ATC Guide 2013 Final 2 PDF

Namibia Institute of Professional Accountants
Guide for Accredited Training Centres
NIPA GUIDE
TABLE OF CONTENTS
Section1: Welcome!
Chapter 1: Partners in learning
Chapter 2: The Training contract path
Chapter 3: Your role of the Accredited Training Centre (ATC)
Chapter 4: Other key roles and responsibilities
Chapter 5: Managing the training process
Chapter 6: Training requirements
Chapter 7: Monitoring site visits
Chapter 8: Trainee Accountant assessments
Chapter 9: Interruptions to the training
Chapter 10: Recognition of Prior Learning
Chapter 11: Closure of the Training contract
Chapter 12: Career guiding the Trainee Accountant
Chapter 13: Implementation
Section 2: Additional information
Attachment 1: Definitions
Attachment 2: Sample of Logbook and associated evidence
Attachment 3: Associated Assessment Criteria for relevant subjects
Page 2 of 100 of Guide

Section 1- Welcome!
Welcome to the NAMIBIA INSTITUTE OF PROFESIONAL ACCOUNANTS - NIPA Training
contract Programme. We are delighted that you have decided to join our programme.
NIPA’s Accredited Training Centres are selected only from respected NIPA, ICAN members
and members of the Business Environment. They have passed a rigorous quality check to
qualify and we are confident that they will offer a high standard of training and development
necessary to produce professionals who will carry out the Institute’s good name into the
marketplace.
The role of the Principal is to facilitate all experiential training of the Trainee Accountants
and they are in the position to pass on valued knowledge and experience and provide
important opportunities for the growth of our profession. THE INSTITUTE is committed to
supporting all members in this endeavour and we want to equip members with all the
necessary information and tools required to ensure success.
This guide has been constructed as a reference for all possible enquiries. It will provide you
with important information and guide you through procedures. The guide will also be
revised annually (if necessary); with further relevant updated information you may require.
We trust that Principals and Trainee Accountants will reap the benefits of the NIPA Training
contract.
For any further information or queries please contact the Administrator of the Institute.
.

Chapter 1: Partners in learning

You are undoubtedly aware of the many benefits of your membership and our Training
contracts and the associated Trainee Accountants also benefit from the backing of an
established institution which offers:
• International credibility
• A high standard of ethics and governance and
• A broad spectrum of support throughout the profession.
NIPA offers the Accredited Training Centres, the full strength of our organisation and we will
partner you throughout the Training contract.
The Namibia Institute of Professional Accountants is a professional body representing

suitably qualified accountants for Namibia. Our members offer professional accounting and
allied services to business entities and the general public and are also employed in
commerce, industry and the public (government) sector.
About Us
The Institute is the second largest accounting institute in Namibia.
The INSTITUTE was founded in May 2005. The Instituted was previously affiliated to the
Southern African Institute of Professional Accountants (SAIPA) as a region. Members of
the Institute were recognized to act as Accounting Officers for Close Corporations by
proclamation in the Government Gazette of 1 July 2006.
The Institute operates independently from South Africa as from 1 February 2007. Current
members, accounting technicians and Trainee Accounting members may register at both
the Institutions (SAIPA) as reciprocal membership is encouraged. Membership fees are
payable separately to both Institutions.
Institute Profile
The Namibia Institute of Professional Accountants provides a home for professional
accountants practicing in Namibia. This includes accountants in practice, business,
government, academia and commerce & industry. The majority of our members offer
accounting and allied services to the general public and to business entities, ranging from
large organisations to small, owner-managed businesses.

Our Vision
To be the Accounting Institute of choice in Namibia and the premier professional accounting
body in Southern Africa.
Our Mission
We are renowned for our integrity, competency and technologically advanced service to the
profession.
We are committed to:
• Develop and maintain the skills of the professionally qualified accountants to serve the
needs of our members, business, and social structure and government institutions.
• To be an organisational home for professional accountants, prospective accountants
and accounting students.
• Set and maintain high professional and ethical standards.
• Take part in and exercise influence on public policy and decision-making processes,
developments, forums and the implementation thereof, which impacts on the
accounting profession.
• Provide effective ongoing continuous educational and technical services to our
members.
• Take initiative in a relevant changing environment.
NIPA Values
Our values determine the way we behave at all times, towards each other and with our
clients and other stakeholders. We value…
• Integrity – We are always honest, reliable, trustworthy, credible, and sincere.
• Ethics – We are principled, fair, just.
• Excellence – We work with quality, superiority, objectivity, urgency.
• Professionalism – We are qualified, certified, expert, skilled, and confident.
• People-centeredness – We interact with understanding, accepting, empathic, polite.

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

Chapter 2: The training contract path

A Training contract is a sponsored form of study, whereby the Trainee Accountant is
employed by an Accredited Training Centre (ATC) in Namibia for a set period of time, so
that he/ she can gain workplace experience that will support academic studies.
The diagram below represents the pathway that Trainee Accountants will follow as they progress though the Training contract.
Each step is explained in greater detail within this document.
At least:
B Comm. degree Start a Training Regular
with core subjects contract at ATC monitoring visits
in either
Business or
Private practice
• Financial Accounting 3
• Taxation 1
• Auditing 1 or Internal Auditing 2 or Internal
Control & Code of Ethics
• Corporate Law 1 or Commercial Law 2
• Management Accounting 1
OR
Grade 12 / Partial Start a Training
completion of contract at ATC in Regular
B Comm. degree either Business or Achievement –
monitoring visits
Private practice complete 80% of
log book
and
and
Obtain at least B Monitoring site
Comm. degree visit – final
Enrol at an
with core subjects assessment
accredited Tertiary
Institution to
achieve academic
OR requirements Logbook to NIPA
Receive letter of
completion from
Start training NIPA
period not less
RPL than approved by
Council Apply for
membership

3B Final Exam Write 3A
Final Admission Qualifying exam
NIPA
Membership
Chapter 3: The role of the Accredited Training Centre

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

• The principal member of the practice or company must be a member in good standing
with NIPA.
• The ATC must provide suitable practice facilities:
• The ATC must have a workstation available exclusively for the Trainee Accountant
during the period of their Training contract.
• The workstation must include a desk, chair, basic stationery and a PC with access to
all relevant and up to date software applicable to the tasks that the Trainee
Accountant needs to perform.
• The ATC must comply with legislation:

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

• The ATC must have sufficient business exposure to make it possible for the Trainee
Accountant to gain experience in all of the applications set down in the prescribed
Logbook.
• Any shortfalls in this area must be covered by a written agreement with another
business entity which can provide the Trainee Accountant with exposure or guidance
in the area that is lacking. Alternatively the practice must be able to provide guidance
on how to research the areas of shortfall, or find other methods of exposing you to the
requirements of the Training contract
• Trainee Accountants must be employees of the Principal.

Registration Period
• The Institute will during the training period conduct Monitoring Site Visits to enabled to
check the continued compliance with the Institute’s standards of Good Practice.
• If the ATC has not taken on new Trainee Accountant’s for 3 consecutive years, the ATC
will have to re-apply and undergo another Accreditation Site Visit.
Suspension and termination of an ATC
• If THE INSTITUTE has evidence that an ATC is not fulfilling expectations, the Council may
suspend an ATC. Written notification of the suspension will be forwarded to the Principal, as
well as to the Trainee Accountants registered at the suspended practice.
• The ATC will be regarded to be terminated should the sole Principal of an entity forfeit its
membership due to non-payment or disciplinary procedures, unless the firm is taken over or
merge with another Principal.
• Principals must update the Logbooks of the Trainee Accountants to the date of
suspension/termination against all of the outcomes already achieved. Evidence of these
outcomes should be kept in the Trainee Accountant’s Portfolio of Evidence, to be taken with
them on exit from the ATC. It is the responsibility of the Trainee Accountant to find
alternative employment with another ATC.
• All principals of deregistered ATC’s will need to re-apply for accreditation of an ATC, should
they wish to resume.
• Suspended ATC can resume, once they have been re-instated.
• Upon receipt of the fees an accreditation visit will be performed by an appointed
representative of the Institute.

Chapter 4: Other key roles and responsibilities

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

• Although the role of the Principal is to mentor and guide the Trainee Accountant, the
Trainee Accountant is ultimately responsible for his or her progress and
development throughout the Training contract.
• Responsibilities:
o To drive his or her training and fulfil the training requirements
o To access and arrange further research to fulfil the training
requirements if required. The Trainee Accountant may also request
further external training. The cost will be for their own account unless
otherwise arranged with the Principal.
• Duties:
o It is the duty of the Trainee Accountant to ensure that his/her work will
at all time be diligent and performed with the utmost professional skill
and care.
o The Institute also expect the Trainee Accountant to fully comply with
all relevant legislation and in particular the Income tax Act and the
VAT Act of Namibia, when performing his duties.
o The Trainee Accountant is expressly forbidden to permit or omit
anything that is in violation of legislation and in a case where the
Trainee Accountant feels that he is put under undue pressure to do so
he/she shall forthwith report such event to the Institute.
o The Trainee Accountant will be faithful and honest and will not in any
way impair or pledge the credit or good reputation of the Principal or
the CFA.
o The Trainee Accountant shall under no circumstances give any advice
(be it in writing or otherwise) of a financial accounting, taxation or
related nature to the General Public including clients of the Principal,
unless specifically instructed by the Principal.
o The Trainee Accountant shall be expected to complete time records in
the manner to complete his/her logbook. Such time records shall
specify the nature of the work done and the amount of time spent on
client affairs. These time records must be an honest and materially

correct reflection of the actual time spent by the Trainee Accountant

and must be kept up to date regularly.
• Other
o The Trainee Accountant is bound to absolute secrecy regarding the
affairs of the Principal or any of the Principal’s clients, and may not
divulge any information of whatsoever nature to any person other than
to the relevant client himself or to any other person employed by the
Principal.
o The secrecy pertains to all and any matters of the Employer or the
Employer’s clients; and also includes any information obtained whilst
working for the Employer such information including but not being
limited to all methods, processes, computer software, documentation,
client lists, programs, trade secrets, technical information, formulas,
drawings and any financial information. This is a material provision of
his/her Training Agreement and a breach thereof may result in
summary dismissal and/or a claim for damages against the Trainee
Accountant.
o Notwithstanding anything contained in the training contract, the
secrecy clause shall survive the termination of the training contract
and the secrecy shall be maintained even after the training contract
has been terminated.
• THE PRINCIPAL/TRAINING OFFICER

The Principal can be a member of the Institute, but all Principals of ATC shall
act as mentors to Trainee Accountants for the duration of the training
contract. The Principal or company may also appoint a Training officer for the
ATC.
o Responsibilities:
To ensure that the Trainee Accountant is exposed to all the
work required to demonstrate competence in each outcome
listed in the Logbook.
To assist in the assimilation of appropriate evidence for the
Trainee Accountant’s Portfolio of Evidence, and guide and
coach the Trainee Accountant in terms of their developmental
areas.
To arrange and facilitate the Monitoring Site Visits. The
Principal ensures that each Trainee Accountant, together with
their Portfolio of Evidence and Logbook, are available for

assessment and that there is an appropriate space available

for one on one or group interviews.
To remediate on findings raised during the Monitoring Site Visit
within the specifications and time frame given for each finding.
To find suitable alternative Training contract employment with
another practice or company should the ATC cease to be a
going concern.
To ensure that all necessary fees, including Trainee
Accountant Annual Fees, are paid timeously to THE
INSTITUTE. The Principal Member may choose to recover
these costs from the Trainee Accountant through salary
deduction, although this is very rare.
To provide assistance to the Trainee Accountant.
To provide the necessary resources to ensure an environment
which is conducive to the Trainee Accountant’s training and
development needs.
The Principal may delegate these duties to a training officer,
but takes ultimate responsibility.
• THE MONITORING OFFICER

The Monitoring Officer is selected/appointed by THE INSTITUTE. The Monitoring
Officer is qualified to assist any of the parties concerned with the training
contract.
o Responsibilities:
To visit the ATC at least every 18 months to ensure that the
training is progressing adequately.
To ensure that the Principal is providing the training with the
necessary guidance and support.
To assess the progress of the outcomes in the Logbook and
confirm sufficient evidence of the Trainee Accountants
competence.
To identify any problems in the working environment that would
compromise or hinder the training process and submit these
findings to NIPA.
To follow up with the ATC and Principal to make sure that any
identified problems have been rectified.

• THE INSTITUTE: NIPA

The role of THE INSTITUTE is to provide quality assurance with regard to the
ATC and the overall training process. T
o Responsibilities:
To ensure that the Trainee Accountant is fully supported during
their Training contract with the ATC
To arrange and ensure that a Monitoring Officer visits the
ATC’s premises at least every 18 months to assess the
Trainee Accountant’s progress and check that the ATC is still
maintaining their standard of Trainee Accountant delivery.
• THE INSTITUTE may ask for Trainee Accountant’s Portfolio of Evidence at

any time during moderation for review.
Chapter 5: Managing the training process.
Effective management of the Training contract requires accurate record-keeping and

reporting. All training elements and time exposure is subject to and limited to the minimum
requirements set by the Namibia Qualification Authority (NQA). This is supported by the
appropriate use of the following three elements:
• Trainee Accountant number
• Logbook
• Portfolio of Evidence
Trainee Accountant
• Trainee Accountants must be employees of the registered ATC.
• All Trainee Accountants receive a letter confirming their Trainee Accountant
number. This Confirmation should be kept on file and these numbers must be
included on all reports to THE INSTITUTE.
The Logbook
• The Trainee Accountant is required to keep a NIPA Logbook recording those areas
in which he or she has gained sufficient working experience to be considered
competent.

• This document identifies and provides information and guidelines for all of the
learning outcomes to be accomplished by the Trainee Accountant within the training
period.
• These logbooks may be sent to the Principal via the ATC’s postal address, courier
services, or by e-mail. All mail returned to THE INSTITUTE will be charged for
accordingly and a further fee will be charged for re-forwarding the parcel.
Alternatively the logbooks can be downloaded from the website of the Institute.
• The Principal takes responsibility for issuing the Trainee Accountants with their
Logbooks, updating them and managing the ongoing process by signing off
competencies as and when the Trainee Accountant accomplishes them.
• The Logbook must be kept at the workplace, with the Trainee Accountant’s Portfolio
of Evidence file.
The Portfolio of Evidence (POE)

• Throughout the Training contract, the Trainee Accountant will need to collect
verifiable evidence of their progress. This documentation is referred to as the
Portfolio of Evidence (POE). The POE is critical to the Training contract as the
assessment of Trainee Accountants is based on this evidence together with the
signed off competencies in their Logbook.
• The Principal is responsible for assisting the Trainee Accountant in creating a
Portfolio of Evidence (POE) file containing evidence of each of the outcomes listed
in the Logbook.
• Once the Trainee Accountant has achieved competence in each outcome, he/she
files the evidence of competence in their POE. The Principal will then check the
Trainee Accountant’s evidence and sign off competence in the Trainee Accountant’s
Logbook.
• The Trainee Accountant may also be requested to submit their portfolio to THE
INSTITUTE for moderation or verification.
• The Principal acts as an evidence facilitator by assisting the Trainee Accountant in
the collection and recording of the necessary documentation.
Chapter 6: Training requirements

To fulfil the training requirements effectively, attention needs to be given to the following
processes:
• Complete the Logbook
• Complete the criterion
• Guarantee exposure

• Supervise progress
• Present evidence
• Period of Training contract
• Sign off
The processes are largely the responsibility of the Trainee Accountant and the
Principal. The ATC however is responsible for ensuring an environment that is
conducive to the fulfilment of these requirements.
o Complet1e the Logbook

Each outcome of the Training contract is listed in the Logbook as per the example
on the next page.
o Process to complete the Logbook:
• The Trainee Accountant is given working exposure to the specific topic.
• During this time the Principal helps the Trainee Accountant to collect substantiating
evidence.
• This information is filed in their Portfolio of Evidence for their Principal to review.
• The Principal evaluates their progress through periodic sign off in their Logbook. It
is recommended that the Principal sign the Logbook against outcomes achieved at
least once in every 6 months, to ensure the consistent development of the Trainee
Accountant.
• Together the Trainee Accountant and Principal complete the criterion until the
Trainee Accountant has completed no less than 80 % of their Logbook by the
end of the last year of the Training contract

(EXAMPLE) You need to provide evidence of all Core requirements of Internal Controls, as well as 2 Elective components
Planning, Internal Control, Reporting
Core/ Signature -
Elective Principal Date Reference to POE
1 Pre – engagement Procedures C
2 Permanent File C
3 Working Paper File C
4 Planning Memorandum C
5 Authority & Signing Powers C
6 Internal Control Procedures C
7 Special Assignments C
8 Risks & Materiality C
9 Compliance Procedures C
10 Reliance on the Work of Internal Auditors C
11 Transaction Testing & Verification A Vouching tests C
B System based tests C
C Compliance procedures C
Verification for completeness, existence,
D accuracy, valuation, ownership, presentation C
E Analytical Review C
F Solvency & liquidity tests C
G Post balance sheet events C
Statutory checks (member certificate,
founding statement, association agreement,
H etc) C
I Overall review of financial statements C
Control objectives (general, specific,
12 Internal Control A computer) C
Methods to determine strengths &
B weaknesses C
C Evaluating systems & weaknesses C
D Reliance on specialists & other professionals C
13 Final Report A Qualifying or non-qualifying report C
14 Reporting A Management representation letter E
B Management letter E
15 Audit Presentation A Reconciliation E
B Schedules E
C Audit file E
D Audit management letter E
E Audit committee reports E
General - Auditing - Relevant Standards
16 Pertaining to the Above E
Page 16 of 67 of guide
o Complete the Criterion
Trainee Accountants need to complete all ‘Core Criterion’ and sufficient ‘Elective Criterion’
to fulfill the 80% requirement.
o Completing the Core Criterion
• Core line items are reflected as “C” in the Core/Electives column of the Logbook.
• Trainee Accountants must ensure that these are completed and signed off with their
relevant evidence enclosed in the Trainee Accountant’s POE.
• Many ATC’s do not have a client base offering the entire spectrum of Core criterion. In
this event the ATC must make an alternative arrangement for the Trainee Accountant
to gain sufficient exposure to the core elements. Evidence of this arrangement is
required so that the Trainee Accountant may be signed off on the Core line item.
o Completing Elective Criterion
• Elective line items are reflected as “E” in the Core/Electives column of the Logbook.
• Trainee Accountants must ensure that the correct number of elective line items are
completed and signed off, with the relevant evidence enclosed in the Trainee
Accountant’s POE.
• The number of Electives completed should ensure that the Trainee Accountant fulfils
the 80 % requirement of the Logbook.
• Many ATCs do not have a client base offering the entire spectrum of Elective criterion.
In this event the ATC must make an alternative arrangement for the Trainee
Accountant to gain sufficient exposure to the core elements. Evidence of this
arrangement is required so that the Trainee Accountant may be signed off on the
Elective line item.
o Guarantee exposure
Where an ATC is not able to provide exposure to the required criterion, various
arrangements can be made which could include, but are not limited to:
• Arrangements with alternative companies. Other companies providing services
relevant to the core criterion may take the Trainee Accountant on for a short period
of time in order to expose them to the element in question.
• A short course. The Trainee Accountant may wish to go on a short course, to allow
for suitable exposure.
• A simulated scenario. The Principal may devise a scenario in which the Trainee
Accountant can gain exposure and practice in the given area.
o Supervise Progress
• Trainee Accountants are largely responsible for suitably pacing themselves

throughout their Training contract. As all Trainee Accountants will differ, it is very
difficult to benchmark their progress in relation to other Trainee Accountants. The
pace of a Trainee Accountant, who has completed their academic studies, would
differ greatly from another Trainee Accountant who has completed, for example,
only their first year B Comm.
• On Annual Monitoring Visits however, it is expected that the Trainee Accountant
would have reached the following benchmarks in their training:

GUIDELINE FOR PRACTICAL EXPERIENCE PROGRESS

A: STREAM A: On completion of a B-degree with
core subjects
Hours Logbook topics completed Academic requirements
708 (+/- 6 months) 10% Not Applicable
1416 (+/- 12 months) 20%
2125 (+/- 18 months) 40%
2832 (+/-24 months) 60%
3540 (+/- 30 months) 70%
4250 (+/- 36months) 80%
On completion of a B-degree with core subjects

• After 708 hours (+/- 6 months) at least 10% of Logbook signed off.
• After 3540 hours (+/- 30 months) at least 70 % of Logbook signed off.
• After 4250 hours (+/- 36 months) at least 80 % or more of Logbook signed
off.
Note:
Above mentioned hours must be divided as follows:
Accounting: not less than 25% of total time
Internal Controls: not less than 10% of total time
Tax: not less than 25% of total time
Commercial Law: not less than 15% of total time
Management Accounting: not less than 15% of total time
Practice Management: not less than 10% of total time

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

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

subjects
Time Hours Logbook Academic requirements

topics
completed
425 (+/- 6 months) 7,5%
850 (+/- 12 months) 15% 50% of first academic year
1275 (+/- 18 months) 25%
1700 (+/-24 months) 35% Equivalent of one academic year
2125 (+/- 30 months) 42%
2550 (+/- 36months) 50% Equivalent of half of studies completed
2975 (+/- 42 months) 57%
3400 (+/- 48 months) 65% Equivalent of two academic years completed
3825 (+/-54 months) 72%
4250 (+/- 60 months) 80% Complete the academic requirements
• After 425 hours at least 7,5% of Logbook signed off and completed at least 25% of first
year academic requirements
• After 850 hours at least 15% of Logbook signed off and completed at least 50% of first
year academic requirements
• After 1700 hours at least 35 % of Logbook signed off and completed his studies to at least
the equivalent of the one academic year.
• After 2550 hours at least 50% Logbook signed off and completed at least half of the
academic requirements
• After 3400 hours at least 65 % of Logbook signed off and completed at least the
equivalent of two academic years.

• After 4250 hours at least 80 % or more of Logbook signed off and completed at least not
less than 90% of the academic requirements.
Note:
STREAM C: Recognition for Prior Learning
1. Definition
The Recognition of Prior Learning (RPL) is a mechanism for the recognition of the
achievement of the competencies prescribed by the NIPA syllabus, however obtained. In
terms of RPL a trainee need not undertake any further learning intervention in respect of
the relevant competency or competencies.
2. Objective
RPL is a stepping stone to the further development of a trainee accountant and is
intended to confer a benefit to the trainee accountant in the form of a remission in the term
of his/her training contract.
3. Legislative context
3.1. RPL is a national system and a key principle of the National Qualifications Framework
created in terms of the Namibia Qualifications Authority Act (Act 29 of 1996).

3.2. The NIPA is committed to facilitate the implementation of RPL in order to open up
access and entry into the accountancy profession and thereby contribute to redressing
past imbalances in accountancy education and training.
3.3. The principles of the NIPA’s RPL Policy are:
3.3.1. Compliance with the objectives of the National Qualifications Framework and the
NQA guidelines and criteria on assessment;
3.3.2. International comparability;
3.3.3. A consistent approach to the granting of credit;
3.3.4. Allowing access to all individuals regardless of gender, race or disability; and
3.3.5. RPL credentialing is done after competence has been proven through an
assessment process.
4. Applying for RPL

4.1. A prospective trainee accountant who wishes to apply for RPL must first enter into a
training contract with a training office.
4.2. An RPL application must be made within 6 months after the trainee has entered into a
training contract.
4.3. For RPL remission based on previous service under the NIPA registered training
contract, the NIPA may allow a remission of up to a maximum of the time served at the
previous training office. A maximum of 12 months’ remission may be granted for previous
experience obtained outside of a NIPA training contract.
4.4. The training officer must follow the assessment process prescribed in paragraph 5
below, and if he/she is satisfied that there are skills and/or competencies that the trainee
accountant had already acquired, for which credit may be granted, the training officer and
the trainee accountant must complete and submit the following to the NIPA:
4.4.1. the relevant RPL form prescribed by the NIPA; and
4.4.2. the applicable fees.
5. Process of assessment for purposes of RPL

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

5.3. The training officer or another registered assessor must determine which
competencies the trainee accountant has achieved, and compare them to the
competencies prescribed by the NIPA.
5.4. Credit may be granted in respect of any competency achieved by a trainee
accountant that match a competency prescribed by the NIPA.
5.5. Based on the number of credits granted, the training officer must determine the length
(in months) of remission to be granted, subject to 4.3 above.
6. NIPA discretionary powers

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

completed requirements
425 (+/- 6 months) 25%
850 (+/- 12 months) 45% 50% of first academic year
1275 (+/- 18 months) 52%
1700 (+/-24 months) 60% Equivalent of one academic

year
2125 (+/- 30 months) 65%
2550 (+/- 36months) 70% Equivalent of half of studies

completed
2975 (+/- 42 months) 75%
3400 (+/- 48 months) 80% Equivalent of two academic

years completed
3825 (+/-54 months)
4250 (+/- 60 months) 80% or more
• It is expected that a candidate that apply for recognition for prior learning would
have completed at least 45% of the practical experience in the first year and have
after 850 hours completed at least 50% of his first year of academic requirements
• After 1700 hours (24 months) at least 60 % of Logbook signed off and completed
his studies to at least the equivalent of the one academic year.
• After 2550 hours (36 months) at least 70 % or more of Logbook signed off and
completed at least half of the academic requirements
at least the equivalent of two academic years.
at least the equivalent of two academic years.
Note:
7. Present evidence
It is suggested that the Trainee Accountants arrange their Portfolio in the following way:
• According to the sections of their Logbook:
• Professional Skills
• Financial Accounting
• Internal Control
• Taxation
• Corporate/ Commercial Law
• Management Accounting
• Practice Management
Each of these sections is catalogued according to the number format found in their
Logbook.
For example:
File 1: Financial accounting will have sub divisions:

o Cashbook and Recon

o Cash
o Control etc.
Under each of these headings they will then include a hard copy record of the
evidence gathered for that topic. Evidence may include, but is not limited to:
o Financial Statements
o Research on the Topic Presented
o Screen Dumps of transactions the Trainee Accountant has uploaded
o Bibliography of books read on the subject
• The Principal is responsible for ensuring that the Trainee Accountant has provided
verifiable evidence of their competence.
• The Principal will use the Portfolio of Evidence to sign off the Trainee Accountant’s
Logbook. Should evidence not be sufficient, the Principal will advise the Trainee
Accountant accordingly and offer the Trainee Accountant an opportunity to provide
further/ alternative evidence to substantiate their competence.
• The Portfolio of Evidence should also include:
o A certified copy of the Trainee Accountant’s ID document
o A certified copy of the Trainee Accountant’s academic record or proof of
registration with a tertiary institution, for the following subjects, minimum
requirements:
Financial Accounting 3
Taxation 1 / 2 (depending on educational institute)
Auditing 1/ Internal Auditing 2/ Internal Control and Code of Ethics
Corporate Law 1/ Commercial Law 2
Management Accounting 1
o A copy of the Trainee Accountant’s registration with CFA(NAM)
o Proof of Payment of the current year’s Trainee Accountant fees
8. NIPA discretionary powers

NIPA reserves the right to investigate any application submitted to the NIPA and may in its
sole and absolute discretion grants admission as a trainee accountant.
9. Sign off
On completion of both the academic and practical requirements, the logbook will be
signed off by the principal and the trainee accountant.

Chapter 7: Monitoring site visits
What is a Monitoring Site Visit?

A Monitoring Site Visit (MSV) is a valuable opportunity for all concerned to measure the
performance
of the trainees and check if the training is on track. The MSV is really a developmental
process.
CFA is there to assist the OE or Principle Member in ensuring that training is of the
highest quality
by taking these steps:
Step 1 CFA will contact the OE to book an annual MSV.
Step 2 The Monitoring Officer (MO) will conduct a short interview with you to discuss any
matters of concern. The interview may be done as a group if there are multiple trainees
at an ATC at the time of the visit.
Step 3 The MO will also assess the progress and authorise the evidence already signed off by
the OE in the Logbook and POE file/s. This is done through a random check of the
evidence and by asking you questions to ensure that the evidence is valid, current,
practical and appropriate. The MO may also perform a quality check on the training
environment provided by you ATC and raise any concerns directly to CFA, so that we
may make sure you are being looked after.
Step 4 If there is any indication that something in the working environment could compromise
the quality of the training, the MO will raise a “finding” against the ATC.
Step 5 If the finding is not successfully remediated (rectified) and evidence of this remediation is
not forwarded to CFA within the given time frame, the ATC risks losing their
accreditation. Furthermore, the Principle Member and OE risk losing their CFA
membership.
Protocol:
• The Monitoring Officer is carefully selected by THE INSTITUTE and entrusted to carry
the name of NIPA professionally into your ATC and business.
• We recognize that the Principals of the Accredited Training Centre entrust the
Monitoring Officer with highly confidential information on their clientele. Consequently,
the selected Monitoring Officers are expected to behave appropriately and respect the
practice’s discretion in maintaining confidentiality of all information.

• The Monitoring Officer will have signed a contract with THE INSTITUTE guaranteeing
their professional conduct and any misconduct will be viewed in a very serious
manner.
• Evidence of misconduct should be forwarded to the INSTITUTE Investigations
Committee for further investigations and possible disciplinary procedures.
Procedure:
• The Secretariat contracts the Principal, to book a Monitoring Site Visit. The visit will be
conducted at the ATC’s cost, at the applicable rate at the time of the visit.
• The Monitoring Officer contracts the ATC to inform them of the visit. No visit may be
delayed for more than 2 months. Any delay, on either side, must be reported to THE
INSTITUTE so that the necessary corrective measure may be undertaken.
• The ATC is sent a training questionnaire to distribute to each Trainee Accountant
before the Monitoring Visit. The Trainee Accountant is required to complete these
pages, and sign them together with the Principal. This is to ensure that the Trainee
Accountant is fully prepared for the Monitoring Site Visit and is assisted in preparing
their Portfolio of Evidence.
• The Monitoring Officer conducts a short interview with the Principal to discuss any
matters of particular concern. The Principal completes the ATC summary sheet in
order to verify that the ATC information is uploaded correctly onto the INSTITUTE
database.
• Where there are a group of Trainee Accountants, they are called together as a group,
and their joint feedback is recorded. In such a forum, any shared issues with regard to
the training progress are identified so that THE INSTITUTE may easily review and
take necessary measures to assist the Trainee Accountants and the Principal in
remediating against these.
• Directly after the group interview, the Monitoring Officer conducts a one on one
interview with each Trainee Accountant. Every Trainee Accountant needs to make
them available for the Monitoring Site Visit and must have their Logbook and Portfolio
of Evidence prepared and ready for scrutiny.
• The Monitoring Officer reviews the Trainee Accountant’s Logbook and authorizes the
progress of the Trainee Accountant in their Logbook as an assessment of their
achievements to date. The Monitoring Officer highlights delays in Trainee Accountant
progress so that THE INSTITUTE may advise and assist on lack of progress of the
Trainee Accountant.

• The Monitoring Officer completes a final report which reflects his or her overall
impression of the practice or business, as well as any ‘findings’ that require
remediation to meet the required standards.
• The Monitoring Officer signs the report and presents it to the Principal who also signs
as having read the report.
• On receiving the Monitoring Officers final recommendation, THE INSTITUTE will
assess the recommendation and communicate the outcome of the visit, in writing, to
the ATC.
• Applicants who wish to lodge an appeal against the decisions must sign off the report,
and then lodge the appeal on the Appeal Form, directly with THE INSTITUTE. This is
to ensure fair and equitable accreditation process
• Should there be findings raised during the process, the Monitoring Officer will continue
to liaise with the ATC until these findings have been suitably remediated.
The Finding:
• A finding is a report, completed by the Monitoring Officer, indicating a gap in quality

which may compromise the quality delivery of suitable training to the Trainee
Accountant. Herewith a few examples:
o The Logbook is not being signed or checked on a regular basis.
o The Trainee Accountant has not been exposed to sufficient areas within the
practice or company, in order to complete their Logbook.
o No feedback or insufficient feedback has been given to the Trainee Accountant
regarding their evidence provided in their Portfolio of Evidence.
o The required percentage of completion in the Logbook is not sufficient as per
the requirements as discussed in chapter 6.
o There are no references from the Logbook to the POE or vice-versa.
o All the required personal documentation is not filed in the trainee’s POE.


Recommendation:
• A recommendation is a suggestion made by the Monitoring Officer to the ATC which

would assist them in improving or streamlining the process of training within the ATC.
• A recommendation is part of the developmental approach taken by the Monitoring
Officer, through the mechanism of the Monitoring Visit, and can be implemented or
discarded as the Principal sees fit.
• There is no risk associated with discarding a recommendation but it is suggested that
the Principal takes note of the suggestions made, as this will assist him/ her in
continuous improvement of the Practice or Company and will prevent a finding having
to be raised at the next annual visit.
Remediation:
• The Monitoring Site Visit must be viewed as a developmental process and the findings
coming out of the site visit must be remediated against to the satisfaction of the
Monitoring Officer and the Institute (NIPA).
• Findings raised may require a second visit by the Monitoring Officer to check
implementation of the finding. This visit will be to the ATC’s account at the rate
applicable at the time of the visit.
• Findings however, may not require a further visit as evidence of remediation may be
submitted with the appropriate form in hard or soft copy. This may be done in
agreement with the Principal, and a further fee may be billed accordingly, depending
on the nature of evidence required. This will be indicated and discussed between the
Monitoring Officer and the Principal in the completion of the Findings Report,
• If the findings are not successfully remediated and evidence of remediation is not
provided to THE INSTITUTE within the allotted time frame, the ATC risks losing their
accreditation and the Principal Member and Principal’s membership with NIPA may be
at risk.

Chapter 8: Trainee Accountant assessment

Continuous mentorship is provided by the Principal to ensure that the Trainee Accountant
achieves the necessary competencies to perform any task required of a NIPA. The
evidence collected between the Trainee Accountant and their Principal provides the
necessary documentation to assess the Trainee Accountant’s achievements. NIPA
performs assessments to gauge if the Trainee Accountant is able:
• To integrate the academic skills acquired from their tertiary education, with the
practical skills required in the workplace
• To use professional judgments in evaluating situations and making sound
recommendations
o To effectively communicate recommendations in a logical and systematic
manner
o To apply the principles as contained in the official CFA(NAM) syllabus
o To apply academic knowledge in a dynamic environment
Scope of the Assessment
The Trainee Accountant’s abilities are assessed according to the Associated Assessment
Criteria for each subject. Subjects within the scope of assessment are:
• Professional Skills
• Financial accounting
• Internal Control
• Taxation
• Commercial law
• Management accounting
• Practice Management
A detailed brief of the associated assessment criteria for each of the above subjects is
included for your reference in Attachment 3 of this document.
The Right to Appeal
Every Trainee Accountant has the right to lodge an appeal, in the event of the following:

• The assessment is considered unfair

• The assessment is considered invalid
• The assessment is considered unreliable
• The assessors’ judgment is considered to be biased
• The assessor is considered to have inadequate expertise and experience
• If the practice of assessment is considered unethical
• The assessment did not follow correct procedure.
• Any other circumstances that have influenced the assessment will be taken into
consideration on a case by case basis.
Process of the appeal

The appeal will follow a strict process to ensure a fair and timely response.
1. The appeal must be raised in accordance with the Assessment Appeals Process,
within seven working days from the date of Assessment Feedback, directly to the
Administrator at CFA. A copy of the Appeal Form is available at the CFA office.
2. The Administrator will review the case together with the CFA CEO to make a final
decision.
3. The CEO may request that your evidence be forwarded to the Institute for further
investigation.
4. In order to avoid unnecessary and unwarranted appeals against assessment, and
assessment appeals fee will be levied, to be paid by the trainee. If the appeal is found
justified this fee will be refunded in full to the trainee. If the appeal is rejected, the fee
will be retained by the Institute to recoup their costs.
5. Once a judgment has been made by the CFA CEO and Administrator, their decision
remains final and no further correspondence will be entered into.

Chapter 9: Interruptions to the training
Interruptions to training may occur through:

• Transfers, resignations and interruptions
• Disputes
• Cancellations
• Suspensions
• Other
o Transfers, resignations and interruptions

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

• Relocation of the Trainee Accountant due to acceptable personal circumstances.
• De-accreditation of the training centre by THE INSTITUTE.
• The training office ceases to exist
• Any other circumstances acceptable by NIPA
• THE INSTITUTE reserves the right to investigate all circumstances relating to a
transfer and impose penalties upon either party that has broken contractual obligations
in the regard.
• THE INSTITUTE reserves the right to refuse transfer, and thereby cancel the Trainee
Accountant’s Training contract accordingly.
• Trainee Accountants that wishes to resume their training after resignation will be
penalized with a lengthening of the training contract of an additional six months.
• The 6 month penalty will not be applicable if a written consent from both receiving and
transferring Principals is submitted to THE INSTITUTE.
• If a Trainee Accountant chooses to transfer to another ATC and this transfer is
accepted, the ATC may not withhold a Trainee Accountant’s Logbook or Portfolio of
Evidence.

• Transfers in any other manner will be regarded as a breach of contract, and the
contract will cease to exist with no further Trainee Accountant achievements being
recognised by the Institute.
o Disputes
Disputes may originate between the ATC and Trainee Accountant or by the Principal.
Should a trainee and his training officer be unable to resolve a dispute on a matter relating
to the training contract, either party may appeal to the PAAB for arbitration?
o Disputes by the Trainee Accountant

The following procedures must be adhered to when issuing complaints regarding the ATC:
• The complaints must be in writing in the form of an affidavit only concerning training
contract matters.
• The complaint must be lodged directly to the secretariat.
• Upon receipt of the complaint, The Institute will acknowledge receipt of the dispute
form in writing.
• The complaint will be forwarded by the Investigation Committee to the Principal for
his/her response. The Principal will respond within the said deadlines.
• The dispute response will be addressed directly to the Investigation Committee of the
Institute for further action.
o Disputes by Principal
Disputes originating with the Principal must adhere to the following procedures:
• Complaints must be in writing and in the form of an affidavit only concerning training
contract matters.
• Complaints must be lodged directly to the secretariat.
• Upon receipt of the complaint, the Institute will acknowledge receipt of the dispute in
writing.
• The complaint will be forwarded to the Trainee Accountant for his/ her response.
• The Trainee Accountant must respond within the said deadlines.

o Cancellations
Trainee Accountants may have his/her training contract cancelled after proper
proceedings have been followed for (eg):
• A misrepresentation of skills or competencies
• Dishonesty in assessment
• Committing fraud
o Suspensions
A Trainee Accountant may be suspended from the Training contract:
• If fees are outstanding
• If the Trainee Accountant has left the employment of the ATC without informing the
Institute.
o Other
Should the Trainee Accountant pass away whilst completing his/her Training contract, the
database will refer to them as Deceased.

CHAPTER 10: Recognition of Prior Learning
A Trainee Accountant may request that his or her prior learning be recognised by the
Institute, through the process of Recognition of Prior Learning. (RPL). This may result in,
not an interruption but a shortening of the Training contract.
On acceptance, the Institute will arrange with a monitoring Officer to evaluate the Trainee
Accountant’s competence. The Trainee Accountants must also provide POE on the
evaluation. At no times will the RPL be shorter than the minimum period of the Training
contract of a Trainee Accountant with no prior learning.
Minimum Requirements for application of membership without

prior academic qualification:
• Written recommendation of a CFA/ICAN member in good standing should accompany

application for membership.
• At least 10 years of practical experience must be relevant to the profession,
• On application for membership, the candidate must provide detail of experience which
is equal to at least 80% of the logbook.
• Final approval is at the discretion of the Council of CFA
(NAM).

Chapter 11: Closure of training contract
The Trainee Accountant may exit the Training contract on completion of both of the
following:
• The Training contract demonstrated by the 80 % completion of the Logbook within the
prescribed time frame as per the Constitution.
AND
• The Academic requirement is completed
The following process concludes the Training contract:
• Once the Trainee Accountant’s evidence has been verified by the Principal, the last
page of the Logbook is signed off.
• The Trainee Accountant submits proof that he/she complies with academic
requirements.
• The Trainee Accountant should take a copy of their Logbook for safekeeping and then
post or courier the original to CFA(NAM) head office at the following address:
o For Hand Delivery/ Courier: o For Postage:

o Attention: The Secretariat o Att: The Secretariat
st
o CFA(NAM) 27h 1 floor, Old Power Station o CFA(NAM)
o Building o PO Box 90756
o Cnr Nobel and Armstrong street, o Windhoek
o Southern Industrial Area o Namibia
o Windhoek
o Tel (061) 382700 o Tel: (061) 382700
• On receipt and successful processing of the Logbook, THE INSTITUTE will

acknowledge in writing that the Trainee Accountant has successfully completed their
Training contract.
• The Secretariat will record the data on the Database.


Chapter 12: Career guiding the Trainee Accountant
As an Accredited Training Centre you have provided your Trainee Accountants with
numerous opportunities to develop into professional accountants, but as they complete
their Training contract they are still only at the beginning of their career. Your advice and
guidance at this point can make an important difference to their career path.
One of the most valuable pieces of advice we can offer newly qualified professional
accountants is to take advantage of the ongoing support and information provided by the
Institute.
To view our Constitution, Code of Conduct & By-laws, please refer to the following
web link: www.cfanam.com
On closure of the Training contract it is advisable that the Principal assists the Trainee
Accountant to be admitted as a member of the Institute.
NIPA Membership Requirements

To become a member of NIPA your Trainee Accountant would require the following:
• Complete the academic component
• Complete the practical component
• Complete the evaluation process
ACADEMIC COMPONENT
BCOMM Accounting or equivalent, with the following subjects:
• Financial Accounting 3
• Taxation 1
• Auditing 1/ Internal Auditing 2/ Internal Control and Code of Ethics
• Corporate Law 1/ Commercial Law 2
• Management Accounting 1
PRACTICAL EXPERIENCE
• Practical experience as demonstrated in this guide
• Other suitable experience approved by Council

• As per the CFA(NAM) logbook
PROFESSIONAL EVALUATION
A (3A) written exam, assessing your integration of your Academic Qualification and
Experiential Learning and oral evaluation (3B) is prescribed in the by-laws.
Minimum Requirements for application of membership without prior

academic qualification:
• Written recommendation of a CFA/ICAN member in good standing should accompany
application for membership.
• At least 10 years of practical experience that must be relevant to the profession.
• On application for membership, the candidate must provide detail of experience which
is equal to at least 80% of the logbook.
• Complete 3A exam and oral evaluation (3B) a prescribed in the by-laws
• Final approval is at the discretion of the Council.
Further Studies
1. The Trainee Accountant may wish to continue with their Honours and Masters Degree

Chapter 13: Implementation

The implementation of this document is as follows:
New trainee contracts

The implementation date is 1 September 2013.
Existing trainee contract

The following process must be followed for the implementation in the transitional period:
1. Training contracts less than 18 months in existence:

2. Training contract must be implemented as if the process was in place at the date of
signature of the contract.
3. Trainee Accountants must prepare the logbook and POE before the first Monitoring visit.
4. The first Monitoring visit will be within 18 months of the date of the signature of the
contract.
5. Monitoring visits after the first visit will be in line with this guideline.
6. Training contracts older than 18 months in existence but less than 3 years:
o Trainee Accountants must prepare the logbook and POE before the first Monitoring
visit.
o The first Monitoring visit will be within the first six months after the implementation date
– before 1 March 2014.
o Monitoring visits after the first visit will be in line with this guideline.
7. Training contract older than 3 years:
o Trainee Accountants must prepare the logbook and POE before the first Monitoring
visit.
o A Monitoring visit will be conducted before sign-off of the trainee contract.
Section 2: Additional information

In this section of the document we provide you with the following additional information to
assist you in your understanding of the NIPA Training contract.
1. Definitions
2. Sample of Logbook and associated evidence
3. Associated Assessment Criteria for relevant subjects

4. Forms
Attachment 1: Definitions
AT Accounting Technician
ATC Approved Training Centre
ACCA Association of Chartered Certified Accountants
ACFIST Accountancy and Financial Standards
AETA Association for the Education and Training of Accountants
AGA Associate General Accountant
BCEA Basic Conditions of Employment Act
CA Chartered Accountant
CAT Certified Accounting Technician
CBET Competency Based Education and Training
CFA (SA) Institute of Commercial and Financial Accountants of Southern Africa (changed
to CPA(SA) – now SAIPA
CPD Continuous Professional Development – a requirement of IFAC
CPE Continuous Professional Education – as per CPD
CTA Certificate in the Theory of Accountancy
ECSAFA East, Central and Southern African Federation of Accountants
EEA Employment Equity Act
EST Electronic Simulation Tool
ESDA Employment and Skills Development Agency
ETQA Education and Training Quality Assurance
GAAP Generally Accepted Accounting Practice
HDI Historically Disadvantaged Individuals
IFAC International Federation of Accountants – a body focussing on the global
standards and norms in the industry of accounting
LRA Labour Relations Act
NIA National Institute of Accountants of Australia

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

person who has been registered for an accredited qualification, skills
programme or unit standard based training. The NLRD is administered by
SAQA
NQA National Qualifications Authorities
OE Principal/Overall evaluator
PE Professional Evaluation examination
POE Portfolio of Evidence
Principal The Principal Member or Practitioner is the owner or only member of the
Institute within a Practice or Company. The Principal may or may not be the
Principal of the ATC
QA Quality Assurance
QAP Quality Assurance Partner
RPL Recognition of Prior Learning
SAICA South African Institute of Chartered Accountants
CFA(NAM) Institute for Commercial and Financial Accountants of Namibia
SIPA Professional Accountants – Russia


Attachment 2: Sample of logbook and evidence guide
Herewith the possible manner of evidence which the Trainee Accountant must
provide for each Logbook Line Item:
Professional Skills:
A Displays honesty and E For all of these

integrity professional skills: Explain
B Carries out work with a E in your own words, what
desire to exercise due this means and how and
care when it would be
C Maintains objectivity and E applicable in your practice.
independence Obtain practical examples
D Avoids conflict of interest E that you experienced in
your practice. Meet with
Business ethics E Protects the confidentiality E
of information your OE and ask him/her
(Acts ethically and to listen to your
in accordance with F Maintains and enhances E
explanations and practical
the rules of the profession’s reputation
examples, ask you
professional G Adheres to the rules of E
questions and provide
conduct) professional conduct,
feedback. Summaries this
including the SAICA Code
feedback in a brief report
of Professional Conduct
and have him/her sign it. .
H Identifies and adequately E
responds to potential
Other options:
ethical dilemmas
I Applies ethical principles E 1. Do research using the
to business activities, web or another method.
business decisions and 2. Attend a seminar or
policy development course on any/all of these
A Keeps abreast of global professional skills.
and local economic events 3. Your OE could conduct
through reading and E formal or informal training
interpreting the financial within the practice.
and business press
B Identifies critical factors in E Once you have completed
the economic, social, one of the above, you
legislative, regulatory and could write up a summary.
political environment that
Management &
impacts on business and After presenting this
leadership financial decisions of an
(demonstrates an summary to your OE s/he
entity would need to work through
ability to manage
C Identifies the factors which E this and give you feedback.
and lead)
impact an entity’s financial You must then summarise
strategies this feedback in a brief
D Applies project E report and your OE needs
management techniques, to sign it.
such as developing
milestones, managing
resources, meeting
deadlines, etc.
E Leads effective meetings E
F Respects deadlines, E
manages time and
organizes tasks logically
G Delegates tasks effectively E
H Manages and supervises E
others effectively
I Works effectively with E
colleagues and clients
from diverse backgrounds
and cultures
J Collaborates with E
colleagues and works
effectively as a team
member
K Resolves conflict and E
negotiates appropriate
solutions
A Responds and adapts to E
change
B Identifies problems, E
conducts research,
evaluates evidence and
makes appropriate
decisions
Personal C Asks appropriate and E
attributes probing questions to
obtain required information
D Communicates effectively E
in written format
E Communicates effectively E
in verbal format
F Takes responsibility for E
own development
A Effectively uses IT E
applications including
spreadsheets, word
processing, presentation
and e-mail
Information
B Effectively uses the E
technology
internet as a source of
information
C Applies procedures and E
controls to ensure integrity
and security of personal IT

resources, e.g. password

protection, backup
procedures, anti-virus
measures, etc
D Assesses IT risks and how E
they are managed
Financial Accounting:
Basic Accounting Records - Preparation, Control & Calculation of
1 Cashbook & A Recording of C If you use an accounting software

Bank Receipts and program this could be the
Reconciliation payments cashbook entries (once posted)
or the entry type bank receipts
and payments details (before
being posted) Printouts of manual
and or computerised cashbook
entries or details. At least 1 set
of evidence for 3 consecutive
months for at least 1 client.
B Bank C Printouts of manual and or
Reconciliation computerised reconsiliations of
the 3 months that you used for
item 1A. Also include another set
of bank reconciliations for 3
months of another client where
you have actually drafted the
cashbook.
2 Cash A Performing and C Printouts of manual and or

supervising Petty computerised cashbooks for 3
cash months. Also an explanation in
your own words the difference
between the ‘imprest’ system’
and ‘variable balance system’ for
petty cash control.
B Cash control account C Ledger printout and petty cash
reconciliation thereof. An
explanation of how cash takings,
cash payments, banking and
cash floats should be controlled
at a retail client.
C Cash on Hand C Physical check of petty cash
certificate or confirmation from
client
3 Inventory A Control of stock C
This whole section (Inventory 3A
to 3E) can be linked to some
evidence in Internal Control
(sections 6,9,11,12) and could be
done in one project or one
section by, for example, one or
more of the following listed
B Purchases C below:
(i) You must be exposed to all the
C Outstanding orders C actual processes and include
some examples of purchases,
delivery notes and stock-take
schedules as your evidence. For
D Receiving & dispatch C your OE to sign off s/he must be
sure that you are competent in all
the required areas.
(ii) If you are not exposed to the
actual practical processes here,
your OE could set you an
assignment to research these
areas, followed by an oral
examination with evidence to
prove your research. Note that
you must then type up a report of
this oral exam and get your OE to
sign your report.
E Valuation methods C
(iii) Your OE could run a practical
training session and then give
you an assignment on all of these
topics. The OE need to assess
this assignment and give you
feedback. You must then type up
a report of this assessment and
your OE needs to sign it.
(iv) Included in the above
examples, remember to cover
more than just one form of
valuation method. You can also
combine this with some of your
evidence in the Management
Accounting section (items 5A,5B
and 9)

E.g. Physical stock take,

procedures, questionnaire with
client etc
Creditors invoices agrees to
stock orders
Agree actual cost against the
stock sheet
Explain different valuation
methods and examples
4 Creditors & A Matching of C This whole section (4A to 4G)
Purchases document can be linked to some evidence
Administration B Discount C in Internal Control (sections
management 6,9,11,12) and could be done in
C Adjustments & C one project or one section by, for
interest example, one or more of the
D Reconciliation C following listed below:
E Trade, cash & C (i) You must be exposed to all the
settlement discount actual processes and include
F Print Creditors C some examples of orders,
Payments – purchases, delivery notes,
Remittance advices payments, statements and
G Extracting Creditors C reconciliations as your evidence.
Age Analysis For your OE to sign off s/he must
be sure that you are competent in
all the required areas.
sign your report.

more than just one example of a
supplier monthly reconciliation.
This is so you can include all the
principles involved in 4A to 4G in
your PoE.
E.g. Order against invoice,
GRN’s, delivery notes
Check discount policy and
documents for example invoices
Reconciling against the creditors
statement
Copy of the reconciliation
Discount Policy of the company
and to check if correctly applied
Agree accrual payments to
remittance advices
Age analysis agree to TB to
statements
5 Journals A General, purchases, C If you use an accounting software
sales program this could be the entry
type printout once posted. Ensure
that this is your own work.
Alternatively you can provide
Excel type journals that will
demonstrate your understanding.
B Period-end/ opening C If you use an accounting software
adjustments program this could be the entry
C Monthly payroll C If you use an accounting software
journals program this could be the entry
Make sure that you demonstrate
how these journals are linked to
the relevant salary registeres and
RoR and other third party

payments. Also explain how the

relevant payroll clearing (control
accounts) are ‘cleared’ and/or
reconciled. Refer this evidence to
item 7C below.
6 General Ledger A Searching for a C Your evidence here should
specific entry preferably be linked with item 12
B Extracting Cost Code C (the trial balance). If you use an
based reports accounting software program this
C Extracting Trail C could be the printout of the trial
Balance balance with some of the general
D Extracting Detailed C ledger accounts included. You
Ledger reports could also include an explanation
of what you understand the trial
balance and general ledger
accounts to be. Finally, highlight
some errors that may not be
revealed even when the trial
balance actually balances.
7 Control A Debtors C You need to show an

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

E.g.Copy of the reconciliation

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

understanding of the accounting
entries recording raw materials,
labour (direct & indirect), work-in-
progress, finsithed goods,etc.
Evidence here may overlap with
your absorption costing and
inventory evidence under
Management Accounting. Also
include a stock sheet (signed by a
CC member) which must agree
with the inventory account
balance/s in the balance sheet.
E.g.Copy of the general ledger
and stock sheet and or stock
confirmation from member
E Inter-company C You need to show an
understanding of what inter-
company accounts are and why
they are needed. This would be
best demonstrated with a
reconciliation. If you are not
exposed to this area, then your
OE could orally examine and
assess your knowledge at a
meeting with you. You can then

draft a summary report of this

assessment and feedback for your
OE to approve and sign.
E.g.Copy of the reconciliation
8 Debtors & Sales A Preparing of invoices C This whole section (8A to 8G)
Administration & credit notes can be linked to some evidence
in Internal Control (sections
6,9,11,12) and could be done in
one project or one section by, for
example, one or more of the
following listed below:
(i) You must be exposed to all the
actual processes and include
B Cost of sales C some examples of sales, delivery
notes, receipts, statements and
reconciliations as your evidence.
Make sure that you include
evidence applicable for both the
FIFO and average weighted cost
C Interest on C methods. For your OE to sign off
outstanding debtors s/he must be sure that you are
competent in all the required
areas.
D Trade, cash & C your OE could set you an
settlement discount assignment to research these
E Month end C you must then type up a report of
statements & credit this oral exam and get your OE to
control sign your report.

F Debtors & age C this assignment and give you

analysis feedback. You must then type up
more than just one example of a
customer monthly reconciliation.
This is so you can include all the
principles involved in 8A to 8G in
your PoE.
G Discount C
management E.g. Copy of the invoice / credit
note
Evidence to show that the goods
sold have been taken out of stock
Debtors Policy and actual journals
going to debtors account
Check discount policy and
documents for example invoices
Copy of debtors statement,
messages
Copy of age Analysis
Company policy on discounts and
to check if this is applied
9 Income & C If you do not have the opportunity
Expenditure to do this practically for two
(Accrual vs. clients, then you could meet with
Cash Basis) your OE and explain the
difference in your own words.
Note that you must then type up a
report of this oral exam and get
your OE to sign your report.
E.g. Books written up on cash
book and/or invoice basis
10 Books from C If you do not have the opportunity
Insufficient to do this practically for two
Records clients, then you could meet with
your OE and explain the
difference in your own words.
Note that you must then type up a
report of this oral exam and get
your OE to sign your report.
E.g. Books written up on
insufficient records i.e. not all
paperwork is given and amounts

in cash book are not supported by
documents
11 Property, Plant & A Purchases C This whole section (11A to 11F)
Equipment B Asset register C can be linked to some evidence
C Depreciation C in Internal Control (sections
6,9,11,12) and could be done in
D Asset C one project or one section by, for
verification/Title deed example, one or more of the
inspection following listed below:
E Insurance & mv C (i) You must be exposed to all the
license inspection actual practical processes and
F Disposal of Assets C include some examples of orders,
purchases, disposals, asset
registers, valuations and
verifications as your evidence.
For your OE to sign off s/he must
be sure that you are competent in
all the required areas.
sign your report.
more than just one example of an
asset. This is so you can include
all the principles involved in 11A
to 11F in your PoE.
E.g. Actual invoice
Actual example of an asset
register
Calculation on asset register and
refer to accounting policy
Copy of invoice against asset
register and physical check of
asset
Copy of insurance schedule and
compare to asset register
Asset registrar and check
calculation of disposal
12 Trial Balance A Accruals & C Integrate this section with all your
Prepayments evidence for the General Ledger
setion above (item 5). If you use
an accounting software program
this could be the printout of the
trial balance with some of the
general ledger accounts it
includes. You could also include
an explanation of what you
understand the trial balance and
general ledger accounts to be.
Finally, highlight some errors that
may not be revealed even when
the trial balance actually balances.
Annual Financial Statements - Form, Framework, Presentation,
Reporting, Elements, Equity & Disclosure
1 Sole Proprietor C Actual copies of at least two sets of annual

financial statements prepared by you
personally. Preferably one for a service (or
consulting) type business and the other for a
business which sells products.
2 Partnership/ Joint C Actual copy of a set of annual financial
Venture statements prepared by you personally. If you
are not exposed to this at work, your OE could
set you an assignment where you need to
prepare the statements for a partnership. S/he
must then mark this and give you feedback.
Note that you must then type up a report of this
feedback and get your OE to sign it.
3 Close Corporation C Actual copy of a set of annual financial
statements prepared by you personally. Then
after being checked and approved by the OE,

your final draft of the accounting officer’s report

for signature by him/her. Note that you must
then type up a report of the feedback that you
got during this task and get your OE to sign it.
4 Trusts Actual copy of a set of annual financial
statements prepared by you personally. If you
prepare the statements for a trust. S/he must
then mark this and give you feedback. Note
that you must then type up a short report of this
E feedback and get your OE to sign it.
5 Companies Actual copy of a set of annual financial
statements prepared by you personally. If you
prepare the statements for a company. S/he
must then mark this and give you feedback.
Note that you must then type up a short report
E of this feedback and get your OE to sign it.
6 Associations not Assess the annual financial statements for a
for Gain (Clubs) Club or NPO. Then prepare and present your
explanation of the contents to your OE during a
meeting set up for this purpose. Note that you
must then type up a report on this meeting and
E have your OE sign it.
7 Sectional Title or Assess the annual financial statements for
Micro either one of these entities. Then prepare and
Lenders/Body present your explanation of the contents to your
Corporates OE during a meeting set up for this purpose.
Note that you must then type up a report on this
E meeting and have your OE sign it.
8 Schools Assess the annual financial statements for a
school. Then prepare and present your
explanation of the contents to your OE during a
meeting set up for this purpose. Note that you
must then type up a report on this meeting and
E have your OE sign it.
9 Administration & An actual copy of the Final Distribution Account
Planning of as prepared by you. Alternatively, access a
Estates Final Distribution Account. Then prepare and
present your explanation of the contents to your
OE during a meeting set up for this purpose.
E Note that you must then type up a report on this

meeting and have your OE sign it.
10 Farming or Mining Assess the annual financial statements for a

farming or mining enterprise. Then prepare and
present your explanation of the contents to your
OE during a meeting set up for this purpose.
Note that you must then type up a report on this
E meeting and have your OE sign it.
11 Report of C This could be incorporated as part of the
Accountant/Accou relevant annual financial statements included
nting Officer / above (at least for items 1-3 above).
Audit on the
Financial
Statements
12 Notes to Financial E This could be incorporated as part of the

Statements relevant annual financial statements included
above (at least for item 3 above).
13 Formulating E This could be incorporated as part of the
Accounting relevant annual financial statements included
Policies above (at least for item 3 above).
14 Provisions & A Provisio E This could include either (a) and explanation of
Contingent ns the type of provisions one would make and why
Liabilities or (b) actual examples of the journals or
schedules at year-end showing these
provisions. This evidence would be
strengthened if you could include an example
where you have actually done this yourself at
work. Note that you must then type up a report
of the feedback that you got during this task and
get your OE to sign it.
B Conting E This could include an explanation of the type of
ent contingent liabilities one could have and how
liabilitie you would report on these. This evidence
s would be strengthened if you could include an
example where you have actually done this
yourself at work. Note that you must then type
up a report of the feedback that you got during
this task and get your OE to sign it.
C Extraor E This could include an explanation of the type of
dinary disclosure required, some examples of same

Items – and how they get reported on in the financial

identific statements. This evidence would be
ation & strengthened if you could include an example
disclos where you have actually done this yourself at
ure work. Note that you must then type up a report
get your OE to sign it.
15 Leases A Finance E This could include an explanation of the type of
leases disclosure required, some examples of same
and how they get reported on in the financial
statements. This evidence would be
get your OE to sign it. E.g. Show
understanding and copies of sample
agreements eg motor vehicle
B Operati E This could include an explanation of the type of
ng disclosure required, some examples of same
leases and how they get reported on in the financial
statements. This evidence would be
get your OE to sign it. E.g. Show understanding
and copies of sample agreements eg
photocopier, rental
C Hire E This could include an explanation of the type of
Purcha disclosure required, some examples of same
se (HP) and how they get reported on in the financial
agreem statements. This evidence would be
ents strengthened if you could include an example
get your OE to sign it. E.g. Show understanding
and copies of sample agreements for example
furniture
16 Member’s E In your own words prepare to explain (a) the
(Director's) Loan difference between a member’s loan and both
in CC (Company) and outsider loan and the member’s capital
contribution, (b) the meaning of a ‘deemed

dividend or distribution’ and (c) ‘subordination of

the member loan’. Then meet with your OE and
explain all of this. Note that you must then type
up a report of the feedback that you got during
this task and get your OE to sign it.
17 Relevant E Summarise your understanding of the legal
statements of requirements & standards and then link and
NAC001 and IFRS refer to all the relevant items above that you
for SME’s select and present as evidence in your PoE.
pertaining to the
above
18 Preparation of: A Feasibil E Example of actual document
ity &
Viability
studies
B Cashflo E Example of actual document
w
forecast
s
C E Example of actual document
Tax
Foreca
sts
D Due E Example of actual document
Diligen
ge
Investig
ations
E Busines E Example of actual document
s/share
valuatio
ns
F Manag E Example of actual document
ement
account
s
Manufa E Example of actual document
G cturing
account
s

Internal Controls
Planning, Internal Control, Reporting
1 Pre – engagement C Draft your own summary of all the steps

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

With e.g. Copy of Index of file

4 Planning C Draft your own summary of all the steps
Memorandum that one would need to follow in this
Summarise this feedback in a brif report
have it signed.
With e.g. Copy of Planning document
5 Authority & C Explain in your own words, what this
Signing Powers means and how it would be implemented
in a company (preferably your own
practice). Then meet with your OE and
ask him/her to listen to your explanations
and practical examples. Answer any
questions and then summarise the
discussion with your OE in a brief report
and have him/her sign it.
6 Internal Control C This will also form part of section 12
Procedures below. However in this section you can
write in your own words what you
understand by this term. Then meet with
your OE and ask him/her to listen to your
explanations and practical examples.
Answer any questions and then
summarise the discussion with your OE in
a brief report and have him/her sign it.
This could then be referred to in section
12 below.
7 Special C Explain in your own words, what a special
Assignments assignment is and give examples of when
a company may require it. Then meet
with your OE and ask him/her to listen to
your explanations and practical
examples, ask questions and provide
feedback. Summarise this feedback in a
brief report and have him/her sign it.
8 Risks & E Explain in your own words, what this term
Materiality means and how and when it would be

used in the audit process. Meet with your

OE and ask him/her to listen to your
explanations and practical examples, ask
questions and provide feedback.
9 Compliance E Explain in your own words, what this term
Procedures means and how and when it would be
used in the audit process. Meet with your
10 Reliance on the E Explain in your own words, what this term
Work of Internal means and how and when it would be
Auditors used in the audit process. Meet with your
11 Transaction A Vouching tests C Explain in your own words, what this
Testing &
term means and how and when it would
Verification B System based C
tests be used in the audit process. Meet with
C Compliance C your OE and ask him/her to listen to your
procedures
D Verification for C explanations and practical examples, ask
Completeness, questions and provide feedback.
Existence,
Accuracy, Summarise this feedback in a brief report
Baluation,
Ownership & and have him/her sign it.
Presentation
E Analytical review C Take a set of financial statements that
you have prepared and perform an
analytical review on them with your
comments and observations. Remember
to get feedback from your OE, write a
brief report on it and then have him/her
sign it.
F Solvency & C Take a set of financial statements that
Liquidity Tests you have prepared and perform an
solvency & liquidity tests on them with
your comments and observations.

Remember to get feedback from your
OE, write a brief report on it and then
have him/her sign it.
G Post Balance Explain in your own words, what this
Sheet Events term means and how and when it would
be used in both the accounting and audit
process. Give examples of these events
and how they hould be dealt with. Meet
with your OE and ask him/her to listen to
your explanations and practical
examples, ask questions and provide
feedback. Summarise this feedback in a
brief report and have him/her sign it
H Statutory Checks Explain in your own words, what these
(Member checks are, why they are important and
certificate, how and when they are used. Meet with
founding your OE and ask him/her to listen to your
statement,
association
agreement etc) questions and provide feedback.
and have him/her sign it
I Overall Review of Take a set of financial statements that
Financial you have prepared and perform an
Statements overall review on them with your
comments and observations. Remember
to get feedback from your OE, write a
brief report on it and then have him/her
sign it.
12 Internal Control A Control objectives C Explain in your own words, what this
(general, specific, means and how and when it would be
computer) used in the audit process. Meet with
your OE and ask him/her to listen to your
B Methods to C What are these methods and how and
determine when are they used in the audit process?
strengths & Give some examples of strengths and
weaknesses weaknesses. Meet with your OE and ask
him/her to listen to your explanations and
practical examples, ask questions and
provide feedback. Summarise this

feedback in a brief report and have

him/her sign it.
C Evaluating C How is this done? Give examples of
systems & some systems and possible
weaknesses weaknesses. Have you any experience
of possible weaknesses in any of your
own practice’s systems? Meet with your
D Reliance on C Who are some of these people and
specialists & when is it necessary to rely on such
other specialists or professionals? How is this
professionals done? Have you any experience of
when your practice or one of the clients
relied on such experts? Meet with your
explanations and practical examples,
ask questions and provide feedback.
Summarise this feedback in a brief
report and have him/her sign it.
13 Final Report A Qualifying or C Explain in your own words, the
non-qualifying difference between these two reports.
report Include a sample of each one in your
PoE after meeting with your OE.
Meet with your OE and ask him/her
to listen to your explanations, ask
14 Reporting A Management E Explain in your own words, the
representation purpose of this letter. Include a
letter sample letter. Meet with your OE
and ask him/her to listen to your
explanations, view your letter and
him/her sign it.
B Management E Explain in your own words, the
letter purpose of this letter. Include a
sample letter. Meet with your OE

explanations, view your letter and

him/her sign it.
C Engagement E Copy of Document
letter
D Letter of E Copy of Document

recommendatio
ns
E Shareholders E Copy of Document
agreements
Association E Copy of Document

Agreements
Reconciliation E Explain in your own words, what this

means and how and when it would
be used in the audit process. Give
some examples. Meet with your OE
Schedules E Explain in your own words, what
these schedules are and how and
when it would be used in the audit
process. Include some examples.
Meet with your OE and ask him/her
Audit presentation
to listen to your explanations and
practical examples, ask questions
and provide feedback. Summarise
this feedback in a brief report and
Audit/review file E Explain in your own words, what the
purpose of such a file is. Include a
sample index to such a file. Meet
with your OE and ask him/her to
listen to your explanations and
practical examples, ask questions
and provide feedback. Summarise
this feedback in a brief report and

Audit/review E Explain in your own words, what the

management file purpose of such a file is. Include a
sample file index. Meet with your OE
E Draft your own summary table of the
General – Auditing
relevant standards and meet with
– Relevant
your OE. Ask him/her to view your
International
summary, ask you questions and
Auditing Standards
pertaining to the
above
him/her sign it.
Taxation
Value Added Tax
VAT A Registration & C Copy of completed registration

deregistration documents and written understanding
of the actual registration and

deregistration process; Understand

principles who must/can register for
VAT and why, also when one would
deregister.
B Maintaining C Written understanding of what records
monthly records should be kept and the importance
thereof.
C Completion of C Copy of completed vat report and
returns return
D Calculation of C Copy of ROR statement giving
penalties & calculation and or examples of
interest calculation OR practical case study
given by your OE
E Input C Year end reconciliation copy OR
reconciliation practical case study given by your OE
F Output C Year end reconciliation copy OR
reconciliation practical case study given by your OE
G Zero rated, C Include your summary and an
exempt & explanation of each category with
deemed examples
supplies
H Handling of E Example of actual vat audit
VAT Audit correspondence
I Apportionment E Written summary of your
calculations understanding of apportionment as per
act and an example with calculations.
J Sale as going E Written explanation of procedures for
concern sale as going concern and an example
notification of notification written to the RECEIVER

Income Tax
1 Income Tax A Individuals/ Partnerships C Copy of completed registration
Registration & form and a written understanding
Deregistration of the principles who must/can
register for individual tax as well
as why/when you would
deregister
B Trusts E Copy of completed registration
forms : written understanding of
how and why you would register
a trust
C Companies & Close C Copy of completed Income Tax
Corporations registration forms; written
understanding of how and why
you would register/deregister a
Close Corporation for tax ;
D Non Government E Copy of completed registration
Organisations (NGO's) forms;
2 Calculation of A Individuals/Partnerships/ C Copy of calculation or a practical
Income Tax Trusts case study given to you by your
OE
B Companies & Close C Copy of calculation or a practical
Corporations case study given to you by your
OE
C Non Government E Copy of calculation or a practical
Organisations (NGO's case study given to you by your
OE
D Farming E Copy of calculation or a practical
case study given to you by your
OE
E Registered E Copy of calculation or a practical
Manufacturing case study given to you by your
enterprise OE
F Mining enterprise E Copy of calculation or a practical
case study given to you by your
OE
G Calculation & C Copy of calculation or a practical
completion of case study given to you by your
provisional tax returns OE and a written understanding
of the principles \ bases on how
to calculate provisional tax

H Application of double E A written understanding of

taxation agreements application of double taxation
rates
I Penalties & interest C Copy of calculation and/or
calculations examples of practical case study
given byOE
J Non-Residents E Copy of calculation and an
Shareholders Tax written understanding when
NRST to be deducted as per act
3 Completion of A Individuals/ partnerships C Copy of completed return
Annual Income B Trusts E Copy of completed return
Tax Returns C Companies & Close C Copy of completed return
Corporations
D Non Government E Copy of completed return
Organisations (NGO's)
4 Assessments A Checking/review of C Copy of assessment calculation
assessments showing your comparison of the
actual ROR Assessment vs your
own calculation. If different, then
an explanation for what you did
about it and the result If not, an
explanation of how you would
deal with a difference
B E An actual example of an
objection that you have
undertaken with the ROR on any
tax matter. Include all
correspondence and the final
ROR Assessment or
correspondence in this regard. If
not done yourself a detailed
explanation of how this process
Writing objections would happen.
C Appeal to disallowed E Copy of document/letter
objections
5 Deferred A Bad debts, doubtful An example where the tax
Taxation debts calculations have been done with
E
these items included and an
explanation of the principles
taken into account
B Leases An example where the tax
calculations have been done with
these items included and an
explanation of the principles

taken into account.

6 Practice Notes & E A written understanding in this
Court Decisions area and a practical case study
given by your OE to complete
7 Tax Planning - A C Show an understanding in this
Fringe Benefits & area and give an example
Allowances Salary structuring
B Providing tax advice on E Show an understanding in this
takeover / acquisition area and give an example with
new business explanation and advice
Tax Avoidances vs Tax C Show an understanding in this
C Evasion area and give an example
8 Application for C Show an understanding in this
good standing area and give an example
certificates

Other Taxes
1 Employees A Registration & C Copy of completed registration
Taxation deregistration of documents a written understanding of
PAYE, Workman the actual registration process and
compensation, principles of who must /can register as
social Security an employer and when /why you would
deregister
B Maintaining C Copy of reports kept = payroll ; A
monthly PAYE written understanding of what records
records must be kept and why these are
important
C Completion of C Copy of completed returns OR a
returns practical case study given by your OE to
complete
D Calculation of C Copy of ROR statement giving
penalties & calculation and or examples of
Interest calculation
E Calculation of C Sample reports and or calculations
PAYE, SSC &
WCA
F Director's/ C A written understanding on how this is
Member's taxed with an appropriate example
remuneration
G Reconciliations C Example of actual returns and
eg. PAYE5 reconciliation
returns
H Issuing of all C Example of actual returns and
annual returns & reconciliation to PAYE 5 Certificates and
certificates eg. a copy of PAYE5 certificate written out
PAYE certificates
I Reconciliation C Copy of reconciliation between actual
with financial returns/certificates and balance per AFS
statements indicating and explaining difference
2 Nonresident vs. Resident E Show a WRITTEN understanding in this

area and give a PRACTICAL example
3 Double Taxation agreement E Show a WRITTEN understanding in this
4 Stamp Duty Act E Show a WRITTEN understanding in this
5 Tax Clearance Certificates C Example of actual completed tax

clearance application
6 VAT IMPORT A VAT Import on C A written understanding of when/why an

goods - principles entity has to/can register for VAT
IMPORT and the rules to apply to
import. Also which documents must
accompany the import.
B VAT Import on C A copy of a VAT IMPORT RETURN
goods – showing the calculations
calculations
C VAT Import C Copy of reconciliation of the VAT import
reconciliation as per clients system and as per
ASYCUDA reports.
WITHHOLDING E A detailed written understanding of the
TAX ON SERVICES principles indicating when/why an entity
RENDERED BY has to register and pay over WHT.
7
NON-RESIDENTS Attach an example or a copy of
registration and a copy of completed
return.

Commercial Law
1 Concept & A Close C Explain in your own words the
Characteristics corporation key characteristic of these
of Different B Private C entities. Then meet with your
Entities company OE and ask him/her to view your
C Public C document, ask questions and
company provide feedback. Summarise
this feedback in a brief report
2 Advantages & Disadvantages C Explain in your own words the key differences
of a CC/ Company vs. Other between various entities. Then meet with your
Business Entities OE and ask him/her to view your document,
Summarise this feedback in a brief report and
3 Steps to form a Close C A written explanation, in your own words, of the
Corporation & completion of all documents, procedures and steps undertaken to
Documents form a close corporation. Then meet with your
OE and ask him/her to view your document, ask
questions and provide feedback. Summarise this
feedback in a brief report and have him/her sign it.
4 Steps to form a Company & C A written explanation, in your own words, of the
Completion of all Documents documents, procedures and steps undertaken to
form a company. Then meet with your OE and
ask him/her to listen to your explanations, ask
5 Membership & Member's C Explain in your own words, prepare to explain (i)
Interest the difference between a member’s laon as well
as both an outsider loan and the member’s
capital contribution, (ii) the meaning of
member’s interest and (iii) what is included in
member’s interest. Then meet with your OE and
ask him/her to view your document, ask
questions and provide feedback. Summarise
this feedback in a brief report and have him/her
sign it.
6 Acquisition of Member’s C A written explanation, in your own words, of the
Interest/ Shareholding, documents, administrative procedures and
Administration Procedures steps involved in acquiring a member’s interest
or shareholding. Then meet with your OE and
ask him/her to view your document, ask
questions and provide feedback. Summarise

sign it.
7 Conversion from a Company to C A written explanation, in your own words, of the

a Close Corporation (& visa documents, procedures and steps undertaken to
versa): Practical Steps convert from a close corporation to a company as
well as the reasons for such a change. Then
meet with your OE and ask him/her to view your
document, ask questions and provide feedback.
8 Internal Relationships Between C A written explanation, in your own words, of the
Members/ Shareholders documents, procedures and steps undertaken to
(including Association/ convert from a close corporation to a company as
Shareholder’s Agreement) well as the reasons for such a how the
relationships and the interests of members or
shareholders should be managed. Also what you
recommend should be included in a members’ or
shareholders’ agreement. Then meet with your
OE and ask him/her to view your document, ask
9 Client/ Stakeholder Meetings - C A copy of the agenda and minutes of an actual
Recording & Authorising of meeting of members or shareholders that you
Agenda's & Minutes have drawn up. If you have not done this yourself,
then an example with explanatory notes of the
important issues that will guide you when you are
exposed to this in the future.
10 Loans by CC/ Company to/ C In your own words, prepare to explain (i) the
from members/ directors difference between a member’s loan as well as
both an outsider loan and the member’s capital
contribution, (ii) the meaning of a ‘deemed
dividend or distribution’ and (iii) ‘subordination’ of
a member’s loan. Then meet with your OE and
ask him/her to view your document, ask questions
and provide feedback. Summarise this feedback
in a brief report and have him/her sign it.
11 Power of Members/ Directors to C In your own words, prepare to explain the powers
Bind the CC / Company of members and directors to bind the corporation.
Then meet with your OE and ask him/her to view
your document, ask questions and provide
feedback. Summarise this feedback in a brief
12 External Relationships & C In your own words, prepare to explain the powers
Fiduciary Position of Members/ of members and directors to bind the corporation.

Directors Then meet with your OE and ask him/her to view

your document, ask questions and provide
13 Personal Liability of Members/ C In your own words, prepare to explain the
Directors to CC/ Company & personal liability of members/directors. Then meet
Others with your OE and ask him/her to view your
14 Accounting Records to be C A written explanation, in your own words, of the
Maintained documents and records involved, their retention
periods and in terms of which legislation. Then
15 Annual Financial Statements, C A written explanation, in your own words, of the
IFRS, IFRS for SME, NAC 001, requirements regarding the relevant statements
Reports needed for an entity in terms of the Companies
Act and Close Corporations Act. Then meet with
your OE and ask him/her to view your document,
ask questions and provide feedback. Summarise
sign it.
16 Deregistration Procedures for C A written explanation, in your own words, of the
All Entities Listed under Point 1 procedures and steps taken to deregister a
company or CC as well as the reasons for and
legal consequences of deregistration. Then meet
with your OE and ask him/her to view your
17 Liquidation Procedures for All C A written explanation, in your own words, of the
Entities procedures and steps taken to liquidate a
company or CC as well as the reasons for and
legal consequences of liquidation. Then meet
18 Business rescue C A written explanation, in your own words, of the
procedures and steps to be taken to put an entity
into ‘business rescue’. Then meet with your OE

and ask him/her to view your document, ask

Accounting Officer/Auditor
1 Duties of the Accounting Officer/ C A written explanation, in your own words, of the
Auditor duties of each of these officials. Then meet with
sign it.
2 Removal, Resignation & Vacancy C A written explanation, in your own words, of the
of the Accounting Officer/ procedures and steps involved in the removal,
Auditor resignation and appointment of each of these
officials. Then meet with your OE and ask
him/her to view your document, ask questions
3 Rights of the Accounting Officer/ C A written explanation, in your own words, of the
Auditor procedures and steps involved in the removal,
resignation and appointment of each of these
officials. Then meet with your OE and ask
him/her to view your document, ask questions
4 Duties of the Accounting Officer/ C A written explanation, in your own words, of the
Auditor towards Registrar duties of each of these officials. Then meet with
sign it.
5 Trusts A Rights, powers A written explanation, in your own words, of the
& duties of rights, powers and duties of trustees. Then meet
trustees with your OE and ask him/her to view your
E
B Creation & A written explanation, in your own words, of the
registration procedures and steps involved in creating and
registering a trust. Then meet with your OE and
C Duties of the A written explanation, in your own words, of the

accountant duties of the accountant of a trust. Then meet
D Reporting A written explanation, in your own words, of the
requirements reporting requirements of a trust. Then meet with
sign it.
6 Clubs A Rights, powers A written explanation, in your own words, of the
& duties of rights, powers and duties of the office bearers of a
office bearers club. Then meet with your OE and ask him/her to
view your document, ask questions and provide
E
registering a club. Then meet with your OE and
accountant duties of the accountant of a club. Then meet
with your OE and ask him/her to review your
E
requirements reporting requirements of a club. Then meet with
your OE and ask him/her to review your
7 Sectional A Rights, powers A written explanation, in your own words, of the
titles & duties of rights, powers and duties of the office bearers of a
office bearers sectional title entity. Then meet with your OE and
E ask him/her to review your document, ask
feedback in a brief report and have him/her sign
it.


registering a sectional title entity. Then meet with
accountant duties of the accountant of a sectional title entity.
Then meet with your OE and ask him/her to
review your document, ask questions and provide
requirements reporting requirements of a sectional title entity.
Then meet with your OE and ask him/her to listen
to your explanations, ask questions and provide
8 Non Profit A Rights, powers A written explanation, in your own words, of the
Organisation & duties of rights, powers and duties of the office bearers of a
s (NGO's) office bearers NPO. Then meet with your OE and ask him/her to
review your document, ask questions and provide
registering a NPO. Then meet with your OE and
ask him/her to review your document, ask
E it.
accountant duties of the accountant of a NPO. Then meet
requirements reporting requirements of a NPO. Then meet with

9 Commercial A Basic law of E If you have not been exposed to this topic in
Law contracts practice, ask your OE to help you to choose any
eg. purchase & one of your practice’s clients in an industry/sector
sale, letting & of her/his choice. Imagine this is a new client and
hiring, prepare a written explanation, in your own words,
Subcontractor of the basic law of contract as it will affect this
Agreements, client’s business. Then meet with your OE and
Franchise or ask him/her to review your document, ask
Royalty questions and provide feedback. Summarise this
Agreements, feedback in a brief report and have him/her sign
etc. it.
B Companies E If you have not been exposed to this topic in
Act practice, ask your OE to help you to choose any
one of your practice’s clients in an industry/sector
of her/his choice. Imagine this is a new client and
prepare a written explanation, in your own words,
of the Companies Act of 2008 as it will affect this
client’s business. Then meet with your OE and
it.
C Close E If you have not been exposed to this topic in
Corporations practice, ask your OE to help you to choose any
Act one of your practice’s clients in an industry/sector
of the Close Corporations Act as it will affect this
client’s business. Then meet with your OE and
it.
D Administration E Unless you are personally involved I this at work
of Estates we suggest you choose another elective item.
But if you are, then provide actual evidence of
some of your own work your outputs from two
deceased or insolvent estates.
E Tender E If you have not been exposed to this topic in
procedures practice, ask your OE to help you to choose any
of how they will need to prepare before submitting

their first tender to a potential client in either the

private or public sector. Then meet with your OE
and ask him/her to review your document, ask
it.
F Property E If you have not been exposed to this topic in
transactions, practice, ask your OE to help you to choose any
mortgage & one of your practice’s clients in an industry/sector
pledges of her/his choice. Imagine this is a new client and
of these concepts as it will affect this client’s
business. Then meet with your OE and ask
him/her to review your document, ask questions
G Negotiable E If you have not been exposed to this topic in
instruments practice, ask your OE to help you to choose any
of what a negotiable instrument is and practical
examples of these including how this law will
affect their business. Then meet with your OE
and ask him/her to review your document, ask
it.
H General E
Insurance
- Longterm
Insurance Act
- Short term
Insurance Act
I FICA Act E
J National Credit E
Act
K Labour Act E If you have not been exposed to this topic in
practice, ask your OE to help you to choose any
L Occupational E
Health &
Safety Act
M Surety ship E of what this Act is and practical examples of how

N Sectional E this law will affect their business. Then meet with
Titles Act your OE and ask him/her to review your
O Trust Property E document, ask questions and provide feedback.
Control Act
P Intellectual E
Property
Copy Rights
Act
Patents Act
Designs Act
Trademarks
Act
Consumer
Protection Act
Protection of
Personal
Information Act
BEE Act
Etc.
Q Insolvency Act E
2 Corporate E Prepare a written explanation, in your own words,
0 Governance of the term Corporate Governance. Then meet

Management Accounting:
1 Management A Manufacturing If you are not exposed to this at work, (and can
reports accounts therefore include this with 1B, 1C, 1D and 1E)
then research the topic and prepare some notes.
Meet with your OE and ask him/her to give you a
E case study or practical assignment that involves
drafting all the relevant accounts that impact on
the production cost statement, cost of sales and
inventory (materials, work-in-progress and
finished goods). Discuss your answers with your
OE, summarise this feedback in a brief report
B Income
statements
C Balance sheets
D Cash flow
statements and We recommend that you include and present all
cash flow the evidence for 1B, 1C, 1D and 1E in one
planning integrated report (1A too if you can). Choose
E Consolidation of any one of your clients but preferably one that
management buys & sells products (cash & credits), holds
reports inventory, records both accruals & prepayments
and also has significant on-current assets &
liabilities. Prepare a monthly and/or quarterly
and/or half-yearly pack and report that you are
proud to present to such a client. If possible you
can also include and integrate items 3A, 3B, 3C
and 3D below in this comprehensive report.
2 Valuations A Shares, Research the topic and prepare some notes on
goodwill, valuing these three items. Meet with your OE
member interest and ask him/her to give you a case study or
actual client financial statements where you are
required to value at least two of these three.
Later discuss your answers with your OE,
summarise this feedback in a brief report and
E have him/her sign it.
3 Analysis & A Analysis of
Interpretation operation results
B Evaluation of
financial ratios

C Interpretation of This whole section (3A to 3B) could be done in

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

investments & research the topic and prepare some notes.
financing (eg. Meet with your OE and ask him/her to give you a
discounted case study or practical assignment that involves
cashflow) comparing the costs, cash flow and
scrap/residual values over a period of at least
four years for at least two projects or assets that
a company is considering investing in. Yu need
to take the effects of cost of capital, inflation,
depreciation, recoupment and tax into account
and motivate your recommendation. Use at least
two methods (e.g. NPV, IRR, discounted
payback, etc). Discuss your answers with your

and have him/her sign it. File all this as your
evidence.
4 Budgeting/ A Strategic long This whole section (4A to 4I) could be done in
Forecasting term planning one project by, for example, one or more of the
B Capex needs following listed below:
analysis (i) If you are exposed to all the actual processes
C Capital then you could include some examples of your
expenditure work outputs as your PoE evidence. For your
(Capex) OE to sign off s/he must be sure that you are
D Financing competent in all the required areas and provide
E Fixed vs. flexible E you with written confirmation fo this to
budget supplement your own evidence.
F Historical vs. (ii) If you are not exposed to the actual practical
zero based processes here, your OE could set you an
budget assignment to research these areas, followed
G Scenario by an oral examination with evidence to prove
planning your research. Note that you must then type up
H Forecasts of a report of this oral exam and get your OE to
future results sign your report.
I Financial advice (iii) Your OE could run a practical training
taking economic session and then give you an assignment on all
events into of these topics. The OE need to assess this
consideration assignment and give you feedback. You must
then type up a report of this assessment and
(iv) Included in the above examples, remember
to cover more than just one example of a
supplier monthly reconciliation. This is so you
can include all the principles involved in 4A to 4I
in your PoE.
5 Costing A Absorption If you are not exposed to this at work, then briefly
Methods & costing (direct explain this costing method and how and when it
Product vs. indirect would be used. Link this explanation to your
Costs costs) evidence for 1A (a manufacturing or production
cost statement above). Contrast how inventory

and cost of sales are valued here compared to

when marginal costing (5B) is used and which
method is acceptable when using IFRS. Then
E evidence and give you feedback. Summarise
sign it. File all this as your evidence.
B Marginal costing If you are not exposed to this at work, then briefly
& break-even explain this costing method and how and when it
analysis would be used and how we calculate breakeven
(variable vs. and other CVP concepts. Compare this method
fixed costs) to absorption costing above. Then contrast how
inventory and cost of sales are valued here
compared to when absorption costing is used
and which method is acceptable when using
IFRS. Then meet with your OE and ask him/her
to view your evidence and give you feedback.
have him/her sign it. File all this as your
evidence.
C Standard If you are not exposed to this at work, then
costing research the topic and prepare some notes on
standard costing. Meet with your OE and ask
him/her to give you a case study or suggest an
actual client’s financials where you are required
to calculate some standard costs for some of
their products/services. Alternatively, ask your
OE to select a practical assignment for you to do
that involves calculating and reconciling price
and efficiency variances for materials, labour and
manufacturing overheads. Discuss your answers
with your OE, summarise this feedback in a brief
D Activity based If you are not exposed to this at work, then
ABC costing. Meet with your OE and ask
him/her to give you a case study or suggest an
actual client’s financials where you are required
to analyse the costs, highlight the cost drivers for
various activities and suggest ways of allocating
their overheads using ABC. Alternatively, ask
your OE to select a practical assignment for you
to do that involves using ABC. Discuss your
answers with your OE, summarise this feedback


E Contract If you are not exposed to this at work, then
accounting research the topic and prepare some notes on
contract accounting. Meet with your OE and ask
him/her to give you a case study or practical
assignment from the practice library for you to do
that involves drafting all the relevant contract
accounting, valuing work-in –progress and final
profit or interim profit at year-end. Discuss your
F Process costing If you are not exposed to this at work, then
research the topic and prepare some notes on
process costing. Meet with your OE and ask
that involves process costing. Discuss your
G Joint product If you are not exposed to this at work, then
joint product costing. Meet with your OE and ask
that involves joint product costing. Discuss your
6 Basic Principles of Project E If you are not exposed to this at work, then
Management research the topic and prepare some notes on
project management. Meet with your OE and
ask him/her to give you a project to manage.
The project could be as simples as co-ordinating
the planned training activities for all the staff for
six months, planning and hosting the annual staff
function or project managing a breakfast function
to brief clients on new legislation that will impact
their business for examples. Draft a report when
you are finished. Discuss this with your OE,
7 Foreign Currency Cover E
8 Foreign Currency Transactions E
If you are not exposed to this at work, then
research the topic and prepare some notes on

foreign currency cover and transactions. Meet

with your OE and discuss. Then ask him/her to
give you a case study to apply your knowledge in
practice. Discuss your answers with your OE,
9 Inventory Valuation (FIFO/ LIFO, E This could just involve integrating all your related
Average Weighted Cost) evidence already assembled in the Financial
Accounting section and some of the other
Management Accounting items above. Make
sure that you incorporate a clear understanding
of the different valuation methods and how the
applicable accounting framework and tax
legislation applies to each of them.
1 Insurance review E Example and or summary of understanding and
0 or examples
Practice Management:
1 Pre- A Engagement C Example of letter
engagement letter
procedures B “Know-your- C Copy of sample procedure
client” procedures
C Client risk C Understanding of concept and examples
profiling
D Planning C Copy of memorandum
Memorandum
2 Clients / Files A Client mix/ E This could also be covered in the above
sustainability business plan or else in a separate marketing
plan.
B Filing – working E This could be a checklist or flowchart of what
papers the practice actually does when taking on a
new client. It can either be the actual process
control used by the practice or can be drawn

up by you for the practice. The evidence
should also include a sample client take-on
form which again could be the actual one
used by the practice or one designed by you
for the practice.
C Procedures of C This could be a listing or flowchart of what the
appointment & practice actually does when engaging with a
engagement new client. It can either be the actual
letters procedure used by the practice or can be
drawn up by you for the practice. The
evidence should also include a sample
engagement/appointment letters which again
could be the actual one used by the practice
or one designed by you for the practice.
D Resignation C This could be a listing or flowchart of what the
Procedures practice actually does when resigning from a
client. It can either be the actual procedure
used by the practice or can be drawn up by
you for the practice. The evidence should
also include a sample resignation letter which
again could be the actual one used by the
practice or one designed by you for the
practice.
E Client liaison E This could include a copy of the
communication policy of the practice.
Alternatively you could explain the following to
your OE and summarise his/her feedback in a
brief report (how the firm communicates with
clients, how frequently the firm communicate
with clients, what happens when things go
wrong, etc). Try to include actual copies of
your own correspondence with some clients in
your evidence.
F Secretarial C Examples
records review
G Advice & E Either use an actual example from your
participation in practice or take a simple example of a retail
information store. Note what points you would highlight to
technology a client which they would need to consider
systems when purchasing a new IT system. Discuss
this with your OE, summarise his/her
feedback in a brief report and have him/her
sign it.

3 Business A Statutory C This whole section (3A to 3F and 2A) could

Plan registrations be done as one integrated project
B Selecting a C
location If you are exposed to business plans in your
C First year's cash C practice then you could just choose one of
flow projection & the plans that you have previously done for a
break even client. Ensure that it covers all the areas in
analysis 3A to 3F and 2A.
D Practice Vision & C
Mission If you are not exposed to business plans in
E Professional C the practice then you first need to be
Indemnity exposed to both the theory and practice in
Insurance any one of the following three ways:
F Target market & C
marketing 1. Do research using the web or another
method.
2. Attend a seminar or course on business
plans.
3. Your OE could conduct formal or informal
training within the practice.
Once you have completed one of the above,

you could write a business plan for a
hypothetical accounting practice which would
include and integrate the elements 3A to 3F
and 2A.
After presenting this integrated business plan

to your OE s/he would need to work through
this plan and give you feedback. You must
then summarise this feedback and any
corrections you needed to make in a brief
report and your OE needs to sign it.
File your plan and the feedback report as your
evidence for 3A to 3F and 2A.
4 Office Admin A Preservation, C Do research and draft a table listing each type
& Processes safekeeping & of record and for how many years it should be
maintenance of kept. Also highlight in terms of which
records legislation this is ecessary. Discuss with your
B Information C Explain which software programs your

system strategy practice uses or alternatively what type of
(Implement & programs you would need to acquire if you
manage) had your own practice. Why and how would
you implement and manage these in the
practice. Discuss with your OE, summarise
this feedback in a brief report and have
him/her sign it.
C Calculation of C Either report on how your practice calculates
fees clients fees or present a practical example of
how you would calculate your own fees in
terms of the services that you would offer in
your own practice in the future. Discuss with
your OE, summarise this feedback in a brief
D Monitoring of fees C Either report on how your practice monitors
& time records fees and time records, or present a practical
example of how you would do this in your own
practice in the future. Discuss with your OE,
E Debt C Summarise your practice’s debt policy or
management mention at least five things that you would
include in a debt policy. Discuss with your OE,
F Risk & liability C Explain what you understand by Risk and
Liability in general and also in an accounting
practise. Ask your OE to highlight two
particular current risks in your practice and
then do a risk analysis on them. Discuss with
your OE, summarise this feedback in a brief
G Internal/ external E Obtain a copy of your practice’s
correspondence communications policy and highlight where it
procedures is being implemented correctly by staff and
where not. It the practice do not have a policy
discuss with your OE for advice and draft your
own proposed communication policy for
him/her to approve for the practice.
H Internal Minutes, E Preferably combine 3G, 3H and 3I as one
agendas & project and ensure that your policy also

management incorporates correspondence procedures and

reports then include some examples from your own
correspondence. Discuss with your OE,
I Conduct internal E Preferably combine 3G, 3H and 3I as one
meetings, project and ensure that your policy also
resolutions, incorporates procedures for conflict resolution
manage conflict procedures and then include some examples
from your own experience in conflict
management at work. Discuss with your OE,
5 Professional A Registration C Understand requirements
Development Procedures
B Knowlegde of C Available on website – have a good
Institute’s by-laws understanding
C Knowlegde of E Explain what you understand by this behavior.
Institute’s Rules Also summarise what CFA expects of you in
of Professional this regard. Meet with your OE and ask
Conduct him/her to listen to your explanations and
examples, ask you questions and provide
D CPD C Explain your own understanding of what CFA
requirements CPD comprises and what is expected of a
CFA Namibia. What are the consequences of
non-compliance? What are some of the most
cost effective actions you will implement for
yourself to ensure compliance once you have
qualified as a CFA?
E Staff training & C Ask your OE for your company’s training
development plan/schedule/matrix for the current year for
all their trainees. Alternatively ask your OE
for his/her input and draft a complete one year
training plan that the practice could use for a
new CFA trainee in their first, second or third
year at this practice. Discuss with your OE,
6 Human A Appropriate & E Draw up a checklist of all the relevant policies
Resources relevant HR and procedures that should be included in a
policies &/ HR Policies and Procedures Manual in the
practices case of a small accounting practice. Also

design your own Induction Policy, Disciplinary

Policy and at least one other policy that you
have not already included in any other
component of the Practice Management
above or below. Discuss with your OE,
B Employment C Take your own contract of employment and

contracts aligned highlight all the important information in it that
to the Basic complies with the BCOE Act. List any of your
Conditions of own conditions that are better than the
Employment Act minimum. Are there any conditions that
conflict with the minimum? Now imagine that
you are in a practice on your own and draft
hypothetical letters of appoint on your
letterhead for (a) a new bookkeeper on the
permanent staff (b) a new CFA(Nam) trainee
and (c) a new cleaner. Discuss with your
Principal and summarise the feedback in a
brief report and have him/her sign it.
C Payroll systems & C Imagine you are running your own practice
maintenance of with at least some staff who receive fringe
personnel records benefits. Explain what systems you would use
and what records you would maintain. What
software program would you purchase and
why this one? Discuss with your OE,
D Staff appraisals & E Describe how your practice’s performance
reviews appraisal or review system works. Attach a
copy of the policy and the relevant forms and
a copy of your own most recent appraisal or
review. If there is no policy in place, design
one of your own for a hypothetical practice,
including step-by-step procedures and any
relevant forms. Discuss with your OE,

Attachment 3: Scope of assessment
Associated Assessment Criteria for relevant subjects:
Professional Skills
The qualifying Trainee Accountant will be able to:
• use the skills as a mechanism to put forward (and receive feedback on) their abilities
to demonstrate the required professional skill capabilities in terms of the training

model.
• It is self evaluation by the trainee that is then reviewed and independently rated by
the trainee’s Reviewer – the person in the best position to offer an opinion on the
trainee’s ability to demonstrate the relevant skill.
• The initiation of the document remains the sole responsibility of the trainee.
Financial Accounting (International Accounting Standards or an
appropriate framework)
• Prepare, understand and interpret financial statements for a sole proprietor, partnership,
company, Close Corporation, associations not for gain and clubs, sectional titles,
schools, trusts, estates and other entities. This may include the preparation of
consolidation and interim reports.
• Prepare basic accounting records including cashbook and bank reconciliations, petty
cash, inventory and control accounts, journals, ledgers, trial balance, the writing up of the

books and the maintenance of fixed asset registers. Accounting systems will be carried
out using an appropriate computerized system.
• Issue an appropriate report in terms of applicable legislation or relevant client

engagement and must be aware of the risk of error made if such financials are issued.
• All of the above must be demonstrated, in compliance with IFRS for SME’s and Micro
GAAP standards and NAC001.
Internal Control & Auditing
• Plan and prepare for reviews or internal/external audits including the preparation of notes,
procedures and system documents, authorities, audit reports, letters and statistical
summaries.
• Conduct tests of controls and verifications including vouching, systems, solvency and
liquidity, compliance procedures, analytical reviews and control objective testing. The
Trainee Accountant must demonstrate the ability to conduct financial statement reviews
and comply with statutory requirements as applicable to the engagement and relevant
legislation.
• Report on findings regarding system weaknesses. Provide a representation letter, a

management letter and an audit report as authorized by legislation.
Taxation

• Register tax payers for VAT, maintain VAT records, complete VAT returns, calculate
penalties and interest, conduct VAT reconciliations, de-register from VAT and assist a
client with a VAT audit from the ROR.
• Register natural and legal persons for income tax. Administer and complete all
appropriate income tax returns.
• Registration for PAYE, maintain records, complete paye/site returns, calculate penalties
and interest, conduct paye/site reconciliations, de-register from paye/site and assist a
client with a paye/site audit from ROR.
• Register an entity for levies, complete returns and de-register from levies.
• Identify differences in review of assessments and lodge objections and appeals.
• Calculate taxable income, net remuneration, withholding tax and dividends, deferred tax,
fringe benefits and other taxes as applicable.
• Plan, conduct and report on efficient tax within the restraints of the relevant income tax
legislation.
Commercial Law
• Conduct secretarial duties in establishing, maintaining and termination of Close

Corporations.
• Perform the duties of an Accounting Officer in terms of the CC act and must be able to
demonstrate this knowledge to the general public in interviews.
• Identify and advise members of a CC and other members of the general public on issues
of personal liability in terms of relevant legislation.

• Identify basic principles of commercial law as applicable to the various entities such as
law of contracts, insurance, credit agreements, etc.
• Advise entities on their reporting and compliance duties in terms of relevant legislation.
Management Accounting
• Produce sets of management reports including a balance sheet and an income statement
and report on valuations, cash flow, ratio analysis and management of costs and
overheads.
• Develop and prepare a budget, forecast income and expenditure, conduct scenario
planning and control a budget.
• Set standards rates and quantities.
• Use a budget to adapt to needs.
• Conduct a variance analysis and prepare a department’s operating statements
• Monitor and maintain the organizational policies relating to budgets and standards.
• Advise on costs of capital, finance, product and inventory. This will include cost volume
profit analysis and break even analysis.
Practice Management
• Manage an accounting practice through planning, implementing and contracting.
• Manage their risk and liability in the practice by maintaining working papers in sufficient
detail.


ATC Guide 2013 Final 2 PDF

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Namibia Institute of Professional Accountants

Guide for Accredited Training Centres

Chapter 1: Partners in learning

Chapter 2: The Training contract path

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

Chapter 4: Other key roles and responsibilities

Chapter 5: Managing the training process

Chapter 6: Training requirements

Chapter 7: Monitoring site visits

Chapter 8: Trainee Accountant assessments

Chapter 9: Interruptions to the training

Chapter 10: Recognition of Prior Learning

Chapter 11: Closure of the Training contract

Chapter 12: Career guiding the Trainee Accountant

Chapter 13: Implementation

Section 2: Additional information

Attachment 2: Sample of Logbook and associated evidence

Attachment 3: Associated Assessment Criteria for relevant subjects

Page 2 of 100 of Guide

Page 3 of 100 of Guide

Chapter 1: Partners in learning

The Namibia Institute of Professional Accountants is a professional body representing

Page 4 of 100 of Guide

We are committed to:

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

• Ethics – We are principled, fair, just.

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

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

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

Page 5 of 100 of Guide

Page 6 of 100 of Guide

Chapter 2: The training contract path

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Chapter 3: The role of the Accredited Training Centre

• The ATC must be a member of the Institute:

• The ATC must comply with legislation:

• The ATC must provide practical exposure:

Page 8 of 100 of Guide

Suspension and termination of an ATC

Page 9 of 100 of Guide

Chapter 4: Other key roles and responsibilities

• THE TRAINEE ACCOUNTANT

Page 10 of 100 of Guide

correct reflection of the actual time spent by the Trainee Accountant

• THE PRINCIPAL/TRAINING OFFICER

Page 11 of 100 of Guide

assessment and that there is an appropriate space available

• THE MONITORING OFFICER

Page 12 of 100 of Guide

• THE INSTITUTE: NIPA

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

Chapter 5: Managing the training process.

Effective management of the Training contract requires accurate record-keeping and

Page 13 of 100 of Guide

The Portfolio of Evidence (POE)

Chapter 6: Training requirements

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o Complet1e the Logbook

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o Completing the Core Criterion

o Completing Elective Criterion

• Trainee Accountants are largely responsible for suitably pacing themselves