1. PURPOSE OF THE PROGRAMME

The purpose of the programme is to develop knowledge, skills, and competencies in the Auditing and Risk management field as well as to discover the fundamentals of cultivating a strong risk culture and managing risks within an organisation. This is in response to the ever-recurring external and internal business/enterprise risks being faced by organisations as well as providing insight into the organisation`s culture, policies, and procedures, and aids board and management oversight by verifying internal controls such as operating effectiveness, risk mitigation controls, and compliance with any relevant laws or regulations. This also includes policies and controls which the emerging indigenous business such as Small to Medium Enterprises should take into account for management of risks and survival. To this effect, the University Industrial Hub will also be used by students with innovative and industrialisation ideas in the field of auditing and risk management for the benefit of the communities and the nation at large. In formulating the regulations, the department therefore undertook extensive consultations with relevant stakeholders such as audit firms, professional bodies in accounting, Public Accountants and Auditors Board as well as government departments such as the Office of the Auditor General for their input and appropriateness of the program.

Upon completion, the student should therefore be able to understand the risk-based auditing standards and the core frameworks, principles and methodology of occupational fraud prevention, investigation, internal controls, and detection measures. The programme is also earmarked to prepare students for further studies and lifelong learning in the auditing and risk profession and in financial resource management and enable qualifying students to pursue careers as internal or external auditors in industry and commerce as well as gaining competent skills and competencies to form and run their audit and risk consulting firms. This would also create new job opportunities in the country.

2. ENTRY REQUIREMENTS

2.1. Normal Entry

To qualify for entry into the Bachelor of Commerce Audit and Risk Management Honours Degree programme, a candidate, in addition to satisfying the minimum conditions as prescribed under the General Regulations for English and Mathematics at “O” Level, must have 2 ‘A’ Level in any of the following subjects: Accounting, Mathematics, Economics, Management of Business, Statistics, Computing [Computer Studies].

2.2. Visiting School Programme

To qualify for entry into the Bachelor of Commerce Audit and Risk Management Honours Degree (Visiting School) programme, a candidate, in addition to satisfying the minimum conditions prescribed under the General Regulations must have:

either:

A National Diploma (complete qualification) in Auditing, Accounting, Risk Management or any equivalent tertiary qualification

or:

At least two (2) passes in relevant “A” Level subjects

and:

Proof of employment in relevant departments.

2.3. Special Entry

Candidates who have successfully completed a Professional Auditing, Accounting or Risk Management Diploma or have obtained equivalent qualifications within three years may apply for direct entry into Level 2 of the degree programme, subject to availability of places. This is also in line with Zimbabwe Credit Accumulation and Transfer Systems (ZIMCATS) guidelines. Candidates admitted under the above regulation will normally be exempted from level 1 on a module-by-module module-basis. No candidate may complete the degree in less than three academic levels. Successful completion of the Work-Related Learning component at level three is compulsory for all candidates.

2.4. Mature Entry

Refer to faculty regulations

3. PROGRAMME CHARACTERISTICS

Areas of study: Auditing, Corporate Reporting, Forensic Auditing, Digital Ledgers & Artificial Intelligence, Financial Accounting, Risk Management, Computer Auditing & Big Data Analytics, Credit Risk and Derivatives, Technological risk Management, Macroeconomic and Financial Risk, Tax Law and Practice, Company and Business law

Specialist Focus: Auditing and Risk Management

Orientation: Research and innovation oriented. Teaching and learning are professionally oriented in business-related practices in the entities within the business environment

Distinctive Features: The programme is driven so much by the requirements of Professional bodies who demand and expect compliance with ISAs, IFRSs & IASs. Consultations are made time and again to maintain programme relevance to the ever-changing business world

4. CAREER OPPORTUNITIES AND FURTHER EDUCATION

Graduates of the Bachelor of Audit and Risk Management can pursue careers as Auditors, Financial Risk Managers and Advisors, tax accountants, financial analysts, financial consultants, revenue & expenditure officers, budget officers, financial loss control officers, treasurers of local authorities, financial administrators.

Career prospects are not limited to those types of companies traditionally associated with auditing i.e. consumer goods sellers; banks, insurance companies, retailers, market research houses, the public sector and many other organizations that can employ Audit and Risk Management graduates on an increasingly greater scale. In addition, with the emphasis today on small businesses, many graduates find great success in starting their businesses.

Level 1 Semester 1

Code	Module Description	Prerequisites	Credits
EC131	Economic Principles 1		12
CS131	Basic Communication Skills		12
HCS135	Introduction to Information Technology		12
BM131	Principles of Management		12
ARM101	Risk Management Fundamentals		12
ACC140	Accounting Concepts, Principles and Procedures		12

Level 1 Semester 2

Code	Module Description	Prerequisites	Credits
ACC143	Introduction to Applied Financial Reporting		12
BM135	Commercial Law		12
ENT131	Entrepreneurship 1		12
ARM103	Macroeconomics and Financial Risk		12
ARM106	Auditing Principles and Procedures		12
ACC144	Quantitative Analysis for Business		12

Level 2 Semester 1

Code	Module Description	Prerequisites	Credits
ACC246	Applied Tax Law and Practice 1		12
ARM202	Practical Computer Auditing		12
GSB211	Gender Studies for Business		12
ARM201	Technological Risk Management		12
ACC241	Applied Financial Reporting for Companies	ACC140 & ACC143	12
ACC244	Company Law	BM135	12

Level 2 Semester 2

Code	Module Description	Prerequisites	Credits
ACC252	General and Distinctive Financial Reporting	ACC140 & ACC143	12
ACC250	Applied Financial Management I		12
ACC251	Accounting Research Methods		12
ACC249	Applied Cost and Management Accounting I		12
ACC248	Applied Audit Skills and Process II	ARM106	12
ARM210	Big Data Analytics		12

Level 3 Semester 1 Work-Related Learning

Code	Module Description	Prerequisites	Credits
ARM300	Work-Related Learning Preliminary Report		40

Level 3 Semester 2 Work-Related Learning

Code	Module Description	Prerequisites	Credits
ARM301	Work-Related Learning Continuous Assessment		40
ARM302	Work-Related Learning Report		40

Level 4 Semester 1

Code	Module Description	Prerequisites	Credits
ARM401	Credit Risk and Derivatives		12
ARM402	Forensic Auditing		12
ACC450	Applied Corporate Reporting I	ACC241 & ACC252	12
ARM404	Audit and Assurance	ARM106 & ACC248	12
ACC453	Public Sector Accounting and Finance I		12

Level 4 Semester 2

Code	Module Description	Prerequisites	Credits
ARM406	Corporate Governance and Ethics		12
ACC456	Applied Corporate Reporting II	ACC240 & ACC246	12
ARM408	Auditing and Risk Management in Financial Technologies		12
ARM409	Enterprise Risk Management		12
ARM410	Dissertation	ACC251	24

 

MODULE SYNOPSES

EC131   Economic Principles

This module focuses on the principles of microeconomics. It covers the basic economic questions; scarcity, choice and opportunity cost; demand and supply; market equilibrium; consumer behaviour; production and costs; and market structures (perfect competition, monopoly, monopolistic competition, and oligopoly).

CS 131   Basic Communication Skills

The module intends to equip students with communication skills which involve listening, speaking, observing and emphasising. It is also designed to help students understand the differences in how to communicate through face-to-face interactions, phone conversations and digital communications like emails and social media.

HCS135 Introduction to Information Technology

The Information Technology module aims to give students an understanding of the basics of the computer and its processes. How to use computer systems to make their work easier in their learning processes and even after. It is also combined with the information literacy training

BM131 Principles of Management

The module deals with the history and development of management thought, functions of management, organizational structure, decision-making, globalization, leadership and motivation, controlling, budgetary and non-budgetary controls as well as change management in organisations.

ARM101   Risk Management Fundamentals

The module introduces students to understand concepts and fundamentals of risk management and modern techniques for analysing and identifying financial risk. Areas covered include sources of financial risk, foundation to Value at Risk (VaR) techniques, RAROC (Risk-Adjusted Return on Capital), sensitivity tests, scenario analysis, stress testing, and back-testing of risk models. Statistical models in basic ideas from probability theory such as probability distributions, expected values, higher moments, skewness, and kurtosis and more advanced topics such as nonlinear models, non-normal distributions, and tail index estimation, among others are also covered.

ACC140 Accounting Concepts, Principles and Procedures

The module focuses on principles and techniques of financial accounting and their application to the preparation of financial statements of sole traders, partnerships, limited companies and non-profit making organisations culminating in the analysis and interpretation of financial data. It is intended to equip the learners with the necessary skills to enable them to apply the basic principles of accounting and keep proper records. This knowledge is necessary to ascertain the financial results and financial position of various organisations, as well as the preparation of proper books from incomplete records.

ACC143 Introduction to Applied Financial Reporting            

The module builds on the foundation laid in Accounting concepts, principles and procedures. The module aims at developing a thorough understanding of the practical framework of Accounting and an ability to prepare, analyse and interpret financial statements. It covers the following areas of study: Accounting for limited companies, published accounts analysis and interpretation of final accounts, cash flow statements as well as the latest developments of International Financial Reporting Standards (IFRS) applications in relationship to the areas covered

BM135   Commercial Law

The module is designed to equip students with basic but concise legal knowledge to enable students to make legally sound and informed business decisions at work or as managers. The module is an introduction to general principles of law and its interpretation, law of contract, purchase and sales, agency, negotiable instruments, insurance, partnership, law of derelict, insolvency and consumer protection.

ENT131 Entrepreneurship I

 The module will look at business development, barriers encountered and issues related to marketing, human resources management, pricing, government policies, and taxation of businesses. Case studies, visits to business premises and presentations by entrepreneurs will be used to understand the running of the business. The preparation of business plans will also be covered.

ARM103 Macroeconomic and Financial Risk

The module examines macroeconomic diagnostics that link interest rates, growth rates, inflation rates and exchange rates and helps identify macro shocks and policies that condition the risk environment of financial and nonfinancial firms worldwide. Topics include sources of variability in national macroeconomic performance across countries and over time, the role of government policy as a source (and dampener) of risk. The module assesses the global macroeconomic context through the cross-border assessment of risk associated with international transactions across jurisdictions and currencies. It provides an intensive view of country risk parameters.

ARM 106 Auditing Principles and Procedures

The module is meant to provide an understanding of the nature, purpose and scope of Auditing, the principles and procedures of Auditing and the application of ISAs (ISA 200, ISA 210, ISA 240-The Auditor’s responsibilities relating to fraud in an audit of financial statements, ISA 135 Risk Assessment, ISA320-Audit Materiality It also addresses the role of the external audit, planning, current issues in Auditing and its regulatory framework

ACC144 Quantitative Analysis for Business

The module introduces students to the mathematical tools relevant for application to the business environment. Students are expected to recognize the value of quantitative methods in analysing data and interpreting it in order to make relevant business decisions. The purpose of the module is to provide of a comprehensive exposition of basic mathematical concepts that are used in the business world.  At the end of the module, learners will be in a position to apply mathematical tools to business decision-making processes.

ACC246 Applied Taxation Law and Practice I

The module introduces students to the role of tax in an economy and goes on to the applications of the Income Tax and Finance Acts sections relevant to the taxation of an individual with respect to employment income. It also has application thrust looking at the practical preparation of tax returns, ZIMRA tax requirements, Companies’ tax returns, how to file them through e-filling etc. In addition, the module will cover taxation of estates, tax administration and allowable deductions as well as the third schedule of the Income Tax Act. The core intention is to equip the students with the taxation of individual income.

ARM202 Practical Computer Auditing

The module is intended to enable the students to acquire knowledge about the significance of computers in a business environment. The learners will be exposed to auditing packages such as IDEA, Teamate, ACL etc. The main thrust of the module will be the use of spreadsheet software in an auditing environment and the use of computerized auditing software packages to generate audit reports.

GSB211 Gender Studies for Business

The module empowers students with knowledge and skills that enable them to be gender sensitive in the university, workplace and in all social interactions. Topics covered include understanding gender, theories of gender inequalities, the historical development of gender, gender analysis, gender issues in society, redressing gender imbalances, empowerment and strategies for creating a gender-responsive environment. Every student has to pass the module in order to graduate.

ARM201   Technological Risk Management

Due to the complex and ever-evolving digital environment worldwide, the thrust of the module is to introduce students to various technological risks in business for them to have a better understanding and knowledge of managing these risks. This module covers among others areas such as Information Systems Risk and Cyber Risk for protecting enterprises against cyber-attacks falls largely on corporations since the regulatory environment is generally slower to close loopholes than criminals are to find new ones.

ACC241 Applied Financial Reporting for Companies

The module builds on the foundation laid in financial accounting in the first year. The module aims at providing students with application of knowledge befitting applied accounting as related to accounting for specialized transactions, interpretation of financial statements, and published accounts among others. It helps students to apply relevant IAS/IFRS to basic company accounts.

ACC244 Company Law

The module aims to enable students to obtain a legal working knowledge of corporate enterprises applying acquired knowledge, and skills and displaying professional competence as expected of accountants. It covers basic principles of law related to Limited Liability Companies, Partnerships, Company Secretarial Practice, Meetings and Elements of Labour Law and Labour Relations. Such knowledge is essential in the decision-making process relating to company secretarial functions and advice on the legality of actions and decisions taken by management and the board of directors.

ACC252 General and Distinctive Financial Reporting

The module aims to help students develop a thorough understanding of the practical framework of accounting and imbibe an ability to apply the International Financial Reporting Standards (IFRS), Financial Reporting Standards as adopted by the Institute of Chartered Accountants of Zimbabwe and PAAB. The module also introduces the student to different types of financial instruments and their characteristics. It covers the framework for the preparation and presentation of financial statements, introduction to international financial reporting standards, presentation of financial statements (IAS 1) and other accounting standards.

ACC250 Applied Financial Management I

The aim of the module is to identify the objective that Finance managers pursue or ought to pursue in order to satisfy the needs of corporate stakeholders and to develop, in students, concepts and corporate analytical tools that shall enable them to meet this objective. To this end, the module shall cover the following critical areas: Goals of a firm and the agency theory; Time value concepts and valuation of bonds and shares; Capital Budgeting under certainty; Operating and financial leverage; Introduction to portfolio theory and capital asset pricing; the stock market and other sources of long-term capital; innovations in Corporate Finance.

ACC251 Accounting Research Methods

This module enables the student to develop basic research skills focusing on a micro-unit such as an organisation or a firm.  The student’s mind is developed through observation to identify a research problem and its investigation leading to major findings and recommendations.  It develops the student’s capacity to logically gather data, present it and logically analyse it in an ethical manner.  The student eventually writes up a project based on their research topic before completing their programme of study in line with ACC458

ACC249 Applied Cost and Management Accounting I

The module aims at providing an understanding of the principles, concepts and techniques of Cost and management Accounting and helps students develop an ability to apply this knowledge to practical situations related to cost ascertainment, cost control and planning. This Module will examine, in-depth, topical areas from the discipline of management accounting. The emphasis is on why and how the various concepts of Cost and Management accounting are applied in a business environment. It covers various costing techniques such as absorption costing, marginal costing and activity-based costing.

ACC248 Applied Audit Skills and Process1

The module introduces the learners to the application of auditing basic concepts, which includes basic auditing concepts, approaches and generally accepted auditing standards.  It lays a foundation for more advanced studies in Auditing as it covers the fundamental topics in auditing. The module also focuses on the performing of the audit process and its application in the context of the regulatory framework and for business control and development.

ARM210   Big Data Analytics

The module introduces students to the fundamentals of big data analytics, including the history of big data and its elements. The use of big data in business as well as the technologies used for handling big data are covered. Upon completion of this module, students should be able to process, test and analyse financial data using different technologies to help in the auditing process by acquiring hands-on experience in handling and analysing large, complex data structures.

ARM300    Work-Related Learning Preliminary Report

The module is a preliminary report by the student during internship.  The thrust of the report is to relate theory covered in the university to practice.  It follows a formal report layout covering new concepts such as company background, organisational structure, sections attached to, challenges encountered, new concepts learnt, any gaps between information covered in the University, application of IFRSs and IASs, any gaps, conclusions and recommendations to the company and the University.

ARM301   Work-Related Learning Continuous Assessment

Approved work-related learning of not less than ten (10) months and not more than twelve (12) is aimed at providing third-year students with practical exposure to all facets of the accounting functions. The student is expected to rotate into all sections of the Accounting Department to which they will be attached to enable them to be exposed to all accounting areas. The student is supposed to produce and/ or facilitate the production of a logbook, assessment form and employer assessment booklet.

ARM302    Work-Related Learning Report

The module is a report by the student during internship.  The thrust of the report is to relate theory covered in the university to practice.  It follows a formal report layout covering new concepts such as company background, organisational structure, sections attached to, challenges encountered, new concepts learnt, any gaps between information covered in the University, application of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), any gaps, conclusions and recommendations to the company and the University.

ARM401     Credit Risk and Derivatives

This module focuses on credit and counterparty risk management in financial institutions and nonfinancial firms. This includes an analysis of the specialness of financial intermediaries and an overview of the types, operations, and regulatory structures that exist today. A key feature is their exposure to credit and counterparty risk. Consequently, the bulk of the module is devoted to analysing the nature of these risk exposures in different derivative instruments and strategies to manage those risks. A key part of the module covers the role of regulators in controlling such risks through mechanisms such as deposit insurance and capital requirements.

ARM402 Forensic auditing

By the end of the module, students are expected to explain fraud and forensic accounting, implement fraud controls to decrease the likelihood of fraud in the organization, utilize computerised tools to find fraudulent transactions and report on them, apply statistical and forensic accounting tools to analyse data, assist internal audit and senior management in testing data and finding anomalies, utilize advanced excel skills efficiently to identify suspicious information that needs further fraud investigation and identify fraud and anomalies using Excel and computer software.

ACC450 Applied Corporate Reporting I

The module focuses on Accounting Theory and current issues relating to financial reporting. It concentrates on the role of Accounting Theory, users and objectives of corporate reports, Accounting for price level changes, analysis and interpretation of financial statements, cash flow statements and application of International Financial Reporting Standards (IFRS).

ARM404 Audit and Assurance

The module builds on the basic principles and techniques acquired in Part II of the Auditing modules. It seeks to consolidate students on the application and audit skills and the latest auditing techniques and practices as enunciated in the International Standards on Auditing (ISAs). Standards to be covered includes ISA500, ISA610, ISA620, ISA570, ISA700, ISA701, ISA705, and ISA706.

ACC453 Public Sector Accounting and Auditing I

The aim of the module is to ensure that students gain knowledge and skills relating to accounting for public sector entities in compliance with the requirements of International Public Sector Accounting Standards [IPSAS]. The module covers the theoretical substructures which cover the administration as well as institutions that deal with a country’s public financial management. Students will also gain an understanding of special funds created in Municipal accounting as well as be able to prepare financial statements for accounting for the funds in accordance with International Public Sector Accounting Standards.

ARM406 Corporate Governance and Ethics

Corporate governance systems across the world are covered in this module, for example, governance systems in market-based economies. The module includes theories in corporate governance and ethics. It also looks at the challenges of owner-managed companies vis-à-vis separation of powers, the chairman, board, shareholders and executive management. The Kings Report III & IV code, SOX Act and the Zimbabwe Code on Corporate Governance are also covered clearly articulating and evaluating the practices prescribed by these codes.

ACC456 Applied Corporate Reporting II

The module aims at students having a thorough knowledge of Advanced Accounting principles and practices as they apply to the rapidly changing international business environment. It focuses on group financial statements, accounting for foreign currency transactions deferred taxation and relevant International Financial Reporting Standards (IFRS). The module also provides knowledge and skills in preparation for the Annual Financial Statements of entities in accordance with IAS, IFRS and the Companies and Other Business Entities Act [24:31].

ARM408 Auditing and Risk Management in Financial Technologies

This module introduces students to broad trends in financial technology (FinTech) and to the emerging risks produced by technological innovation in financial services. The module further focuses on various topics including P2P Lending, cryptocurrencies and other digital assets that have emerged since 2009. There is also an emphasis on the underlying blockchain technology that supports them. The module also considers other blockchain applications (beyond cryptocurrencies) in diverse areas such as property registration, accounting and auditing, voting, smart contracts, and financial derivatives.

ARM409 Enterprise Risk Management

In this module, students gain a holistic and globally relevant view of integrated risk management. Students learn about the types of risk involved in an organisation and modern risk metrics and their evident limitations when being applied to different types of risk events, including, for example, market crashes and pandemics; the students acquire an appreciation for the importance of low-probability high-impact events and correlation spikes; discuss practical alternatives to create effective, efficient, and robust risk-transfer structures; and analyse issues related to the implementation of risk management systems and compliance with key regulatory requirements in risk-sensitive industries.

ARM410 Dissertation/Research Project

A student is required to submit a dissertation of approximately 10 000 words on a topic relating to accounting, auditing, or finance within a time period as may be prescribed by the department. This is an independent project in content areas related to accounting areas. Students work under the supervision of an assigned departmental lecturer to address comprehensive company-based or research-orientated problems with documented results. The completed project should clearly present the problem of the research subject investigated or applied project undertaken, its significance to theory or business practice, the research or project background, a well-defined method, results or findings, and their implications.