Competency Standard
F1: Accountant in Business

Introduction

The Accountant in Business syllabus acts as an introduction to business structure and purpose, and to accountancy as a central business function. The syllabus commences with an examination of the structure and governance of businesses, briefly introducing ethics. It then looks at business in the context of its environment, including economic, legal, and regulatory influences on such aspects as governance, employment, health and safety, data protection and security. From there, it focuses on accounting, how it originated, how it is organized, its critical importance in business planning and control, and how it affects other business functions.

The syllabus then introduces students to the accounting profession and to certain aspects of the regulatory framework as they affect accounting, auditing and governance. The syllabus also covers accounting, auditing, and internal control as specific business functions and how these should be supported by effective management information systems. Finally, the syllabus introduces key management and people issues such as individual and team behavior, leadership, motivation and personal effectiveness.

Underlying Knowledge

A. Business organization structure, governance and management

1. The business organization and its structure
2. The formal and informal business organization
3. Organizational culture in business
4. Stakeholders of business organizations
5. Information technology and information systems in business
6. Committees in the business organization
7. Business ethics and ethical behavior
8. Governance and social responsibility in business

B. Key environmental influences and constraints on business and accounting

1. Political and legal factors
2. Macro-economic factors
3. Social and demographic factors
4. Technological factors
5. Competitive factors

C. History and role of accounting in business

1. The history and function of accounting in business
2. Law and regulation governing accounting
3. Financial systems, procedures and IT applications
4. The relationship between accounting and other business functions

D. Specific functions of accounting and internal financial control

1. Accounting and finance functions within business
2. Internal and external auditing and their functions
3. Internal financial control and security within business organizations
4. Fraud and fraudulent behavior and their prevention in business.

E. Leading and managing individuals and teams

1. Leadership, management and supervision
2. Individual and group behavior in business organizations
3. Team formation, development and management
4. Motivating individuals and groups

F. Recruiting and developing effective employees

1. Recruitment and selection, managing diversity, and equal opportunity.
2. Techniques for improving personal effectiveness at work and their benefits
3. Features of effective communication
4. Training, development, and learning in the maintenance and improvement of business performance
5. Review and appraisal of individual performance

Performance Criteria

1. Explain how the organization is structured, governed and managed by – and on behalf of – its external, connected and internal stakeholders.
2. Identify and describe the key environmental influences and constraints on how the business operates in general and how these affect the accounting function in particular.
3. Describe the history, purpose, and position of accounting in the organization and the roles of other functional areas
4. Identify and explain the functions of accounting systems and internal controls in planning, monitoring and reviewing performance and in preventing fraud and business failure
5. Recognize the principles of authority and leadership and how teams and individuals behave and are managed, disciplined and motivated in pursuit of wider departmental and organizational aims and objectives
6. Recruit and develop effective employees, using appropriate methods and procedures, while developing constructive relationships through effective communication and interpersonal skills

Assessment Methods

• Testing of underlying knowledge through online written or oral examinations. The examination procedure will be recorded.
• Proceedings of projects or solutions to problems based assignments will be recorded as multimedia presentations or demonstrations, and organized as a portfolio for assessment.

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