Updated Frequently Asked Questions (FAQ) on Revision of ZICA Accountancy Programme

Transcription

1 Updated Frequently Asked Questions (FAQ) on Revision of ZICA Accountancy Programme 1. Question: Why has Institute revised the curriculum of the ZiCA Accountancy programme? Answer: In order to comply with the Education and Training Policy, which requires that after every five years, the ZiCA qualifications should be reviewed to ensure that they are in line with current business and environmental changes. 2. Question: Will the name for the current programme change after the review of the syllabus? Answer: Yes, the current ZiCA Accountancy programme has been split into two: Chartered Accountant Zambia (CA Zambia) and Diploma in Accounting. 3. Question: How is the structure of the CA Zambia Programme? Answer: The CA Zambia Programme will have three levels, with 6 modules at Knowledge level, 5 modules at Application level and 3 compulsory subjects plus 2 optional subjects from a choice of three routes, Public Practice, Business, and Public Sector at Advisory level. Syllabus modules Knowledge Level Application Level Advisory Level 1.1 Financial Accounting 1.2 Business Statistics 1.3 Business Economics 1.4 Commercial and Corporate Law 1.5 Management Theory and Practice 1.6 Business 2.1 Financial Reporting 2.2 Management Accounting 2.3 Auditing principles and practice 2.4 Taxation 2.5 Financial Management 3.1 Advanced Financial Reporting 3.2 Advanced Audit and Assurance 3.3 Strategic Business Analysis Choose any one of the following routes: Public Practice Route 3.4 Advanced Taxation 3.7 Public Sector Audits and Assurance Business Route 3.5 Advanced Management Accounting 3.6 Advanced Financial Management Page 1 of 7

2 Public Sector Route 3.7 Public Sector Audits and Assurance 3.8 Public Sector Financial Management EVIDENCED WORK EXPERIENCE Award of CA Zambia 4. Question: How is the structure of the Diploma in Accounting Programme? Answer: The Diploma in Accounting Programme will have two levels with seven (7) modules or papers in level one and five (5) modules or papers in level two. Level 1 Level 2 D1 Financial Accounting D2 Quantitative Analysis D3 Business Economics D4 Information Technology and D5 Cost Accounting D6 Business Law D7 Principles of Management D8 Financial Reporting D9 Management Accounting D10 Taxation D11 Principles of Auditing D12 Governance and Company law 5. Question: What will be the certification regime for the CA Zambia and Diploma in Accounting Programmes? Answer: Under the CA Zambia and Diploma in Accounting Programmes, candidates will be certified at the end of the programme and therefore there will be no certification at each level. For the CA Zambia qualification, candidates should note that the certificate will only be awarded upon completion of both the examinations and practical training components. 6. Question: What are the Pathways to Entry into CA Qualification? Answer: The CA qualification has three levels and therefore candidates can enter into the programme at each of these levels as follows: Page 2 of 7

3 Level Entry Requirements Knowledge Direct Entry: Grade 12 School Certificate or its equivalent with 5 Meritorious Grades or better including Mathematics and English Application ZiCA Diploma in Accounting or any other recognised relevant qualification approved by the Institute Advisory Recognised Degree in Accounting or holders of other recognised professional accounting qualifications 7. Question: What are the Pathways to Entry into Diploma in Accounting? Answer: The minimum entry requirements for the Diploma in Accounting are as follows: i) School Leavers: Full School Certificate or its equivalent with five credits or better in English, Mathematics and three other subjects. ii) Non School Leavers: Holders of any other recognised qualifications approved by the Institute. 8. Question: When will the CA Zambia and Diploma in Accounting take effect for tuition and studying? Answer: The CA Zambia and Diploma in Accounting will take effect from July 2017 for tuition and studying. 9. Question: When will the first examination be held under the CA Zambia and Diploma in Accounting? Answer: The first examination for CA Zambia and Diploma in Accounting will be held in December Question: What transition arrangements have been put in place for the current students to switch to CA Zambia and Diploma in Accounting? Answer: Students on the current programme at Technician and Licentiate levels will be switched to the CA Zambia and Diploma in Accounting depending on the subjects they have already passed. Those students at Technician and Licentiate levels who meet the direct entry requirements into CA Zambia will be given an option to switch to CA Zambia directly or go through the Diploma in Accounting route. For those at Professional level, they will automatically be moved to the CA Zambia programme. See attached the Document below. 11. Question: How many exemptions will a graduate from the Diploma in Accounting have at Application level of CA Zambia? Page 3 of 7

4 Answer: Two exemptions 2.2 Management Accounting and 2.4 Taxation. 12. Question: What will the status of the current ZICA Professional graduates be in terms of recognitions compared to the CA Zambia? Answer: The status of both the ZICA professional graduates and CA Zambia will be the same in terms of recognition and equivalence. It must be noted that the CA Zambia status will not be granted automatically. CA Zambia graduates will be required to attain the mandatory 3 year practical experience, which is also a requirement for ZiCA professional graduates. 13. Question: Will ZICA students who have already passed examinations in the subjects whose content has changed be required to sit for the examinations again in the same subjects? Answer: No, students who have already passed examinations in the subjects whose content has changed will not be required to sit examinations in those subjects. 14. Question: Will students who were awarded exemptions in the subjects whose content have changed lose the exemptions? Answer: The students will maintain the exemptions provided they pay for them by 30 th June, Exemptions that will not be paid for by 30 th June 2017 will be forfeited and students will have to re-apply. 15. Question: How many examination sessions will be held under CA Zambia and Diploma in Accounting each year? Answer: There will be two (2) examinations sessions each year, in June and December. 16. Question: Are there any other important changes that students ought to be aware of? Answer: Yes, there has been changes on the due date for subscription from 31 st March to 1 st January each year. For June examination session, the due date for new registrations/reregistrations, and examinations has changed to 28 th February and 31 st March respectively. The table below shows the new due dates. DATES AND IMPORTANT DEADLINES ITEM JUNE EXAMS DECEMBER EXAMS New Registration/Re-registration fees 28 th February 31 st August Subscription fees 1 st January 1 st January Examination/Exemption fees 31 st March 30 th September Page 4 of 7

5 MAPPING ZICA QUALIFICATIONS FOR EQUIVALENCIES AND CONVERSIONS INTO DIPLOMA IN ACCOUNTING AND CA ZAMBIA Introduction ZiCA introduced a local accountancy qualification in 2007 which comprised Technician, Licentiate and Professional programmes. As part of its Education and Training Policy, the Institute undertook a review of the ZICA Accountancy qualification in January 2015, by benchmarking it against international comparators. Arising from the review, the qualification was rebranded into CA Zambia and Diploma in Accounting qualifications and the respective syllabi were designed and approved by the ZiCA Council. s/exemptions The mapping of the current ZiCA Accountancy programme and NATech syllabi against the CA Zambia and Diploma in Accounting syllabi for purpose of conversion was carried out based on Rule 7.4 (1) of the Education and Training Policy rule on exemptions. Rule 7.4 (1) states that a paper will be awarded an exemption if it covers 80% of the Syllabus. The table below shows the mapping conversion of the syllabus for each subject against the syllabus of each subject in the new programmes: 1.0 ZiCA Accountancy Programme conversion into DIPLOMA in Accounting ZICA Technician T1 - Financial Accounting T2 - Cost Accounting T3 - Mathematics & Statistics T4 - Business Economics T5 - Taxation T6 - Management T7 - Information Technology & D1 - Financial Accounting D5 - Cost Accounting D2 - Quantitative Analysis D3 - Business Economics D10 - Taxation D7 - Principles of Management D4 - Information Technology & ZICA Licentiate L1 - Financial Reporting D8 - Financial Reporting L2 - Management Accounting D9 - Management Accounting L3 - Integrated Taxation L4 - Auditing D11 - Principles of Auditing L5 - Decision Making Techniques D2 - Quantitative Analysis L6 - Corporate Financial Management L7 - Business and Corporate law D6 - Business Law D12 - Governance and Corporate Law L8 - Risk and Management Control System Page 5 of 7

6 2.0 ZiCA Accountancy Programme conversion into CA Zambia ZICA Technician T1 - Financial Accounting T2 - Cost Accounting T3 - Mathematics & Statistics T4 - Business Economics T5 - Taxation T6 - Management T7 - Information Technology & Financial Accounting Business Statistics Business Economics Taxation Management Theory & Practice Business ZICA Licentiate L1 - Financial Reporting L2 - Management Accounting L3 - Integrated Taxation L4 - Auditing L5 - Decision Making Techniques L6 - Corporate Financial Management L7 - Business and Corporate law L8 - Risk and Management Control System Financial Reporting Management Accounting Advanced Taxation Auditing Principles & Practice Financial Management Commercial and Corporate Law ZICA Professional P1 - Advanced Financial Reporting P2 - Advanced Management Accounting P3 - Strategic Financial Management P4 - Auditing and Assurance P5 - Strategic Management Advanced Financial Reporting Advanced Management Accounting Advanced Financial Management Advanced Audit and Assurance Strategic Business Analysis Page 6 of 7

7 3.0 NATech conversion into DIPLOMA in Accounting NATech Financial Accounting D1 - Financial Accounting Mathematics & Statistics D2 - Quantitative Analysis Economics D3 - Business Economics Business Law D6 - Business Law Foundations of Management D7 - Principles of Management Business Advanced Accounting D8 - Financial Reporting Cost and Management Accounting D5 - Cost Accounting Information Systems Auditing D11 - Principles of Auditing Taxation and Company Law D10 - Taxation D12 - Governance and Corporate Law Combination of Subjects Business and Information Systems D4 - Information Technology & 4.0 NATech conversion into CA Zambia NATech Financial Accounting Financial Accounting Mathematics & Statistics Business Statistics Economics Business Economics Business Law Foundations of Management Management Theory & Practice Business Business Advanced Accounting Financial Reporting Cost and Management Accounting Information Systems Auditing Auditing Principles & Practice Taxation and Company Law Taxation Combination of Subjects Business Law Taxation and Company Law Commercial and Corporate Law Page 7 of 7