REFERENCES
REFERENCES
ABEL (2003). Candidate Handbook. Professional Accounting School and Professional
Competence Examination 2 2003 Programme.
Asian Development Bank (2000). Diagnostic study of Accounting and Auditing. Financial
Management and Governance Issues in People’s Republic of China. ADB.
Asian Development Bank (2002). Diagnostic study of Accounting and Auditing. Financial
Management and Governance Issues in Philippines. ADB.
Asian Development Bank (2003). Diagnostic study of Accounting and Auditing. Financial
Management and Governance Issues in Indonesia. ADB.
Birkett, W.P. (1993). Competency based Standards for professional Accountants in Australia
and New Zealand. Discussion Paper. August.
Cappelletto, G. (2002). “Achieving Broad Competencies with 5000 Students. Can
Technology Assist?” Paper presented at the XVI World Congress of Accountants, Hong
Kong, November, 2002. Institute of Chartered Accountants in Australia.
CICA (2003). The CA Candiadtes’ Competency map: Understanding the professional
Competencies of CAs. Issued 2003.
Cotton, W.D.J., Rainsbury, E. and Scott, G. (2002). Competency Based Professional
Accounting Certification in New Zealand. AAA Conference.
Cox, G. (1998). “New Programme Launched”. Chartered Accountants Journal. February,
pp.4-8
Gray,S.J. (1988). "Towards a theory of cultural influence on the development of accounting
systems internationally", Abacus, March.
Hofstede, G. (1980). Culture's Consequences: International Differences in Work-related
Values. Sage publications.
Hostede, G. (1984). "Cultural dimensions in management and planning", Asia Pacific Journal
of Management, January.
ICAA (2004) The CA Program
IFAC (2003). International Education Paper 2. Towards Competent professional
Accountants. April.
Maltby, H. (1998). “Work Experience Requirement- An Update”. Chartered Accountants
Journal. February, pp.9-10.
Prangnell, H. (1999). “Ethics are the Heart of PCE 1”. Chartered Accountants Journal.
September, pp. 18-20.
61
REFERENCES
Pratt, M.J. and Davey, H.B. (1996). Certification of professional Competence for Admission
to the College of Chartered Accountants of the New Zealand Society of Accountants. A
Report for the New Zealand Society of Accountants. May.
Rainsbury, E., Reid, T. and Mackay, L. (1994). “Admissions Policy: New Approach Needed”.
Chartered Accountants Journal. October, pp.25-28.
Rainsbury, E. Weil, S. and Oyelere, P. (2002). “The Efficacy of Professional Education
programme in Developing Competencies: A Critical Assessment of the PAS
Programme of the Institute of Chartered Accountants of New Zealand”. Pacific
Accounting Review, 14(2), 97-133.
Reid, T., Rainsbury, E. and Mackay, L. (1995). “Professional Practice: Crucial Component”.
Chartered Accountants Journal. November, pp.60-62.
Shoenthal, E. (1989). "Classification of accounting systems using comptencies as a
discriminatory variable. A Great Britain- United States study", Journal of Business
Finance and Accounting, Autumn.
Weil. S., Oyelere, P. and Rainsbury, E. (2004). “The usefulness of case studies in developing
core competencies in a professional accounting programme: a New Zealand study”.
Accounting Education: Special Issue. June.
62
APPENDIX 1
APPENDIX 1
Education of Professional Accountants: Role of selected stakeholder groups: A comparison
Requirement Academic
Professional Body
Government/ Regulator
Public
Institutions
(SRO)
Accounting
firms/
Country
corporations/
employers
Australia
Universities offer
ICAA and CPA(A) Self regulation
Mentored
accounting
practical
programmes that
experience
are accredited
Bangladesh More than 20
ICAB and ICMAB Ministry of Commerce
Provide
public and private
controls the functions of
practical
universities offer
ICAB and ICMAB.
experience to
accounting
would be
programmes.
professional
accountants.
Canada
CICA
Canadian
The Canadian CA
Self regulation
Approved
universities offer a profession is
training offices
variety of business regulated by 10
of public
& accounting
provincial and 2
accounting
degrees &
territorial institutes
firms offer
diplomas both at
experience,
the undergraduate
supervision
and post graduate
and
level, Some are
mentorship for
accredited by
potential CA
provincial
candidates.
Institutes. Others
There is no
are encouraged to
approved
comply with
training
Institute Guidelines
outside public
which outline the
practice.
essentials of
competency based
education
Hong Kong Recognised
HKSA regulates
Close liaison between Provide
universities and
the accountancy
the HKSA and the
relevant
conversion and
profession and
relevant Government
practical
foundation
licenses the
departments and
experience for
programme
individuals who
regulators in
prospective
providers offer
conducts statutory
regulating the
accountants.
programmes
audit (CPA) and
accountancy sector
Individuals
accredited by
those who are
and representing the
also serve as
HKSA. Through
called ‘professional
profession. The
workshop
the accreditation
accountants’,
HKSA Council has
facilitators,
process, HKSA
designated
two ex-officio
examiners,
works closely with AHKSA, FHKSA,
members from the
assessors and
these providers to
under the
HKSAR Government, other key roles
63
APPENDIX 1
align their curricula
with the prescribed
pre-entry
competencies.
Malaysia
7 recognised
universities
offering accounting
degree
(Accountants’ Act
1967).
These universities
work closely with
MIA and other
professional bodies
to align curriculum
with requirements
of professional
accountancy
programmes.
New
Zealand
Tertiary
educational
Institutions offer
programmes
accredited by
ICANZ
Universities offer
accounting
programmes but
not up to date or
inadequate for
profession’s needs
Universities
programmes not
streamlined
Pakistan
Philippines
Professional
Accountants
Ordinance, Chapter
50, Laws of Hong
Kong.
ACCA, CIMA,
CPA(A), MICPA
and other Institutes
of Chartered
Accountants,
namely Australia,
England and Wales,
Ireland, Scotland,
Canada, India and
NZ
 provide
professional
education
programme,
examination
and CPE.
 Represent
members
interest
 Implement
Code of
Professional
Ethics
namely the
Representative of the
Financial Secretary
and the Director of
Accounting Services
 Ministry of
Finance
responsible for
licensing of
practising
accountants in
consultation with
MIA
 MIA regulates the
accountancy
profession and
represent
members’interest
and implement
MIA By law on
professional
Conduct and
Ethics. Provides
CPE for its
members.
 Ministry of
Education in
consultation with
MIA regulates the
accounting
programmes in
Universities.
Support initiatives by
ICANZ
in the HKSA
Qualification
Programme.
ICAP and ICMAP
Increasingly more
involved
Provide work
experience
PICPA, GACPA,
ACPACI, ACPAE,
NFJPIA, IIA,
AGIA
Professional Accounting
Regulatory Board (BOA);
Commission on Higher
Education (CHED)
Lack
employers
support for
practical work
experience.
ICANZ regulates
the accounting
profession
64
Provide
practical
experience for
aspiring
accountants
under a
mentoring
programme.
Key players in
the PCP
APPENDIX 2
APPENDIX 2
Education of Professional Accountants: A comparison
Requirement Academic
Examinati Competency
Work
Continuing Professional
on
assessment
experience Education/Development
Country
International Recognised
university
degree
program
(IFAC, IES
2, Para.13.
Yes. A
significant
portion of
responses
must be
written
(IFAC,
IES 6 ,
Para. 12.
A formal
assessment of
capabilities &
competence
before
admission as
a professional
accountant.
(IFAC, IES, 6
para.11)
Effective 1
January 2005.
Minimum
of 3 years.
(IFAC,
IES 5,
para.11.
Annual minimum of 30
hours or 90 hours over
each 3 year period of
structured learning
activities. (IFAC,
ISAR). IES 7 on this is
expected.(IFAC, 2003,
Introduction to IES,
para. 35).
Yes
Yes
yes
yes
In progress
In progress
yes
yes
yes
yes
Yes
Yes
Yes
yes
As yet to
commence
Yes
yes
Yes
yes
Yes
Yes
Yes
CGA
Yes
yes
China
In progress
In
progress
To commence Yes
in 2004
All CGA
yes
Examination
questions are
designed to a
level of
competence
Not as yet
In
progress
Yes
yes
In place
yes
yes
Yes
Yes
Yes
yes
Yes
Yes
yes
yes
yes
yes
Yet to
commence
Not as yet
In progress
Not for
graduates
admitted
directly and
those passing
the QE.
yes
yes
yes
Yes
yes
yes
yes
yes
Australia
ICAA
CPA(A)
Bangladesh
ICAB
ICMAB
Canada
CICA
Fiji*
France*
Hong Kong
India
ICAI
ICWAI
Japan
Korea
Malaysia
Mongolia*
65
yes
In progress
APPENDIX 2
Nepal*
New
Zealand
Pakistan
Philippines
Yes
yes
Yes
In process
yes
Yes,
multiple
choice
questions
Samoa*
Solomon
Islands*
Sri Lanka
Yes
yes
Thailand
Yes
yes
UK
ACCA
Yes
yes
* no response to questionnaire.
Yes, since
1998
Not as yet
Not as yet
yes
yes
yes
None,
although
efforts are
being
made to
introduce
compulsor
y practical
experience
for
auditors.
yes
None. Senate
suspended the CPE
requirement in 1999 on
the basis that it
infringed constitutional
rights.
Not as yet
Not as yet
yes
yes
yes
yes
yes
yes
yes
66
APPENDIX 3
APPENDIX 3
No. Country/body F’work
integrated
1.
2
3
4
5
6
7
8
9
Australia/
CPA
YES
ICAA
Yes
Moving
To IES 2
&5
Yes
Bangladesh/
ICAB
Yes
Yes
CAPA member bodies responses: Competency approach
IEP2 Key
steps
stakeh comments
impediment
olders
Yes Geographic diversity
Distance Mentoring
Yes
None
Program
Yes
None
N/A
Depe
nds
None
Yes
Several
Identified
Competency road map
Capacity buildup
Yes
Concerted efforts
Capacity building
Yes
Concerted efforts
Getting the support of the
academic and employer
communities
None
Several identified
ongoing
Yes
website
Ongoing validation
Capacity building
Yes
Yes
For full list refer to website
Need CAPA
contribution
ICMAB
Canada
CICA
Yes
Yes
Yes
CGA
China
Yes
No
Yes
Yes
Yes
Yes
Fiji*
France*
Hong Kong
AAT
HKSA
Yes
Yes
Yes
Yes
Yes
Yes
Identification
Understanding concept and
getting support of stakeholders
consultation
Active discussion
with stakeholders
Yes
Yes
Involvement of st’holders
None
India
ICAI
Yes
Yes
Yes
Ongoing
Yes
None
ICWAI
Yes
Yes
Yes
Large number of students,
geographic diversity, subjective
assessment
Deficiency
Yes
None
Japan/JICPA
Yes
Yes
Yes
None
Determining
competence
nOne
Yes
None
67
APPENDIX 3
10
Korea
11
Malaysia/
MIA
MICPA*
Mongolia*
Nepal*
New
Zealand*
Pakistan/
ICAP
ICMAP
12
13
14
15
16
Philippines
17
18
Samoa*
Solomon
Islands*
Sri Lanka
AAT
Thailand*
UK
ACCA
19
20
21
No
Plans to
Yes
Need support of mof
Convincing
stakeholders
Greater involvement
of MIA
Yes
none
Training regulations
being revised
Identification of competencies
Evaluation of current
programme
effectiveness
Monitoring at academic level and Academic community
work experience
adoption;
CPE implemented
Yes
Revised guidelines by 1/1/2005
Yes
Competency guidelines required
Yes
none
Understanding
None as yet
Yes
Urgent need at technician level
Defining competencies
appropriate in the jurisdictions
where ACCA students work
Reliant on certification by
students’ manager/supervisor –
needs to be professionally
qualified accountant.
Regular reviews of its
professional syllabus;
Relevance and scope
of competencies
required;
Internal systems need
ed to evaluate workbased competence.
Yes
Require a broad stakeholder
consultation to facilitate
development of a robust and
inclusive solution.
Coordination difficulty
No
Plan to
Yes
Yes
N/a
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
SMP’S organisational inability
* no response
68
APPENDIX 4a
PLEASE NOTE: Some amendments have
been made to this paper in order to
update information to reflect current
conditions - September 2004.
1. The CA Program
The CA Program is the formal educational
requirement for membership of the ICAA. The ICAA is the only Australian professional
accounting body recognised by the major accounting bodies worldwide. Once you have
successfully completed the CA Program, you are on your way to becoming a CA.
The CA Program is also recognised as a Graduate Diploma (ICAA) by higher education
authorities in Australia. Successful completion of the CA Program and the subsequent
awarding of a Grad Dip (ICAA) provides you with substantial exemptions into many of
Australia’s Masters Programs. Further information can be found at www.icaa.org.au >
Become a CA.
Becoming a CA opens a myriad of doors both domestically and internationally. The CA
designation is your passport to a wide range of career opportunities in any area of business.
The CA Program is renowned for its technical depth and rigour, with a focus on developing
the attributes that are required by future business leaders. The international recognition that is
so highly valued by current CAs will also be yours once you are admitted to membership of
the ICAA.
1.1 What are the objectives of the CA Program?
The objectives of the CA Program are to equip future CAs with the ten key attributes that are
required of a Chartered Accountant. CAs must be:










informed about latest international, disciplinary and business knowledge
innovative problem solvers
forward-thinking change managers
technology-literate
collaborative team workers
capable communicators of shared understandings
service-oriented
ethical
professional
reflective about their knowledge, skills and values.
The assessment weightings in Table 1 reflect the relative importance of the above attributes.
For example, simply knowing today’s current standards and regulations is not sufficient; you
will need to know how to apply them in a specific context (i.e. to problem-solve) and to be
aware of any proposed future changes (i.e. forward-thinking).
69
APPENDIX 4a
Table 1: Contribution by module to program
CA ATTRIBUTE
CA PROGRAM OBJECTIVE
Knowledge
Informed
Skills
Innovative
problem
solvers
Values
Forwardthinking
change
managers
Technologyliterate
Collaborative
team workers
Capable
communicators
Serviceoriented,
ethical
professionals
Reflective
learners and
practitioners
CA Foundations
10%
40%
5%
10%
10%
10%
10%
5%
Financial Reporting &
Assurance
20%
35%
10%
5%
10%
5%
10%
5%
Taxation & Financial
Reporting
20%
35%
10%
5%
10%
5%
10%
5%
20%
35%
10%
5%
10%
5%
10%
5%
CA Integrative
10%
30%
20%
5%
10%
10%
10%
5%
Average contribution
16%
35%
11%
6%
10%
7%
10%
5%
CA
MODULE Strategic Business
Management
70
1.2 What content is covered in the CA Program?
The CA Program comprises five modules, as illustrated below:
The CA Program is designed to emphasise an applied rather than a superficial approach to
learning. Throughout the CA Program, there will be opportunities for you to reflect on and apply
your knowledge to learning and assessable activities.
Each assessment task in the CA Program meets multiple learning objectives and is aligned with
the objectives of the CA Program. Specifically:



16% of the overall CA Program develops and assesses knowledge.
69% develops and assesses skills.
15% develops and assesses values.
It is the focus on applying knowledge rather than merely acquiring it that differentiates the CA
Program from most other postgraduate programs.
We have provided brief descriptions of the key content areas each module covers below. More
information is available from the ICAA website at: Become a CA > CA Program >About the CA
Program > Module Information.
CA Foundations (CAF)
CA Foundations is a prerequisite for all subsequent modules.
It will provide you with core business knowledge and help you to develop the skills and values
you will use during your CA Program studies and throughout your entire career. You will find
these skills and values encapsulated in the objectives of the CA Program.
As the name implies, CA Foundations is the foundation module of the CA Program. This module
incorporates the business environment, business strategy, ethics, the Code of Professional
Conduct and other fundamental concepts, and applies them to a variety of situations. You will
also be asked to apply concepts in your workplace. The three technical modules that follow all
build on CA Foundations by further developing the attributes that constitute the objectives of the
CA Program within a specific disciplinary context.
CA Foundations is the first post-tertiary education
subject I have been engaged with that actually
highlights that a commonsense approach will get you
results.
Simon Hardman, CA Program candidate
Financial Reporting & Assurance (FRA)
The Financial Reporting & Assurance (FRA) module incorporates the preparation and
presentation of high quality credible financial information, performing and reporting on audit and
other assurance service engagements, and the practical integration of these functions.
Financial Reporting & Assurance has two components:


financial accounting and external reporting
audit and other assurance and audit related engagements.
Taxation & Financial Reporting (TFR)
The Taxation & Financial Reporting (TFR) module incorporates the study of key taxation areas
such as assessable income and expenses, taxation of capital transactions, taxation of different
entities, and consideration of different taxation regimes such as fringe benefits tax and goods and
services tax.
It also integrates and incorporates key financial reporting areas such as tax effect accounting,
inventory, leases, non-current assets, depreciation and accounting for GST.
An integrative approach between the areas of taxation and financial reporting is taken where
possible.
Strategic Business Management (SBM)
Strategic Business Management provides the opportunity for both understanding and experiencing
comprehensive business strategy, which is essential to the success of an organisation.
It is about learning where CAs typically fit within a strategic business management framework,
and focuses upon key areas of management accounting and financial risk.
The first unit discusses organisational strategy, building on the concepts introduced in CA
Foundations, whilst the other three units focus on the control and evaluation of strategy through
operational and investment decision tools; corporate finance, risk management; and performance
reporting.
CA Integrative (CAI)
The CA Integrative module is based on a major case study and is designed to simulate work
situations that Chartered Accountants are likely to encounter. It is structured differently from the
prerequisite modules because it is driven, in the main, by the need to integrate and enhance the
knowledge, skills and values already learned in the prerequisite modules and in work experience.
72
CAI will extend your ability to think laterally across issues and situations and advise a client on
their entire situation, rather than concentrate on the technical issues of just one discipline.
In the working environment, CAs are required to be aware of changes taking place but are not
required to be an expert in all fields. This module takes the same approach. You will need to
know of the major recent changes that have taken place, for example, in legislation, regulations
and ICAA pronouncements. The main objective of CA Integrative is to develop your competence
in integrating knowledge, skills and values to deliver sound professional judgements within the
business context. On completion of this module, you will become eligible for the Graduate
Diploma (ICAA) and are eligible to apply for membership with the ICAA.
1.3 What are competencies and learning outcomes and why are
they used?
To demonstrate professional competence as a CA you must use your knowledge, skills and
values.
It is not enough to know an Accounting Standard for instance; you must also be able to apply it
ethically! The CA Program utilises four levels of competency to develop your professional
competence. These competency levels are identified and described in the table below, and are
linked to your assessment, the module and the CA Program objectives. Understanding
competency levels will help you plan your studies. Each activity in the CLP displays a
competency level and estimated time to complete. This is done to assist you in understanding the
level of knowledge, skills and values required to successfully complete the question. Of course,
the time to complete each question is indicative only and will depend on a number of things,
including how familiar with the topic you are already.
Table 2: Competency levels
Competency
level
1
2
3
4
Description
Learning outcomes
Awareness of relevant issues and
techniques.
Comprehension of relevant issues
and techniques with limited practical
application.
Application of concepts and
techniques to routine situations.
Proficiency in applying concepts and
techniques beyond routine
situations.
Listing, identifying or solving very
simple problems.
Describing, summarising, reporting or
solving simple problems.
Analysing, explaining, distinguishing
or solving routine problems.
Formulating, judging, predicting or
solving complex problems from
unseen contexts.
In each module outline, you will find a table detailing the learning outcomes for that module.
The table has two columns containing numbers in each. The first column indicates the
competency level assumed for candidates enrolling in the module. The second column indicates
the competency level that candidates who successfully complete the module will have achieved.
Module outlines can be accessed via myCA. Additionally, the specific learning outcomes for each
unit of each module are detailed at the beginning of each unit.
73
You should note that assessment items require you to apply concepts and techniques – not merely
to memorise responses to standard questions.
1.4 How should I best begin my studies?
Below are a few suggestions to help you get started in the CA Program:







Read this guide and use it as a reference in your studies.
Log on and check myCA regularly to ensure that you read all notices and communications.
myCA is the ICAA’s primary communication portal with candidates. It is your
responsibility to ensure that you regularly log on and read any announcements (see section
2.2 under ‘Electronic resources’ for further information).
Note the dates for the extension project, focus sessions and the examination.
Familiarise yourself with the requirements of the extension project for the module in
which you are enrolled.
Prepare and implement your study plan (see section 2.1 under ‘Develop a study plan’ for
further information).
Check that you will be able to access to the online learning programs required for each
module.
Familiarise yourself with the various learning resources and be sure to download any
website material that you may need, for example, from www.aasb.com.au or
www.ato.gov.au
All CA Program modules require you to undertake learning activities that may not be specifically
addressed in focus sessions, however, other avenues for feedback exist. Be aware that failure to
undertake these learning activities may adversely affect your assessment in focus sessions and the
examination, both of which require application, not memorisation.
Do not delay. Start today!
74