THE INSTITUTE OF CHARTERED

ACCOUNTANTS (GHANA)

PROFESSIONAL
QUALIFICATION SYLLABUS
2019 - 2024
CONTENTS

1 Overview 4

1.1 Purpose 4
1.2 Outline syllabus, rationale and key benefits 4
1.3 Introduction to levels in the qualification 5
1.4 Knowledge level 6
1.5 Application level 7
1.6 Professional level 7
1.7 Assessments 8
1.8 Development of technical competence in a regulatory environment 9
1.9 Integration of business and professional ethics 9
1.10 Pass marks and progression 9
1.11 Entry requirements 9
1.12 Exemption policy 9
1.13 Learning materials 10

2 Module specifications – aims, competencies, and content 10

2.1 Knowledge level 10

2.2 Application level 22
2.3 Professional level 43

3 Appendices 57

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1 Overview

1. The syllabus aims to support the development of competent professionals capable of accepting the
accounting and related responsibilities that businesses, government and regulatory authorities
demand of them. It seeks to develop the skills of accounting professionals in a measured way that
reflect the values of public interest and a wider concern for the reputation and standards of a
professional institute.

2. The syllabus is suited to those students working or seeking to work in the public or private sector,
and in business and commerce. It facilitates advanced standing for candidates who qualify from
recognised universities and meets the requirements of international bodies like the International
Federation of Accountants (IFAC), and international accounting and auditing standards.

3. The syllabus is comparable to modern standards employed by leading institutes across the world
and reflects important characteristics of, and is designed to meet, specific business and
government needs of Ghana.

1.1 Purpose

4. The professional qualification begins with an expression of purpose which is a statement of the skills
and competencies that define what is meant by being a professional accountant in Ghana and which
fits with national and international objectives.

The Professional accountant as a well-rounded advisor who:

· Contributes real value in management of all types of organisations.

· Acts in the public interest as well as that of their employer or client.
· Delivers competencies that include sound knowledge and higher value technical
skills expected of accounting and finance professionals.
· Delivers their technical knowledge and skills in a practical and relevant way.
· Delivers skills in the private and public sectors through a deep understanding of their
issues and environments.

5. The remainder of this document outlines a robust syllabus that meets this purpose.

1.2 Outline syllabus, rationale and key benefits

6. In outline, the proposed qualification has two elements to it:

· a 3-tier syllabus/examination structure (hereafter, 'syllabus' structure) and
· an additional work experience requirement.

The syllabus structure is outlined as:

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The ICAG syllabus structure

LEVEL 1: LEVEL 2: LEVEL 3:

KNOWLEDGE APPLICATION PROFESSIONAL

Entry requirements and Progression: All of the Progression: All of the

exemptions: Detailed in the Knowledge level examinations Application level
Entry Requirements and need to be passed or credited examinations need to be
Exemptions sections of this before embarking on the passed or credited before
syllabus Application programme of embarking on the
study. Professional programme of
1.1 Financial Accounting study.
1.2 Business Management 2.1 Financial Reporting
and Information 2.2 Management 3.1 Corporate Reporting
Systems Accounting 3.2 Advanced Audit
1.3 Business and 2.3 Audit and Assurance and Assurance
Corporate Law 2.4 Financial Management 3.3 Advanced Taxation
1.4 Introduction to 2.5 Public Sector 3.4 Strategic Case Study
Management Accounting and Finance
Accounting 2.6 Principles of Taxation

7. To be qualified as a member of ICAG all elements of the qualification must be satisfied: that is,
examinations must be passed and evidence of acceptable work experience provided. The detail of
the work experience framework is the subject of a different document.

8. The underlined modules contain mostly local content. All other modules are contextualised for
Ghana but are based on international content.

9. The rationale for the syllabus structure is to:

· Achieve the expression of purpose
· Create a clear link between syllabus content and learning materials.
· Clearly identify how student's progress from one level of the qualification to the next which is
measured in terms of skills acquired and competencies achieved via learning outcomes.
· Enable students to progress from appropriately designed and credited university degrees to the
PQ (IES1).
· Adhere to IES2, 3, 4, 5 and 6 (technical competence, skills, ethics, the ability to integrate
relevant technical and ethical skills with appropriate practical experience, and evaluated by
appropriate and meaningful assessments).
· Position students for lifelong professional development: IES7 (CPD).
· Ensure that it is sufficiently benchmarked with international qualifications to grant a degree of
mutual recognition with other country's professional qualifications.
· Provide detail which is sufficiently localised to ensure that its members' skills are relevant to the
Ghanaian economy and environment.

1.3 Introduction to levels in the qualification

10. The levels in the qualification (Knowledge, Application, and Professional) reflect the inherent
difficulty of the subject matter in the modules and the requirements of progression to achieve
professional competency that meets with the purpose of the qualification. At the lowest level, tasks

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in an exam will provide straightforward and structured data and information. At the next level, tasks
will have straightforward but more complex data and information set in a more practical context. At
the final level, there will be scenarios that are more professionally challenging and requiring
development of professional advice.

11 In a competency based framework these tasks are expressed in terms of skills achievement of
students. Skill achievement is developed into learning outcomes that specifically identify for
students what they need to do in detail in order to demonstrate that a skill has been acquired. These
learning outcomes are then reflected in assessments to ensure that students show evidence of their
acquisition of skills.

Stages and learning outcomes

Learning outcomes are expressed in terms of tasks that use verbs such as identify, explain,
calculate, analyse, evaluate and advise to specify the skill that has to be demonstrated. Modern
accounting qualifications use a hierarchy of verbs which recognise that students begin the learning
process by being able to undertake the simpler tasks, as expressed in verbs such as 'identify' and
'explain', moving on to more difficult tasks such as 'calculate' and 'analyse', and ending-up with the
higher level tasks of having to 'evaluate' and 'advise'. This approach has long been used in modern
accounting qualifications and is based, in one form or another, on Bloom's taxonomy of verbs.

This approach is in accordance with IES2, appendix 1. IES2 describes what is involved in terms of
'proficiency' levels which demarcates skills between different levels of modern accounting
qualifications.

1.4 Knowledge level

12 The Knowledge level provides a framework for learning which contains core skills that prepare
students for advanced study. Further details of the subjects are shown in a table below:

1.1 Financial Accounting

Outline content: Financial Accounting is dealt with here primarily as a skill that supports the
compilation of reliable financial accounts for sole traders, partnerships, companies and not-for-
profit entities. At this level accounting includes knowledge of the essential framework of
assumptions that underpin reliable reporting. Progression to: 2.1 Financial Reporting

1.2 Business Management and Information Systems

Outline content: The business organisation is introduced and placed within the context and
description of the environment in which it operates. Business structures and processes are
explained so that the student achieves an understanding of the key functions of a business and of
the basic approaches to analysing business activities. Critical to understanding the business will be
business information and learning how information systems contribute to business performance.
Progression to: thematic to the qualification and 3.4 Strategic Case Study

1.3 Business and Corporate Law

Outline content: Students are introduced to the Ghanaian legal system. The syllabus then covers a
range of specific legal areas relating to various aspects of business of most concern to finance
professionals, including the law relating to contracts, employment, and aspects of company law.
Frameworks of governance structures are dealt with along ethics and ethical behaviour relating to
business including criminal law Progression to: thematic to the qualification

1.4 Introduction to Management Accounting

Outline content: Management Accounting is central to the monitoring and control of organisations

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and provides the basic tools of positioning businesses to meet the objectives as specified more
broadly in business strategy. The module introduces key Management Accounting concepts in
costing, budgeting, performance management systems and management decision making.
Progression to: 2.2 Management Accounting

1.5 Application level

13 The Application level modules build on the modules studied in the previous level and develop
skills with a particular focus on application of knowledge, using realistic scenarios. The range of
subjects studied will allow progression to the Professional level where advanced skills are
developed and assessed.

2.1 Financial Reporting Progression from: 1.1 Financial Accounting

Outline content: In this module, accounting from the Knowledge level is developed in the context of
more complex events and transactions with a greater emphasis on compliance with regulations
including local and International Accounting Standards and generally accepted accounting
practices. Students will be expected to demonstrate an understanding of and competence in
financial statement analysis and analysis of choices in accounting treatments.
Progression to: 3.1 Corporate Reporting

2.2 Management Accounting Progression from: 1.4 Introduction to Management Accounting

Outline content: The aim of this module is to ensure that students develop a knowledge and
understanding of the various budgeting and cost accounting principles, concepts and techniques
appropriate for planning, decision-making and control, and the ability to apply these techniques in
the generation of management accounting reports.Progression to: 3.4 Strategic Case Study

2.3 Audit and Assurance Progression from: new topic

Outline content: The aim of this module is to enable students to develop, understand and apply,
risk-based audit methods for both audit and assurance. Its focus is on providing the core knowledge
of audit processes from appointment, through to planning, performance and reporting in
accordance to International Standards on Auditing. Progression to: 3.2 Advanced Audit and
Assurance

2.4Financial Management Progression from: 1.4 Introduction to Management Accounting

Outline content: The aim of this module is to ensure that candidates develop a critical
understanding of the nature and scope of financial management. They should be able to assess
organisational funding requirements, calculate the cost of the available sources of finance, advise
on the optimum financing structure for an entity, advise management on optimal investment
decisions including mergers and acquisitions, manage working capital, apply business valuation
techniques, and apply financial risk management techniques. Progression to: 3.4 Strategic Case
Study

2.5Public Sector Accounting and FinanceProgression from: new topic

Outline: This module is designed to provide candidates with the technical knowledge and skills
required to perform straightforward financial reporting responsibilities within the public sector.
Advisory: It is advisable that students attempt 2.1 Financial Reporting before this module.
Progression to 2.3 Advanced Audit and Assurance

2.6 Principles of TaxationProgression from: new topic

Outline content: Principles of Taxation describes the Ghanaian system of taxation; outlines the
basic principles of taxation for individuals and corporations in addition to outlining key aspects of
capital gains, VAT, Customs Duties and described how taxes are administered.
Progression to: 3.3 Advanced Taxation

1.6 Professional level

14 The Professional level positions students to meet the requirements of a professional accountant with
knowledge and competencies recognisable across the world. The focus of the modules that

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comprise this level is to develop the skills of students to the point where they can make competent
professional judgements and evaluations arising from an analysis of complex situations. Students
will be able to demonstrate analytical capabilities that require the linking of knowledge
components, recognising alternatives, and identifying problems and issues that are not
immediately apparent but which nonetheless require resolution. In arriving at informed
evaluations, students will then be able to draw conclusions and advise clients in an effective
manner.

3.1 Corporate Reporting Progression from: 2.1 Financial Reporting

Outline content: The aim of this module is to ensure that candidates apply the appropriate
judgement and technical competence in the preparation and interpretation of financial statements
for complex business entities. Students must also be able to evaluate and communicate the impact
of current issues and developments in corporate reporting to those who may not have that technical
expertise.

3.2 Advanced Audit and Assurance Progression from: 2.3 Audit and Assurance
Outline content: This module is designed to provide candidates with the necessary knowledge and
higher level skills to perform the responsibilities of a registered auditor within the framework of
relevant Ghana legislation and international standards. Module outcomes are based on the
requirements of the International Standards on Auditing (ISAs). Further work is then developed to
investigate the requirements of public sector audits.

3.3 Advanced Taxation Progression from: 2.6 Principles of Taxation

Outline content: This module builds on the knowledge gained from 2.6 and further develops aspects
of tax related competencies which allow students to ensure tax compliance and identify
opportunities for tax planning, where appropriate. Both Ghana and further international dimensions
of taxation will be considered with skills being developed from analysis and evaluation of complex
scenarios. Students will be able to demonstrate skills of communication by conveying appropriate
levels of advice to a wide range of clients, all applied to a high ethical standard.

3.4 Strategic Case StudyProgression from: 2.2 Management Accounting, 2.4 Financial Management
Outline content: The module enables students to understand and apply tools and models to develop
skills in strategic analysis, choice and implementation. Students will become competent in the use
of management information to measure and monitor strategic performance. A comprehensive
review will be undertaken of good governance practice, all developed within applicable ethical
frameworks. Evaluating complex scenarios will be a feature of the module, based on complex data,
financial and stakeholder analysis including making recommendations.

Requirement: It is required that students should attempt all of 3.1 Corporate Reporting, 3.2
Advanced Audit and Assurance, and 3.3 Advanced Taxation before this module.

1.7 Assessments

15. The syllabus is designed to be supported by a valid and reliable assessment approach. This will
ensure that the skills framework set out in Appendix B is achieved and demonstrated through
student assessments which are in accordance with IES6: Assessment and Exams. For the student,
a clear link between learning and achievement demonstrated in the examinations of the Institute
will ensure that the process of qualifying as an accountant is as transparent as possible.

16. Assessment levels:

· Questions at the Knowledge level are most likely to provide students with information and relatively
simple but limited scenario content that they can use as a basis to calculate, compile and prepare
responses to specific requirements or as a basis for stating and explaining their knowledge.
· Questions at the Application level are most likely to provide students with relatively straightforward
but realistic scenarios and supporting information, asking them to prepare more technically
complex outputs that are more focused on client requirements.

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· Questions at the Professional level will almost always begin with a scenario that is more challenging
in terms of its business, or other complexity with requirements that will be reported to a third party
or supervisor that require analysis, critical comment, evaluation of alternatives and effective
articulation. Often requirements will allow for higher level skills of evaluation, synthesis and
judgement. Some requirements may contain issues that are not immediately apparent.

1.8 Development of technical competence in a regulatory environment

17. This syllabus contains detailed specifications of the extent and depth of knowledge required of laws,
regulations, codes and standards within relevant subjects. These specifications are updated
annually as changes take place in the regulatory environment so that students know exactly what is
and is not examinable.

18. Major periodic reviews will be undertaken to ensure sustained relevance and the extent of these will
depend on a wider set of factors including, but not restricted to, substantial changes in the
economic or regulatory environment, revised stakeholder requirements, and planned strategic
developments in the professional qualification.

1.9 Integration of business and professional ethics

19. Elements of professional ethics are included in the syllabus throughout the qualification and,
specifically, in a number of modules, as identified in the detailed syllabus.

1.10 Pass marks and progression

20. All papers shall be marked out of 100. To pass any paper, a candidate must obtain at least 50%.

21. The progression through the qualification is indicated in the detail of the syllabus content and are
subject to exemptions granted. It is not a requirement of the qualification that any combination of
subjects is required to be passed within a level.

1.11 Entry requirements

22.
A. Holders of Senior High School(SHS) Certificate
i. WASSCE holders - six (6) credits including English and Mathematics
ii. SSSCE/GBCE holders - six (6) passes (A-D) including English and Mathematics

B. Holders of Diploma and Degree from Tertiary Institutions

i. Accounting Technician Scheme West Africa (ATSWA)
ii. Diploma/HND/Degree/Masters and any qualification acceptable by the Institute

1.12 Exemption policy

23. Exemptions are granted to Institutions accredited by the National Accreditation Board (NAB) and
recognised by the Institute.

24. Holders of Diploma in Accounting awarded by a Tertiary Institution are exempted from all Level 1
papers

25. Holders of Higher National Diploma (HND) Accountancy Option are exempted from all Level 1
Papers and Paper 2.3 Audit and Assurance

26. Holders of Accounting Technician Scheme West Africa (ATSWA) are exempted from all Level 1
papers, Papers 2.3 Audit and Assurance and 2.6 Principles of Taxation.

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27. University bachelor's degrees

(A) Holders of university Bachelor's Degree in Accounting of accredited Tertiary Institution are
exempted from all Level 1 papers, Papers 2.3 Audit and Assurance and 2. 6 Principles of Taxation.

(B) Holders of university Bachelor's Degrees (other than those specified in (A) above) would be granted
exemption on subject by subject basis as indicated on the academic transcript.

28. Masters degrees

(A) Holders of Masters Degree (Accounting option) and a first degree in Accounting would be
granted exemption from all Level 1 papers and Level 2 papers [except Public Sector
Accounting and Finance].
(B) Holders of Masters Degree (other than those specified above) would be granted exemption on
subject by subject basis as indicated on the academic transcript.

29. Holders of other professional qualifications recognized by the Institute would be granted exemption
on subject by subject basis as indicated on the result slip

30. Exemptions would NOT be extended to any paper in Level 3.

1.13 Learning Materials

31. ICAG approved learning materials are the study texts and revision kits and other learning materials
approved by the Institute to be used for Business and Corporate Law, Public Sector Accounting and
Finance, Principles of Taxation and Advanced Taxation. Materials by other publishers have not been
reviewed and approved by the Institute as useful for the CA programme. It may be useful to use
those materials in conjunction with the ICAG approved learning materials.

32. Useful and relevant articles are also published in the Students Journal and available on the ICAG
website.

2. Module specifications – aims, competencies, and content

2.1 Knowledge level

1.1 Financial Accounting

33. The aim of this module is to develop knowledge and understanding of the underlying principles and
concepts relating to Financial Accounting and to develop technical proficiency in the use of double-
entry accounting techniques including the preparation of basic financial statements for single
entities. The syllabus also introduces basic techniques for the interpretation of financial
statements.

34. On completion of this module, candidates will reach a competency level sufficient to be able to:

(A) Explain the context, purpose and qualitative characteristics of financial information
(B) Record transactions and events using the double-entry accounting system
(C) Prepare an extended (adjusted) trial balance
(D) Prepare basic financial statements for incorporated and unincorporated entities.
(E) Interpret financial statements

35. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately
equate to the weightings below.

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SYLLABUS COVERAGE WEIGHT

(%)
(A) The context, purpose and qualitative characteristics of 10
financial information
(B) Recording transactions and events 30
(C) Preparing a trial balance 20
(D) Preparing basic financial statements 25
(E) Interpretation of financial statements 15
TOTAL 100

36. Please note that the detailed content of the financial reporting standards assessed in this module
are detailed in appendix A. The appendix details the depth of treatment of required technical
knowledge and the progression of competence over the levels in the qualification. It is important to
read the appendix in conjunction with the detail of the table below to understand the
expectation of the scope and depth of treatment in the assessments of financial reporting
standards.

In the assessment, candidates may be required to:

(A) Explain the context, purpose and qualitative characteristics of financial information

Explain the scope and purpose of financial statements for external reporting as
distinct from cost and management accounting

Identify users of financial statements and their information needs

Outline the regulatory framework (legislation and regulation, reasons and

limitations and relevance of accounting standards)

Define the duties and responsibilities of those charged with governance

Describe the main elements of financial reports

Explain the qualitative characteristics of financial information

(B) Record transactions and events using the double entry accounting system

Identify and explain the sources of information for the preparation of accounting
records and financial statements, paying particular attention to
· Source documentation
· Books of prime entry
· Ledgers

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Record and account, using complete or incomplete records for transactions and
events resulting in:
· Revenue and income
· Costs and expenses
· Property, plant and equipment and depreciation
· Intangible non-current assets and amortization
· Cash
· Inventory
· Accruals and Prepayments
· Receivables and Payables
· Capital structure and finance costs

Record and account for changes in equity or capital, paying par ticular attention to:
· Prepare final accounts of partnerships
· Admission and withdrawal of partners in a partnership
· Changes to investments in a partnership, whether by debt or capital
· Dissolution of partnerships and liquidation of partnerships and businesses
prepare a trial balance.

(C) Prepare an extended (adjusted) trial balance

Identify omissions and errors in accounting records and financial statements and
record and account for the required adjustments, paying attention to the use of:
· Control account reconciliations
· Bank account reconciliations
· Suspense accounts
· Journals
· Prepare an extended trial balance

(D) Prepare basic financial statements for incorporated and unincorporated entities

Prepare final accounts of sole traders and simple companies from the extended or
adjusted trial balance, to include where appropriate:
· Profit or loss accounts
· Statements of financial position

· Cash flow statements

Prepare final accounts of a simple non -profit organisation to meet the information
requirements of the entity

(E) Interpret financial statements

Identify and calculate key ratios from financial statements

Analyse performance and position of the entity using ratios and other information

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1.2 Business Management and Information Systems

37. The aim of this module is to introduce candidates to the basic structures and processes involved
in organisations in Ghana and to identify the impact of the business environment and how
information within the organisation is managed to support business objectives.

38. On completion of this module, candidates will reach a competency sufficient to be able to:

(A) Describe entity types, their purpose and objectives

(B) Explain basic business organisational structures and processes
(C) Explain how the business environment influences business decisions
(D) Describe the business planning process, including the impact of behavioural issues
(E) Explain the basic operations of business functions
(F) Identify and explain how business information is managed
(G) Describe and apply basic business models to support management decisions

39. The following grid shows the relative weightings of topics within this subject and should guide
the required study time spent on each. The marks available in the assessment will approximately
equate to the weightings below.

SYLLABUS COVERAGE WEIGHT

(%)
(A) Entity types, purpose and objective 10
(B) Organisational structures and processes 10
(C) Business environment and decisions 15
(D) Business planning processes and behaviour 20
(E) Operations and business functions 25
(F) Business information management 10
(G) Business models and management decisions 10
TOTAL 100

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In the assessment, candidates may be required to:

(A) Describe entity types, their purpose, objectives, ethical and social
responsibilities

Describe and explain the differences between business entity types, including:
· Sole traders
· Partnerships
· Limited liability companies
· Alliances and groups
· Non-profit organisations
Explain the advantages and disadvantages of each of these organisational forms
Identify and explain the nature of key stakeholders of an organisation

Identify and explain the responsibilities of those charged with governance from
management

Describe the nature of business ethics, corporate and social responsibilities

(B) Explain basic business organisational forms, structures and processes

Explain organisational forms and the factors that determine structural choice,
including consideration of:
· Sole traders
· Partnerships
· Companies
· Public corporations
Describe organisational structures and explain the processes that
determine organisational choice, including consideration of the following:
· Centralised
· Decentralised
· Matrix
· Mixed
· Network
· Virtual types
(C) Explain how the business environment influences business decisions

Describe and explain the relationship between the organisation’s internal and
external environments, including consideration of the:
· Signalling, rewarding and allocating effects of the price mechanism on
business (including the concept of price elasticity)
· Potential types of failure of the market mechanism and their effects
on businesses
· Key macro-economic factors that affect businesses
· Principal effects of regulations on businesses
· Needs of different stakeholders of an organisation (eg, shareholders, the
local community, employees, suppliers, customers) and how they impact
on the business

Describe and explain the process of business planning

· Define vision, mission, values and objectives of an organisation;
· Describe strategic, business and operational plans and explain how t hey
relate to each other ;
· Describe and explain the process of strategic plan development.

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(D) Describe the business planning process, including the impact of behavioural
Issues

Describe business functions, activities and processes and their roles in achieving
business objectives

Explain how business functions, activities and processes relate to each other

Outline the key business functions and describe the relationship between entity and
functional strategies

Describe and explain key aspects of organisational behaviour including:

· Formal and informal organisation
· Culture
· Leadership and management
· Individual and group behaviour
· Team formation, development and management
· Motivation of management and employees

(E) Explain and describe the basic operations of business functions

Describe and explain key aspects of the management of human resources including:

· Roles of the Human Resource Department

· Recruitment and selection process
· Training and development of employees
· Disciplinary and grievance procedures in organisations
· Remuneration systems
Occupational health and safety
· Duties and responsibilities of employers and employees

Describe and explain key aspects of the marketing function in an organisation including:

· Marketing concepts
· Strategic roles of marketing in organisations
· Elements of a marketing plan
· Market segmentation, targeting and positioning
· Elements of the marketing mix and their applications
· Pricing strategy- design and implementation
· Customer care strategy

Describe and explain key aspects of operations management including:

· Types of production processes: job, batch and flow

· Methods of plant layout: product, process and fixed positions
· Inventory procurement, control and management
· Quality control in operations management

(F) Identify and explain how business information is managed

Describe the nature of data, information and knowledge and the information
technologies that support modern information systems

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Identify the main risks to the d evelopment of new systems and reliability of
data and information

Explain how the main information and technology risks may be managed and
controlled with specific reference to blockchains

(G) Describe and apply basic business models to support management decisions

Describe and apply basic business models used in management decisions including:
· PEST analysis
· Porter's five forces analysis
· P’s of marketing
· Product life cycles
· Boston Consulting Group matrix
· SWOT analysis
· Ansoff Growth Matrix

1.3 Business and Corporate Law

40. The aim of this module is to provide candidates with an understanding of the general legal
framework, and of specific areas of law relating to business, in order to determine whether strategies
and the organisation is in compliance with established regulations, recognising the need to seek
further specialist legal advice where necessary.

41. On completion of this module, candidates will reach a competency sufficient to be able to:

(A) Identify and explain the essential elements of the legal system, including the main
sources of law
(B) Identify and apply the appropriate legal rules relating to the law of obligations
(C) Explain and apply the law relating to employment relationships
(D) Distinguish between alternative forms and constitutions of business organisations
(E) Identify and explain the types of capital and the financing of companies
(F) Describe and explain how companies are managed, administered and regulated
(G) Identify and explain the legal implications relating to companies in difficulty or in crisis
including the processes of insolvency and administration
(H) Explain the governance and ethics and fundamental human rights issues
relating to business.

42. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately
equate to the weightings below.

SYLLABUS COVERAGE WEIGHT (%)

(A) Essential elements of the legal system 10
(B) Legal rules relating to the law of obligations 25
(C) Employment law 10
D) Formation and constitution of organization 10
(E) Capital and financing of companies 10
(F) Management, administration and regulation of companies 15
(G) Legal implications relating to companies in difficulty or in 10
crisis
(H) Governance and ethical issues relating to business 10
TOTAL 100

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In the assessment, candidates may be required to:

(A) Identify and explain the essential elements of the legal system

Sources of Law
· To identify all sources of law per Article 11 of 1992 Constitution;
· Explain what is meant by case law and precedent within the context of the
hierarchy of the courts.
· Illustrate the rules and presumptions used by the courts in interpreting statutes.
Hierarchical Structure of Courts
· Identify the Court in both the Superior and Lower Courts
· Explain the supervisory roles of the Superior Courts

(B) Identify and apply the appropriate legal rules relating to the law of obligations

Contract Formation and Content

· Identify and analyse the elements of a simple contract
· Explain the terms - Invitation to Tre at, Offer and Acceptance, Capacity, Intention
to Create Legal Relation, Consideration;
· Analyse the doctrine of privity of contract and third party rights
· Distinguish between terms and representations
· Define various contractual expressions such as Conditions, Warranties, Mistake and
Misrepresentation
· Explain the effect of exclusion clauses and their control
Contract breach and remedies
· Explain the meaning and effect of breach of contract;
· Explain the rules relating to the award of damages;
· Identify equitable remedies including Injunction, Specific Performance etc and
remedies at Common Law - Quantum Meruit, Action for Price, Damages
· Describe Undue Influence, Unconscionability Duress, Contract in Restraint of
Trade
Tort
· What is Duty of Care and determine what constitutes breach of Duty of Care
· Explain and analyse the duty of care of accountants and auditors.
· Explain the meaning of causality, consequential harm/injury and remoteness of
damage.
· Private Nuisance - The Rule in Rylands and Fletcher, Vicarious Liability, Occupiers
Liability
· Give details on Negligent Misstatements,
· Discuss defences to actions in negligence.
Agency
· Explain the concept of Agency and its formation/creation
· Explain the classifications of Agency. Explain general and special Agency and
Agency by necessity.
· Explain Fiduciary Relationship and the role of the agent with particular regard to
partners, company promoters and directors.

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THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

· Describe the rights and obligations of principal and agent

· Describe the duties of the agent and disclosure requirements to third parties.
· Explain the potential liability of both principal and agent.
· Explain the termination of an agency relationship

Sale of Goods/ Hire Purchase/Negotiable Instruments

· Candidates must be knowledgeable in Sale of Goods Act, Act 1962 (ACT 137)
and specifically explain Sections 1-23, 58, 61 and 62
· Explain Conditional Sale, Protected Goods and Section 20 of HPA Section 1 - 10,
· Explain Specific Terms - Bills of Exchange, Drawer, Drawee, Holder in due cause,
special/general crossings, Cheques, Promissory Notes - Government Promissory
Notes, Cheques

(C) Explain and apply the law relating to employment relationships

Contracts of Employment
· Distinction between contract of service and contract for service.
· Apply the tests in determining contract of service - Control Test, Integration Test,
Multiple Reality Test, Entrepreneurial Test
· Explain the Rights and Duties of the Employer;
· Explain the Rights and Duties of the Worker
· Explain what is meant by unfair termination, dismissal and redundancy.
· Discuss remedies available to those who have been subject to unfair dismissal or
redundancy.

(D) Distinguish between alternative forms and constitutions of business organisations

· Explain the legal distinctions between so le proprietorship, partnerships and

companies
· Describe and explain the process of company formations
· Describe the types of companies under the Companies Act 1963 (Act 179).
· Explain the role and duties of company promoters
· Explain the effect of separate le gal personality and the veil of incorporation of
companies
· Describe the process for the formation and termination of a partnership,
· Describe the liability of various partners for partnership debts

(E) Identify and explain the types of capital and the finan cing of companies

· Identify and explain the different types of capital available to companies including
equity and debt
· Distinguish between loan capital and share capital
· Describe and explain the concept of capital maintenance and dividend
· Describe the different classes of shares and the procedure for altering class rights
· Explain the term debenture and bonds
· Distinguish between fixed and floating charges.

(F) Describe and explain how companies are managed, administered and regulated

· Company directors and other officers Discuss the ways in which directors are
appointed, disqualified and removed as directors

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· Explain powers of the Board and matters relating to the Board’s authority
· Distinguish between the powers of the board of directors, the managing
director/chief executive and individual directors to bind their companies
· Explain the duties that directors owe to their companies.
· Describe and explain the roles and powers of directors and company officers in the
management and administration of a company
· Discuss the prevention of oppression and mismanagement with focus on majority
rule but minority protection
Company meetings and resolutions

· Describe and explain the formalities and procedures involved in conducting

meetings and resolutions regarding a company
· Distinguish between types of meetings: annual general and extra -ordinary
general meetings
· Distinguish between types of resolutions: ordinary and special

(G) Identify and explain the legal implications relating to companies in difficulty or in
crisis incl uding the processes of insolvency and administration

· Recognize laws and procedures of corporate restructuring leading to mergers;

amalgamations, takeovers, acquisitions etc
· Discuss corporate winding up and dissolution – issues
· Identify the procedures inv olved in insolvency and administration under the
liquidation of a companyExplain the grounds for and the procedure involved in
voluntary liquidation and compulsory liquidation
· Explain how an insolvency is applied to a company for a specific situation

(H) Explain the governance and ethi cal issues relating to business

· Explain and apply ethical principles to business problems recognising insider

dealings, conflict of interest and breach of confidentiality
· Identify issues relating to Corporate Governance & Audit Committee
· Explain the nature and legal control over money laundering, tax evasion, bribery
and corruption and other forms of market abuse
· Outline the nature of fraudulent and criminal behaviour as it applies to business
· Discuss offences and penalties attributable to the potential criminal activities in
the operation, management and liquidation of companies
· Demonstrate an understanding of Rules of Natural Justice – Audi Alteram Partem
and Nemo Judes In Causa Sua
· Explain the rights of persons regarding deprivation of life, personal liberty and other
rights for which Administrative Officials must act fairly and comply with
requirements imposed on them by law

1.4 Introduction to Management Accounting

43. The aim of this module is to ensure that candidates understand the role, function and principles
of management accounting as it supports the decisions of management in the planning,
monitoring and control of organisations.

44. On completion of this module, candidates will reach a competency sufficient to be able to:

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(A) Explain the scope of management accounting within both commercial and public
sector organisations
(B) Account for the cost elements
(C) Identify and describe the costs associated with the production of products and
provision of services and use them to determine prices;
(D) Select and apply appropriate forecasting techniques to assist in budget preparation
(E) Prepare budgets and explain the purpose of budgets and budgetary control
(F) Calculate and explain differences between actual performance and standards or
budgets

45. The following grid shows the relative weightings of topics within this subject and should guide
the required study time spent on each. The marks available in the assessment will approximately
equate to the weightings below.

SYLLABUS COVERAGE WEIGHT

(%)
(A) Scope of Management Accounting 15
(B) Accounting for Cost Elements 15
(C) Costing Techniques 25
(D) Forecasting Techniques 15
(E) Budgeting 20
(F) Performance Differences 10
TOTAL 100

46. In the assessment, candidates may be required to:

(A) Explain the scope of management accounting within both commercial and public
sector organisations

Explain the nature and purpose of management accounting:

· Objectives of management accounting
· Relationship between management accounting and financial accounting
· Reasons for measuring costs in relation to purpose: valuation, profit
measurement, decision making and control

Describe the role of management accounting within commercial and public sector
organisations:
· Recording and collation of meaningful information
· Achieving economy, efficiency and effectiveness
· Managing operational performance
· Planning and decision making

Explain the various cost models and the nature of cost behaviour:
· Cost definitions and elements of cost
· The concept and calculation of full cost
· Responsibility accounting, including public services’ approaches

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Describe typical public service activities and costing scenarios:

· Case driven services
· Recurring services
· Specific one-off projects.
Explain relevant and non-relevant cost:
· Concept of opportunity cost
· Cost statements for decision making in practical situations

(B) Accounting for cost elements

Identify, explain and account for:

· Materials
- Order, purchase, receipt and storage of materials
- Issue of m aterials using FIFO, LIFO, Weighted Average, Simple Average
· Labour
- Direct and Indirect labour remuneration
- Payroll computations
· Overheads
- Classification and analysis
Allocation, apportionment and absorption

(C) Identify and describe the costs associated with the production of products and
provision of services and use them to determine prices

Calculate unit costs from information provided, using:

· Direct costing
· Absorption costing and reconcile the differences between the costs obtained

Select the most appropriate method of costing and calculate the sales price for a given
product or service
- Job costing
- Service costing
- Process costing

Introduction to Cost Volume Profit (CVP) analyses:

- CVP model, assumptions, limitations and practical applications of CVP
- comparison between the approaches of accountants and economists to CVP
breakeven and profit volume charts
- implications of CVP analysis for decision making

(D) Select and apply appropriate forecasting techniques to assist in budget preparation

Select and apply forecasting techniques to assist in budget preparation, paying specific
attention to:
· Time series
· Trend, seasonal variations, cyclical variations and random variations
· Moving average trends

(E) Prepare budgets and explain the purpose of budgetary control

Define budgets and budgeting

Explain the importance of effective budgeting for organisational performance

Explain the role of a budget as authorisation to spend

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THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

Explain the differing budgeting models

· Incremental budgeting,
· Zero based budgeting
· Priority based budgeting
· Planned programme budgeting systems
· Performance based budgeting
· Participatory budgeting
· Resource restricted budgeting

Explain the scope and importance of budgetary control systems:

· Nature of control systems, feedback and feed forward control
· Objectives of budgeting as a financial management tool
· Budget building processes, top-down versus bottom-up budget building process
· The role of standards in budgetary control.

Select the most appropriate of the following budgeting approaches and methods,
considering their advantages and disadvantages for planning, control and motivation:
• Bottom-up and top-down approaches to generating and managing budgets
• Activity-based, responsibility-based and product-based budget structures
• Zero-based and incremental budgeting

Calculate the cash cycle for a business and explain its significance

Identify the constituent elements of working capital and treasury and specify the methods
by which each element can be managed to optimise working capital an d cash flows
Describe and explain how a business manages surpluses and deficits predicted in cash
budgets

(F) Calculate and explain differences between actual performance and standards or budgets

Explain standard costing

- Types of Standards
- Process of setting standards
- Importance of setting standards

Calculate basic variances between actual performance and standards or budgets in terms of
material, labour and variable overheads and identify possible reasons for those differences.

2.2




Application level

2.1 Financial Reporting

47. The aim of the module is to provide candidates with the skills to prepare single
entity and group financial statements in accordance with IFRS, to support
evaluation of financial statements, and to provide a basis of knowledge.

48. The syllabus for 2.1 Financial Reporting assumes knowledge acquired at 1.1
Financial Accounting

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49. On completion of this module, candidates will reach a competency sufficient to be able to:

(A) Demonstrate an understanding of the international regulatory, legal and ethical

frameworks, the International Accounting Standards Board (IASB) Conceptual Framework
for Financial Reporting, and their practical implications for financial reporting
(B) Explain and apply appropriate accounting and financial reporting standards in the
preparation of financial statements
(C) Prepare and present single entity financial statements in accordance with IFRSs
(D) Determine the approach to accounting for business combinations and prepare
consolidated financial statements
(E) Analyse and interpret financial statements for relevant stakeholders and other users

50. The following grid shows the relative weightings of topics within this subject and should guide
the required study time spent on each. The marks available in the assessment will approximately
equate to the weightings below.

SYLLABUS COVERAGE WEIGHT

(%)
(A) Regulatory, legal and ethical frameworks, the International 10
Accounting Standards Board (IASB) Conceptual Framework
for Financial Reporting

(B) Application of accounting and financial reporting standards 25

(C) Single entity statements 20
(D) Business combinations 25
(E) Evaluating financial statements 20
TOTAL 100

51. Please note that the detailed content of the financial reporting standards assessed in this module is
specified in appendix A. The appendix details the depth of treatment of required technical
knowledge and the progression of competence over the levels in the qualification. It is important to
read the appendix in conjunction with the detail of the table below to understand the expectation of
the scope and depth of treatment in the assessment of financial reporting standards.

52. In the assessment, candidates may be required to:

(A) Demonstrate an understanding of the international regulatory, legal and ethical frameworks,
the International Accounting Standards Board (IASB) Conceptual Framework for Financial
Reporting, and their practical implications for financial reporting (see appendix A)

Identify the role of the IASB and describe the standards setting process incl uding:
· IASB, International Financial Reporting Interpretations Committee (IFRIC)
· IFRS Advisory Council, Global Preparers Forum (GPF), Financial Crisis Advisory Group
(FCAG)
· Standards setting processes

Discuss the benefits and drawbacks of global harmonisa tion of financial reporting standards
including:
· History and rationale for harmonisation, role of the IASB, Financial Accounting
Standards Board (FASB) and the Memorandum of Understanding
· Timetable for harmonisation

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THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

Explain the implications of contemporary issues for the ethical framework under which financial
reporting is performed, including:
· Impact of the Enron case, IFAC Code of Ethics and the development of Corporate
Governance Codes

Discuss and apply the requirements of the International Accounting Standards Board’s (IASB)
Conceptual Framework for Financial Reporting:
· The users of financial statements and their information needs
· Components of a complete set of financial statements
· Assumption underlying the preparation of financial statements
· Qualitative characteristics of financial statements
· Recognition and measurement of elements of financial statements
· Concepts of capital and capital maintenance

(B) Explain and apply appropriate accounting and financial reporting standards in the
preparation of financial statements including the following: (see appendix A)

· Inventories
· Accounting policies and changes in accounting estimates and errors
· Events after the reporting period
· Accounting for government grants and disclosure of government assistance
· Effects of changes in foreign exchange rates
· Borrowing costs
· Financial instruments; recognition, presentation and measurement of financial
assets and liabilities (excluding derivatives and hedge accounting)
· Impairment of assets
· Intangible assets
· Provisions, contingent liabilities and contingent assets
· Agriculture
· Income tax
· Property, plant and equipment
· Investment property
· Non-current assets Held for sale and discontinued operation
· Revenue from contracts with customers
· Leases
· Statement of cash flows
· Related party disclosures
· Separate financial statements
· Investments in associates and joint ventures
· Earnings per share
· Business combinations

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 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

· Non-Current assets held for sale and discontinued operations

· Consolidated financial statements
· Joint arrangements
· Disclosure of interests in other entities
· Fair value measurement

(c) Prepare and present single entity financial statements in accordance with IFRSs
(see appendix A)

Prepare prescribed financial statements and draft the relevant disclosure notes in accordance
with appropriate accounting and financial reporting standards including detailed application
of more advanced accounting concepts (such as substance over form):

· Statement of profit or loss and other comprehensive income

· Statement of changes in equity
· Statement of financial position
· Statement of cash flows
· Disclosures notes
relevant areas of IFRSs include:
· Presentation of financial statements
· Statement of cash flow

(D) Determine the approach to accounting for business combinations and prepare
consolidated financial statements (see appendix A)

Determine the entities for inclusion in group accounts:

· Definition of a business combination
· Methods of accounting for business combinations including investments in subsidiaries,
associates and joint ventures

Explain the treatment of intangible assets in group accounts and on the acquisition of new
businesses:
· Identification of intangible assets acquired
· The implications of fair value and other adjustments and related disclosures

Prepare simple group financial statements o f a parent with one subsidiary:

· Definition of ‘control’, pre-and post-acquisition profits
· Non-controlling interests, goodwill – full and proportionate approaches
· Treatment of intra group transactions and balances
· Goodwill impairment, disclosures

Prepare simple group financial statements (excluding group cash flow statement) with one
associate and/or one joint venture:
· Definition of signifi cant influence
· Application of equity accounting and exceptions to the equity accounting approach
· Impairment losses and disclosures

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THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

(E) Analyse and interpret financial statements for relevant stakeholders and other users

Recognise the limitations of published financial information in meeting users’ needs, including
the limitations of historical cost accounting

Explain the scope of financial statement analysis in providing decision -useful information
regarding financial position, financial performance and cash flow

Prepare ratio analyses, appropriate to various users, covering the following categories of ratios:
· Profitability and return
· Efficiency
· Short term solvency and liquidity
· Long term solvency and stability
· Shareholder investment

Compare the role, strengths and weaknesses and practical uses of accounting ratios, key
performance indicators and benchmarking exercises

Interpret financial statements and prepare appropriate reports for relevant stakeholders
Prepare simple value added statements

2.2 Management Accounting

53. The aim of this module is to ensure that students develop a knowledge and understanding of the
various budgeting and cost accounting principles, concepts and techniques appropriate for
planning, decision-making and control, and the ability to apply these techniques in the generation of
management accounting reports. Students are introduced also to key management accounting
concepts applied in the public sector.

54. On completion of this module, candidates will reach a competency sufficient to be able to:
(A) Identify, explain and apply contemporary approaches to standard costing of products
and services and explain and comment on their application
(B) Identify and explain the issues of budgetary control in management decision making
and prepare key budgets
(C) Use management information from variance reports to support decision making
(D) Use management information to apply decision making techniques relevant to short-term
decisions
(E) Identify, describe and calculate relevant data for use in long term decision making and
comment on their applications
(F) Identify and explain the key features of effective performance management systems

55. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately equate
to the weightings below:

SYLLABUS COVERAGE WEIGHT

(%)
(A) Contemporary approaches to Management Accounting 15
(B) Budgets and Budgetary Control 15
(C) Management Decision Making Techniques 15
(D) Short Term Decision Making 20
(E) Long Term Decision Making 15
(F) Performance Evaluation 20
TOTAL 100

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 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

56. In the assessment, candidates may be required to:

(A) Identify, explain and apply contemporary approaches and techniques to standard
costing of products and services and explain and comment on their application , paying attention
to:

· Ethical issues in Management Accounting

o Basis / Concept of Ethics
o Fundamental principles of resolving ethical issues
o Threats to ethical behaviour
o Identify and explain ethical issues relating to the preparation, presentation and
interpretation of financial infor mation for the management of a business.

· Models of Evaluations
o Throughput accounting
o Environmental accounting
o Activity based costing
o Total quality management
o Balanced score card
o Benchmarking
o Value chain analysis
o Re-engineering
o Continuous improvements
o Just in time systems
o Cost control and cost reduction,

(B) Identify and explain the issues of budgetary control in management decision making and
prepare key budgets, paying attention to:

· issues of budgetary control:

o profiling of budgets,
o effects of budgetary control on decision makers
o importance of negotiation and influencing in budgeting
o constructive and destructive behaviour
· Prepare Cash budgets and a Master budget

(C) Use management information from variance reports to support decision making, paying
attention to:

· The calculation and interpretation of management reports including consideration

of fixed overheads, sales margins, mix and yield variances
· Operating statements: reconciliation of budgeted results with actual results using
variances
· Productivity, efficiency and capacity ratios
· Causes of variances
· Behavioural aspects of standard costing

(D) Use management information to apply decision making techniques relevant to short-term
decisions, paying attention to:

· Calculating the breakeven point, contribution and margin of safety for a single or multi
product(s) or service(s)
· Separation of cost, profits or revenue using high – low method
· Allocation of scarce resource s to those products or services with the highest
contribution per limiting factor

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THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

· Suitability of techniques to short term decisions only

o Outsourcing, deletion/retention/disposal of products or assets,
o Make or buy decisions
o Special contracts or orders, special discounted pricing

(E) Identify, describe and calculate relevant data for use in long term decision
making and comment on their applications, paying attention to:

· Calculating the net present value, internal rate of return, payback period or
accounting rate of return for a given project
· Identifying and commenting upon the advantages and disadvantages of various
investment appraisal techniques:
o Net present value,
o Internal rate of return,
o Discounted cash flows
o Payback period or accounting rate of return for a given project

(F) Identify and explain the key features of effective performance management systems
paying attention to:

1. Identifying and explaining the key features of effective performance management

systems
· Establishing key performance indicators
· Clarity of performance policy
· Establishing adequate accounting information systems
· Suitability of methods of evaluation
· The role of management levels in performance appraisal process
2. Explaining and evaluating performance management systems for both profit and non -
profit organisations, including consideration of:
· Identifying the sources of management information
· Preparing appropriate management reports
· Describing and explaining the scope of performance measurement
· Preparing divisional performance appraisal reports: profit statements, ROI,
Residual Income
· Evaluating transfer pricing
· Evaluate external considerations and behavioural aspects of performance
management systems

3. Selecting, applying and justifying appropriate financial and non-financial performance

measures which effectively encourage organisations to meet their objectives
· Performance measures used over a range of both commercial and public
sector circumstances
· Divisional and other within-organisation performance measures
Behavioural considerations in both the creation, use, and reporting o f performance reports

· Cross-cutting features of the PFM system

· The budget cycle
· Donor practices
· The PFM performance report

4. Select, apply and justify appropriate financial and non -financial performance
measures which effectively encourage organisations to meet their objectives

5. Explain how performance measures and compliance measures are integrated into the general
systems of control in businesses

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 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

6. Select, apply and justify appropriate financial and non -financial performance measures which
effectively encourage organisations to meet their objectives, paying particular attention to:
· Performance measures used over a range of both commercial and public sector
circumstances
· Divisional and other within-organisation performance measures
Behavioural considerations in both the creation, use, and reporting of performance reports

2.3 Audit and Assurance

57. The aim of this module is to enable students to develop, understand and apply risk-based audit
methods for both audit and assurance. Its focus is on providing the core knowledge of audit
processes from appointment, through to planning, performance and reporting in accordance to
International Standards on Auditing (ISA).

58. On completion of this module, candidates will reach a competency sufficient to be able to:

(A) Define and explain the nature of audit and assurance engagements
(B) Outline how International Standards on Auditing are developed and updated
(C) Identify and explain the regulatory, professional and ethical issues relevant to those
carrying out an audit or assurance engagement
(D) Identify and explain the processes involved in accepting and managing audit or assurance
engagements
(E) Plan for, describe and explain, the performance of, audit and assurance engagements in
accordance with the terms of the engagements and appropriate standards
(F) Outline the nature of the evidence required for a specified audit or assurance engagement
(G) Outline the nature of the review required for a specified audit engagement

(H) Outline the procedures to conclude and draft a report on specified audit assurance
engagements
(I) Explain the role of Internal Audit in relation to Assurance and External Audit

59. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately
equate to the weightings below.

SYLLABUS COVERAGE WEIGHT

(%)

(A) Nature of audit and assurance 5

(B) International Standards on Auditing 10
(C) Regulatory, professional and ethical issues 10
(D) Acc epting and managing engagements 10
(E) Planning for engagements 15
(F) Engagement evidence 20
(G) Audit review 10
(H) Concluding and reporting 10
(I) Internal Audit 10
TOTAL 100

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60. Please note that the detailed content of the International Standards on Auditing assessed in this
module is specified in appendix A. The appendix details the depth of treatment of required technical
knowledge and the progression of competence over the levels in the qualification. It is important to
read the appendix in conjunction with the detail of the table below to understand the expectation of
the scope and depth of treatment in the assessments of International Standards on Auditing.

61. In the assessment, candidates may be required to:

(A) Define and explain the nature of audit and assurance engagements

Define and explain the nature of audit and assurance engagements, paying attention
to:
· Definition and components of Assurance
· Auditing as a component of Assurance
· Historical perspective of Auditing
· Definition of Auditing
· Objectives of and the need for Auditing
· Types of Auditing [ External versus Internal; Statutory versus Internal;
Financial versus Performance/Operational Auditing
· Auditing and Corporate Governance

Define and explain the role of internal audit and as surance in relation to external audit
and performance management, including reference to:
· Internal audit and corporate governance
· Differences between the external audit and the internal audit functions
· The scope of the internal audit function
· Outsourcing the internal audit function
· Internal audit assignments
· Risk- based internal audit

Explain the differences between assurance engagements and audit engagements for profit
and not-for profit entities and public sector

Describe the causes of audit failure and explain the concept of the ‘audit gap’

(B) Outline how International Standards on Auditing are developed and updated

Outline the standard-setting process used by international (IAASB) bodies and the
authority of the international standards.

Outline, in non-technical language, significant current audit issues being dealt with
by the national standard-setting body and the IAASB

(C) Identify and explain the regulatory, professional and ethical issues relevant to those carrying
out an audit or assurance engagement

Explain the purposes and consequences of laws and other regulatory requirements
surrounding audit and assurance work, paying attention to:
· The Auditor and the Companies Act
o Qualification of an Auditor
o Appointing Authority
o Remuneration
o Duties and Rights of the auditor

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o Resignation, Retirement, Dismissal/Removal of an auditor

· Introduction and overview of International Standards on Auditing
· Overview of Banks and Specialised Deposit Taking Institution Act, Insurance Act
and other key and relevant Acts
· Appointment of Auditors
· Power of the Bank of Ghana/National Insurance Commission to appoint Auditors
· Termination of appointment of Auditor
· Report of Auditor
· Duties/obligation of auditor to the Bank of Ghana/ National Insurance
Commission
· Institutional Regulation of Audit Practice
o International Federation of Accountants
o Institute of Chartered Accountants (Ghana)
o Internal Audit Agency

Explain the professional and ethical principles that apply for audit and assurance
engagements

Identify and explain professional and ethical issues that may arise for a specified audit
or assurance engagement; explain how such issues may be mitigated; and identify
when to refer such matters to senior colleagues

(D) Identify and explain the processes involved in accepting a nd managing audit or assurance
engagements

Identify and explain the factors to consider prior to accepting a specified audit or
assurance engagement, paying attention to:
· The legal, professional and ethical considerations that must considered
· Risk areas that may give rise to liability, including fraud, error and
non- compliance
· Terms of engagement and related documentation

(E) Plan for, and describe and explain, the performance of audit or assurance engagements in
accordance with the terms of the engagements and appropriate standards

Identify and explain, for a specified context, the nature of audit or assurance risk
environment, paying attention to:
· Explaining the necessity to understand the business or organisation
environment
· Identifying and explaining audit or assurance risks
· Identifying and explaining ways in which an understanding of the
organisation’s environment may be gained
· Identifying and explaining when it may be necessary to consult an expert
· The implications for the audit and assurance plan
· The implications for the audit or assurance engagement

Plan for an audit or assurance engagement for a specified context, paying attention
to:
· The component of risks in the engagement (inherent risk, control risk and
detection risk)
· Enquiries regarding fraud and errors
· The assessment of materiality
· The benefits and limitations of preliminary analytical procedures

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THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

Determine an audit or assurance approach appropriate for an engagement for a

specified organisation which addresses:
· The nature of an organisation’s internal control systems
· The use of internal control systems by auditors
· Transaction cycles
· Tests of control
· The evaluation of internal control components
· Communication and documentation of internal controls

· Reliance on experts and other auditors

· Resource planning for the engagement

Explain the stages necessary to plan, perform, conclude and report on the audit or
assurance engagement for a specified client under the agreed engagement.

(F) Outline the nature of evidence required for a specified audit or assurance engagement

Outline the nature of evidence required for a specified audit or assurance engagement, paying
attention to:
· Nature and scope of audit and assurance evidence
· The use of assertions by auditors [ assertions relating to Income
Stateme nt (transactions and events), assertions relating to statement
of financial position, assertions relating to presentation and
disclosure]
· Audit procedures [Inspection, Observation, Inquiry, Confirmation,
Recalculation, Re- performance, Analytical procedures]
· The audit of specific items [Substantive testing for transaction cycle;
verification procedures for assets, liabilities and equity items]
· Sampling and other means of testing
· Computer-assisted techniques
· Using the work of others/Experts

(G) Outline the nature of the audit review required for a specified engagement

Outline the nature of the audit review required for a specified engagement, paying attention to
(where relevant):
· Subsequent events
· Going concern evaluation
· Written representations
· Analytical procedures at the conclusion stage

(H) Outline the procedures to conclude and draft a report on specified audit or assurance
engagements

Outline the procedures to conclude and draft a report on specified audit or assurance
engagements paying attention to (where relevant):
· Communicating with those charged with governance
· Communicating deficiencies in internal control to those charged with
governance and management
· Forming an opinion and reporting on financial statements
· Modifications to the opinion in the independent auditor's report
· Drafting extracts of a report for an audit or assurance engagement

32 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

(I) Explain the role of Internal Audit in relation to Assurance and External Audit

Define and explain the role of Internal Audit in relation to Assurance and External Audit
including reference to:
· Definition and scope of Internal Audit Function
· Internal Audit Agency: Its role in directing Public Sector Internal Audit
· Internal audit and corporate governance
· Differences between the external audit and the internal audit functions
· The scope of the internal audit function
· Outsourcing the internal audit function
· Internal audit assignments and Risk – based internal audit

2.4 Financial Management

62. The aim of this module is to ensure that candidates develop a critical understanding of the nature
and scope of financial management. They should be able to assess organisational funding
requirements, calculate the cost of the available sources of finance, advise on the optimum financing
structure for an entity, advise management on optimal investment decisions including mergers and
acquisitions, manage working capital, apply business valuation techniques, and apply financial risk
management techniques.

63. On completion of this module, candidates will reach a competency sufficient to be able to:
(A) Explain the financial management function and its environment
(B) Explain the sources of finance available to businesses, calculate the cost of such
funds and determine the optimal capital structure of businesses
(C) Apply the concept of time value of money
(D) Apply financial investment appraisal techniques to assist in the process of evaluating long-term
investments including mergers and acquisitions
(E) Explain effective treasury management and apply techniques to manage financial risk
(F) Explain and apply efficient and effective working capital management techniques
(G) Explain the nature and purpose of business valuation and apply valuation models

64. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately equate
to the weightings below.

SYLLABUS COVERAGE WEIGHT

(%)
(A) The environment for financial management 10
(B) Financing Decisions 15
(C) Time Value of Money 10
(D) Investment appraisal techniques 15
(E) Financial risk management 15
(F) Working capital management 15
(G) Business valuations, mergers and acquisition 20
TOTAL 100

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 33

THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

65 .In an assessment, candidates may be required to:

(A) Explain the environment for financial management

1. Overview of financial management
2. The financial management decisions
3. Financial and non -financial objectives of profit making and non -profit making
organisations
4. Impact of the economic environment
5. The role and impact of the regulatory environment
a. Bank of Ghana
b. The Securities and Exchange Commission (SEC)
c. The National Pensions Regulatory Authority (NPRA)
d. The National Insurance Commission (NIC)
6. Stakeholders and their objectives
7. The Agency Problem and its management
8. Corporate Governance and Social Responsibility

(B) Financing Decisions

1. Explain the types of business funds

i. Short term and long-term types of funds and methods of raising them
ii. Principles of Islamic financing, types of products, benefits and limitations
of Islamic financing

2. Describe financial markets and institutions

i. Types of Financial markets
ii. Financial intermediation and its importance
iii. The Stock Market
iv. Efficient Market Hypothesis
v. Types of Financial Market Instruments
vi. Emerging Financial market issues and events

3. Calculate the cost the following cost of capital: equity, preference shares and debts.
4. Calculate weighted average cost of capital (WACC)

5. Capital Structure Decisions

i. Explain the traditional and Miller and Modigliani views
ii. Calculate and explain financial and operating gearing ratios

6. Apply Capital Asset Pricing Models in determining cost of equity and required rate
of return
7. Advise management on dividend decisions

(C) Apply the concept of time value of money

1. Explain and apply methods of interest computation: simple interest and compound
interest
2. Describe cash flow patterns: single amounts, annuities and series of uneven cash flows
3. Compute present values and future values
4. Apply the concept of time value of money to sinking funds and loan amortisation

34 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)

(D) Apply financial investment appraisal techniques to assist the process of evaluating capital
projects

Describe and explain the process of appraising the viability of capital projects:
· Revenue versus capital expenditure
· Importance of non-financial factors in capital expenditure decision making
· The concept of real options (excluding computations)
· Cash flows, benefits, risk identification and risk attitude
· Funding options and financial structure
· Investment and financing plans

Apply investment appraisal techniques to capital expenditure decision making:

· Payback
· Discounted payback
· Net present value
· Accounting rate of return
· Internal rate of return

Prepare an optimal investment plan taking into account the following:

· Inflation and taxation
· Capital rationing
· Lease versus buy decisions
· Asset replacement decisions (using annual equivalent costs and Lowest
Common Multiples)

Explain and apply the following techniques to measure the risk in capital expenditure
decision making:
· Expected values
· Sensitivity analysis

(E) Explain effective treasury management and apply techniques to manage financial risk

Explain the role of an organisation’s treasury management function:

· Role of the treasury management function
· Funding for long and short-term purposes
· Financial forecasting and planning
· Bank relationships and credit ratings
· Evaluation and management of risk and return and the relationships to
portfolios

Explain the environment in which treasury management is practised

· Impact of organisational risk culture, values a nd financial objective s on an
organisation’s risk profile
· Categories of financial market risks – currency risk, interest rate risk, liquidity
risk and credit risk
· Impact of market volatility
· Bull and bear markets
· Awareness of current financial market dynam ics, trends and issues
· Monitoring of key financial market indices
· Practical lessons from recent financial market events

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 35

 Explain and apply risk management techniques:
· Explain the types of foreign exchange risks: (Transaction, Economic and
translations risks)
· Apply internal hedging techniques for foreign exchange risks
o Invoicing in Local Currency
o Leading and Lagging
o Matching and Netting
· Apply external hedging techniques for foreign exchange risks
o Forward contract
o Money market hedge
o Currency options
o Currency swaps
o Currency futures

(F) Explain and apply efficient and effective working capital management techniques

· Explain the roles and objectives of working capital management

· Determine working capital needs and funding using funding strategies such as
aggressive, conservative and matching principles
· Management of Inventory
o Identify cost of inventory
o Apply inventory control techniques such as Economic Order Quanity,
Just-in-Time etc

· Management of Account Receivable

o Identify the cost and benefits of giving credit
o Formulate credit policy
o Evaluate credit policy
o Use of early settlements discounts
· Management of trade payables
o Identify the problems of delaying payments
o Use of early settlements discounts

· Cash Management
o Identify reasons of holding cash
o Explain centralisation of cash management
o Apply cash management models: Baumol model, Miller - Orr model and cash
budgets
o Advise management on investing short term

(G) Explain the nature and purpose of business valuation and apply valuation models

Describe the assumptions of asset -based, e arnings-based and market -based valuation
models

Apply the market-based, earnings-based and asset-based valuation models to determine

the price or value of a business or share

Explain the types of mergers

Identify and explain defensive techniques against takeover
Identify and explain advantages and disadvantages of merger and acquisition
Explain and apply financing methods for mergers and acquisitions
Calculate cost and gains of mergers and acquisitions

36 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

2.5 Public Sector Accounting and Finance

66. This module is designed to provide candidates with the technical knowledge
and skills required to perform straightforward financial reporting
responsibilities within the public sector.

67. On completion of this module, candidates will acquire competencies sufficient to enable to:
(A) Outline the key characteristics of the public sector budgeting, execution, accounting and
reporting
(B) Describe, explain and apply the Framework for General Purpose Financial Reporting by
Public Sector Entities.
(C) Describe and explain the key features of tools used in assessing the quality of public
financial management systems, example Public Expenditure Financial (PEFA) Framework.
(D) Identify and explain appropriate accounting policies for both cash and accrual bases in
public sector.
(E) Prepare financial statements, notes and extracts for public sector entities in line with
generally accepted accounting practices.
(F) Evaluate financial position, performance and prospects of public sector entities using
financial reports and other information.
(G) Explain and apply the rules and procedures in public procurement
(H) Describe the various public sector financing initiatives including public-private partnership
and public–public partnerships

SYLLABUS COVERAGE WEIGHT

(%)

(A) Public sector financial reporting in Ghana 15

(B) Conceptual Framework for General Purpose Financial 15
Reporting by Public Sector Entities.
(C) Public Financial Management Systems. e.g. Public 10
Expenditure and Accountability (PEFA) Framework
(D) Accounting policies for both cash and accrual bases in pu blic 10
sector
(E) Preparation of financial statements for public sector entities 20
in line with generally accepted accounting practices
(F) Evaluate financial position, performance and prospects of 10
public sector entities using financial and other infor mation
(G) Rules and procedures in Public Procurement 10
(H) Public financing initiatives: public –private partnership and 10
public –public partnership
TOTAL 100

Please note that the detailed content of the public sector financial reporting standards assessed
in this module is specified in appendix A. The appendix details the depth of treatment of
required technical knowledge and the progression of competence over the levels in the
qualification. It is important to read the appendix in conjunction with the details of the table
below to understand the expectation of the scope and depth of treatment in the assessments of
public sector financial reporting standards.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 37

 68. In the assessment, candidates may be required to:

(A) Outline the key characteristics of the public sector budgeting, execution, accounting and reporting

· Relationship between planning and budgeting in public sector

· Importance, objectives, challenges and limitations of public sector budgeting
· Processes of budgeting in Ghana including consideration of the budget cycle:
o budget formulation
o budget authoris ation
o budget approval
o budget execution and reporting
monitoring & evaluation
· Format and contents of the public sector budget.
· The nature of public sector programs and the programme sustain ability in the public
sector.
· The nature and purpose of assets and liabilities in the public sector.
· The regulatory role of public sector entities.
· Key legislative requirements for the management of public finances in Ghana
· The role and responsibilities of key officer responsible for public financial management
in Ghana, including the Minister of Finance, the Controller and Accountant General,
principal spending officers, principal accounts holders.
· Sources of finance for central government and public sect or organisations, tax, non-tax,
grant and borrowing.
· Internal controls over revenue in the public sector
· Expenditure management and control including, features and principles of Government
Chart of Account proposed by 2001 and 2011 Government Finance Statistics
Manuals.
· Treasury single account.
· Ghana Integrated Financial Management Information Systems [GIFMIS]

(B) Describe and explain the Framework for General Purpose Financial Reporting by Public Sector
Entities

· Describe, explain and apply the Conceptual Framework for General Purpose Financial
Reporting in the Public Sector Entities, paying attention to the:
o objectives and users of general purpose financial reporting
o qualitative characteristics of financial reporting in the public sector
o the characteristics of the reporting entity
o elements of the public sector financial statements
o recognition
o measurement of assets and liabilities presentation

· Describe, explain and apply the public sector financial laws and administrative rules, including:
1992 Constitution, the Public Financial Management Act 2016 (Act 921) and regulations,
Audit Service Act 2000 (Act 584), Internal Audit Agency Act 2003 (Act 658), Local
Governance Act 2016, Act (936) and other related fund management enactments.
(C) Describe and explain the key features of Public Expenditure Financial Accountability (PEFA)
Framework
· Describe and explain the key features of the PEFA framework, including consideration of:
o The PEFA methodology: background and reasons for the development of the PEFA
methodology
o Scope and Coverage of the PEFA framework
o The three components of the strengthened approach to public financial
management (PFM)
o The critical dimensions of performance of an open and orderly PFM system

38 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 o Introduction to the high level PEFA performanc e indicators PFM systems out-turns
o Value for money in public spending

(D) Identify and explain appropriate accounting policies, for both cash and accrual accounting bases in
public sector

· Identify, explain and apply appropriate accounting policies in the presentation of public
sector financial reports.
· Explain how alternative choices of revenue recognition, asset and liability recognition and
measurement can affect the understanding of the performance, position and prospects of
public sector entity or when presenting consolidated or separate entity financial statements in
accordance with the IPSAS.

(E) Prepare financial statements, notes and extracts for central government, ministries, departments and
agencies (MDAs) and Local governments in compliance with generally accepted accounting practice

· Prepare financial statements of a single entity undertaking a variety of transactions on the basis
of chosen accounting policies and in accordance with IPSAS and local regulations.
· Identify from a given scenario a controlled entity, associate or joint venture according to IPSAS
and local regulation.
· Prepare consolidated financial statements arising for controlled entities, associates or joint
ventures in accordance with IPSAS and local regulations.
· Prepare extracts from the financial statements of an entity preparing consolidated financial
statements undertaking a variety of transactions on the basis of chosen accounting policies and
in accordance with IPSAS and local regulations.
· Explain with examples the additional information that may be disclosed about the general
government sector under IPSAS 22 and 24, and additional information provided under local
regulations or convention.

(F) Evaluate financial position, performance and prospects of public sector entities using financial
reports and other information

· Calculate suitable performance, position and prospect measures using key indicators,
financial statement ratios, comparisons, trend analyses and other representations of
relationships that support a meaningful financial and data analysis of public sector entity.
· Comment upon limitations of analysis.
· Draw conclusions and report on the analysis undertaken.

(G) Explain and apply the rules and procedures in public procurement

· Object and functions of public procurement authority

· General principles of procurement
· Procurement rules, methods and procedures of procurement applicable in the
public sector
· Review procedures in public procurement
· Procedures for disposal of stores and equipment

(H) Describe the various public sector financing initiatives including public-private
partnership and public–public partnerships

· Objectives, benefits and challenges of public -private partnerships and Public -

public partnerships.
· Types of Public -private partnership and Public-Public Partnership.
· Accounting for public private partnership in accordance with IPSAS 12 and 32.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 39

 2.5 Principles of Taxation

69. Principles of Taxation describes the Ghanaian system of taxation; outlines

the basic principles of taxation for individuals and corporations (entities)
in addition to outlining key aspects of realisation of assets, VAT, and
describes how taxes are administered by the Ghana Revenue Authority.

70. On completion of this module, candidates will reach a competency sufficient to be able to:

(A) Describe the key principles and bodies with responsibility for the
Ghana Tax systems
(B) Describe and explain fiscal policy measures in relation to taxation
as a tool for economic management.
(C) Explain the administration of the Ghanaian tax system
(D) Explain and compute the income tax liabilities of individuals and
partnerships
(E) Explain and compute the corporate tax liabilities of companies
(F) Explain and compute the taxation of gains arising from the
realisation of assets by companies and individuals
(G) Explain the treatment of gifts received for tax purposes
(H) Explain and compute the impact of social security contributions
and pension funds
(I) Explain and compute value added tax on taxable supplies by
taxable persons
(J) Understand withholding tax administration

71. The following grid shows the relative weightings of topics within this subject
and should guide the required study time spent on each. The marks available
in the assessment will approximately equate to the weightings below.

SYLLABUS COVERAGE WEIGHT (%)

(A) Ghanaian tax system 5

(B) Fiscal Policy 5
(C) Tax Administration 10
(D) Income tax liabilities 20
(E) Corporate tax liabilities 20
(F) Taxation of gains 5
(G) Gift tax 5
(H) Social security and pension funds 5
(I) VAT 15
(J) Withholding tax administration 10
TOTAL 100

72. In the assessment, candidates may be required to:

(A) Describe the key principles of, and the bodies with responsibility for the Ghanaian tax
system

Describe the key principles of, and the bodies with responsibility for, the
Ghanaian tax system, including:
· The history of Taxation in Ghana
· The overall function and purpose of taxation in a modern economy

40 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 · Classification of taxes
· Principal sources of tax law and p r a c t i c e
· Concept of resident and non-resident rules
· Basic variables of tax planning – entity, time period,
jurisdiction (location) and character (activities) variables
· Tax avoidance and tax evasion schemes
· Taxation of gains and losses.
· Stamp duty.
· Social Security Contributions and other Pension s and their
· Value Added Tax, Excise Duty, Custom Duties, Communication Service
Tax,
· Governance Structure of Ghana Revenue

(B) Describe and explain fiscal policy measures in relation to taxation as a tool for economic
management

Describe and explain fiscal policy measures in relation to taxation as a tool for
economic management, paying attention to the following:
· The use and application of taxation as a tool of fiscal policy to
stabilize the economy.
· Public debt as an alternative to taxation, its causes and consequences
· Intergovernmental fiscal relations and ghana's experience with
revenue allocation.
· The theory and practice of grants in relation to local governments.

(C) Explain the administration of the Ghanaian tax system

Explain the administration of the Ghanaian tax system, including:

· System for assessments and the making of returns
· Time limits for the submission of returns , claims and payment of
tax, including payments on account in respect of tax types
· Time to file, pay and claim ,refunds and set offs
· Procedures relating to compliance checks disputes, objections and
appeal procedures
· Penalties and interest for non-compliance
· Tax Administration Reforms

(D) Explain and compute the income tax liabilities of individuals and partners hips

Explain and compute the income tax liabilities of individuals and partnershi ps,
considering the following:
· The scope of income tax
· Income from employment including casuals, temporary staff
· Income from business:(trade, profession and vocation), including partnerships
· Income from investment
· Comprehensive computation of taxable income and income tax liability,
including capital allowances

The use of exemptions and reliefs in deferring and minimising income tax liabilities

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 41

 (E) Explain and compute the corporate tax liabilities of single companies

Explain and compute the income tax liabilities of companies, including:

· The scope of company tax
· Taxable profits/chargeable income
· The comprehensive computation of company tax liability
· The effect of a group structure for company tax purposes
· The use of exemptions and reliefs in deferring and minimising
company tax liabilities

(F) Explain and compute taxation of gains and losses arising from realisation of
capital and depreciable assets including inves tment assets by companies and
individuals

Explain and compute taxation of gains and losses from the realisation of
capital assets and liabilities including investment assets by companies and
individuals, paying attention to:
· The scope of the taxation of gains
· The basic principles of computing gains and losses.
· Gains and losses on the disposal of movable property
· Gains and losses on the disposal of shares and securities
· The computation of tax on gains made by individuals
· The use of exemptions and reliefs in deferring and minimising
tax liabilities arising on the disposal of capital assets

(G) Explain and compute the taxation of gift s received by individuals

Explain and compute the gift tax liabilities of individuals, paying attention to
the:
· Scope of the tax
· Basic principles of computing transfers of value
· Liabilities arising on chargeable life time transfers and on the death
of an individual
· Use of exemptions in deferring and minimising tax liabilities
· Payment of tax on gifts received

(H) Explain and compute the effect of social security contributions and other pensions

Explain and compute the effect of social security contributions and other
pensions , paying attention to:
· Computation of pensions e.g. SSF, second tier mandatory and third tier
voluntary contributions
· Computation of pensions in respect of employer and employee
· Effect on employee remuneration planning
· Time for filing contribution reports

(I) Explain and compute the effect of value added tax on taxable supplies made by
taxable persons

Explain and compute the effect of value added tax on taxable supplies by
taxable persons and , paying attention to:

42 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 · The scope of value added tax (VAT)
· The VAT registration requirements
· The computation of VAT liabilities
· The effect of special schemes
· Imposition, calculation, exemptions, remissions and refund
of value added tax
· VAT withholding taxes, duties and obligations of appointed agents
for VAT withholding agents
· Computat ion of custom duties
· Imposition, calculation and exemptions from excise duty

(J) Withholding tax administration with computations

Explain and compute withholding taxes on payments; paying attention to the

following :
· Goods, works and services in respect of resident and non -
resident persons
· Investment returns e.g., d ividend, interest, natural resource
payment, rent and others
· Withholding tax exemptions
· Issuance of tax credit certificates
· Obligations of withholding agents
· Rights and responsibility of withholdees

2.3
Professional level

3.1 Corporate Reporting

73. The aim of this module is to ensure that candidates apply the appropriate judgement and technical
competence in the preparation and interpretation of financial statements for complex business
entities. Students must also be able to evaluate and communicate the impact of current issues and
developments in corporate reporting to those who may not have that technical expertise.

74. The syllabus for 3.1 Corporate Reporting assumes knowledge acquired at 2.1 Financial Reporting

75. On completion of this module, candidates will reach a competency sufficient to be able to:

(A) Apply International Financial Reporting Standards

(B) Prepare financial statements, notes and extracts for groups that comply with IFRSs
(C) Evaluate entity position, performance and prospects using a range of financial and other data
(D) Advise on specialised transactions
(E) Assess ethical issues and appropriate ethical responses

76. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately equate
to the weightings below.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 43

 SYLLABUS COVERAGE WEIGHT
(%)

(A) Application of International Financial Reporting Standards 30

(B) Preparation of financial statements for a Group 25

(C) Evaluate entity position, performance and prospects using a 20
rang e of financial and other data
(D) Specialized transactions 15
(E) Assess ethical issues and appropriate ethical responses 10
TOTAL 100

77. Please note that the detailed content of the financial reporting standards assessed in this module is
specified in appendix A. The appendix details the depth of treatment of required technical
knowledge and the progression of competence over the levels in the qualification. It is important to
read the appendix in conjunction with the details of the table below to understand the expectation of
the scope and depth of treatment in the assessments of financial reporting standards.

78. In the assessment, candidates may be required to:

(A) Apply International Financial Reporting Standards

Select and apply appropriate accounting standards for a private entity.

Assess the choice of accounting treatments that may be adopted based on a given
scenario explaining how they may affect a user’s understanding of a business.

Prepare extracts of relevant financial statements for a private entity based on

International Financial Reporting Standards (IFRSs).

Advise on the appropriate accounting treatment of events and transactions in

accordance with relevant International Financial Reporting Standards (IFRSs)

Relevant areas of application of International Financial Reporting Standards include the

following:
· Leases
· Employee benefits
· Share-based payments
· Fair value measurement
· Income taxes
· Related party disclosures
· Provision, Contingent Liabilities and Contingent Assets
· Financial Instruments; recognition, measurement, presentation and disclosures
(including hedge accounting and derivatives)
· Operating segments
· Earnings Per Share
· Construction contracts
· Accounting and reporting by retirement benefit plan

44 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

· Financial reporting in hyperinflationary economies
· Interim financial reporting
· Investment property
· First time adoption of IFRS
· Insurance contracts
· Regulatory deferral accounts
· All International Financial reporting Standards covered in 2.1 Financial Reporting
are also applicable and examinable in 3.1

Evaluate how alternative choices of revenue recognition, asset and liability

recognition and measurement can affect the understanding of the performance,
position and prospects of an entity whether in the private or when presenting
consolidated or single entity financial statements

Explain to a chosen user the application of IFRS and local requirements for a
private entity

(B) Prepare financial statements, notes and extracts for groups that comply with
International Financial Reporting Standards (IFRSs)

Identify from a given scenario a subsidiary, associate or joint venture according to

international standards and local regulation.

Prepare consolidated financial statements arising from existing, new or

discontinuing activities or interes ts in subsidiaries, associates or joint ventures in
accordance with IFRS.

Prepare Consolidated Financial Statements involving parent and one or more subsidiaries
and/or associate or Joint venture:
· Consolidated Statement of Profit or Loss and other Compr ehensive Income,
· Consolidated Statement of Changes in Equity
· Consolidated Statement of Financial Position
· Consolidated Statement of Cash flow

Prepare extracts from the financial statements of an entity preparing consolidated

financial statements undertak ing a variety of transactions on the basis of chosen
accounting policies and in accordance with IFRS and local regulations

Explain with examples the additional information that may be included in annual
reports beyond financial statements in accordance wi th international best practice
and local requirements including management reports, risk information, governance
reports, financial summaries, key performance indicators and highlights.

(C) Evaluate entity position, performance and prospects using a range of financial and
other data

Calculate suitable performance, position and prospect measures using key indicators,
financial statement ratios, comparisons, trend analyses and other representations of
relationships that support a meaningful financial and bu siness analysis of a private
entity

Comment on limitations of analysis

Draw conclusions and report on the analysis undertaken from a business perspective.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 45

 (D) Advise on specialized transactions

Capital reorganisation scheme:

· Designing a capital reduction scheme
· Implementing a capital reduction scheme
· External reorganisation (reconstruction)
Business valuation for initial public offer, mergers and acquisition

(E) Assess ethical issues and appropriate ethical responses

Assess the ethical and professional considerations when undertaking work, giving
advice on financial accounting and reporting issues that may give rise to ethical
problems in business and reporting scenarios

3.2 Advanced Audit and Assurance

79. This module is designed to provide candidates with the necessary knowledge and higher level skills
to perform the responsibilities of a registered auditor within the framework of relevant Ghana
legislation and international standards. Module outcomes are based on the requirements of the
International Standards on Auditing (ISAs). Further work is then developed to cater for the
requirements of public sector audits.

80. On completion of this module, candidates will reach a competency sufficient to be able to:
(A) Evaluate and advise on ethical and legal issues for specified
audit and assurance engagements
(B) Evaluate a specified audit and assurance engagement and
prepare an engagement plan
(C) Apply audit and assurance methods, for a specified engagement,
to gather evidence
(D) Evaluate, for a specified engagement, audit and assurance
evidence and conclude and report on the engagement
(E) Outline the statutory role of government external audit
internationally and in Ghana
and explain the concepts and mechanisms of public
accountability in Ghana
(F) Describe, explain and apply appropriate audit methods to public
sector audits
(G) Analyse contemporary issues

81. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately
equate to the weightings below.

SYLLABUS COVERAGE WEIGHT (%)

(A) Ethical and legal issues, acceptance and managing engagements 10
(B) Engagement plan 10
(C) Audit and assurance methods to gather evidence 25
(D) Conclude and report o n an engagement 25
(E) Statutory role of government external audit & public 10
accountability in Ghana
(F) Public sector audits 10
(G) Contemporary issues 10
TOTAL 100

46 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

82. Please note that the detailed content of the International Auditing Standards and INTOSAI
Standards on Auditing assessed in this module is specified in appendix A. The appendix details
the depth of treatment of required technical knowledge and the progression of competence over
the levels in the qualification. It is important to read the appendix in conjunction with the detail
of the table below to understand the expectation of the scope and depth of treatment in the
assessments of International Auditing Standards.

83. In the assessment, candidates may be required to:

(A) Evaluate and advise on ethical and legal issues for specified audit and assurance
engagements

Evaluate and advise on legal, professional and ethical issues that may arise for an
engagement including evaluation and communication with any party to the
engagement.

Procedures for obtaining professional work including tendering, advertising etc.

Make judgements when it may be appropriate to refer an ethical matter to a more

senior colleague or for third party advice or consultation

Evaluate the extent of legal Iiability both criminal and civil law Iiability including
professional negligence issues and how they can be mitigated

(B) Evaluate a specified audit and assurance engagement and prepare an engagement plan

Evaluate the potential issues that determine the nature, scope and extent of an
engagement, paying particular attention to:
· Personnel resourcing
· Quality control requirements
· The use of internal audit component auditors and experts/specialists
· The monitoring procedures used by the firm to ensure effective management
of the engagement

Evaluate the considerations for an auditor of risk issues identified prior to accepting
an engagement

Evaluate how engagement terms can be agreed and recorded by an auditor

including those agreed with a client and those imposed by laws or regulations

(C) Apply audit and assurance methods, for a specified engagement, to gather evidence

Develop an audit plan with justifications, including considerations relating to:

· Risk assessments taking account of inherent risk, control ris k and detection
risk
· Materiality decisions
· Internal control assessments, including IT controls
· Reliance on internal audit, specialists and the work of other auditors
· Computer Assisted Audit Techniques (CAATs) to select and evaluate audit
evidence
· Use of client generated data, information and reports
· Tests of control, substantive procedures including analytical procedures
· Visits to locations, branches and departments

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 47

 Explain appropriate procedures for audit and assurance engagements for corporate
social responsibility and sustainability reports

(D) Evaluate, for a specified engagement, audit and assurance evidence and
conclude and report on the engagement

Evaluate and propose how issues identified during an assignment may be raised and
dealt with in communication with management, directors and those charged with
governance including action taken when issues cannot be agreed

Apply procedures that may be used and considerations relating to the identification
of subsequent events that may require adjustment or disclosure

Apply procedures that may be used and considerations relating to the identification
of risk issues that may require disclosure

Evaluate quantitative and qualitative judgments based on the results of tests and
evidence obtained

Advise on the capability to report on an assurance engagement or audit engagement

including reporting findings, giving an external audit opinion or dealing with other
issues that may require to be included in an audit report

Draft extracts of a suitable audit report or management report based on a given

scenario and entity and in accordance with local law and international standards of
accounting and audit

Apply suitable judgements on when it may be appropriate to refer to a specialist in

forming an opinion and preparing reports

Apply suitable judgements on when it may be appropriate to withdraw from, withdraw

an opinion on or take other such appropriate action on an audit or assurance
engagement

Explain the issues that may be relevant and the nature of report th at may be given
relating to risk management, internal controls and governance.

(E) Outline the statutory role of government external audit internationally and in Ghana and
explain the concepts and mechanisms of public accountability in Ghana

Outline the statutory role of government external audit internationally and in Ghana,
including consideration of:
· The role of government external audit internationally – Supreme Audit
Institutions (SAIs) and their relationship with Governments and Parliaments,
current issues and controversies, the role of INTOSAI
· The role and constitutional status of Auditors General
· The responsibilities of SAIs in evaluating the outcomes and impacts of
government policies
· The statutory basis of government external audit in Ghana
· The distribution of authority and the relationships and communications
between the Department of the Controller & Accountant General,
Internal Audit Agency, Auditor General Department, Public Accounts
Committee of Parliament, Finance Committee of Parliament

48 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 Explain the concepts and mechanisms of public accountability in Ghana, including
consideration of:
· The concept of public accountability.
· Mechanisms for ensuring public accountability.
· Mechanisms for ensuring value for money in the public sector.
· Corporate governance principles for governing public sector entities.
· Roles of the following structures in ensuring public accountability:
Department of the Controller & Accountant General, Internal Audit Agency,
Auditor General Department, Public Accounts Committee of Parliament,
Finance Committee of Parliament & Audit Committees of MDAs and MMDAs

(F) Describe, explain and apply appropriate audit methods to public sector audits

Explain and apply the principles of an audit of financial statements and apply these
principles and reports, for a given scenario, the outcome of a financial audit.

Explain and apply the principles of a performance audit and apply and report, for a
given scenario, the outcome of a performance audit.
Explain and apply the principles of a performance audit and apply and report, for a
given scenario, the outcome of a compliance audit.

(G) Analyse contemporary issues

· Recent audit headlines

· Social and environmental auditing
· Money Laundering
· Factors influencing development of Auditing Standards
· Case study on international and national issues.
· Audit monitoring unit of ICAG and the effect on quality of audits in Ghana
· The role of Regulators (Bank of Ghana, Stock Exchange, Insurance
Commission and National Pensions Regulatory Authority) in protecti ng the
interest of the public and investors

3.3 Advanced Taxation

84. This module builds on the knowledge gained from 2.6 and further develops aspects of tax related
competencies which allow students to ensure tax compliance and identify opportunities for tax
planning, where appropriate. Both Ghana and further international dimensions of taxation will be
considered with skills being developed from analysis and evaluation of complex scenarios. Students
will be able to demonstrate skills of communication by conveying appropriate levels of advice to a
wide range of clients, all applied to a high ethical standard.

85. On completion of this module, candidates will reach a competency sufficient to be able to:

(A) Compute and advise on opportunities for optimal tax outcomes for complex situations in a
legitimate and ethical manner
(B) Compute and advise on the corporate tax liabilities of entities and groups for complex
situations including taxation of specialised areas such as mining and mineral operations,
petroleum operations, trusts, financial services and exempt organisations.
(C) Prepare appropriate communications with clients and tax authorities
including interpretation of tax statutes

86. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately equate
to the weightings below.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 49

 SYLLABUS COVERAGE WEIGHT (%)

(A) Optimal tax outcomes 60

(B) Tax for single companies and groups 30
(C) Communication 10
TOTAL 100

87. In the assessment, candidates may be required to:

(A) Compute and advise on opportunities for optimal tax outcomes for complex situations, in
a legitimate and ethical manner

Compute and advise on opportunities for optimal tax outcomes for complex situations in a
legitimate and ethical manner, including the following::
· Types of investment and other expenditures that will result in a
reduction in tax liabilities for an individual and/or a business.
· Legitimate tax planning measures, by which the tax liabilities
arising from a particular situation, scenario or course of action can
be mitigated.
· The appropriateness of such investment, expenditure or measures,
given a particular taxpayer's circumstances or stated objectives.
· The mitigation of tax in the manner recommended, by reference to
numerical analysis and/or reasoned argument.
· Tax incentives for various business sectors, including Ghana
Investment Promotion Centre oriented sectors, Free Zones, and their
influence on business set up opti ons; approaches to availing a
business of tax incentives.
· Understanding current issues in international taxation including
double taxation agreements/treaties and general anti-avoidance rules
and anti-avoidance provisions such as transfer pricing, thin
capitalisation and income splitting
· Application of arm’s length standard and arrangements between
associates
· Tax implication of mergers, amalgamation and reorganisation as well
as change in ownership arrangements
· Evaluate the meaning and implication of permanent establishments
· Advise on the tax position of overseas companies trading in Ghana
and trading with Ghana

(B) Compute and advise the corporate tax liabilities of entities including the
specialised sectors
Compute and advise on the corporate tax liabilities of entities including mining and
mineral operations, petroleum operations, trusts and exempt organisations paying
attention to the following:
· The identification of opportunities for optimal tax outcomes in a
legitimate and ethical manner
· The use of exemptions and reliefs in deferring and minimising tax
liabilities

50 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 (C) Prepare appropriate communications with clients and tax authorities and interpretation
of tax statutes

Prepare appropriate communications with clients and tax authorities and

interpretation of tax statutes paying attention to the following:,

· Client instructions
· Preparing advice which is appropriate, technically correct, and within the
law and in accordance with ethical principles
· The application of appropriate technical knowledge to support reasoned
tax conclusions
· Appropriate forms of communication (e.g. letters, memoranda,
reports, briefing notes)
· Communicating clearly in an appropriate manner to a specialist or non-
specialist client
· Identifying and explaining the relevance, importance and consequences
of ethical and legal issues including interpretation of tax statutes
· recommending and justifying appropriate actions where ethical dilemmas arise in a
given scenario

3.4 Strategic Case Study

88. The aim of this module is to enable students to understand and apply tools and models to develop
skills in strategic analysis, choice and implementation. Students will become competent in the use
of management information to measure and monitor strategic performance. A comprehensive review
will be undertaken of good governance practice, all developed within applicable ethical frameworks.
Evaluating complex scenarios will be a feature of the module, based on complex data, financial and
stakeholder analysis including making recommendations. Students would be expected to apply
concepts, principles and theories from the knowledge and application levels of this syllabus.

89. Assessment approach: The examination will be a three hour paper consisting of two case studies.
The case studies may be based on a variety of different organisational structures or operations.
Students will be provided with background details ('advanced information') of the organisations in
the respective case studies ahead of the exam. The advance information will not give specific
indication of the eventual requirements of the case study. Students will be expected to familiarise
themselves with the information provided about the organisations and the industry in which they
operate, by undertaking detailed analysis of that advance information and some additional analysis
and research where necessary. Students may take the results of their work into the exam. Students
will be required to answer questions relating to the final case studies during the examination.
Questions will be crafted based on the syllabus weighting grid covering the following broad areas:
strategic management issues (40%), business plans (20%), financial objectives and strategies
(20%) and corporate governance (20%).

90. On completion of this module, candidates will reach a competency sufficient to be able to:
(A) Evaluate strategic objectives for a specified scenario
(B) Prepare and advise on a strategic analysis, for a specified scenario, by evaluating the
external and internal environments to support strategy development
(C) Apply key strategic models and prepare advice on, for a specified scenario, strategic choice
(D) Discuss and evaluate the types of organisational structure and operational vehicles that can
be used to support, for a specified scenario, the delivery of organisational strategy
(E) Explain and analyse the arrangements required and prepare business plans, for a specified
scenario, for an efficient and effective implementation of an organisational strategy
(F) Evaluate the issues involved in the formulation of an organisation's financial strategy
objectives for a specified scenario
(G) Evaluate the issues involved in the formulation of an organisation's financial strategies for a
specified scenario

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 51

 (H) Describe and explain the meaning and theories of corporate governance
(I) Describe and explain the Corporate Governance landscape in Ghana
(J) Describe and explain the OECD Principles of Corporate Governance
(K) Describe, explain and apply the processes of improving governance in organisations, for a
specified scenario, as detailed in IFAC's Evaluating and Improving Governance in
Organisations (Good Practice Guidance)

91. The following grid shows the relative weightings of topics within this subject and should guide the
required study time spent on each. The marks available in the assessment will approximately equate
to the weightings below.

SYLLABUS COVERAGE WEIGHT (%)

(A) Strategic objectives 10

(B) Internal and external environments 10
(C) Strategic models 10
(D) Organisational structure 10
(E) Business plans 20
(F) Financial strategy objectives 10
(G) Financial strategies 10
(H) Corporate governance theories 5
(I) Corporate governance in Ghana 5
(J) OECD Principles of Corporate Governance 5
(K) Improving governance in organisations 5
TOTAL 100

92. In the assessment, candidates may be required to:

(A) Evaluate strategic objectives for a specified scenario

Define the purpose of organisational strategy and explain the difference between the various
levels:
· Definition of organisational strategy
· Levels of strategy
o corporate strategy
o business/service strategy
o functional strategy
o operational strategy

Analyse the key factors and drivers that influence strategic objectives:
· Maximisation of shareholder value
· Vision and mission
· Impact of stakeholder expectations in the development of organi sational objectives
· Balance scorecard
· Core values
· Culture (e.g. Handy’s culture types, cultural web)
· Laws and regulations
· Ethics and strategy:
o The Meaning of Ethics
o Theories of ethics
o Business Ethics across Organisational Functions
o Why Ethical problems occ ur in Business

52 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 o Ethics in a Global Economy
o Ethics, Law and Illegal Corporate Behaviour
o The Core Element of Ethical Reform
o Analysing Ethical problems in Business
o Model of Ethical Judgment
o Ethics and Accounting: A Decision-Making Model
· sustainable competitive advantage and/or sustainable community benefit

· Corporate social responsibility and environmentally driven strategy, including

consideration of:
o The Meaning of Corporate Social Responsibility
o Evolution and theories of Corporate Social Responsibility
o Basic elements of Social Responsibility
o The limits of Corporate Social Responsibility
o Economic, Legal, and Social Responsibilities
o Areas of Social Responsibility
o Corporate Social Responsibility in a Global Context
o Implementing Social Responsibility Programmes
o Key Elements of Managing the Social Responsibility

Evaluate various approaches to organisational strategy:

· Systems based approach
· Resource based approach
· Core competences based approach
· Rational strategy
· Adaptive, emergent strategy

(B) Prepare and advise on a strategic analysis, for a specified scenario, by evaluating the
external and internal environments to support strategy development

Prepare and evaluate, for a specified scenario, an external analysis, paying attention to:
· International business environment
o Porter’s diamond
· General or Macro environmental analysis
o PESTLE analysis
· Industry and competitive analysis
o Porter’s five forces
o Strategic group analysis
· scenario plans
· stakeholder analysis and management (stakeholder mapping)

Prepare and evaluate, for a specified scenario, an internal analysis, paying attention to:
· Resource audit – financial, physical, human and intangible
· Core competences and strategic capability
· Porter’s value chain analysis and value system

Determine the key issues arising from an environmental analysis:

· Logical approaches (SWOT analysis)
· Creative approaches (such as brainstorming)
· Gap analysis

Prepare and present advice on the strategic capability of the organisation

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 53

 (C) Apply key strategic models and prepare advice on, for a specified scenario, strategic
Choice

Apply and appraise key models available for the generation of strategic options:
· Porter’s generic strategies, strategy clock
· Concentration Strategies
· Diversification Strategies
· Defensive/Harvesting strategies
· Combination Strategies

Apply and appraise the key strategic product and service development models:
· Product/service life cycle analysis, Boston matrix
· Directional policy matrices (mckinsey/Application Electric Business Screen and
Shell Directional Policy Matrix)
· Public service matrix (Montanari and Bracker)
· Corporate parenting styles, Ashridge portfolio display
· Ansoff’s growth vector

Apply and appraise the following international strategic choices, frameworks or models:
· Management orientation/EPRG Framework
· Integration/responsiveness matrix
· Five-Stages of Globalisation
Apply the following methods in employing international strategic choices:
· Exporting
· Joint venture
· Licensing
· Franchising
· Strategic alliances
· Wholly-owned subsidiary
Evaluate and advice on the selection of strategic methods
· Organic or internal development
· External or mergers and acquisitions

· Incremental strategy
· Freewheeling opportunism
· Creative strategy (innovation)
· Learning organisations

Evaluate and advise on the suitability/acceptability/feasibility of strategic options

(D) Discuss and evaluate the types of organisational structure and operational vehicles
that can be used to support, for a specified scenario, the delivery of organisational strategy

Discuss factors that influence organisational design:

· Flat versus tall designs
· Responsibility, authority and accountability
· Line, staff and functional relationships
· Organic versus mechanistic approaches
· Differentiation and integration
· Role flexibility versus job specification
· Bureaucracy and post bureaucracy
· Empowerment versus control
· Centralisation versus decentralisation
· Benefits of resource sharing and collaborative working

54 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 Evaluate the advantages and disadvantages of types of organisational structure:
· Simple structures
· Functional structures
· Divisional structures
· Matrix structures
· Corporate group structures
· Hybrid/intermediate structures

Discuss the following vehicles for collaborating with outside organisations to organisational
achievements:
· Shared services
· Shared management teams
· Pooled budgets
· Outsourcing
· Consortia
· Networks

(E) Explain and analyse the arrangements required and prepare business plans for a
specified scenario, for an efficient and effective implementation of an organisational Strategy

Analyse and apply approaches to strategy implementation:

· McKinsey 7-S framework
· Henry Mintzberg’s theory of organisational configuration

Evaluate the use of business plans in strategy implementation:

· Alignment of service delivery with public communication plans
· Integration of operational and work plans
· Alignment of human resource plans and personal objectives
· Integration of budget assumptions
· Management of internal and external messages

Evaluate monitoring procedures used in strategy implementation:

· Establishing a planned programme
· Types of monitoring procedures
· Key performance indicators

Prepare business plans to implement a chosen strategy, paying attention to:

· Developing a performance management appr oach involving the identification
of key performance metrics, both quantitative and qualitative
· Developing a marketing and brand management approach, involving both
quantitative and qualitative techniques
· Developing a business risk management approach involving
o identification of risks
o assessing risk impact
o management and mitigation of risks
· Developing an information, data, and information technology approach,
involving the provision of information to support new organisational and
strategic requirements, including consideration of:
o Impact of Information systems on organisations
o Relationship between Information systems / Information technology
strategy and corporate strategy

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 55

 o Role of Information systems/ Information technology in creating
competitive advantage
o Impact of Information technology on organisations
o The impact of contemporary developments in Information technology
on organisational strategy
o The impact of e-commerce on organisations and business
o Cyber security and big data management
· Developing a human resourcing approach, including recruitment and
remuneration considerations
· Preparing a schedule to meet the objectives and tasks contained in the business plan

(F) Evaluate the issues involved in the formulation of an organisation’s financial strategy
objectives for a specified scenario

Determine and explain financial strategy objectives, taking account of the constraints on
various elements of financial strategy

Explain stakeholder interests and their effect on financial strategy formulation and
propose resolutions to stakeholder conflicts

Identify ethical problems in financial strategy and propose appropriate resolutions

Evaluate financial strategies in terms of the financial and strategic objectives of the
organisation, including consideration of the application of:
· Investment appraisal techniques
· Lease or buy decisions
· Working capital and liquidity management
· International financial management including specific considerations for
multi- mationals, transfer pricing, risk management
· Treasury managem ent including the management of risks relating to currency and
interest rates

(G) Evaluate the issues involved in the formulation of an organisation’s financial strategies for a
specified scenario

Evaluate the available financing options, including

· Short, medium and long-term alternatives
· Methods of raising new capital
· Issues of new capital
· Gearing and capital structure
· Dividend policy

Forecast financing requirements for both short and long -term financing requirements
Evaluate alternative methods of financing, incorporating the impact of the tax, and select
an appropriate financial plan
Prepare a financial plan and evaluate the impact of uncertainty on the plan
(H) Describe and explain the meaning and theories of corporate governance

Describe and explain the meaning of corporate governance frameworks and

mechanisms, including consideration of:
· Meaning and Importance of Corporate Governance
· Theoretical Aspects of Corporate Governance
o Agency Theory
o Stewardship Theory

56 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 o Transaction Cost Theory
· Stakeholder Theory
(I) Describe and explain the Corporate Governance landscape in Ghana
Structure of ownership and control, including consideration of:
· Directors and Board Structure
· The Role of Non-Executive Directors
· The Role of Directors in Corporate Governance
· Executive Remuneration
· The Role of Institutional Investors in Corporate Governance
· Disclosure and Corporate Governance
· Internal Control and Corporate governance
· The Role of Audit in Corporate Governance

(J) Describe and explain the OECD Principles of Corporate Governance

(K) Describe, explain and apply the processes of improving governance in organisations,
for a specified scenario, as detailed in IFAC’s Evaluating and Improving Governance in Organisations
(Good Practice Guidance)

Describe the role of the accountant in the process

Describe and explain the governance framework and key principles

Apply, evaluate and recommend actions, for a specified scenario, the principles contained
in the Good Practice Guidance, including specific consideration of IFAC’s Code of Ethics
for Professional Accountants.

3 Appendices
Appendix A: Technical knowledge required – Accounting Standards: Part 1

The following table identifies where technical knowledge will be dealt with and the depth of treatment
required. These appendices will be updated as and when new standards become effective. The depth of
treatment is graded as follows:

Level 3: A thorough knowledge with a solid understanding of the subject matter and some experience in
the application thereof in practice sufficient to: exercise reasonable professional judgement in the
application of the subject matter in those circumstances generally encountered in practice; and
recognise when the assistance of a specialist may be required. This level of knowledge is lower than that
of a specialist.

Level 2: A working knowledge with a broad understanding of the subject matter and a modicum of
experience in the application thereof sufficient to: apply the subject matter in straightforward
circumstances; and identify issues requiring professional attention in more complex situations.

Level 1: A general knowledge with a basic understanding of the subject matter and training in the
application thereof sufficient to: identify significant issues; evaluate their potential implications or
impact; and recognise that additional work or advice may be required to be performed by a person
technically competent in this area of expertise. This level of knowledge is significantly greater than that
of a layperson.
.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 57

 1.1 Financial 2.1 Financial 3.2 Corporate
Accounting Reporting Reporting
Preface to IFRS 3 3
Conceptual Framework for Financial 1 3 3
Reporting
IAS 1 Presentation of Financial 3 3 3
Statements
IAS 2 Inventories 2 3 3

IAS 7 Statement of Cash Flows 2 3 3

IAS 8 Accounting Policies, Changes in 2 3 3

Accounting Estimates and Errors
IAS 10 Events after the Reporting Period 3 3

IAS 12 Income Taxes 1 3

IAS 16 Property, Plant and Equipment 2 3 3

IAS 18 Revenue 1 3 3

IAS 19 Employee Benefits 1 3

3 3
IAS 20 Accounting for Government
Grants and Disclosure of Government
Assistance
IAS 21 The Effects of Changes in Foreign 2 3
Exchange Rates
IAS 23 Borrowing Costs 3 3
IAS 24 Related Party Disclosures 2 3
IAS 26 Accounting and Reporting by 1
Retirement Benefit Plans
IAS 27 Separate Financial Statements 2 3
IAS 28 Investments in Associates and 2 3
Joint Ventures
IAS 29 Financial Reporting in 1
Hyperinflationary Economies
IAS 32 Financial 2 3
Instruments: Presentation
IAS 33 Earnings per Share 2 3
IAS 34 Interim Financial Reporting 3
IAS 36 Impairment of Assets 2 3
IAS 37 Provisions, Contingent 1 3 3
Liabilities and Contingent Assets
IAS 38 Intangible Assets 1 3 3
IAS 39 Financial Instruments: 1 3
Recognition and Measurement
IAS 40 Investment Property 3
IAS 41 Agriculture 3 3
IFRS 1 First-Time Adoption of IFRS 3
IFRS 2 Share-based Payment 3
IFRS 3 Business Combinations 2 3
IFRS 4 Insurance Contracts 1
IFRS 5 Non-current Assets Held for Sale 2 3
and Discontinued Operations

58 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

 IFRS 6 Exploration for and Evaluation of 1 1
Mineral Resources
IFRS 7 Financial Instruments: 1 3
Disclosures
IFRS 8 Operating Segments 3
IFRS 9 Financial Instruments 1
IFRS 10 Consolidated Financial 2 3
Statements
IFRS 11 Joint Arrangements 2 3
IFRS 12 Disclosure of Interests in Other 2 3
Entities
IFRS 13 Fair Value Measurement 1 3
IFRS 14 Regulatory Deferral Accounts 1
IFRS 15 Revenue from Contracts with 2 3
Customers
IFRS 16 Leases 2 3
IFRS for SMEs 2 3

Technical knowledge – IPSAS Accounting Standards: Part 2

2.5 Public
Sector
Accounting
and Finance

Financial Reporting Under the Cash Basis of Accounting (Parts 1 and 2) 1

Preface to International Public Sector Accounting Standards 2
Conceptual Framework for General Purpose Financial Reporting by Public Sector 3
Entities
IPSAS 1 Presentation of Financial Statements 3
IPSAS 2 Cash Flow Statements 3
IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors 3
IPSAS 4 The Effects of Changes in Foreign Exchange Rates 2
IPSAS 5 Borrowing Costs 2
IPSAS 9 Revenue from Exchange Tra nsactions 2
IPSAS 10 Financial Reporting in Hyperinflationary Economies 1
IPSAS 11 Construction Contracts 2
IPSAS 12 Inventories 2
IPSAS 13 Leases 2
IPSAS 14 Events after the Reporting Date 3
IPSAS 16 Investment Property 2
IPSAS 17 Property, Plant and Equipment 3
IPSAS 18 Segment Reporting 2
IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets 3
IPSAS 20 Related Party Disclosures 2
IPSAS 21 Impairment of Non-Cash-Generating Assets 2
IPSAS 22 Disclosure of Financial Information about the General Government Sector 3
IPSAS 23 Revenue from Non-Exchange Transactions 3
IPSAS 24 Presentation of Budget Information in Financial Statements 3
IPSAS 25 Employee Benefits 3
IPSAS 26 Impairment of Cash-Generating Assets 2

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 59

 IPSAS 27 Agriculture 1
IPSAS 28 Financial Instruments: Presentation 2
IPSAS 29 Financial Instruments: Recognition and Measurement 2
IPSAS 30 Financial Instruments: Disclosures 2
IPSAS 31 Intangible Assets 2
IPSAS 32 Service Concession Arrangements: Grantor 2
IPSAS 33 First Time Adoption of Accrual Basis IPSASs 2
IPSAS 34 Separate Financial Statements 2
IPSAS 35 Consolidated Financial Statements 2
IPSAS 36 Investments in Associates and Joint Ventures 2
IPSAS 37 Joint Arrangements 1
IPSAS 38 Disclosure of Interests in Other Entities 2
IPSAS 39 Employee Benefits 3
IPSAS 40 Public Sector Combinations 2
RPG 1 Reporting on the Long Term Sustainability of an Entity’s Finances 2
RPG 2 Financial Statement Discussion and Analysis 2
RPG 3 Reporting Service Performance Information 2

Technical knowledge requirements - International Standards on Auditing: Part 3

2.3 Audit 3.3 Advanced

and Audit and
Assurance Assurance
200 Overall Objectives of the Independent Auditor 1 3
and the Conduct of an Audit in Accordance with
International Standards on Auditing
210 Agreeing the Terms of Audit Engagements 3
220 Quality Control for an Audit of 2 3
Financial Statements
230 Audit Documentation 2 3
240 The Auditor’s Responsibilities Relating to Fraud 2 3
in an Audit of Financial Statements
250 (A) Consideration of Laws and Regulations in an 1 2
Audit of Financial Statements
250 (B) The Auditor’s Right and Duty to Report to 1 2
Regulators in the Financial Sector
260 Communication with Those Charged with 2 3
Governance
265 Communicating Deficiencies in Internal Control 2 3
to Those Charged with Governance and Management
300 Planning an Audit of Financial Statements 2 3
315 Identifying and Assessing the Risks of Material 2 3
Misstatement Through Understanding the Entity and
its Environment
320 Materiality in Planning and Performing an Audit 2 3
330 The Auditor’s Responses to Assessed Risks 2 3
402 Audit Considerations Relating to an Entity Using 1 1
a Service Organisation
450 Evaluation of Misstatements Identified during 2 3
the Audit

60 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

500 Audit Evidence 2 3
501 Audit Evidence - Specific Considerations for 2 3
Selected Items
505 External Confirmations 2 3
510 Initial Audit Engagements - Opening Balances 2 3
520 Analytical Procedures 2 3
530 Audit Sampling 2 3
540 Auditing Accounting Estimates, Including Fair 2 3
Value Accounting Estimates and Related Disclosures
550 Related Parties 2 3
560 Subsequent Events 2 3
570 Going Concern 2 3
580 Written Representations 2 3
600 Special Considerations – Audits of Group 1 2
Financial Statements (including the Work of
Component Auditors)
610 Using the Work of Internal Auditors 2 3
620 Using the Work of an Auditor’s Expert 2 3
700 The Auditor’s Report on Financial Statements 2 3
701 Communicating Key Audit Matters in 2 3
the Independent Auditor’s Report
705 Modifications to the Opinion in the 2 3
Independent Auditor’s Report
706 Emphasis of Matter Paragraphs and Other Matter 2 3
Paragraphs in the Independent Auditor’s Report
710 Comparative Information – Corresponding 2 3
Figures and Comparative Financial Statements
720 The Auditor’s Responsibility Relating to Other 2 3
Information in Documents Containing Audited
Financial Statements
720 The Auditor’s Statutory Reporting Responsibility 2 3
in Relation to Directors’ Reports
800 Special Considerations – Audits of Financial 2
Statements prepared in Accordance with Special
Purpose Frameworks
805 Special Considerations – Audits of Single 2
Financial Statements and Specific Elements,
Accounts or items of a Financial Statement
810 Engagements to Report on Summary Financial 2
Statements

International Standards on Review Engagements

(ISREs)
2400 Engagements to Review Financial Statements 2
2410 Review of Interim Financial Information 2
Performed by the Independent Auditor of the Entity

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 61

 International Standards on Assurance
Engagements (ISAEs)
3000 Assurance Engagements Other than Audits or 2
Reviews of Historical Financial Information
3400 The Examination of Prospective Financial 2
Information
3402 Assurance Reports on Controls at a Service 2
Organisation

3410 Assurance Engagements on Greenhouse Gas 2

Statements

International Standards on Related Services

(ISRSs)
4400 Engagements to Perform Agreed-upon 2
Procedures Regarding Financial Information
4410 Compilation Engagements (Revised March 2
2012)

IFAC Statements
ISQC1 Quality Control for Firms that Perform Audits 3
and Reviews of Financial Statements, and Other
Assurance and Related Services
Code of Ethics for Professional Accountants 2 3

Technical knowledge requirements - INTOSAI Standards on Auditing: Part 4

2.5 Public 3.2

Sector Advanced
Accounting Audit and
and Finance Assurance

ISSAI 1 - Lima Declaration 1 3

ISSAI 10 - Mexico Declaration 1 3
ISSAI 11 - INTOSAI Guidelines and Good Practices 1 3
ISSAI 12 - Values and Benefits 1 3
ISSAI 20 - Transparency and Accountability 1 2
ISSAI 21 - Principles of Transparency - Good Practices 1 2
ISSAI 30 - Code of Ethics 2 3
ISSAI 40 - Quality Controls for SAIs 1 3
ISSAI 100 - Fundamental Principles of Public Sector Auditing 2 3
ISSAI 200 - Fundamental Principles of Financial Auditing 2 3
ISSAI 300 - Fundamental Principles of Performance Auditing 2 3
ISSAI 400 - Fundamental Principles of Compliance Auditing 2 3

ISSAI 1000 - Application Introduction to the INTOSAI Financial Audit Guidelines 3

ISSAI 1200 - Overall Objectives of the independent Auditor and the conduct of 3
an audit in accordance with International Standards of Auditing
ISSAI 1210 - Agreeing terms of Audit engagements 3

62 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

ISSAI 1220 - Quality Control for an Audit of Financial Statements 3

ISSAI 1230 - Audit Documentation 3

ISSAI 1240 - The Auditor's Responsibilities relating to fraud in an audit 3
of Financial Statements
ISSAI 1250 - Consideration of Laws and Regulations in an Audit of Financial 2
Statements
ISSAI 1260 - Communication with those charged with Governance 3
ISSAI 1265 - Communicating deficiencies in Internal Controls to those charged 3
with Governance and Management
ISSAI 1300 - Planning an Audit of Financial Statements 3
ISSAI 1315 - Identifying and Assessing the Risks of Material Misstatement 3
through understanding the Entity Environment
ISSAI 1320 - Materiality in Planning and Performing an Audit 3

ISSAI 1330 - The Auditor's Response to Assessed Risks 3

ISSAI 1402 - Audit Considerations relating to an Entity Using a Service 1
Organisation
ISSAI 1450 - Evaluation of Misstatements Identified during the audit 3

ISSAI 1500 - Audit Evidence 3

ISSAI 1501 - Audit Evidence - Specific Considerations for Selected Items 3

ISSAI 1505 - External Confirmations 3

ISSAI 1510 - Initial Audit Engagements - opening balances 3

ISSAI 1520 - Analytical Procedures 3

ISSAI 1530 - Audit Sampling 3
ISSAI 1540 - Auditing Accounting Estimates, including Fair Value 3
Accounting Estimates and Related Disclosures
ISSAI 1550 - Related Parties 3

ISSAI 1560 - Subsequent Events 3

ISSAI 1570 - Going Concern 3

ISSAI 1580 - Written Representations 3

ISSAI 1600 - Special Considerations - Audits of Group Financial Statements 2

ISSAI 1610 - Using the Work of Internal Auditors 3

ISSAI 1620 - Using the Work of an auditor's Expert 3

ISSAI 1700 - Forming an Opinion and Reporting on the Financial Statements 3
ISSAI 1701 – Communicating Key Audit Matters in the Independent 3
Auditor’s Report
ISSAI 1705 – Modifications to the Opinion in the Independent Auditor’s Report 3
ISSAI 1706 - Emphasis of Matter Paragraphs and Other Matter Paragraphs in 3
the Independent Auditor’s Report
ISSAI 1710 - Comparative Information 3
ISSAI 1720 - The Auditor's Responsibilities Relating to Other Information 3
in Documents containing Audited Financial Statements
ISSAI 1800 - Special Considerations - Audits of Financial Statements Prepared 2
in Accordance with Special Purpose Frameworks
ISSAI 1805 - Special Considerations - Audits of Single Financial Statements and 2
Specific Elements, Accounts or Items of a Financial Statement
ISSAI 1810 - Engagements to Report on Summary Financial Statements 2

ISSAI 3000 - Standards for Performance Auditing 3

ISSAI 3100 - Guidelines on Central Concepts for Performance Auditing 3

ISSAI 3200 - Guidelines for the performance auditing process 3

ISSAI 4000 - Compliance Audit Standard 3

ISSAI 4100 - Compliance Audit Guidelines Related to Audit of 3
Financial Statements

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 63

 ISSAI 4200 - Compliance Audit Guidelines for Audits Performed Separately from 3
the Audit of Financial Statements
ISSAI 5000 - Principles for Best Audit Arrangements for International Institutions 1
ISSAI 5010 - Audit of International Institutions - Guidance for Supreme
Audit Institutions (SAIs) 1
ISSAI 5110 - Guidance on Conducting Audits of Activities with an Environmental
Perspective 2
ISSAI 5120 - Environmental Audits and Regularity Audits 2
ISSAI 5130 - Sustainable Development: The Role of Supreme Audit Institutions 2
ISSAI 5140 - How SAIs may co-operate on the audit of international
environmental accords 2

ISSAI 5210 - Guidelines on Best Practice for the Audit of Privatisations 1

ISSAI 5220 - Guidelines on Best Practice for the Audit of Public/Private Finance
and Concessions 1
ISSAI 5230 - Guidelines on Best Practice for the Audit of Economic Regulation 1
ISSAI 5240 - Guidelines on Best Practice for the Audit of Risk in
Public/Private Partnerships (PPP) 2
ISSAI 5300 - Guidelines on IT Audits 3
ISSAI 5310 - Information System Security Review Methodology - A Guide for
Reviewing Information System Security in Government Organisations 3
ISSAI 5410 - Guidance for Planning and Conducting an Audit of Internal Controls
of Public Debt 1
ISSAI 5411 - Debt Indicators 1
ISSAI 5420 - Public Debt: Management and Fiscal Vulnerability: Potential Roles
for SAIs 1
ISSAI 5421 - Guidance on Definition and Disclosure of Public Debt 1
ISSAI 5422 - An Exercise of Reference Terms to Carry Out Performance Audit of
Public Debt 2
ISSAI 5430 - Fiscal Exposures: Implications for Debt Management and the Role 1
for SAIs
ISSAI 5440 - Guidance for Conducting a Public Debt Audit - The Use of 1
Substantive Tests in Financial Audits
ISSAI 5450 - Guidance on Auditing Public Debt Information System 1

ISSAI 5500 - Introduction to Guidance for Audit Work on Disaster-related Aid 1

ISSAI 5510 - Audit of Disaster Preparedness 2

ISSAI 5520 - Audit of Disaster-related Aid 2

ISSAI 5530 - Adapting Audit Procedures to Take Account of the Increased Risk 1
of Fraud and Corruption in the Emergency Phase following a Disaster
ISSAI 5540 - Use of Geospatial Information in Auditing Disaster Management 1
and Disaster-related Aid
ISSAI 5600 - Peer Review Guidelines 2
ISSAI 5700 - Guideline for the Audit of Corruption Prevention (Planned for 2016) 2
- Exposure draft
ISSAI 5800 Guide on Cooperative Audit between Supreme Audit Institutions 2
-

64 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

Technical knowledge – Taxation: Part 5
2.6 Principles 3.4 Advanced
of Taxation Taxation
Ghana Tax System 1
Fiscal Policy 1
Tax A dministration 1
Income Tax 2 3
Corporate Tax 2 3
Chargeable Gains 2 3
Gift Tax 2 3
Social Security and Pension Funds 2 3
VAT 2 3
Natural Resources 2 3
Tax P lanning 3
Tax Liabilities for G roups 3
Client Communications 3

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 65

66
Appendix B:Skills mapping

Assessed skills Knowledge Application Professional

Understanding the problem

Understanding the subject matter Candidates comprehend simple Candidates comprehend scenarios Candidates comprehend complex
and identifying issues scenarios presented to them and presented to them where information scenarios presented to them where
determine problems to be addressed may be incomplete or technically information may be incomplete and/or
difficult. Candidates determine technically challenging. Candidates
problems to be addressed determine problems to be addressed

Accessing, evaluating and Information/data is provided and Information/data is provided but may Information/data is provided but may be
managing information candidates summarise and categorise be incomplete and technically difficult incomplete and technically challenging to
information to address problems to understand. Candidates summarise understand. Candidates summarise and

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

and categorise information to address categorise information to address
problems and are able to identify problems and are able to identify
information gaps. information gaps. Candidates are able to
assess the impact of information gaps.

Using technical knowledge and Appropriate technical skills are Appropriate, technical skills – over a Appropriate, technical skills – over a range
professional experience identified to solve problems presented range of technical difficulty - are of technical difficulty - are identified to
to candidates identified to solve problems presented solve problems presented to candidates.
to candidates Appropriate technical skills may call for
specialists where straightforward technical
reports of a non-accounting nature may
need to be understood.

Providing a solution

Using analytical tools Specified tools are employed to solve Appropriate tools are identified to Appropriate tools are identified to solve
straightforward problems solve technically difficult technically challenging problems
problems
 Analysing and evaluating The outcomes and limitations of The outcomes and limitations of The outcomes and limitations of
problems analysis from employing specified tools analysis from employing appropriate analysis from employing appropriate
are understood in abroadercontext, tools are understood in a broader tools are understood in a broader
includingethicaldimensions. context, including
ethical context, including ethical dimensions,
dimensions and where conflicting demands and
objectives arise.

Assessing quality of information Candidates are aware that the quality Detailed scenarios are employed that Complex scenarios are employed that
of information can affect the outcomes make difficult the assessment of the incorporate data and information from a
of analysis quality of information which can variety of sources and which makes
affect the outcomes of analysis challenging the assessment of the
quality of information which can affect
the outcomes of analysis

Advising theclient

Drawing conclusions and making Conclusions are drawn in simple Conclusions are drawn in scenarios that Conclusions are drawn in complex
recommendations scenarios and candidates demonstrate may be uncertain and difficult to scenarios that may be uncertain and
advice consistent with the outcomes of understand and where candidates are challenging to understand and where
analysis required to demonstrate advice potentially conflicting interests may
consistent with a careful assessment of need to be balanced. Candidates are
the outcomes of analysis. required to demonstrate advice
consistent with a careful and balanced
assessment of the outcomes of
analysis.

Reports, memoranda, and assessment

Presenting data and written work Straightforward reports, memoranda, Reports, memoranda, and assessment
formats are produced that are
and prescribed assessment formats formats are produced that are
determined by the context of the
are produced. determined by the context of the
scenario or problem and are carefully
scenario or problem.
expressed to reflect the complex
circumstances.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

67
 Appendix C: TRANSITIONAL ARRANGEMENTS

OLD AND NEWLY APPROVED STRUCTURES

SR OLD STRUCTURE NEW STRUCTURE

LEVEL 1 LEVEL 1
1 1.1 Financial Accounting 1.1 Financial Accounting
2 1.2 Business Management and Information 1.2 Business Management and Information
Systems Systems
3 1.3 Business and Corporate Law 1.3 Business and Corporate Law
4 1.4 Quantitative Tools in Business 1.4 Introduction to Management Accounting

LEVEL 2 LEVEL 2
5 2.1 Financial Reporting 2.1 Financial Reporting
6 2.2 Management Accounting 2.2 Management Accounting
7 2.3 Audit and Assurance 2.3 Audit and assurance
8 2.4 Financial Management 2.4 Financial Management
9 2.5 Public Sector Accounting and Finance 2.5 Public Sector Accounting and Finance
10 2.6 Corporate Strategy, Ethics and 2.6 Principles of Taxation
Governance

LEVEL 3 LEVEL 3
11 3.1 Corporate Reporting 3.1 Corporate Reporting
12 3.2 Advanced Audit and Assurance 3.2 Advanced Audit and Assurance
13 3.2 Taxation and Fiscal Policies 3.3 Advanced Taxation
14 3.4 Advanced Financial Management 3.4 Strategic Case Study

Appendix D: EXEMPTIONS /CONVERSIONS: INDIVIDUAL SUBJECTS

SR OLD STRUCTURE NEW STRUCTURE

1 Financial Accounting Financial Accounting

2 Business Management and Information Business Management and Information Systems
Systems
3 Business and Corporate Law Business and Corporate Law
4 Quantitative Tools in Business N/A

5 Financial Reporting Financial Reporting

6 Management Accounting Management Accounting
7 Audit and Assurance Audit and assurance
8 Financial Management Financial Management
9 Public Sector Accounting and Finance Public Sector Accounting and Finance
10 Corporate Strategy, Ethics and Governance N/A

11 Corporate Reporting Corporate Reporting

12 Advanced Audit and Assurance Advanced Audit and Assurance
13 Taxation and Fiscal Policies Advanced Taxation
14 Advanced Financial Management N/A

68 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

EXEMPTIONS/CONVERSIONS: LEVELS .
OLD LEVEL: COMPLETED CONVERTED LEVEL
LEVEL 1 Exempted from all level 1 subjects

To write:
· All level 2 subjects
· All level 3 subjects

LEVEL 2 Exempted from all level 1 and 2 subjects

To write:
· All level 3 subjects

· Any candidate who has not completed a level would write any new subject introduced in that
level.

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 69

 NOTE

70 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024

NOTE

PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024 71

 NOTE

72 PROFESSIONAL QUALIFICATION SYLLABUS 2019 - 2024