Bachelor of Management Sciences in Internal Auditing
Business, Commerce and Management Studies - Finance Economics and Accounting
Purpose and Rationale
Purpose:
The purpose of this qualification is to provide the learner with the skills, competence, knowledge, and understanding to become a professional Internal Auditor. This will enable them to perform services ranging from the more traditional assurance services (financial and compliance audits) to value-adding business advisory and assurance services (operational and strategic audits). Given the strong focus on skills in the qualification, learners will have to convert embedded knowledge practically into different software programs relevant to professional Internal Auditors. Contemporary Internal Auditors should have a comprehensive set of skills and competencies that enable them to cope with the extensive changes and complexities that characterize both private and public-sector operations. Internal Auditors should demonstrate expertise in many areas, including control evaluations, operational reviews, and system analyses.
Rationale:
According to the National Skills Development Strategy III (NSDS), published by the Department of Higher Education and Training, the university sector is still not producing enough appropriately skilled and qualified people in disciplines central to social and economic development. The key objective of the NSDS is to increase public sector capacity for improved service delivery and support the building of a developmental state. To achieve the priorities of government regarding reducing crime will require a skilled and capable public service. Projects aligned with the NSDS and supporting the new economic growth path include skills development for institutions dedicated to the fight against crime and corruption, which is a key government priority. Internal audit plays a crucial role in the prevention and detection of fraud and corruption, especially in the public sector.
The internal audit profession has grown significantly over the past few years, partly due to corporate failures and recommendations by the King Code on Corporate Governance in South Africa (King III) and legislation such as the Public Finance Management Act 1 of 1999. Internal auditing has evolved from being essentially an accounting-oriented service to a broader, management-oriented service, acting as a governance partner. The demand for skilled Internal Auditors is high, especially in South African public-listed companies.
This qualification aims to bridge the skills gap in the internal audit profession by equipping learners with essential competencies to succeed in the field. By aligning with the IIA (SA) professional standards, the qualification ensures that learners can pursue full membership with the institute. It benefits the South African economy by providing skilled professionals crucial for organizational success across sectors. Employers will benefit from trained staff who can perform required work effectively, and learners will have the opportunity to attain a prestigious nationally and internationally recognized internal auditing qualification.
Outcomes
- Conduct a preliminary survey for an engagement during the planning stage.
- Identify the risks pertaining to the engagement client during the planning stage.
- Determine the engagement objectives, criteria (internal control activities) and scope during the planning stage.
- Prepare the engagement work programme during the planning stage.
- Perform the engagement during the fieldwork stage.
- Use various tools and techniques available in planning and performing engagements.
- Plan and perform compliance, financial and operational/performance engagements in manual and computerised environments at any business activity/process/division.
- Effectively communicate engagement results to clients through the development, formulation and selling of corrective actions on improving business operations.
- Use Computer Assisted Audit Techniques (CAAT's), including data analysis software and electronic working papers software, in performing engagements.
- Apply policies, procedures and techniques to effectively manage an internal audit activity.
- Perform various other specialised audits.
- Perform all the exit level outcomes mentioned above according to the International Professional Practices Framework (IPPF) of the Institute of Internal Auditors Global (IIA Global).
Assessment Criteria
Associated Assessment Criteria for Exit Level Outcome 1:
- Understand the concept of auditing and explain the motivation for performing an internal audit engagement in an organisation.
- Identify and describe the stages of the internal audit process.
- Understand and apply the preliminary survey step of an internal audit engagement.
Associated Assessment Criteria for Exit Level Outcome 2:
- Understand the logical flow of the audit methodology.
- Understand and apply the risk-based audit approach the Internal Auditor can follow when performing an internal audit engagement.
- Understand and identify organisational risk.
Associated Assessment Criteria for Exit Level Outcome 3:
- Formulate engagement objectives for an internal audit engagement.
- Understand and explain the purpose, components, advantages and limitations of internal control.
- Understand and explain the responsibilities of the different role-players regarding internal control.
- Identify and evaluate engagement criteria (internal control activities) for an internal audit engagement.
- Determine engagement scope for an internal audit engagement.
Associated Assessment Criteria for Exit Level Outcome 4:
- Formulate engagement procedures for an internal audit engagement.
- Design the engagement work programme.
Associated Assessment Criteria for Exit Level Outcome 5:
- Understand and explain the process and purpose of fieldwork.
- Identify, analyse and evaluate engagement information (evidence).
- Apply engagement procedures.
- Document engagement information adequately.
Associated Assessment Criteria for Exit Level Outcome 6:
- Understand, explain and apply various internal audit tools and techniques.
Associated Assessment Criteria for Exit Level Outcome 7:
- Understand and explain different types of internal audit engagements.
- Understand and explain terms and concepts associated with an information technology environment.
- Understand and explain the effect of an information technology environment on the system of internal control.
- Understand, explain and evaluate various controls in an information technology environment.
Associated Assessment Criteria for Exit Level Outcome 8:
- Understand and explain the purpose and methods of communicating engagement results.
- Understand and explain the format and content of internal audit engagement reports.
- Prepare detailed findings based on the results of internal audit engagements.
- Prepare a draft internal audit engagement report.
- Understand and apply the follow-up process and monitoring of engagement results.
- Understand and apply effective soft skills required of Internal Auditors.
Associated Assessment Criteria for Exit Level Outcome 9:
- Understand and explain the concept of Computer Assisted Audit Techniques (CAAT's).
- Understand and apply approaches to auditing data files and programmes.
- Utilize specific data analysis software and electronic working papers software.
Associated Assessment Criteria for Exit Level Outcome 10:
- Understand and explain the role of the chief audit executive in managing an internal audit activity.
- Understand, explain and evaluate different structures of an internal audit activity.
- Understand and apply aspects of managing an internal audit activity.
Associated Assessment Criteria for Exit Level Outcome 11:
- Understand, explain, plan and perform specialized audit areas such as corporate governance, fraud, and sustainability assurance.
Associated Assessment Criteria for Exit Level Outcome 12:
- Understand, explain and apply elements of the International Professional Practices Framework (IPPF) when performing Exit Level Outcomes 1 to 11.
Integrated Assessment:
- Variety of assessment methods including written and oral examinations, projects, presentations, case studies, etc.
- Assessment criteria used to determine learner achievement.
- Assessment aligned with detailed memorandum or rubric for reliability and accuracy.
- Integration of principles into Internal Auditing to ensure validity in assessment.
Qualification Details
- Type
- National First Degree(Min 480)
- NQF Level
- 08
- Min. Credits
- 480
- SAQA Source
- More Information
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