reports

C

C Extracting Trail Balance

C

D Extracting Detailed Ledger reports

C

7 Control Accounts

A Debtors C You need to show an understanding that the subsidiary ledger must agree to the general ledger control account. Your evidence could consist of the customer age analysis agreeing to the accounts receivable balance in the trial balance and balance sheet. If different, then provide a reconciliation to explain the difference. E.g. Copy of the reconciliation

B Creditors C You need to show an understanding that the subsidiary ledger must agree to the general ledger control account. Your evidence could consist of the customer age analysis agreeing to the accounts receivable balance in the trial balance and balance sheet. If different, then provide a reconciliation to explain the difference.



E.g.Copy of the reconciliation C Salaries C You need to show an

understanding of the salary register/journal and posting to all the relevant expense and payroll control (clearing) accounts. Your evidence could consist of one month’s salary register, all the control accounts with reconciliations (including RoR, pension and medical aid) and the reasons why some clearing accounts are ‘cleared’ and why some still have balances. Then finally, how (and when) these balances will be cleared. Link this evidence to item 5C above.

D Inventory C You need to show an understanding of the accounting entries recording raw materials, labour (direct & indirect), work-in-progress, finsithed goods,etc. Evidence here may overlap with your absorption costing and inventory evidence under Management Accounting. Also include a stock sheet (signed by a CC member) which must agree with the inventory account balance/s in the balance sheet. E.g.Copy of the general ledger and stock sheet and or stock confirmation from member

E Inter-company C You need to show an understanding of what inter-company accounts are and why they are needed. This would be best demonstrated with a reconciliation. If you are not exposed to this area, then your OE could orally examine and assess your knowledge at a meeting with you. You can then



draft a summary report of this assessment and feedback for your OE to approve and sign. E.g.Copy of the reconciliation

8 Debtors & Sales Administration

A Preparing of invoices & credit notes

C This whole section (8A to 8G) can be linked to some evidence in Internal Control (sections 6,9,11,12) and could be done in one project or one section by, for example, one or more of the following listed below: (i) You must be exposed to all the actual processes and include some examples of sales, delivery notes, receipts, statements and reconciliations as your evidence. Make sure that you include evidence applicable for both the FIFO and average weighted cost methods. For your OE to sign off s/he must be sure that you are competent in all the required areas. (ii) If you are not exposed to the actual practical processes here, your OE could set you an assignment to research these areas, followed by an oral examination with evidence to prove your research. Note that you must then type up a report of this oral exam and get your OE to sign your report. (iii) Your OE could run a practical training session and then give you an assignment on all of these topics. The OE need to assess

B Cost of sales C

C Interest on outstanding debtors

C

D Trade, cash & settlement discount

C

E Month end statements & credit control

C



F Debtors & age analysis

C this assignment and give you feedback. You must then type up a report of this assessment and your OE needs to sign it. (iv) Included in the above examples, remember to cover more than just one example of a customer monthly reconciliation. This is so you can include all the principles involved in 8A to 8G in your PoE. E.g. Copy of the invoice / credit note Evidence to show that the goods sold have been taken out of stock Debtors Policy and actual journals going to debtors account Check discount policy and documents for example invoices Copy of debtors statement, messages Copy of age Analysis Company policy on discounts and to check if this is applied

G Discount management

C

9 Income & Expenditure (Accrual vs. Cash Basis)

C If you do not have the opportunity to do this practically for two clients, then you could meet with your OE and explain the difference in your own words. Note that you must then type up a report of this oral exam and get your OE to sign your report. E.g. Books written up on cash book and/or invoice basis

10 Books from Insufficient Records

C If you do not have the opportunity to do this practically for two clients, then you could meet with your OE and explain the difference in your own words. Note that you must then type up a report of this oral exam and get your OE to sign your report. E.g. Books written up on insufficient records i.e. not all



paperwork is given and amounts in cash book are not supported by documents

11 Property, Plant & Equipment

A Purchases C This whole section (11A to 11F) can be linked to some evidence in Internal Control (sections 6,9,11,12) and could be done in one project or one section by, for example, one or more of the following listed below: (i) You must be exposed to all the actual practical processes and include some examples of orders, purchases, disposals, asset registers, valuations and verifications as your evidence. For your OE to sign off s/he must be sure that you are competent in all the required areas. (ii) If you are not exposed to the actual practical processes here, your OE could set you an assignment to research these areas, followed by an oral examination with evidence to prove your research. Note that you must then type up a report of this oral exam and get your OE to sign your report. (iii) Your OE could run a practical training session and then give you an assignment on all of these topics. The OE need to assess this assignment and give you feedback. You must then type up a report of this assessment and your OE needs to sign it. (iv) Included in the above examples, remember to cover more than just one example of an asset. This is so you can include all the principles involved in 11A to 11F in your PoE. E.g. Actual invoice Actual example of an asset

B Asset register C C Depreciation C

D Asset verification/Title deed inspection

C

E Insurance & mv license inspection

C

F Disposal of Assets C



register Calculation on asset register and refer to accounting policy Copy of invoice against asset register and physical check of asset Copy of insurance schedule and compare to asset register Asset registrar and check calculation of disposal

12 Trial Balance A Accruals & Prepayments

C Integrate this section with all your evidence for the General Ledger setion above (item 5). If you use an accounting software program this could be the printout of the trial balance with some of the general ledger accounts it includes. You could also include an explanation of what you understand the trial balance and general ledger accounts to be. Finally, highlight some errors that may not be revealed even when the trial balance actually balances.

Annual Financial Statements - Form, Framework, Presentation,

Reporting, Elements, Equity & Disclosure

1 Sole Proprietor

C Actual copies of at least two sets of annual financial statements prepared by you personally. Preferably one for a service (or consulting) type business and the other for a business which sells products.

2 Partnership/ Joint Venture

C Actual copy of a set of annual financial statements prepared by you personally. If you are not exposed to this at work, your OE could set you an assignment where you need to prepare the statements for a partnership. S/he must then mark this and give you feedback. Note that you must then type up a report of this feedback and get your OE to sign it.

3 Close Corporation

C Actual copy of a set of annual financial statements prepared by you personally. Then after being checked and approved by the OE,



your final draft of the accounting officer’s report for signature by him/her. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it.

4 Trusts

E

Actual copy of a set of annual financial statements prepared by you personally. If you are not exposed to this at work, your OE could set you an assignment where you need to prepare the statements for a trust. S/he must then mark this and give you feedback. Note that you must then type up a short report of this feedback and get your OE to sign it.

5 Companies

E

Actual copy of a set of annual financial statements prepared by you personally. If you are not exposed to this at work, your OE could set you an assignment where you need to prepare the statements for a company. S/he must then mark this and give you feedback. Note that you must then type up a short report of this feedback and get your OE to sign it.

6 Associations not for Gain (Clubs)

E

Assess the annual financial statements for a Club or NPO. Then prepare and present your explanation of the contents to your OE during a meeting set up for this purpose. Note that you must then type up a report on this meeting and have your OE sign it.

7 Sectional Title or Micro Lenders/Body Corporates

E

Assess the annual financial statements for either one of these entities. Then prepare and present your explanation of the contents to your OE during a meeting set up for this purpose. Note that you must then type up a report on this meeting and have your OE sign it.

8 Schools

E

Assess the annual financial statements for a school. Then prepare and present your explanation of the contents to your OE during a meeting set up for this purpose. Note that you must then type up a report on this meeting and have your OE sign it.

9 Administration & Planning of Estates

E

An actual copy of the Final Distribution Account as prepared by you. Alternatively, access a Final Distribution Account. Then prepare and present your explanation of the contents to your OE during a meeting set up for this purpose. Note that you must then type up a report on this



meeting and have your OE sign it.

10 Farming or Mining

E

Assess the annual financial statements for a farming or mining enterprise. Then prepare and present your explanation of the contents to your OE during a meeting set up for this purpose. Note that you must then type up a report on this meeting and have your OE sign it.

11 Report of Accountant/Accounting Officer / Audit on the Financial Statements

C This could be incorporated as part of the relevant annual financial statements included above (at least for items 1-3 above).

12 Notes to Financial Statements

E This could be incorporated as part of the relevant annual financial statements included above (at least for item 3 above).

13 Formulating Accounting Policies

E This could be incorporated as part of the relevant annual financial statements included above (at least for item 3 above).

14 Provisions & Contingent Liabilities

A Provisions

E This could include either (a) and explanation of the type of provisions one would make and why or (b) actual examples of the journals or schedules at year-end showing these provisions. This evidence would be strengthened if you could include an example where you have actually done this yourself at work. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it.

B Contingent liabilities

E This could include an explanation of the type of contingent liabilities one could have and how you would report on these. This evidence would be strengthened if you could include an example where you have actually done this yourself at work. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it.

C Extraordinary

E This could include an explanation of the type of disclosure required, some examples of same



Items – identification & disclosure

and how they get reported on in the financial statements. This evidence would be strengthened if you could include an example where you have actually done this yourself at work. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it.

15 Leases A Finance leases

E This could include an explanation of the type of disclosure required, some examples of same and how they get reported on in the financial statements. This evidence would be strengthened if you could include an example where you have actually done this yourself at work. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it. E.g. Show understanding and copies of sample agreements eg motor vehicle

B Operating leases

E This could include an explanation of the type of disclosure required, some examples of same and how they get reported on in the financial statements. This evidence would be strengthened if you could include an example where you have actually done this yourself at work. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it. E.g. Show understanding and copies of sample agreements eg photocopier, rental

C Hire Purchase (HP) agreements

E This could include an explanation of the type of disclosure required, some examples of same and how they get reported on in the financial statements. This evidence would be strengthened if you could include an example where you have actually done this yourself at work. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it. E.g. Show understanding and copies of sample agreements for example furniture

16 Member’s (Director's) Loan in CC (Company)

E In your own words prepare to explain (a) the difference between a member’s loan and both and outsider loan and the member’s capital contribution, (b) the meaning of a ‘deemed



dividend or distribution’ and (c) ‘subordination of the member loan’. Then meet with your OE and explain all of this. Note that you must then type up a report of the feedback that you got during this task and get your OE to sign it.

17 Relevant statements of NAC001 and IFRS for SME’s pertaining to the above

E Summarise your understanding of the legal requirements & standards and then link and refer to all the relevant items above that you select and present as evidence in your PoE.

18 Preparation of: A Feasibility & Viability studies

E Example of actual document

B Cashflow forecasts


C Tax Forecasts


D Due Diligenge Investigations


E Business/share valuations


F Management accounts


G

Manufacturing accounts




Internal Controls Planning, Internal Control, Reporting

1 Pre – engagement Procedures

C Draft your own summary of all the steps that one would need to follow in this process. Then meet with your OE and ask him/her to listen to your explanations, ask you questions and provide feedback. Summarise this feedback in a brief report and ask him/her to sign it. If you have been exposed to this practically at work you could also file the actual checklist that you use. You would still need to meet with your OE, write the report and have it signed. With e.g. Copy of Engagement Letter and or sample

2 Permanent File C Draft your own summary of all the steps that one would need to follow in this process. Then meet with your OE and ask him/her to listen to your explanations, ask you questions and provide feedback. Summarise this feedback in a brief report and ask him/her to sign it. If you have been exposed to this practically at work you could also file the actual checklist that you use. You would still need to meet with your OE, write the report and have it signed. With e.g. Copy of Document and or index's

3 Working Paper File

C Draft your own summary of all the steps that one would need to follow in this process. Then meet with your OE and ask him/her to listen to your explanations, ask you questions and provide feedback. Summarise this feedback in a brief report and ask him/her to sign it. If you have been exposed to this practically at work you could also file the actual checklist that you use. You would still need to meet with your OE, write the report and have it signed.



With e.g. Copy of Index of file 4 Planning

Memorandum C Draft your own summary of all the steps

that one would need to follow in this process. Then meet with your OE and ask him/her to listen to your explanations, ask you questions and provide feedback. Summarise this feedback in a brif report and ask him/her to sign it. If you have been exposed to this practically at work you could also file the actual checklist that you use. You would still need to meet with your OE, write the report and have it signed. With e.g. Copy of Planning document

5 Authority & Signing Powers

C Explain in your own words, what this means and how it would be implemented in a company (preferably your own practice). Then meet with your OE and ask him/her to listen to your explanations and practical examples. Answer any questions and then summarise the discussion with your OE in a brief report and have him/her sign it.

6 Internal Control Procedures

C This will also form part of section 12 below. However in this section you can write in your own words what you understand by this term. Then meet with your OE and ask him/her to listen to your explanations and practical examples. Answer any questions and then summarise the discussion with your OE in a brief report and have him/her sign it. This could then be referred to in section 12 below.

7 Special Assignments

C Explain in your own words, what a special assignment is and give examples of when a company may require it. Then meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

8 Risks & Materiality

E Explain in your own words, what this term means and how and when it would be



used in the audit process. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

9 Compliance Procedures

E Explain in your own words, what this term means and how and when it would be used in the audit process. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

10 Reliance on the Work of Internal Auditors

E Explain in your own words, what this term means and how and when it would be used in the audit process. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

11 Transaction Testing & Verification

A Vouching tests C Explain in your own words, what this

term means and how and when it would

be used in the audit process. Meet with

your OE and ask him/her to listen to your

explanations and practical examples, ask

questions and provide feedback.

Summarise this feedback in a brief report

and have him/her sign it.

B System based tests

C

C Compliance procedures

C

D Verification for Completeness, Existence, Accuracy, Baluation, Ownership & Presentation

C

E Analytical review C Take a set of financial statements that you have prepared and perform an analytical review on them with your comments and observations. Remember to get feedback from your OE, write a brief report on it and then have him/her sign it.

F Solvency & Liquidity Tests

C Take a set of financial statements that you have prepared and perform an solvency & liquidity tests on them with



your comments and observations. Remember to get feedback from your OE, write a brief report on it and then have him/her sign it.

G Post Balance Sheet Events

Explain in your own words, what this term means and how and when it would be used in both the accounting and audit process. Give examples of these events and how they hould be dealt with. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it

H Statutory Checks (Member certificate, founding statement, association agreement etc)

Explain in your own words, what these checks are, why they are important and how and when they are used. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it

I Overall Review of Financial Statements

Take a set of financial statements that you have prepared and perform an overall review on them with your comments and observations. Remember to get feedback from your OE, write a brief report on it and then have him/her sign it.

12 Internal Control A Control objectives (general, specific, computer)

C Explain in your own words, what this means and how and when it would be used in the audit process. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

B Methods to determine strengths & weaknesses

C What are these methods and how and when are they used in the audit process? Give some examples of strengths and weaknesses. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this



feedback in a brief report and have him/her sign it.

C Evaluating systems & weaknesses

C How is this done? Give examples of some systems and possible weaknesses. Have you any experience of possible weaknesses in any of your own practice’s systems? Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

D Reliance on specialists & other professionals

C Who are some of these people and when is it necessary to rely on such specialists or professionals? How is this done? Have you any experience of when your practice or one of the clients relied on such experts? Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

13 Final Report A Qualifying or non-qualifying report

C Explain in your own words, the difference between these two reports. Include a sample of each one in your PoE after meeting with your OE. Meet with your OE and ask him/her to listen to your explanations, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

14 Reporting A Management representation letter

E Explain in your own words, the purpose of this letter. Include a sample letter. Meet with your OE and ask him/her to listen to your explanations, view your letter and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

B Management letter

E Explain in your own words, the purpose of this letter. Include a sample letter. Meet with your OE and ask him/her to listen to your



explanations, view your letter and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

C Engagement letter

E Copy of Document

D Letter of recommendations

E Copy of Document

E Shareholders agreements

E Copy of Document

Association Agreements

E Copy of Document

Audit presentation

Reconciliation E Explain in your own words, what this means and how and when it would be used in the audit process. Give some examples. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

Schedules E Explain in your own words, what these schedules are and how and when it would be used in the audit process. Include some examples. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

Audit/review file E Explain in your own words, what the purpose of such a file is. Include a sample index to such a file. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.



Audit/review management file

E Explain in your own words, what the purpose of such a file is. Include a sample file index. Meet with your OE and ask him/her to listen to your explanations and practical examples, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

General – Auditing – Relevant International Auditing Standards pertaining to the above

E Draft your own summary table of the relevant standards and meet with your OE. Ask him/her to view your summary, ask you questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

Taxation Value Added Tax

VAT A Registration & deregistration

C Copy of completed registration documents and written understanding of the actual registration and



deregistration process; Understand principles who must/can register for VAT and why, also when one would deregister.

B Maintaining monthly records

C Written understanding of what records should be kept and the importance thereof.

C Completion of returns

C Copy of completed vat report and return

D Calculation of penalties & interest

C Copy of ROR statement giving calculation and or examples of calculation OR practical case study given by your OE

E Input reconciliation

C Year end reconciliation copy OR practical case study given by your OE

F Output reconciliation

C Year end reconciliation copy OR practical case study given by your OE

G Zero rated, exempt & deemed supplies

C Include your summary and an explanation of each category with examples

H Handling of VAT Audit

E Example of actual vat audit correspondence

I Apportionment calculations

E Written summary of your understanding of apportionment as per act and an example with calculations.

J Sale as going concern notification

E Written explanation of procedures for sale as going concern and an example of notification written to the RECEIVER



Income Tax

1 Income Tax Registration & Deregistration

A Individuals/ Partnerships C Copy of completed registration form and a written understanding of the principles who must/can register for individual tax as well as why/when you would deregister

B Trusts E Copy of completed registration forms : written understanding of how and why you would register a trust

C Companies & Close Corporations

C Copy of completed Income Tax registration forms; written understanding of how and why you would register/deregister a Close Corporation for tax ;

D Non Government Organisations (NGO's)

E Copy of completed registration forms;

2 Calculation of Income Tax

A Individuals/Partnerships/ Trusts

C Copy of calculation or a practical case study given to you by your OE

B Companies & Close Corporations

C Copy of calculation or a practical case study given to you by your OE

C Non Government Organisations (NGO's

E Copy of calculation or a practical case study given to you by your OE

D Farming E Copy of calculation or a practical case study given to you by your OE

E Registered Manufacturing enterprise

E Copy of calculation or a practical case study given to you by your OE

F Mining enterprise E Copy of calculation or a practical case study given to you by your OE

G Calculation & completion of provisional tax returns

C Copy of calculation or a practical case study given to you by your OE and a written understanding of the principles \ bases on how to calculate provisional tax



H Application of double taxation agreements rates

E A written understanding of application of double taxation

I Penalties & interest calculations

C Copy of calculation and/or examples of practical case study given byOE

J Non-Residents Shareholders Tax

E Copy of calculation and an written understanding when NRST to be deducted as per act

3 Completion of Annual Income Tax Returns

A Individuals/ partnerships C Copy of completed return B Trusts E Copy of completed return C Companies & Close

Corporations C Copy of completed return

D Non Government Organisations (NGO's)

E Copy of completed return

4 Asses sments A Checking/review of assessments

C Copy of assessment calculation showing your comparison of the actual ROR Assessment vs your own calculation. If different, then an explanation for what you did about it and the result If not, an explanation of how you would deal with a difference

B

Writing objections

E An actual example of an objection that you have undertaken with the ROR on any tax matter. Include all correspondence and the final ROR Assessment or correspondence in this regard. If not done yourself a detailed explanation of how this process would happen.

C Appeal to disallowed objections

E Copy of document/letter

5 Deferred Taxation

A Bad debts, doubtful debts

E

An example where the tax calculations have been done with these items included and an explanation of the principles taken into account

B Leases An example where the tax calculations have been done with these items included and an explanation of the principles



taken into account. 6 Practice Notes &

Court Decisions E A written understanding in this

area and a practical case study given by your OE to complete

7 Tax Planning - Fringe Benefits & Allowances

A

Salary structuring

C Show an understanding in this area and give an example

B Providing tax advice on takeover / acquisition new business

E Show an understanding in this area and give an example with explanation and advice

C

Tax Avoidances vs Tax Evasion


8 Application for good standing certificates




Other Taxes

1 Employees Taxation

A Registration & deregistration of PAYE, Workman compensation, social Security

C Copy of completed registration documents a written understanding of the actual registration process and principles of who must /can register as an employer and when /why you would deregister

B Maintaining monthly PAYE records

C Copy of reports kept = payroll ; A written understanding of what records must be kept and why these are important

C Completion of returns

C Copy of completed returns OR a practical case study given by your OE to complete

D Calculation of penalties & Interest

C Copy of ROR statement giving calculation and or examples of calculation

E Calculation of PAYE, SSC & WCA

C Sample reports and or calculations

F Director's/ Member's remuneration

C A written understanding on how this is taxed with an appropriate example

G Reconciliations eg. PAYE5 returns

C Example of actual returns and reconciliation

H Issuing of all annual returns & certificates eg. PAYE certificates

C Example of actual returns and reconciliation to PAYE 5 Certificates and a copy of PAYE5 certificate written out

I Reconciliation with financial statements

C Copy of reconciliation between actual returns/certificates and balance per AFS indicating and explaining difference

2 Nonresident vs. Resident E Show a WRITTEN understanding in this area and give a PRACTICAL example

3 Double Taxation agreement E Show a WRITTEN understanding in this area and give a PRACTICAL example

4 Stamp Duty Act E Show a WRITTEN understanding in this area and give a PRACTICAL example



5 Tax Clearance Certificates C Example of actual completed tax clearance application

6 VAT IMPORT

A VAT Import on goods - principles

C A written understanding of when/why an entity has to/can register for VAT IMPORT and the rules to apply to import. Also which documents must accompany the import.

B VAT Import on goods –calculations

C A copy of a VAT IMPORT RETURN showing the calculations

C VAT Import reconciliation

C Copy of reconciliation of the VAT import as per clients system and as per ASYCUDA reports.

7

WITHHOLDING TAX ON SERVICES RENDERED BY NON-RESIDENTS

E A detailed written understanding of the principles indicating when/why an entity has to register and pay over WHT. Attach an example or a copy of registration and a copy of completed return.



Commercial Law

1

Concept & Characteristics of Different Entities

A Close corporation

C Explain in your own words the key characteristic of these entities. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

B Private company

C

C Public company

C

2 Advantages & Disadvantages of a CC/ Company vs. Other Business Entities

C Explain in your own words the key differences between various entities. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

3 Steps to form a Close Corporation & completion of all Documents

C A written explanation, in your own words, of the documents, procedures and steps undertaken to form a close corporation. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

4 Steps to form a Company & Completion of all Documents

C A written explanation, in your own words, of the documents, procedures and steps undertaken to form a company. Then meet with your OE and ask him/her to listen to your explanations, ask questions and provide feedback.

5 Membership & Member's Interest

C Explain in your own words, prepare to explain (i) the difference between a member’s laon as well as both an outsider loan and the member’s capital contribution, (ii) the meaning of member’s interest and (iii) what is included in member’s interest. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

6 Acquisition of Member’s Interest/ Shareholding, Administration Procedures

C A written explanation, in your own words, of the documents, administrative procedures and steps involved in acquiring a member’s interest or shareholding. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her



sign it.

7 Conversion from a Company to a Close Corporation (& visa versa): Practical Steps

C A written explanation, in your own words, of the documents, procedures and steps undertaken to convert from a close corporation to a company as well as the reasons for such a change. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

8 Internal Relationships Between Members/ Shareholders (including Association/ Shareholder’s Agreement)

C A written explanation, in your own words, of the documents, procedures and steps undertaken to convert from a close corporation to a company as well as the reasons for such a how the relationships and the interests of members or shareholders should be managed. Also what you recommend should be included in a members’ or shareholders’ agreement. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

9 Client/ Stakeholder Meetings - Recording & Authorising of Agenda's & Minutes

C A copy of the agenda and minutes of an actual meeting of members or shareholders that you have drawn up. If you have not done this yourself, then an example with explanatory notes of the important issues that will guide you when you are exposed to this in the future.

10 Loans by CC/ Company to/ from members/ directors

C In your own words, prepare to explain (i) the difference between a member’s loan as well as both an outsider loan and the member’s capital contribution, (ii) the meaning of a ‘deemed dividend or distribution’ and (iii) ‘subordination’ of a member’s loan. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

11 Power of Members/ Directors to Bind the CC / Company

C In your own words, prepare to explain the powers of members and directors to bind the corporation. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

12 External Relationships & Fiduciary Position of Members/

C In your own words, prepare to explain the powers of members and directors to bind the corporation.



Directors Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

13 Personal Liability of Members/ Directors to CC/ Company & Others

C In your own words, prepare to explain the personal liability of members/directors. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

14 Accounting Records to be Maintained

C A written explanation, in your own words, of the documents and records involved, their retention periods and in terms of which legislation. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

15 Annual Financial Statements, IFRS, IFRS for SME, NAC 001, Reports

C A written explanation, in your own words, of the requirements regarding the relevant statements needed for an entity in terms of the Companies Act and Close Corporations Act. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

16 Deregistration Procedures for All Entities Listed under Point 1

C A written explanation, in your own words, of the procedures and steps taken to deregister a company or CC as well as the reasons for and legal consequences of deregistration. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

17 Liquidation Procedures for All Entities

C A written explanation, in your own words, of the procedures and steps taken to liquidate a company or CC as well as the reasons for and legal consequences of liquidation. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

18 Business rescue C A written explanation, in your own words, of the procedures and steps to be taken to put an entity into ‘business rescue’. Then meet with your OE



and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

Accounting Officer/Auditor 1 Duties of the Accounting Officer/

Auditor C A written explanation, in your own words, of the

duties of each of these officials. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

2 Removal, Resignation & Vacancy of the Accounting Officer/ Auditor

C A written explanation, in your own words, of the procedures and steps involved in the removal, resignation and appointment of each of these officials. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

3 Rights of the Accounting Officer/ Auditor

C A written explanation, in your own words, of the procedures and steps involved in the removal, resignation and appointment of each of these officials. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

4 Duties of the Accounting Officer/ Auditor towards Registrar

C A written explanation, in your own words, of the duties of each of these officials. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

5 Trusts A Rights, powers & duties of trustees

E

A written explanation, in your own words, of the rights, powers and duties of trustees. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

B Creation & registration

A written explanation, in your own words, of the procedures and steps involved in creating and registering a trust. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.



C Duties of the accountant

A written explanation, in your own words, of the duties of the accountant of a trust. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

D Reporting requirements

A written explanation, in your own words, of the reporting requirements of a trust. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

6 Clubs A Rights, powers & duties of office bearers

E

A written explanation, in your own words, of the rights, powers and duties of the office bearers of a club. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


A written explanation, in your own words, of the procedures and steps involved in creating and registering a club. Then meet with your OE and ask him/her to view your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


E

A written explanation, in your own words, of the duties of the accountant of a club. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


A written explanation, in your own words, of the reporting requirements of a club. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

7 Sectional titles

A Rights, powers & duties of office bearers

E

A written explanation, in your own words, of the rights, powers and duties of the office bearers of a sectional title entity. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.




A written explanation, in your own words, of the procedures and steps involved in creating and registering a sectional title entity. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


A written explanation, in your own words, of the duties of the accountant of a sectional title entity. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


A written explanation, in your own words, of the reporting requirements of a sectional title entity. Then meet with your OE and ask him/her to listen to your explanations, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

8 Non Profit Organisations (NGO's)

A Rights, powers & duties of office bearers

E

A written explanation, in your own words, of the rights, powers and duties of the office bearers of a NPO. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


A written explanation, in your own words, of the procedures and steps involved in creating and registering a NPO. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


A written explanation, in your own words, of the duties of the accountant of a NPO. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.


A written explanation, in your own words, of the reporting requirements of a NPO. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.



9 Commercial Law

A Basic law of contracts eg. purchase & sale, letting & hiring, Subcontractor Agreements, Franchise or Royalty Agreements, etc.

E If you have not been exposed to this topic in practice, ask your OE to help you to choose any one of your practice’s clients in an industry/sector of her/his choice. Imagine this is a new client and prepare a written explanation, in your own words, of the basic law of contract as it will affect this client’s business. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

B Companies Act

E If you have not been exposed to this topic in practice, ask your OE to help you to choose any one of your practice’s clients in an industry/sector of her/his choice. Imagine this is a new client and prepare a written explanation, in your own words, of the Companies Act of 2008 as it will affect this client’s business. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

C Close Corporations Act

E If you have not been exposed to this topic in practice, ask your OE to help you to choose any one of your practice’s clients in an industry/sector of her/his choice. Imagine this is a new client and prepare a written explanation, in your own words, of the Close Corporations Act as it will affect this client’s business. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

D Administration of Estates

E Unless you are personally involved I this at work we suggest you choose another elective item. But if you are, then provide actual evidence of some of your own work your outputs from two deceased or insolvent estates.

E Tender procedures

E If you have not been exposed to this topic in practice, ask your OE to help you to choose any one of your practice’s clients in an industry/sector of her/his choice. Imagine this is a new client and prepare a written explanation, in your own words, of how they will need to prepare before submitting



their first tender to a potential client in either the private or public sector. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

F Property transactions, mortgage & pledges

E If you have not been exposed to this topic in practice, ask your OE to help you to choose any one of your practice’s clients in an industry/sector of her/his choice. Imagine this is a new client and prepare a written explanation, in your own words, of these concepts as it will affect this client’s business. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

G Negotiable instruments

E If you have not been exposed to this topic in practice, ask your OE to help you to choose any one of your practice’s clients in an industry/sector of her/his choice. Imagine this is a new client and prepare a written explanation, in your own words, of what a negotiable instrument is and practical examples of these including how this law will affect their business. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

H General Insurance - Longterm Insurance Act - Short term Insurance Act

E If you have not been exposed to this topic in practice, ask your OE to help you to choose any one of your practice’s clients in an industry/sector of her/his choice. Imagine this is a new client and prepare a written explanation, in your own words, of what this Act is and practical examples of how

I FICA Act E J National Credit

Act E

K Labour Act E

L Occupational Health & Safety Act

E

M Surety ship E



N Sectional Titles Act

E this law will affect their business. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. O Trust Property

Control Act E

P Intellectual Property Copy Rights Act Patents Act Designs Act Trademarks Act Consumer Protection Act Protection of Personal Information Act BEE Act Etc.

E

Q Insolvency Act E

20

Corporate Governance

E Prepare a written explanation, in your own words, of the term Corporate Governance. Then meet with your OE and ask him/her to review your document, ask questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.



Management Accounting:

1 Management reports

A Manufacturing accounts

E

If you are not exposed to this at work, (and can therefore include this with 1B, 1C, 1D and 1E) then research the topic and prepare some notes. Meet with your OE and ask him/her to give you a case study or practical assignment that involves drafting all the relevant accounts that impact on the production cost statement, cost of sales and inventory (materials, work-in-progress and finished goods). Discuss your answers with your OE, summarise this feedback in a brief report and have him/her sign it.

B Income statements

We recommend that you include and present all the evidence for 1B, 1C, 1D and 1E in one integrated report (1A too if you can). Choose any one of your clients but preferably one that buys & sells products (cash & credits), holds inventory, records both accruals & prepayments and also has significant on-current assets & liabilities. Prepare a monthly and/or quarterly and/or half-yearly pack and report that you are proud to present to such a client. If possible you can also include and integrate items 3A, 3B, 3C and 3D below in this comprehensive report.

C Balance sheets D Cash flow

statements and cash flow planning

E Consolidation of management reports

2 Valuations A Shares, goodwill, member interest

E

Research the topic and prepare some notes on valuing these three items. Meet with your OE and ask him/her to give you a case study or actual client financial statements where you are required to value at least two of these three. Later discuss your answers with your OE, summarise this feedback in a brief report and have him/her sign it.

3 Analysis & Interpretation

A Analysis of operation results

B Evaluation of financial ratios



C Interpretation of variances & tendencies

E

This whole section (3A to 3B) could be done in one project and also integrated with your evidence for 1B to 1Eabove. For example, one or more of the following listed below: (i) If you are exposed to all the actual processes then you could include some examples of your work outputs as your PoE evidence. For your OE to sign off s/he must be sure that you are competent in all the required areas and provide you with written confirmation fo this to supplement your own evidence. (ii) If you are not exposed to the actual practical processes here, your OE could set you an assignment to research these areas, followed by an oral examination with evidence to prove your research. Note that you must then type up a report of this oral exam and get your OE to sign your report. (iii) Your OE could run a practical training session and then give you an assignment on all of these topics. The OE need to assess this assignment and give you feedback. You must then type up a report of this assessment and your OE needs to sign it. (iv) Included in the above examples, remember to cover more than just one example of a supplier monthly reconciliation. This is so you can include all the principles involved in 4A to 4I in your PoE.

D Reporting (conclusions, forecasts & recommendations)

E Risk & viability analysis

F Capital investments & financing (eg. discounted cashflow)

If you are not exposed to this at work, then research the topic and prepare some notes. Meet with your OE and ask him/her to give you a case study or practical assignment that involves comparing the costs, cash flow and scrap/residual values over a period of at least four years for at least two projects or assets that a company is considering investing in. Yu need to take the effects of cost of capital, inflation, depreciation, recoupment and tax into account and motivate your recommendation. Use at least two methods (e.g. NPV, IRR, discounted payback, etc). Discuss your answers with your



OE, summarise this feedback in a brief report and have him/her sign it. File all this as your evidence.

4 Budgeting/ Forecasting

A Strategic long term planning

E

This whole section (4A to 4I) could be done in one project by, for example, one or more of the following listed below: (i) If you are exposed to all the actual processes then you could include some examples of your work outputs as your PoE evidence. For your OE to sign off s/he must be sure that you are competent in all the required areas and provide you with written confirmation fo this to supplement your own evidence. (ii) If you are not exposed to the actual practical processes here, your OE could set you an assignment to research these areas, followed by an oral examination with evidence to prove your research. Note that you must then type up a report of this oral exam and get your OE to sign your report. (iii) Your OE could run a practical training session and then give you an assignment on all of these topics. The OE need to assess this assignment and give you feedback. You must then type up a report of this assessment and your OE needs to sign it. (iv) Included in the above examples, remember to cover more than just one example of a supplier monthly reconciliation. This is so you can include all the principles involved in 4A to 4I in your PoE.

B Capex needs analysis

C Capital expenditure (Capex)

D Financing E Fixed vs. flexible

budget F Historical vs.

zero based budget

G Scenario planning

H Forecasts of future results

I Financial advice taking economic events into consideration

5 Costing Methods & Product Costs

A Absorption costing (direct vs. indirect costs)

If you are not exposed to this at work, then briefly explain this costing method and how and when it would be used. Link this explanation to your evidence for 1A (a manufacturing or production cost statement above). Contrast how inventory



E

and cost of sales are valued here compared to when marginal costing (5B) is used and which method is acceptable when using IFRS. Then meet with your OE and ask him/her to view your evidence and give you feedback. Summarise this feedback in a brief report and have him/her sign it. File all this as your evidence.

B Marginal costing & break-even analysis (variable vs. fixed costs)

If you are not exposed to this at work, then briefly explain this costing method and how and when it would be used and how we calculate breakeven and other CVP concepts. Compare this method to absorption costing above. Then contrast how inventory and cost of sales are valued here compared to when absorption costing is used and which method is acceptable when using IFRS. Then meet with your OE and ask him/her to view your evidence and give you feedback. Summarise this feedback in a brief report and have him/her sign it. File all this as your evidence.

C Standard costing

If you are not exposed to this at work, then research the topic and prepare some notes on standard costing. Meet with your OE and ask him/her to give you a case study or suggest an actual client’s financials where you are required to calculate some standard costs for some of their products/services. Alternatively, ask your OE to select a practical assignment for you to do that involves calculating and reconciling price and efficiency variances for materials, labour and manufacturing overheads. Discuss your answers with your OE, summarise this feedback in a brief report and have him/her sign it.

D Activity based costing

If you are not exposed to this at work, then research the topic and prepare some notes on ABC costing. Meet with your OE and ask him/her to give you a case study or suggest an actual client’s financials where you are required to analyse the costs, highlight the cost drivers for various activities and suggest ways of allocating their overheads using ABC. Alternatively, ask your OE to select a practical assignment for you to do that involves using ABC. Discuss your answers with your OE, summarise this feedback



in a brief report and have him/her sign it. E Contract

accounting If you are not exposed to this at work, then research the topic and prepare some notes on contract accounting. Meet with your OE and ask him/her to give you a case study or practical assignment from the practice library for you to do that involves drafting all the relevant contract accounting, valuing work-in –progress and final profit or interim profit at year-end. Discuss your answers with your OE, summarise this feedback in a brief report and have him/her sign it.

F Process costing If you are not exposed to this at work, then research the topic and prepare some notes on process costing. Meet with your OE and ask him/her to give you a case study or practical assignment from the practice library for you to do that involves process costing. Discuss your answers with your OE, summarise this feedback in a brief report and have him/her sign it.

G Joint product costing

If you are not exposed to this at work, then research the topic and prepare some notes on joint product costing. Meet with your OE and ask him/her to give you a case study or practical assignment from the practice library for you to do that involves joint product costing. Discuss your answers with your OE, summarise this feedback in a brief report and have him/her sign it.

6 Basic Principles o f Project Management

E If you are not exposed to this at work, then research the topic and prepare some notes on project management. Meet with your OE and ask him/her to give you a project to manage. The project could be as simples as co-ordinating the planned training activities for all the staff for six months, planning and hosting the annual staff function or project managing a breakfast function to brief clients on new legislation that will impact their business for examples. Draft a report when you are finished. Discuss this with your OE, summarise this feedback in a brief report and have him/her sign it.

7 Foreign Currency Cover E If you are not exposed to this at work, then research the topic and prepare some notes on

8 Foreign Currency Transac tions E



foreign currency cover and transactions. Meet with your OE and discuss. Then ask him/her to give you a case study to apply your knowledge in practice. Discuss your answers with your OE, summarise this feedback in a brief report and have him/her sign it.

9 Inventory Valuation (FIFO/ LIFO, Average Weighted Cost)

E This could just involve integrating all your related evidence already assembled in the Financial Accounting section and some of the other Management Accounting items above. Make sure that you incorporate a clear understanding of the different valuation methods and how the applicable accounting framework and tax legislation applies to each of them.

10

Insurance review E Example and or summary of understanding and or examples

Practice Management: 1 Pre-

engagement procedures

A Engagement letter

C Example of letter

B “Know-your-client” procedures

C Copy of sample procedure

C Client risk profiling

C Understanding of concept and examples

D Planning Memorandum

C Copy of memorandum

2 Clients / Files A Client mix/ sustainability

E This could also be covered in the above business plan or else in a separate marketing plan.

B Filing – working papers

E This could be a checklist or flowchart of what the practice actually does when taking on a new client. It can either be the actual process



control used by the practice or can be drawn up by you for the practice. The evidence should also include a sample client take-on form which again could be the actual one used by the practice or one designed by you for the practice.

C Procedures of appointment & engagement letters

C This could be a listing or flowchart of what the practice actually does when engaging with a new client. It can either be the actual procedure used by the practice or can be drawn up by you for the practice. The evidence should also include a sample engagement/appointment letters which again could be the actual one used by the practice or one designed by you for the practice.

D Resignation Procedures

C This could be a listing or flowchart of what the practice actually does when resigning from a client. It can either be the actual procedure used by the practice or can be drawn up by you for the practice. The evidence should also include a sample resignation letter which again could be the actual one used by the practice or one designed by you for the practice.

E Client liaison E This could include a copy of the communication policy of the practice. Alternatively you could explain the following to your OE and summarise his/her feedback in a brief report (how the firm communicates with clients, how frequently the firm communicate with clients, what happens when things go wrong, etc). Try to include actual copies of your own correspondence with some clients in your evidence.

F Secretarial records review

C Examples

G Advice & participation in information technology systems

E Either use an actual example from your practice or take a simple example of a retail store. Note what points you would highlight to a client which they would need to consider when purchasing a new IT system. Discuss this with your OE, summarise his/her feedback in a brief report and have him/her sign it.



3 Business Plan

A Statutory registrations

C This whole section (3A to 3F and 2A) could be done as one integrated project If you are exposed to business plans in your practice then you could just choose one of the plans that you have previously done for a client. Ensure that it covers all the areas in 3A to 3F and 2A. If you are not exposed to business plans in the practice then you first need to be exposed to both the theory and practice in any one of the following three ways: 1. Do research using the web or another method. 2. Attend a seminar or course on business plans. 3. Your OE could conduct formal or informal training within the practice. Once you have completed one of the above, you could write a business plan for a hypothetical accounting practice which would include and integrate the elements 3A to 3F and 2A. After presenting this integrated business plan to your OE s/he would need to work through this plan and give you feedback. You must then summarise this feedback and any corrections you needed to make in a brief report and your OE needs to sign it. File your plan and the feedback report as your evidence for 3A to 3F and 2A.

B Selecting a location

C

C First year's cash flow projection & break even analysis

C

D Practice Vision & Mission

C

E Professional

Indemnity Insurance

C

F Target market & marketing

C

4 Office Admin & Processes

A Preservation, safekeeping & maintenance of records

C Do research and draft a table listing each type of record and for how many years it should be kept. Also highlight in terms of which legislation this is ecessary. Discuss with your OE, summarise this feedback in a brief report



and have him/her sign it.

B Information system strategy (Implement & manage)

C Explain which software programs your practice uses or alternatively what type of programs you would need to acquire if you had your own practice. Why and how would you implement and manage these in the practice. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

C Calculation of fees

C Either report on how your practice calculates clients fees or present a practical example of how you would calculate your own fees in terms of the services that you would offer in your own practice in the future. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

D Monitoring of fees & time records

C Either report on how your practice monitors fees and time records, or present a practical example of how you would do this in your own practice in the future. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

E Debt management

C Summarise your practice’s debt policy or mention at least five things that you would include in a debt policy. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

F Risk & liability C Explain what you understand by Risk and Liability in general and also in an accounting practise. Ask your OE to highlight two particular current risks in your practice and then do a risk analysis on them. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

G Internal/ external correspondence procedures

E Obtain a copy of your practice’s communications policy and highlight where it is being implemented correctly by staff and where not. It the practice do not have a policy discuss with your OE for advice and draft your own proposed communication policy for him/her to approve for the practice.

H Internal Minutes, agendas &

E Preferably combine 3G, 3H and 3I as one project and ensure that your policy also



management reports

incorporates correspondence procedures and then include some examples from your own correspondence. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

I Conduct internal meetings, resolutions, manage conflict

E Preferably combine 3G, 3H and 3I as one project and ensure that your policy also incorporates procedures for conflict resolution procedures and then include some examples from your own experience in conflict management at work. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

5 Professional Development

A Registration Procedures

C Understand requirements

B Knowlegde of Institute’s by-laws

C Available on website – have a good understanding

C Knowlegde of Institute’s Rules of Professional Conduct

E Explain what you understand by this behavior. Also summarise what CFA expects of you in this regard. Meet with your OE and ask him/her to listen to your explanations and examples, ask you questions and provide feedback. Summarise this feedback in a brief report and have him/her sign it.

D CPD requirements

C Explain your own understanding of what CFA CPD comprises and what is expected of a CFA Namibia. What are the consequences of non-compliance? What are some of the most cost effective actions you will implement for yourself to ensure compliance once you have qualified as a CFA?

E Staff training & development

C Ask your OE for your company’s training plan/schedule/matrix for the current year for all their trainees. Alternatively ask your OE for his/her input and draft a complete one year training plan that the practice could use for a new CFA trainee in their first, second or third year at this practice. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

6 Human Resources

A Appropriate & relevant HR policies &/ practices

E Draw up a checklist of all the relevant policies and procedures that should be included in a HR Policies and Procedures Manual in the case of a small accounting practice. Also



design your own Induction Policy, Disciplinary Policy and at least one other policy that you have not already included in any other component of the Practice Management above or below. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

B Employment contracts aligned to the Basic Conditions of Employment Act

C Take your own contract of employment and highlight all the important information in it that complies with the BCOE Act. List any of your own conditions that are better than the minimum. Are there any conditions that conflict with the minimum? Now imagine that you are in a practice on your own and draft hypothetical letters of appoint on your letterhead for (a) a new bookkeeper on the permanent staff (b) a new CFA(Nam) trainee and (c) a new cleaner. Discuss with your Principal and summarise the feedback in a brief report and have him/her sign it.

C Payroll systems & maintenance of personnel records

C Imagine you are running your own practice with at least some staff who receive fringe benefits. Explain what systems you would use and what records you would maintain. What software program would you purchase and why this one? Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.

D Staff appraisals & reviews

E Describe how your practice’s performance appraisal or review system works. Attach a copy of the policy and the relevant forms and a copy of your own most recent appraisal or review. If there is no policy in place, design one of your own for a hypothetical practice, including step-by-step procedures and any relevant forms. Discuss with your OE, summarise this feedback in a brief report and have him/her sign it.



Attachment 3: Scope of assessment

Associated Assessment Criteria for relevant subjects:

Professional Skills

The qualifying Trainee Accountant will be able to:

• use the skills as a mechanism to put forward (and receive feedback on) their abilities

to demonstrate the required professional skill capabilities in terms of the training

model.

• It is self evaluation by the trainee that is then reviewed and independently rated by

the trainee’s Reviewer – the person in the best position to offer an opinion on the

trainee’s ability to demonstrate the relevant skill.

• The initiation of the document remains the sole responsibility of the trainee.

Financial Accounting(International Accounting Standards or an

appropriate framework)


• Prepare, understand and interpret financial statements for a sole proprietor, partnership,

company, Close Corporation, associations not for gain and clubs, sectional titles,

schools, trusts, estates and other entities. This may include the preparation of

consolidation and interim reports.

• Prepare basic accounting records including cashbook and bank reconciliations, petty

cash, inventory and control accounts, journals, ledgers, trial balance, the writing up of the



books and the maintenance of fixed asset registers. Accounting systems will be carried

out using an appropriate computerized system.

• Issue an appropriate report in terms of applicable legislation or relevant client

engagement and must be aware of the risk of error made if such financials are issued.

• All of the above must be demonstrated, in compliance with IFRS for SME’s and Micro

GAAP standards and NAC001.

Internal Control & Auditing


• Plan and prepare for reviews or internal/external audits including the preparation of notes,

procedures and system documents, authorities, audit reports, letters and statistical

summaries.

• Conduct tests of controls and verifications including vouching, systems, solvency and

liquidity, compliance procedures, analytical reviews and control objective testing. The

Trainee Accountant must demonstrate the ability to conduct financial statement reviews

and comply with statutory requirements as applicable to the engagement and relevant

legislation.

• Report on findings regarding system weaknesses. Provide a representation letter, a

management letter and an audit report as authorized by legislation.

Taxation




• Register tax payers for VAT, maintain VAT records, complete VAT returns, calculate

penalties and interest, conduct VAT reconciliations, de-register from VAT and assist a

client with a VAT audit from the ROR.

• Register natural and legal persons for income tax. Administer and complete all

appropriate income tax returns.

• Registration for PAYE, maintain records, complete paye/site returns, calculate penalties

and interest, conduct paye/site reconciliations, de-register from paye/site and assist a

client with a paye/site audit from ROR.

• Register an entity for levies, complete returns and de-register from levies.

• Identify differences in review of assessments and lodge objections and appeals.

• Calculate taxable income, net remuneration, withholding tax and dividends, deferred tax,

fringe benefits and other taxes as applicable.

• Plan, conduct and report on efficient tax within the restraints of the relevant income tax

legislation.

Commercial Law


• Conduct secretarial duties in establishing, maintaining and termination of Close

Corporations.

• Perform the duties of an Accounting Officer in terms of the CC act and must be able to

demonstrate this knowledge to the general public in interviews.

• Identify and advise members of a CC and other members of the general public on issues

of personal liability in terms of relevant legislation.



• Identify basic principles of commercial law as applicable to the various entities such as

law of contracts, insurance, credit agreements, etc.

• Advise entities on their reporting and compliance duties in terms of relevant legislation.

Management Accounting


• Produce sets of management reports including a balance sheet and an income statement

and report on valuations, cash flow, ratio analysis and management of costs and

overheads.

• Develop and prepare a budget, forecast income and expenditure, conduct scenario

planning and control a budget.

• Set standards rates and quantities.

• Use a budget to adapt to needs.

• Conduct a variance analysis and prepare a department’s operating statements

• Monitor and maintain the organizational policies relating to budgets and standards.

• Advise on costs of capital, finance, product and inventory. This will include cost volume

profit analysis and break even analysis.

Practice Management


• Manage an accounting practice through planning, implementing and contracting.

• Manage their risk and liability in the practice by maintaining working papers in sufficient

detail.

