Cis Hand Book and Syllabus 2019

THE INSTITUTE OF
CHARTERED
SECRETARIES AND
ADMINISTRATORS
IN ZIMBABWE
(ICSAZ)
ICSAZ
MEMBERS’ AND
STUDENTS’
HANDBOOK
AND SYLLABI
EFFECTIVE JANUARY 2019

THE INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS IN
ZIMBABWE
Office: Dzidzo House

22 – 32 McChlery Avenue
(Cnr Enterprise Road South / Londonderry Road)
Eastlea
Harare, Zimbabwe
Postal Address: P O Box CY 172

Causeway
Harare
Telephone: (+263 24) 2702241, 2700553-5,

VoIP: (+263 0) 8644 124 596-9
Fax: (+263 24) 2700624
E-mail: cis@icsaz.co.zw
Website: www.icsaz.co.zw
Acting Chief Executive and Secretary: Ms Tracy T Mushonga
Open Monday to Friday 8:30 am to 4:30 pm
Closed during Weekends and on Public Holidays
All correspondence should be addressed to the Chief Executive and Secretary
ICSAZ Members’ & Students’ Handbook and Syllabi

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With ICSA the World is in your hands
Front Cover: The Secretary Bird – always vigilant.
TABLE OF CONTENTS
THE INSTITUTE ................................................................................................................................... 1

GLOBAL MISSION............................................................................................................................... 3
GLOBAL OBJECTIVES....................................................................................................................... 3
CAREER OPPORTUNITIES .............................................................................................................. 4
MEMBERSHIP REQUIREMENTS .................................................................................................... 6
INSTITUTE MAIN FUNCTIONS ........................................................................................................ 6
CODE OF PROFESSIONAL ETHICS AND CONDUCT ................................................................ 8
STUDENTSHIP .................................................................................................................................. 12
STUDENT REGISTRATION AND RE-REGISTRATION REQUIREMENTS ............................ 13
EXEMPTION POLICY ....................................................................................................................... 14
EXAMINATIONS ................................................................................................................................ 14
EXAMINATION ENTRIES............................................................................................................. 14
POSTPONEMENT OF EXAMINATION ENTRIES ................................................................... 15
REFUND OF EXAMINATION FEES ........................................................................................... 15
EXAMINATION REGULATIONS ................................................................................................. 16
EXAMINATION RESULTS ........................................................................................................... 19
RE-MARKS ..................................................................................................................................... 19
AWARDS ......................................................................................................................................... 20
LIBRARY FACILITY ........................................................................................................................... 21
ICSAZ NEW CURRICULUM TRANSITIONAL ARRANGEMENTS EFFECTIVE JANUARY
2019...................................................................................................................................................... 23
CHANGEOVER TO THE NEW CURRICULUM ........................................................................ 24
ICSA CURRICULUM (Qualifying Scheme) .................................................................................... 25
SYLLABI – PART A ........................................................................................................................... 27

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Business Accounting ..................................................................................................................... 27
Business Economics...................................................................................................................... 34
Business Law .................................................................................................................................. 40
Business Communication and Ethics .......................................................................................... 46
Business Statistics and Information Technology ....................................................................... 51
SYLLABI – PART B ........................................................................................................................... 60
Human Resources Management ................................................................................................. 60
Tax Law and Practice .................................................................................................................... 68
Financial Accounting and Reporting............................................................................................ 76
Auditing ............................................................................................................................................ 82
SYLLABI – PART C ........................................................................................................................... 88
Corporate Law ................................................................................................................................ 88
Advanced Accounting and Financial Reporting ......................................................................... 98
Development of Strategy............................................................................................................. 111
Cost and Management Accounting ........................................................................................... 120
Corporate Financial Management ............................................................................................. 126
SYLLABI – PART D ......................................................................................................................... 132
Audit and Assurance.................................................................................................................... 132
Public Financial Management .................................................................................................... 139
Corporate Secretarial Practice ................................................................................................... 150
Applied Governance, Risk and Compliance ............................................................................ 159
TUITION PROVIDERS .................................................................................................................... 170

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THE INSTITUTE
The Institute of Chartered Secretaries and Administrators was originally founded in England
in October 1891 and was known as the Institute of Secretaries. In 1902 it was granted its
Royal Charter and became the Chartered Institute of Secretaries. The name has since been
changed to The Institute of Chartered Secretaries and Administrators to more fully describe
the status and capabilities of the members. In 1909 the first branch to be established
outside the United Kingdom was formed in South Africa and in 1957 it became the Southern
Africa Division. Zimbabwe was part of the Southern Africa Division until January 1992, when
it was granted its autonomy as an independent territory with a seat on the International
Council. Today, there are divisions in South Africa, Nigeria, Australia, Canada, New
Zealand, Hong Kong, Malaysia, Singapore and Zimbabwe.
The Institute in Zimbabwe was incorporated on 1st January 1971 by an Act of Parliament
through the Chartered Secretaries (Pvt) Act, which generally prescribes the operations of the
Institute in Zimbabwe, status of its members, relationship with Government and world at
large. The local incorporation does not affect the membership status of the Zimbabwe
Chartered Secretary. The examination standards and the criteria for membership are the
same as those that apply elsewhere in the world. Accordingly success in the Zimbabwe
Institute’s examinations is widely recognised and membership of this Institute confers
simultaneous membership of the international body.
The Institute is the professional home of members with a high level of competence in
business administration, general management, accounting, company secretaryship, taxation
and corporate governance. Membership of the Institute is widely recognised internationally
and is held in high esteem in the world business community. Members occupy senior
positions in the private and public business sectors.
There are two classes of members of the Institute, i.e. Fellows and Associates. All qualified
members of the Institute are entitled to describe themselves as Chartered Secretaries and
use the designatory letters, FCIS or ACIS as appropriate. Fellowship is the senior grade of
membership. Another grade, Grad ICSA comprises those who have successfully completed
the examinations but have not yet gained sufficient qualifying service for Associateship.
Today there are more than 37 000 qualified Chartered Secretaries throughout the world of
whom over
1 500 are in Zimbabwe. Of the more than 30 000 registered students more than 5 000 are in
Zimbabwe. Members (i.e. Fellows or Associates) of the Institute are not confined only to
serving limited liability companies. The members are also working in a variety of
organisations such as: agricultural, marketing, industrial development, Electrical, Transport
undertakings, Government departments, Incorporated Associations, Trade Associations,
Universities, Banks, Building Societies, Insurance companies and all the countless
organisations in the world. In Zimbabwe Chartered Secretaries are also eligible for
registration with the Public Accountants and Auditors Board as Public Accountants and once
registered may use the designatory letters RPAcc (Z) after their names. Application for
registration is made through the Institute. On the international arena, ICSA in Zimbabwe is a
ICSAZ Members’ & Students’ Handbook

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full member of the Pan African Federation of Accountants (PAFA) and a member of the
Corporate Secretaries International Association (CSIA).

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GLOBAL MISSION
“The objective for which the Institute is established and incorporated is the promotion and
advancement of the efficient administration of commerce, industry and public affairs by the
continued development of the study and practice of secretaryship and administration of
companies and other bodies”
- Article 4, ICSA Royal Charter.
GLOBAL OBJECTIVES
 To provide a platform for the sharing of knowledge, ideas and experience relevant to
the Profession of Chartered Secretaryship;
 To make representations on behalf of the profession as a cohesive body to

governments, government agencies, regulators and other such bodies;
 To raise the profile of the Profession through increased awareness of the contribution
made by Chartered Secretaries in all types of organisations;
 To qualify people as Chartered Secretaries in accordance with a comprehensive and

relevant scheme of examination, practical experience and continuing professional
development;
 To create and develop opportunities to introduce the profession of Chartered

Secretaryship to all organisations and to those countries where the Institute does not
currently have a presence;
 To set and promulgate standards of excellence in propriety and best practice in the
profession.
ACTIVITIES
i. The holding of conferences and seminars for the discussion of professional subjects.
ii. The exercise through the disciplinary committee of professional supervision over the
membership and action as necessary to promote and safeguard the professional
standing of the Institute’s members.
iii. Representation of members’ collective interests and recommendations submitted by

the Institute to Government departments and other appropriate bodies on matters
such as company law and practice, and a wide range of other subjects.
iv. The conduct of examinations for membership and the award of prizes.
v. The provision of well-stocked libraries.
vi. The publication of a quarterly magazine.

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CAREER OPPORTUNITIES
OPPORTUNITIES AVAILABLE TO THE CHARTERED SECRETARY
CORPORATE MANAGEMENT
The Chartered Secretary is a person who has a sound knowledge of Financial Management,
Information Technology, People and Resource Management. He or she is capable of
holding varied senior management posts in a company. This involves analysing the status
of the business and its environment and ensuring that it is properly equipped to compete in
an efficient and profitable manner.
COMPANY SECRETARY
The traditional role of the Chartered Secretary is that of Secretary of a Limited Liability
Company, an appointment recognised by statute in the Companies Act. It is a role of ever-
increasing importance due to the responsibilities of corporate governance. It is the
Chartered Secretary’s responsibility to ensure that the company is legally constituted,
economically viable and properly organised.
CONSULTATIVE SERVICES
Chartered Secretaries can choose between working in a company or private practice offering
a consultative service to businesses in terms of planning, organising, leading, controlling and
submitting financial returns at year-end.
REGISTERED PUBLIC ACCOUNTANTS

The Public Accountants and Auditors Act recognises Chartered Secretaries for registration
as Public Accountants (RPAcc (Z)).
SCOPE OF CHARTERED SECRETARIES OPPORTUNITIES

There are Chartered Secretaries employed in all types of organisations: large and small,
public and private sectors, from primary producer to the new wave of service industries.
Whichever route, a Chartered Secretary takes to the top, whether by Corporate
Management or by pursuing the role of Company Secretary, Public Accountant or by
rendering Consultative Services, a Chartered Secretary is equipped to handle functions in
the following areas:-
ACCOUNTING
Managing the day-to-day finances of the company
Preparing financial statements
Planning and implementing accounting systems
Providing financial information for management decisions
Reporting on cash flows and capital expenditure
Instigating profit improvement programmes
Monitoring performance ratios
Reporting on all other corporate financial affairs
TAXATION
General taxation planning
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Designing methods of legal tax avoidance
Training
Manpower and Succession Planning
Interpreting tax legislation
Calculating the impact of tax legislation
LEGAL MATTERS
Ensuring that the company remains legally constituted
Ensuring that the company complies with minimum legal requirements
Protecting the company’s interests in contracts, leases, and other commercial exchanges
Guiding the company through the complexities of mergers, acquisitions, formations and
liquidations
FINANCE
Planning sources of finance
Budgeting, cash flow and capital expenditure
Negotiating with financial institutions
Assisting in asset-purchase decisions
Planning mergers and acquisitions
Assisting marketing in costing and pricing
Raising capital and loans
ADMINISTRATION
Structuring and streamlining company procedures and methods for efficiency
Ensuring that legal requirements are met
Ensuring that general administration functions effectively
Keeping legal and marketing records
Developing systems and procedures
INFORMATION TECHNOLOGY
Installing electronic information processing system
Implementing management reporting systems
Devising financial and strategic models
Selecting computer equipment
Designing and implementing systems
PLANNING AND ECONOMICS

Corporate Planning
Strategic Planning
Long-term Forecasting
Economic Trend Analysis
Feasibility Studies
Resource Allocation
Financial Planning for new projects or diversification
Scenario Planning
HUMAN RESOURCE MANAGEMENT

Labour Legislation
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Remuneration Packages and Systems
Training
Manpower and Succession Planning
Recruitment, Selection, Rewarding and Promotion
MEMBERSHIP REQUIREMENTS
Application for membership should be made immediately on completion of the examination

to maintain contact with the Institute and to qualify to use the designatory letters ACIS or
FCIS. (It is a criminal offence to use the designatory letters if the person is not a member).
There are two grades of membership: the Associate grade, designated by the initials ACIS
and that of Fellow, designated by the initials FCIS.
Conditions for Membership
a) Having completed all the examinations successfully

b) Having attained at least 21 years of age
c) Having had qualifying service with an organisation. This requirement is one of
practical experience and is as fundamental a requirement for membership as is the
completion of the examinations. The normal period of service required is six years.
d) Having provided evidence of employment details and evidence of personal good
character in the form prescribed by the Institute.
Fellowship is the senior grade of membership. People are eligible for election by the Council
if:
i. They have attained at least 25 years of age

ii. They have eight years qualifying service
iii. They hold (and have held for at least three years) an administrative or executive post
of a status equal to that of a secretary (whether or not called by that title) in a
substantial organisation.
iv. They have been Associate members for a period of at least two years (requirement
may be reduced at the discretion of Council).
Graduates of the Institute are persons who have completed the examinations successfully
but have not completed the required period of qualifying service. A Graduate cannot
describe himself or herself as a Chartered Secretary, but may use the designated letters
Grad.ICSA. He or she can enjoy all the practical advantages of membership excluding the
right to vote.
INSTITUTE MAIN FUNCTIONS
The Institute’s Annual General Meeting is held during March or April. The Annual
Conference for members usually takes place during September or October. The Winter
School for students is held in the middle of the year. Continuous Professional Development
Seminars (CPDs) are organised regularly.

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BRANCH ACTIVITIES
The Institute has branches of members and students, wherever there is a sufficiently large
number to warrant the establishment of a formal group for social and educational purposes
and for keeping a watch on the local Institute’s affairs. Regular functions include monthly
lunch meetings and Student Society lectures.
BRANCHES
1. Bulawayo
2. Harare
3. Masvingo
4. Gweru
5. Mutare
5
1 4
Map showing branches within Zimbabwe

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CODE OF PROFESSIONAL ETHICS AND CONDUCT
The Institute of Chartered Secretaries and Administrators requires members to observe the
highest standards of professional conduct and ethical behaviour in all their activities.
By maintaining these standards, members enhance their reputation as corporate managers

and increase confidence in the management and administration of private and public sector
organisations. As the conduct of an individual member can reflect upon the wider profession
of corporate management and the Institute’s membership as a whole, the code sets out what
are deemed to be appropriate standards of professional conduct.
Members are required to uphold the Institute’s Charter and comply with the Bye-laws.
GENERAL
1. The Chartered Secretaries (Private) Act 1971 requires the observance of rules of
conduct as a condition of membership and render a member liable to disciplinary
action if found guilty of misconduct, which includes but is not confined to, any act or
default likely to bring discredit to the member, Institute or profession.
2. Members are required to exercise integrity, honesty, diligence and due care in
carrying out their duties and responsibilities. They shall conduct themselves with
courtesy and consideration towards all with whom they come into contact in the
course of their professional work.
3. Members shall at all times be cognisant of their responsibilities as professional

persons towards the wider community.
4. Members shall at all times safeguard the interests of their employers, colleagues and
clients and shall not knowingly be a party to any illegal or unethical activity.
5. Members shall not enter into any agreement or undertake any activity which may be
in conflict with the legitimate interests of their employer or client or which would
prejudice the performance of their professional duties.
6. Members shall ensure that their knowledge, skills and technical competence in
relation to their professional activities remain up to date.
7. Members shall refrain from conduct or action which detracts from the reputation of
the Institute.
8. In accepting or continuing a professional assignment a member should always have

regard to any factors which might reflect adversely upon his integrity and objectivity
in relation to that assignment.
9. Members shall not use any confidential information gained in the performance of their
duties for any personal gain nor in a manner which would be detrimental to their
employer or client.

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1. PROFESSIONAL INDEPENDENCE
1.1 Professional independence is a concept fundamental to a member in public practice.
It is essentially an attitude of mind characterised by integrity and an objective
approach to professional work.
1.2 A member in public practice shall be and be seen to be, free in each professional
assignment he or she undertakes of any interest which might detract from objectivity.
1.3 It is the duty of a practitioner to present or report on information objectively. That

duty is the essence of professionalism and is appropriate to all members in public
practice.
1.4 Personal relationships can affect objectivity. There is a particular need to ensure that
an objective approach to any assignment is not endangered as a consequence of
any personal relationship.
1.5 Where financial involvement with a client may affect objectivity the member shall
seriously consider his or her position.
1.6 Where advice given to a client is such that, if acted upon, will result in commission
being earned by the practice or anyone in it, special care shall be taken that the
advice is in fact in the best interests of the client.
2. CONFIDENTIALITY
2.1 Information acquired in the course of professional work shall not be disclosed except
where consent has been obtained from the client or where there is a public duty or
there is a legal or professional right or duty to disclose.
2.2 A member acquiring information in the course of professional work shall neither use
nor appear to use that information for his or her personal advantage or for the
advantage of a third party.
3. OBTAINING PROFESSIONAL WORK

3.1 A member shall not obtain or seek work for his or her, or another member’s practice
in an unprofessional manner.
3.2 A member may seek publicity for his or her services and achievements and may
advertise his or her services, but in so doing shall have regard to the standards set
by the Institute.
3.3 In addition to meeting the requirements of the standards, a member shall ensure that
his or her promotional material is in good taste both as to content and presentation,
and that it does not belittle the services offered by others, whether member or not,
either by claiming superiority for the services of a particular member or otherwise.
4. PRACTICE NAMES AND DESCRIPTIONS

4.1 It is recommended that practitioners shall use their designatory letters at all times
and they may describe themselves personally as Chartered Secretaries.
4.2 A practising firm’s name should be consistent with the dignity of the profession.

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4.3 A practising firm’s name should not be misleading as, for example, by leading to
confusion with that of another firm. It is the custom of the profession for members of
a firm to practise under a firm’s name based upon the names of past or present
partners in the firm itself or in a firm with which it has merged or amalgamated, but it
is not obligatory.
4.4 At least one person named on the letterhead of a firm must be a member of the
Institute otherwise the firm may not describe itself on its letterhead or elsewhere as
“Chartered Secretaries”.
5. FEES
5.1 A practitioner is entitled to charge for his or her services such fees as he or she may
consider appropriate in connection with the work that he or she undertakes.
5.2 The fact that one practitioner may charge a lower fee than another for undertaking
the same or similar work is not improper provided care is taken to ensure that the
client is not misled:
5.2.1 as to the precise range of services that a quoted fee is intended to cover (in which
connection the practitioner should provide the client with an engagement letter)
5.2.2 as to the likely level of future fees for any work undertaken for the client
5.3 Fees should not be charged on a percentage or similar basis, save where that course
is authorised by statute or is generally accepted practice for certain specialist work;
nor shall instructions be accepted on a contingency fee basis save in the
circumstances set out in the sub-clause below.
5.4 In certain limited circumstances fees cannot realistically be charged save on a

contingency fee basis; to require otherwise would be to deprive potential clients of
professional assistance, the capacity of the clients to pay being dependent upon the
success or failure of the venture.
6. CLIENTS’ MONEY
A practitioner is strictly accountable for all clients’ monies received by him or her and
these shall be deposited without delay into a separate bank account. Such monies
shall be kept apart from all other monies and be applied only for the purposes of the
client.
CODE OF PRACTICE ON ADVERTISING
1. The Institute, as a matter of policy, will not normally require its Disciplinary
Committee to consider investigation into and possible application of sanctions
against a member in respect of advertisements for business of a nature ordinarily
undertaken by a Chartered Secretary in public practice, whether the advertisement is
published by:-
1.1 a member on his or her own account;
1.2 a firm of which a member is a partner;
1.3 a company or private business corporation in which a member has a controlling

interest:
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PROVIDED THAT:
1.3.1 No advertisement, circular or other form of publicity used may claim for the individual,
or his or her firm or his or her company, superiority in any respect over any or all
other persons either as individuals or practices.
1.3.2 Such publicity must be factual and may not contain any inaccuracies.
1.3.3 While advertisements, circulars and other publicity may make clear the intention of
the member of his or her firm to seek custom, they should not be of a character that
could reasonably be regarded in the opinion of Council as likely to bring the
profession of the Institute into disrepute.
1.3.4 Such advertisements may not only draw attention to the existence of the practice but
may describe the nature of the practice with allusions to particular classes of clients
to whom services are offered, or of particular kinds of service to be offered, provided
that services in a specific professional capacity may only be advertised by the
member who has had at least five years relevant experience in the specific
professional discipline.
1.3.5 In order to prevent the escalation of competitive advertising any advertisement

placed in directories or national or local press shall be in the typeface or format which
is most commonly found in the publication concerned.
2. Articles, letters or other contributions to journals or newspapers may contain the

writer’s name, and designatory letters should especially be used if the subject matter
is reputable and relevant to profession of the Chartered Secretary.
3. Similarly a member appearing on a radio or television programme or speaking at a

course or conference should encourage his professional designation to be used
especially if the subject is relevant to the profession of the Chartered Secretary.
4. It is expected that members will exercise discretion and good taste in the preparation
and use of all publicity material.
5. No member may in any contribution to journals, newspapers or in any appearance or

interview on radio or television claim to speak on behalf of the Institute unless prior
and specific authority has been given on each occasion. Provided that this should
not apply to the President or Chief Executive or the Institute or their authorised
representative.
6. Council reserves the right at its discretion to take appropriate steps, including the
termination of membership, against any member contravening the code of practice.
REGISTERED PUBLIC ACCOUNTANT
In addition to the Institute code set out above it is proposed that professional conduct By-
laws will be made in terms of the Public Accountants and Auditors Act. All Registered Public
Accountants will be bound by these By-laws when they become law.

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STUDENTSHIP
1. Only students registered WITH THE INSTITUTE are permitted to write its
examinations.
The closing date for registration by a student registering for the first time, and wishing
to write:
a) the May Examinations – 31 January.
b) the November Examinations – 31 July.
Application forms for registration, or re-registration, are obtainable from the office in
Harare. The appropriate fee must accompany the relevant application.
All students are required to re-register annually on 1 January. Students must register
by 31 January if they intend to write examinations in May.
2. Every application for registration must produce evidence of having passed an

examination entitling the application entrance to a University in his or her country of
residence or be the holder of some other educational qualification acceptable to the
Institute.
3. Applicants must be at least 16 years of age.
4. The application forms must indicate that at the time of application, the applicant is
engaged in the office of a company or other public authority or body or society or
institution; or that he or she is undergoing a course of systematic instruction
approved by the Institute; or that if at the time of application he or she cannot fulfil
either of these requirements, he or she is contemplating a career as a Chartered
Secretary and is fully aware that success in the examinations of the Institute does not
entitle him or her to membership unless he or she also has the necessary qualifying
services and character reference.
5. The application forms must bear the recommendation of a member of the Institute or
an approved official of the applicant’s company or educational institution certifying,
from personal knowledge, that he or she is a fit and proper person for admission to
the examinations of the Institute.
6. Registration confers no rank of membership and no voting rights except with Student
Societies of which students are automatically members.
7. Council reserves the right at its discretion to change the curriculum and study
processes, rules and regulations during a person's studentship.
8. It must be noted that no duplicate receipt can be issued for any payments made.
Students are advised to keep their receipts safely.
9. Every student is expected to attend at least two conferences in the mould of the
Winter School. The first should be attended during Part A and B and the second

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during Part C and D. The Institute reserves the right to stop a student from
attempting Part C and D subjects before one has fulfilled the conference attendance.
STUDENT REGISTRATION AND RE-REGISTRATION REQUIREMENTS
REGISTRATION FEES
An entrance fee is charged for all initial registrations. This entrance fee is non-refundable
should the registration be refused and is in addition to the registration fee.
REGISTRATION REQUIREMENTS
A. NORMAL REGISTRATION
The minimum entrance qualifications are as follows:

Two subjects passed at GCE ‘A’ level, plus five subjects at GCE ‘O’ level or higher with A, B,
or C symbols.
i) The ‘O’ Level subjects must include English Language (English Literature is not counted
as a separate subject) and either Mathematics or Accounting.
B. The following educational certificates will also be accepted for this registration:
i) A degree or approved diploma of a recognised university in Zimbabwe, Botswana,
Lesotho, Swaziland or the Republic of South Africa; the British Commonwealth or the
Republic of Ireland; or a degree of the Council for National Academic Awards in the
United Kingdom.
ii) A matriculation or matriculation exemption certificate.
iii) The diploma of a recognised professional body:
- Institute of Bankers
- IAC
- IBAS
- HEXCO
- SAAA
C. SPECIAL REGISTRATION
The Institute may at its discretion approve an application from a student who has not fully
satisfied the normal registration requirements set out above.
For consideration under this clause applicants must be at least 23 years of age and must
have satisfied a substantial part of the normal education requirements, i.e. have passed five
subjects at GCE ‘O’ level and have had three years commercial experience. The five
subjects must include English Language passed with A or B symbols and one of either
Mathematics or Accounting passes with A or B symbols. The remaining subjects must be of
an academic or commercial nature and have been passed with A, B, or C symbols.
Every applicant for registration as a student must submit acceptable evidence that he or she
has obtained an approved educational qualification.

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NB. Payment of fees can be made at the bank. The banking details can be obtained
at the office or from the Institute’s website.
D. DIRECT ENTRY TO PROFESSIONAL PROGRAMME
Students with certain approved Degrees and Diplomas will be allowed direct entry to the
Professional Programme I.
Examples of acceptable diplomas and degrees are as follows:
- National Higher Diploma in Accounting (HEXC0)
- B.Com in Accounting
- B.Com in Banking and Finance
- B.Accountancy
Details of the requirements are obtainable from the office.
STUDENT RE-REGISTRATION
Re-registration fee is payable by all students at any time after 1 December the previous year
but before 31st January in the current year and after June before 31 July in the second
semester. Late re-registration will be accepted from students who do not re-register before
31st January but who do so before 31 July on payment of full fee plus a penalty fee.
It is in the student’s interest to remain on the student roll by promptly re-registering each
year before 31st January. Students who wish to write the November examinations must re-
register by 31 July. Students who do not re-register in any one year will be charged a
penalty determined by the Institute when they come to re-register.
Re-registration forms are obtainable from the office in Harare and can also be downloaded
from the ICSAZ website.
EXEMPTION POLICY
It is the Institute’s policy that exemptions will be granted on application generally on a

subject for subject basis to holders of relevant diplomas and certificates from other
examining bodies. The granting of exemptions remains entirely at the Institute’s discretion.
Details of the exemptions policy can be obtained from the Institute’s office.
EXAMINATIONS
EXAMINATION ENTRIES
Registration for examinations should be done on the web portal.
Students should enter the subjects for the May examination on or before 28 February and for
the November examination on or before 31 August on the web portal.
Under no circumstance will entries be accepted after these dates.
The correct examination fee for each subject to be written should be deposited at the bank to
allow the entry to be processed.
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Attention is once again drawn to the fact that NO LATE ENTRIES FOR THE
EXAMINATIONS WILL BE ACCEPTED. The closing date for Examination entries is as
follows:-
May Examinations - 28 February

November Examinations - 31 August
Candidates will be able to check their examination registrations on the web portal.
POSTPONEMENT OF EXAMINATION ENTRIES
Examination entries will not be postponed except as stated below under Refund of
Examination Fees.
REFUND OF EXAMINATION FEES
Examination fees are not normally refundable, but consideration will be given to applicants
for refunds on medical grounds only at the discretion of the Institute.
a. A certificate from the doctor is required, stating the nature and duration of the illness
of the student. A covering letter and doctor’s certificate must reach the office not
later than the end of the month in which the examination is held (i.e. by the end of
May and the end of November).
b. Notification of postponement will not be accepted by telephone, telegram, or fax.
c. In all other cases the examination fee will be forfeited if the candidate does not write.
d. Refunds of examination fees or postponement of examinations will be considered if

the candidate withdraws the entry prior to the examination entry cut-off date.
e. A 20% administration fee will be levied on all refunds.

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EXAMINATION REGULATIONS
It is important that students read and understand examination rules and regulations as they
are strictly enforced. Any variation of the rules is entirely at the Institute’s discretion. In
respect of 1 and 2 below, exemptions should have been obtained before a student registers
for the examinations.
1. The 4 parts of the examination are progressive in their complexity. Therefore earlier
stages must be completed first. Parts A and B must be completed before attempting
Parts C and D respectively.
Any Examination Entry for any subject at Part C (professional programme I) will be
rejected unless the student has passed or has been exempted from all the five
subjects at Part A. The 5 subjects are:
i) Business Accounting
ii) Business Economics
iii) Business Law
iv) Business Communication and Ethics
v) Business Statistics and Information Technology
Any Examination Entry for any subject at Part D (Professional Programme II) will be
rejected unless the student has passed or has been exempted from all the 9 subjects
at Part A and Part B. The 9 subjects are:
i) Business Accounting
ii) Business Economics
iii) Business Law
iv) Business Communication and Ethics
v) Business Statistics and Information Technology
vi) Human Resources Management
vii) Tax Law and Practice
viii) Financial Accounting and Reporting
ix) Auditing
2. (i) Students must have passed or been exempted from:

Business Accounting before proceeding to Financial Accounting and
Reporting;
Financial Accounting and Reporting before proceeding to Advanced
Accounting and Financial Reporting;
Corporate Law before proceeding to Corporate Secretarial Practice.
(ii) Students who proceed to write the succeeding subject prior to passing the
previous subject will not have the script marked and the examination fees
paid will be forfeited. Acceptance of the registration fees for such
examinations does not mean that permission has been granted to waive this
ruling. The administration procedures only enable the Institute to identify
such cases usually once scripts have been returned after the examination
session.

16 (Effective 2019)
3. (i) Practical Exposure
The ICSAZ programme is intended to marry theory with practice. In this
regard it is the Institute’s intention to have all students go through a period of
practical exposure during studentship. Students who are unemployed or
those not employed in relevant areas will be required to undergo a period of
at least one year of industrial or commercial attachment in relevant positions.
This period of attachment must be undertaken before one is allowed to write
the Professional Programme Part I examinations. Any waiver of this rule,
where possible, will need to be obtained from the Students Services
Department before one registers to write the Professional Programme I
examinations.
(ii) Information Communication Technology

Information Communication Technology plays a major part in today’s
business. As such, all students are expected to acquaint themselves with the
basic Computer operating packages used in business from a practical
perspective early in their studentship.
In this regard all students will be required to attend a formal course in the
basic Computer operating packages at ICSAZ’s recognised colleges. This
course should be attended during a student’s course at Part A and B level.
Students will not be allowed to attempt Professional Programme I
examinations before providing proof of having attended the Computer
operating packages course.
4. Any number of the examination subjects may be attempted at any one sitting as long
as rules 1 and 2 above are complied with. Students studying part time are advised to
take no more than four subjects in a year.
5. No student will be allowed to write less than two subjects in one sitting unless the
subject is:
5.1. The final subject at Part A, having passed or been exempted from all the other
subjects at Part A and B.
5.2. The final subject at Part B, having passed or been exempted from all the other
subjects at Parts A, B and C.
5.3. The final subject required to complete examinations.
6. Students will be expected to complete the examinations within a period of ten

years from the date of first registration for Normal Entry students and four years for
Direct Entry to Professional Programme registrations. Extension may only be
allowed individually under circumstances approved by the Institute.
7. Failure to complete the examinations within the given period will result in Studentship
being withdrawn.
8. Subjects to be taken must be accommodated within the examination time table. If

candidates enter for subjects that clash on the timetable, they may only write one
paper and forfeit the second entry fee.

17 (Effective 2019)
9. Applications for entry to the examination must be made on the web portal upon
payment of the examination fee(s) before the closing date. Late entries will attract a
fine up to a specified period.
10. All examination entries must be registered through the web portal. Failure to do so
will result in the non-allocation of the examination fee paid.
11. No change in a candidate’s entry will be accepted after the closing date.
12. If a candidate satisfies the examiners in any subject he or she will be credited with a
pass irrespective of performance in any other subject attempted at the same sitting.
13. Examination candidates are reminded that no aids are allowed into the examination
except those designed for Open Book Examinations. Candidates found cheating or
intending to cheat will have their studentship permanently cancelled.
14. Students who are writing examinations in subjects which involve the use of statutes
and/or standards will only be examined on the statutes published at least six
months prior to the examination.
15. Cellular phones are banned from the examination hall.
16. Students who arrive thirty minutes after the start of the examination will not be
allowed to enter the examination hall.
17. Students are only allowed to leave the examination hall after the first hour of the
examination.
18. Hats, headgear and inappropriate attire are banned from the examination hall.
19. The Institute reserves the right to vary the examination rules as and when it is
necessary and to correct any errors as and when they are noted.

18 (Effective 2019)
EXAMINATION CENTRES
Examinations may at present be written at one of the following centres in Zimbabwe:
Bulawayo, Chinhoyi, Chitungwiza, Chiredzi, Gweru, Harare, Hwange, Kadoma, Kwekwe,
Marondera, Masvingo and Mutare.
Requests to change from one examination centre to another will not be considered after the
closing date for entries unless the candidate has moved permanently to a considerable
distance.
EXAMINATION RESULTS
Examination results will be communicated to each candidate through the website and by
post and will not be given over the telephone or by fax. Every effort is made to ensure that
the results are available by 30 June in the case of the May examinations and 31 December
in the case of the November examinations.
Candidates cannot be informed of the number of marks they have obtained but in the event
of failure they will be given a symbol to indicate the approximate standard of their attempt.
The results letter will carry the following symbols:
MARKS SYMBOL RESULT

75% or more A Pass
60% to 74% B Pass
50% to 59% C Pass
38% to 49% D Fail
25% to 37% E Fail
Less than F Fail
25%
Letters will be issued to successful candidates for all parts of the examinations. All finalists
will receive a letter from the Institute confirming that they have completed the examinations
and listing the subjects passed.
The Institute reserves the right to correct any errors / omissions on results and transcripts
whenever these are noted or detected.
RE-MARKS
The application for re-mark, together with the applicable fee must be submitted within ten
(10) working days after the release of the results of the previous examination.
Requests for a re-mark may be considered at the discretion of the Institute; otherwise the
examiner’s decision is final.
The Institute, at its discretion, may offer supplementary examinations.

19 (Effective 2019)
AWARDS
INTERMEDIATE CERTIFICATE
To obtain an Intermediate certificate a student must have been credited with all the subjects
in Part A and Part B. The certificate will be issued on application. A student must have
passed at least two subjects of this Institute.
The Intermediate certificate is only to prove progress made and does not entitle one to apply
for membership of the Institute.
PROFESSIONAL PROGRAMME I
To obtain a Professional Programme 1 certificate, a student must have been credited with all
the subjects in Part A, Part B and Part C. The certificate will be issued on application.
The Professional Programme 1 certificate is only to prove progress made and does not
entitle one to apply for membership of the Institute.
GRADUATESHIP CERTIFICATE
The Graduateship certificate will be issued on completion of the full ICSAZ course.
Graduates of the Institute will be entitled to apply for Institute membership provided they
meet the other requirements for membership (on page 7).
PRIZES
A prize is available for each subject of the examinations and there are also special prizes for
the top three students in the final examination.
No award is made if a certain standard is not reached in the paper.

20 (Effective 2019)
LIBRARY FACILITY
1. Purpose
The library of the Institute of Chartered Secretaries and Administrators in Zimbabwe
is primarily a specialised resource centre designed to support research, professional
development and growth of students and members.
2. Library Membership
Entry to the library is free to the following persons:
2.1 Registered Students
2.2 Graduates (Grad.ICSA) in good standing
2.3 Associates (ACIS) in good standing
2.4 Fellows (FCIS) in good standing
3. Operating Hours
Day Opening hour Closing hour Months
Monday - Friday 0830 hours 1600 hours February - May &
July - November
Saturday 0830 hours 1330 hours February - May &
August - November
Sunday & Public CLOSED
Holiday
4. Reference Service
Trained staff are available to respond to general, personal, telephone and
correspondence enquiries.
5. Access to Computers
Users can access computers with internet access free of charge to enhance their
competence in finding, retrieving, analysing, and using electronic information
that support continual professional development and examination preparations.
6. Photocopying facilities
There are no photocopying facilities at the office.

21 (Effective 2019)
7.1 Library Reading Facility Regulations
DO’S DON’TS
Please carry your ICSAZ student/ membership Personal textbooks and bulky files are not
card whenever visiting the Library and register. allowed in the Library.
Please switch off your cell phone when in the Do not damage any Library material
Library.
For the Library materials security reasons, please Do not condone if you find anybody
tuck in your shirt or blouse. Hat, cap, dustcoat or causing damage to Library materials.
overalls are not allowed. Regalia for any political Please report the matter to the Librarian
party is not allowed in the Library immediately.
Please leave your bags at the designated place at Do not shelve books. A misplaced book
your own risk. Take your valuables with you. is a lost book.
After consulting a book, please leave same on the Do not talk in the Library.
table.
Please allow another user to take your vacant seat Do not eat any food inside the Library.
whenever you go out for more than 20 minutes.
Please be in possession of a maximum of two Do not steal Library materials. It is a

Library books at any given time. criminal offence.
All Library users will be subjected to body Free reading of past examination papers
searching. and study packs on sale is not
permissible.
8. Other Library Venues in Zimbabwe
i. Speciss College, 39/41 Jason Moyo Avenue, between 2nd and 3rd Avenues,
Bulawayo.
ii. Chinhoyi Public Library, Cnr Chegutu Road and Jongwe Street.
iii. Gweru Memorial Library, 54-8th Street, Gweru.
iv. Masvingo Polytechnic College, Masvingo.
v. Turner Memorial Library, Civic Centre, Mutare.
vi. Redcliff Municipal Library, Redcliff Civic Centre.
vii. Victoria Falls Library, Victoria Falls.
You will need to contact the individual Library for details regarding access to the books.
Please Note:
The libraries are not equipped to provide students with their full reading requirements
for their studies. Students should obtain the essential textbooks and use the Library
facilities to supplement their study requirements.

22 (Effective 2019)
CURRICULUM (Qualifying Scheme)
A B C D
Pre- Pre-Professional Professional Professional
Professional Intermediate Programme I Programme II
MANAGING Business Law; Human Resources Corporate Law *Corporate
PEOPLE Business Management Secretarial Practice
Communication
and Ethics
MANAGING Business Financial Accounting *Advanced Public Financial

FINANCE Accounting and Reporting Accounting & Management
Financial Reporting;
Corporate Financial
Management
MANAGING Business Auditing; Cost and Audit and

INFORMATION Statistics and Management Assurance; Applied
Information Accounting Governance, Risk
Technology and Compliance
MANAGING Business Tax Law and Development of
RESOURCES Economics Practice Strategy
*Four hour papers

All other papers are three hour papers.
The new curriculum has 18 examinable modules and all these modules are compulsory.
To keep the qualification in line with current market requirements and developments, the
Institute reviews the curriculum regularly. Recent reviews of the curriculum or qualifying
scheme were made on these dates:
2001 – examined up to year 2004; 2005 – examined up to year 2006 and 2007 –
examined up to year 2012; 2013 examined up to 2018
ICSAZ NEW CURRICULUM TRANSITIONAL ARRANGEMENTS EFFECTIVE JANUARY

2019
The curriculum and syllabi in the 2013 members and students handbook will be examined up
to November 2018. Thereafter only the new curriculum will be examined.
Please note that the new curriculum becomes effective from January 2019. Therefore Rule
1 and 2, as set out in this Members and Students handbook regarding the order of writing
examinations will be enforced up to November 2018 based on the 2013 curriculum and from
May 2019 examination session based on the new curriculum, as shown in this handbook.

23 (Effective 2019)
CHANGEOVER TO THE NEW CURRICULUM
To enable existing students to transfer to the new curriculum without being prejudiced, a
table has been prepared to help in the changeover.
It is essential that students study the table and take note of the subjects that they are not
expected to write because of their current credits, as well as those subjects they will now
need to write in order to complete their studies.
If students have written the following subjects under the old parts and passed they will not
need to write the subjects in the new parts, as indicated in the following table.
CURRICULUM
Subject Passed Old Subject not to be written New
Part Part
1. Business Communication Part A Business Communication and Ethics Part A
2. Business Law Part A Business Law Part A
3. Corporate Law / Corporate Law and Practice Part B Corporate Law Part C
4. Financial Accounting I / Introduction to Part A Business Accounting Part A

Financial Accounting
5. Information Technology Part B Business Statistics and Information Technology Part A
6. Quantitative Techniques Part A Business Statistics and Information Technology Part A
7. Financial Accounting Part B Financial Accounting and Reporting Part B
8. Human Resources Management Part B Human Resources Management Part B
9. Economics Part A Business Economics Part A
10. Taxation Part B Taxation and Practice Part B
11. Auditing Part B Auditing; Part B
Audit and Assurance Part D
12. Corporate Secretaryship Part D Corporate Secretarial Practice Part D
13. Advanced Accounting and Financial Reporting Part C Advanced Accounting and Financial Reporting Part C
14. Corporate Financial Management Part D Corporate Financial Management Part C
15. General and Strategic Management Part C Development of Strategy Part C
16. Cost and Management Accounting Part C Cost and Management Accounting Part C
17. Corporate Governance and Risk Management Part D Applied Governance, Risk and Compliance Part D
Note: It must be noted that all students will now be required to write Public Financial
Management at Part D. No credit will be awarded for having passed Integrative
Case Study.
Students should study the table and take note of the subjects they are not expected to write
based on the credits already in hand.
Students must note that the subjects that they have already passed will appear in their
current names on their transcripts when they complete their studies.

24 (Effective 2019)
ICSAZ Curriculum (Qualifying Scheme) 2019
Graduate ICSA
Applied
Audit and Public Financial Corporate
Part D Governance, Risk
Assurance Management Secretarial
Professional and Compliance
Practice
Programme II
Corporate Law Advanced Development of Cost and Corporate

Part C Accounting and Strategy Management Financial
Professional Financial Accounting Management
Programme I Reporting
Human Resources Tax Law and Financial Auditing

Part B Management Practice Accounting and
Pre- Professional Reporting
Intermediate
Business Business Business Law Business Business Statistics

Accounting Economics Communication and Information
Part A
and Ethics Technology
Pre-Professional
ICSA CURRICULUM (Qualifying Scheme)
The modules in the above table are listed below:
PART A – (Pre-Professional)
BUSINESS ACCOUNTING
BUSINESS ECONOMICS
BUSINESS LAW
BUSINESS COMMUNICATION AND ETHICS
BUSINESS STATISTICS AND INFORMATION TECHNOLOGY
PART B – (Pre-Professional Intermediate)

HUMAN RESOURCES MANAGEMENT
TAX LAW AND PRACTICE
FINANCIAL ACCOUNTING AND REPORTING
AUDITING
PART C – (Professional Programme I)

CORPORATE LAW
ADVANCED ACCOUNTING AND FINANCIAL REPORTING (4 hour paper)
DEVELOPMENT OF STRATEGY
COST AND MANAGEMENT ACCOUNTING
CORPORATE FINANCIAL MANAGEMENT

25 (Effective 2019)
PART D – (Professional Programme II)
AUDIT AND ASSURANCE
PUBLIC FINANCIAL MANAGEMENT
CORPORATE SECRETARIAL PRACTICE (4 hour paper)
APPLIED GOVERNANCE, RISK AND COMPLIANCE

26 (Effective 2019)
Normal Route Business Accounting
SYLLABI – PART A Business Accounting
Subject type: Core for the Zimbabwe Division’s Normal Qualifying Scheme
Aim Learning outcomes Syllabus topics Syllabus detailed content
The aim of this subject is Learning Outcome 1 ► Double Entry System  Accounting theory.
to introduce the student On successful completion  Concepts and accounting for capital, assets, liabilities,
to the subject of Financial of this subject, you will be expenses and income including the accounting (Statement of
Accounting and Reporting able to: Financial Position) equation.
► Accounting concepts
and provide an Understand the basic  Approaches to double entry principle.
understanding of the role Financial Accounting
of the discipline in principles and Corporate
ensuring accountability Reporting concepts.  Definitions of going concern, accruals, matching,
and stewardship in the (Weighting: 15%) prudence, consistency, materiality, substance
running of organisations. over form, business entity, duality, separate
determination
 Accounting for accruals and prepayments of income and
expenses.
 Accounting for assets, liabilities, revenue and expenses in
proper reporting period.
 The IASB and IPSASB Conceptual Frameworks for Financial

Reporting:
o Objectives of financial reporting;
o Scope of financial reporting;
o Qualitative characteristics of financial information;
► Financial Reporting o Characteristics of the reporting entity;
frameworks and o Definition and recognition of the elements of financial
concepts statements;
o Measurement; and
o Presentation and disclosure.
o International harmonisation of financial reporting standards –

costs and benefits
ICSAZ Syllabi (Effective 2019)
27

The aim of this subject is Learning Outcome 2 ► Books of Original Entry  Writing up and construction of Journals, sales day books,
to introduce the student On successful completion purchase journals, bills books, returns inwards and returns
to the subject of Financial of this subject, you will be outwards books suitable for various business enterprises, and
Accounting and able to: the journal proper from primary documents e.g. invoices and
Corporate Reporting and Prepare simple books of receipts.
provide an understanding accounts for sole traders  Transferring of the relevant amounts to the ledger.
of the role of the and non-profit making
organisations.
discipline in ensuring
accountability and
(Weighting: 15%) ► The Ledger  The ledger as a summary of all transactions undertaken by a
business during a particular period, including balances from
stewardship in the
previous periods.
running of organisations.
 Direct entries to the ledger, and entries using books of original
entry.
 Use of folio numbers to cross-reference accounts.
 Balancing of ledger accounts including the cash book.
 The trial balance and suspense accounts.
► Cash Accounting  Writing up and adjustment of cash books (including petty cash
book).
 Trade discount and cash discount.
 Bank reconciliation statements, including treatment of unpaid
cheques, post-dated cheques, bank charges, transfers and
contra entries and errors.

28

The aim of this subject is Learning Outcome 3 ► Correction of Errors  Identification of and treatment of errors which are not
to introduce the student On successful completion reflected in the trial balance.
to the subject of Financial of this subject, you will be  Errors which result in a difference in the trial balance.
Accounting and able to:  Use of suspense accounts at elementary level, to account for
differences in the trial balance.
Corporate Reporting and Make necessary correction
provide an understanding of errors and prepare
of the role of the financial statements from ► Incomplete records  Preparation of financial statements from incomplete records
discipline in ensuring incomplete records.
accountability and (Weighting: 20%)
stewardship in the
running of organisations.
► Control Accounts  Purpose of control accounts.
 Writing up and reconciliation of debtors and creditors control
accounts and agreement with debtors and creditors ledger
balance.
► Reconciliations  Debtors and creditors statements.

 Remittance advices.
 Bank Reconciliation Statements.

29

The aim of this subject is Learning Outcome 4 ► Sole traders  Preparation and Presentation of Financial Statements of sole
to introduce the student On successful completion traders from a trial balance or from incomplete records
to the subject of Financial of this subject, you will be including the treating of:
Accounting and able to:  Cash and bank transactions, including use of the cash
book and petty cash book
Corporate Reporting and Prepare departmental
 Sales and purchases; discounts allowed and received;
provide an understanding accounts and financial bad debts and allowance for receivables
of the role of the statements of operating  Accruals and prepayments
discipline in ensuring segments, financial  Inventory – opening and closing inventory; valuation
accountability and statements for sole traders, methods; write-offs in accordance with IAS 2.
stewardship in the partnerships and non-  Property, plant and equipment – acquisition of assets;
running of organisations. trading organisations that depreciation methods; impairments; disposals;
comply with some revaluations; changes in useful life in accordance with
IAS 16.
requirements of IAS 1:
 Events after the reporting date in accordance with IAS10.
Presentation of Financial
 Provisions in accordance with IAS37.
Statements.
(Weighting: 30%)
 Simple partnership accounts
► Partnership accounting
 Preparation of Capital and Current Accounts, Profit and Loss
Appropriation Account and Statement of Financial Position.
► Departmental Accounting  Prepare and present financial statements of departments

including the treatment of inter-departmental transfers,
allocation and apportionment of expenses.
► Operating segments  Determine the nature and extent of reportable segments

in accordance with IFRS 8.
 Specify and discuss the nature of segment information to
be disclosed.
► Non-trading  Preparation and presentation of financial statements of clubs

organisations (clubs and and societies from a trial balance or from incomplete records

30
societies) including the Receipts and Payments, Income Statement and

Statement of Financial Position.
 Treatment of post-Trial Balance adjustments including asset
disposal accounts.
► ICT applications in  Manual versus computerised accounting systems

Accounting (advantages and disadvantages)
 Computerised accounting packages and their applications

31

The aim of this subject Learning Outcome 5 ► Departmental accounting  Prepare and present financial statements of departments
is to introduce the On successful completion of including the treatment of inter-departmental transfers,
student to the subject of this subject, you will be able allocation and apportionment of expenses.
Financial Accounting to:
and Corporate Prepare departmental
Reporting and provide accounts and financial
an understanding of the statements of operating
role of the discipline in segments.
ensuring accountability (Weighting: 20%)
and stewardship in the
running of
organisations.
Advice and Support for Developers, Training Providers and Examiners
Teaching & Learning Approach

LO1. Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc.
LO2. Content to be presented or acquired through a textbook or study manual which can be supplemented by readings such as journal articles or extracts
from textbooks and classroom tuition, webinars, etc.
LO3, LO4 and LO5. Review of the detailed content through a textbook or a study manual covering the syllabus topics which can be supplemented through
webinars, classroom tuition etc.
Assessment
Assessment must include a three hour written examination, which must be passed, for this subject. Candidates may make use of hand-held, self-powered,
silent, non-programmable calculators but intermediate working steps must be shown
Recommended pre-requisites
Evidence of assessed pre-requisite knowledge and understanding at ‘A’ Level, or those of equivalent qualifications which have been approved as meeting the
Institute’s qualifications.

32
Mapping of learning outcomes to competencies

Subject:
Business Accounting
Competence Dimension Learning Outcome Learning Outcome Learning Outcome Learning Outcome Learning Outcome
1 2 3 4 5
Professional Personal
Behaviour Presentation
Good Judgement
Oral and written
communication skills
Analytical skills
Integrity Independence
Ethical code
Alertness to conflict
of interest
Assertiveness
Conflict management
Effective Team-working
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

33
Normal Route Business Economics
SYLLABI - PART A Business Economics
Aim Learning outcomes Syllabus Syllabus detailed content

topics
The aim of this subject Learning Outcome 1 ► Overview  What is economics?
is to equip the student On successful completion of of  Resources scarcity and choice.
with the knowledge and this subject, you will be able Economics  Factors of production, division of labour, economies of scale.
competencies in to:  The role of government in the economy.
economic principles Describe the fundamental  The mixed economy, command economy.
which affect the principles of microeconomics
environment in which and macroeconomics.
the business operates (Weighting: 25%) ► Demand,  The price system, market prices and factor prices.
in. A chartered Supply,  Basic theories of consumer demand, utility, prices.
secretary operates at Prices and  Marginal and average costs, fixed and variable costs, opportunity costs,
Market short and long-run costs.
the centre of the
Structure  Law of diminishing returns, increasing and decreasing costs.
organisation.
 Price and output determination under conditions of perfect and
imperfect competition and monopoly, including State undertakings.
 Profit maximization and equilibrium analysis. Normal and super-normal
profits.
 Micro-level investment decisions, expected rates of return.
 Elasticities of demand and supply – including cross market prices –
effects of taxes, subsidies.

34

topics
The aim of this subject Learning Outcome 2 ► National  Circular flow of national income, components of national income.
is to equip the student On successful completion Income  National income accounts.
with the knowledge and of this subject, you will be  Methods of measuring national income and output.
competencies in able to:
economic principles Describe the effect of
which affect the changes in macroeconomic ► Money  Meaning and functions of money, and credit.
environment in which indicators on business and Prices  Development of money, functions and attributes. Measuring the supply,
activity. and inflation, money and capital market.
the business operates
(Weighting: 25%) National  Financial systems and monetary policy.
in. A chartered
secretary operates at Income  Systems and methods of monetary control.
the centre of the  Government policies and relationship with inflation.
organisation.
► Theory of
 Marginal distribution theory, determination of wages.
Distribution
 Economic rent and transfer earnings.
 Capital and interest – appraising investments, financing the firm.
 Enterprise and profits.

35

topics
The aim of this subject Learning Outcome 3 ► Level of  An outline of the Keynesian analysis.
is to equip the student On successful completion of Economic  Determination of level and changes in income and employment, propensities to
with the knowledge and this subject, you will be able Activity consume and save, the multiplier effect - including foreign trade and
competencies in to: government; the accelerator, determination of level of investment, liquidity
economic principles Explain labour economics preference and rate of interest.
which affect the and factors that determine  The monetarist critique.
environment in which the levels of economic  Government policies and relationship with inflation.
the business operates activity.  Consumption, savings and investments – their determinants.
in. A chartered (Weighting: 25%)  The equilibrium of national income
secretary operates at  Aggregate demand and supply – The multiplier formula.
the centre of the
 Elementary knowledge of wage determination in conditions of perfect and
organisation.
imperfect competition; effect of trade unions on wage levels, wage differentials
and level of employment; trade unionism in Zimbabwe.
► Labour  Monopoly in the labour market.

36

The aim of this subject Learning Outcome 4 ► Taxation and  Type of taxes and their effect on incomes, prices and individual and corporate
is to equip the student On successful completion of Fiscal Policy activity.
with the knowledge and this subject, you will be able
competencies in to:
► Welfare
economic principles Analyse economic fiscal Economics
which affect the policy issues and proffer  Pareto criterion. Allocative efficiency, efficiency and the free market.
environment in which possible solutions.
the business operates (Weighting: 25%) ► Market Failure
in. A chartered
secretary operates at  Causes of failure, imperfect competition, externalities.
the centre of the  Public goods, government’s role.
organisation.  Privatisation.
► National  Transport and the economy.
Economic
Policies and
Economic
Development  Aims and conflicts of policy in relation to full employment, economic growth,
price stabilization, balance of payments, equilibrium, income distributions,
regional growth and employment balance, mixed economy, relationship
between
► The
 Government and public and private sectors.
International
 Major problems confronting developing economies, including capital formation,
Economic
population, agriculture, investment choices, trade relationships and
System
international finance.
 The gains of international trade – comparative advantages and its limitations.

 International trade relationships and monetary problems, including: balance of
► The payments adjustment processes, fixed and flexible exchange rates, world
Zimbabwean liquidity, protective devices, primary commodity schemes and trading blocs,
Economy the role of the International Monetary Fund and the World Bank.
 Protectionism.
 Influence of Trade blocks.
► Growth and
Development  The historical output of the economy, current structure, recent economy
performance and current economic methods.

37
 Levels of employment, inflation, national debt.
 Factors influencing growth, the debt problem, people and growth, development
economics. Role of regional bodies.

LO2. Content to be presented or acquired through a textbook or study manual which can be supplemented by readings such as journal articles or extracts from
textbooks and classroom tuition, webinars, etc.
LO3, LO4. Review of the detailed content through a textbook or a study manual covering the syllabus topics which can be supplemented through webinars,
classroom tuition etc.
Assessment
Assessment must include a three hour written examination, which must be passed, for this subject. The examination will be related primarily to the Zimbabwean
economy.
Evidence of assessed pre-requisite knowledge and understanding at ‘A’ level, or those of equivalent qualifications which have been approved as meeting the
Institute’s requirements must be demonstrated.

38

Subject:
Business Economics
Competence Dimension Learning Outcome 1 Learning Outcome 2 Learning Outcome 3 Learning Outcome 4
Professional Personal Presentation

Behaviour Good Judgement
Oral and written
Analytical skills
Ethical code
Alertness to conflict of
interest
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

39
Normal Route Business Law
SYLLABI - PART A Business Law
The aim of this subject is to Learning Outcome 1 ► The Nature of  Stare decisis
create an understanding of the On successful Law  Obiter dictum
laws that govern business completion of this  Ratio decidend
operations and different forms subject, you will be
of legal entities. able to: ► The sources of
Understand the law  The relationship of and distinction between common law, statute law and
nature and sources of customary law.
law  Function and purpose of law.
(Weighting: 25%)  The Constitution of Zimbabwe
► Administration  An understanding of the manner in which the law is administered and

of the law enforced through the judicial system in Zimbabwe.
 Hierarchy of courts in Zimbabwe.
 Judicial precedents.

40

The aim of this subject is to Learning Outcome 2 ► The formation  Essentials of a contract
create an understanding of the On successful of a contract  Consensus and capacity to act.
laws that govern business completion of this  Offer and acceptance
operations and different forms subject, you will be
of legal entities. able to:
Have a basic ► The contents  Terms and representations of Implied terms
understanding of the and  The Parol Evidence Rule.
law relating to Interpretation
Contracts of the contract
(Weighting: 25%)  Mistake, misrepresentation, duress, undue influence etc.
► Effect of
defects
 Possibility of performance
 Effect of impossibility of performance existing at the time of the
► Performance of conclusion of the contract as distinguished from supervening
contract impossibility of performance.
 Agreements in restraint of trade.
 Formal requirements to be met.

 The termination of obligations.
► The conclusion  Cession

of contracts  Assignment
► Transfer of
 Forms of breach
contractual
rights and  Remedies
obligations
► Breach of
contract and
remedies on
the ground of
breach

41

The aim of this subject Learning Outcome 3 ► Specific  Requirements for the formation of a contract of sale
is to create an On successful completion of Contracts: Sale  The duties of the seller
understanding of the this subject, you will be able  The duties of the purchaser
laws that govern to:  Transfer of ownership
business operations Have a basic understanding
 Definition of a lease
and different forms of of the law relating to: ► Specific  Duties of the lessor
legal entities.  Delict Contracts:  Duties of the lessee
 SaleLease Lease
 The hypothec of the lessor
 Agency  Termination of contracts of lease

(Weighting: 30%)  Formation of agency
 The effect of agency
► Specific  Liability of the agent
Contracts:  Types of agent
Agency  Termination of Authority
 Definition of delict
 Remedies
 Responsibility of employers for the defects of employees
► Specific
Contracts:
Delict

42

The aim of this subject Learning Outcome 4 ► Partnerships  Formation
is to create an and Companies  Dissolution of Partnerships
understanding of the On successful completion of  Differences between partnerships and limited companies
laws that govern this subject, you will be able
business operations to: ► Debt Collection  Instructing the lawyer
and different forms of Have a basic understanding
 Summons
legal entities. of the law relating to:
 Default judgement, Judgement and Provisional Sentence
 Debt collection  Writ of Execution
 Carriage of goods  Civil imprisonment
(Weighting: 20%)  The small claims court
► Carriage of
Goods  The common law position
 The position under the consumer contracts Act No. 6 of 1994
 Taking note of the existence of other related statutes.

LO3 and LO4. Review of the detailed content through a textbook or a study manual covering the syllabus topics which can be supplemented through
Assessment
Assessment must include a three hour written examination, which must be passed, for this subject.

43
Evidence of assessed pre-requisite knowledge and understanding at ‘A’ level, or those of equivalent qualifications which have been approved as meeting the

44

Subject:
Business Law

Oral and written
Analytical skills
Ethical code
Alertness to conflict of
interest
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

45
Normal Route Business Communication and Ethics
SYLLABI - PART A Business Communication and Ethics

The aim of this Learning Outcome 1 ► Communication  Basic concepts of the communication process and barriers.
subject is to Theory  Organising communication for the particular audience and the situation
develop the On successful and analyse and evaluate its success.
Chartered completion of this  Selection of the most suitable media from the alternatives available.
Secretary’s subject, you will be  Verbal and Non-verbal communication.
understanding of able to:
management To understand the
principles and communication theory
develop knowledge as it applies to various
facets of
and skills for
organisational work.
dealing with (Weighting: 20%)
modern business
challenges like
business ethics and
communication.

46

The aim of this Learning Outcome 2 ► Messages  The use of E-Mail, and the internet, effect of these on communication in
subject is to organisations.
develop the On successful  An understanding of the e-mail and its management in today’s
Chartered completion of this communication process.
Secretary’s subject, you will be  Impact of Personal computers on communication.
principles and scope of the various ► Oral Communication  Interpersonal and intrapersonal communications.
develop knowledge forms of  The techniques of effective interviewing.
and skills for
communication and  Speaking to individuals and formal and non-formal groups.
choose the right media  The advantages and disadvantages of oral communications.
dealing with channels for use in
modern business  Principles of good listening and barriers to effective listening.
different
challenges like communication  Negotiating techniques.
business ethics and situations. ► Graphic
communication. (Weighting: 40%) Communication  The various types of Graphic communication.
 Purposes of graphic devices.
 An introduction to measures of location – means, medians and modes –
and sampling.
 The presentation of numerical data, trends and moving averages by means
of graphs, charts and diagrams suitable for reports.
 Suitability of graphic communication.
► Audio Visual Aids  Various audio and visual aids in use and appropriate security.
 Design of systems including classification for retrieval and updating
information.
 The use of Audio and Visual Aids and important considerations to
remember when using these devices.

47

The aim of this Learning Outcome 3 ► Quality management  Importance and value of quality, implementing quality systems.
subject is to  Types of quality systems.
develop the On successful  Benchmarking.
Chartered completion of this  Total Quality Management and continuous improvement principles.
Secretary’s subject, you will be
principles and manager’s role in
develop knowledge instilling a culture, of
and skills for quality in all the facets
dealing with of organisational work.
modern business (Weighting: 20%)
challenges like
business ethics and
communication.
The aim of this Learning Outcome 4

subject is to ► Business ethics  Definition of business ethics and values
develop the On successful  Core values
Chartered completion of this  Principles, threats and safeguards and how these apply to professional
conduct and practice
Secretary’s subject, you will be
management Explain ethics ► Responses to  Roles and responsibilities of those charged with governance
principles and applicable to business unethical or illegal  Best practice in whistleblowing policies and procedures
develop knowledge and the behaviour  Best practice response to fraudulent behaviour or other misconduct
and skills for Profession.
dealing with (Weighting: 20%)
modern business
challenges like
business ethics and
communication.

48

Assessment
Assessment must include a three hour written examination, which must be passed, for this subject. Candidates intending to attempt the graphic
communication question must equip themselves with a compass, ruler, eraser, protractor, coloured pencils and a lead pencil.
Institute’s qualifications must be demonstrated.

49

Subject:
Business Communication and Ethics

Oral and written communication
skills
Analytical skills
Ethical code
Alertness to conflict of interest
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

50
Normal Route Business Statistics and Information Technology
SYLLABI - PART A Business Statistics and Information Technology
Aim Learning Syllabus topics Syllabus detailed content

outcomes
The aim of this subject is to Learning Outcome ► Defining statistics  Define statistics and explain its use in business.
expose the student and to 1  Collection and presentation of numerical information:
assess competency in the On successful o Questionnaires, interviews, tabulation analysis and interpretations.
application of statistical completion of this
methods and techniques in subject, you will be
solving business problems as able to:
well as to provide a conceptual Understand the ► Data Description  Graphical displays, bar graphs (multiple, component), pie charts,
framework and practical mathematical and pictograms, line graphs, Lorenz curves, stem and leaf diagrams,
applications of information statistical pictorial presentations, moving totals and averages.
technology to organisational techniques which  Measures of Centrality – mean, medium, weighted mean, mode
situations. are useful for  Measures of Spread – for grouped and ungrouped data – variance,
business standard deviation, range quartiles, percentiles, interquartile range,
applications. box and Whisker plot.
(Weighting: 10%)  Frequency Distributions – histograms, polygon, ogives, skewness
 The elimination of common errors. Approximations and their
limitations.
► Business Calculations  Use of annuity tables, sinking fund schedules, simple and compound
interest, elementary insurance calculations.
► Computer Based  Use of spreadsheets in statistical calculations and presentations.

Statistics

51

outcomes
The aim of this subject is to Learning Outcome ► Probability  A basic introduction to probability from a practical viewpoint.
expose the student and to 2  Equally likely outcomes, combinations of events, union of events,
assess competency in the On successful conditional probability, mutually exclusive events, venn diagrams,
application of statistical completion of this probability trees, conditional probability, normal distribution.
 Binomial distribution, Poison distribution and proportions, Testing a
well as to provide a conceptual Apply probability hypothesis for small and large samples and confidence intervals, types
framework and practical and sampling of errors, power of test.
applications of information techniques to solve
technology to organisational business problems.
situations. (Weighting: 10%) ► Sampling  Methods of sampling, samples, populations.
 Parameters and statistics.
 Sampling distributions.
 Estimating population means and proportions.
 Testing a hypothesis.

52

outcomes
The aim of this subject is to Learning Outcome ► Correlation and  Correlation coefficient, scattergraphs, cross tabulation tables, simple
expose the student and to 3 regression analysis linear regression, multiple correlation coefficient.
assess competency in the On successful  Regression analysis.
application of statistical completion of this  Interpretation of parameters.
well as to provide a conceptual Apply correlation
framework and practical and regression
applications of information analysis techniques
technology to organisational to solve business
situations. problems.
(Weighting: 20%)
The aim of this subject is to Learning Outcome ► Index Numbers  Problems involved in their use, price relative methods, aggregative
expose the student and to 4 methods. Laspeyre and Paasche indices retail price index, index
assess competency in the On successful construction and interpretation.
application of statistical completion of this
solving business problems as able to: ► Time Series Analysis  Trends, moving averages, seasonal variations, random variations,
well as to provide a conceptual Apply Index exponential smoothing and simple forecasting.
framework and practical Numbers and Time  De-seasonalising a time series.
applications of information Series Analysis to  Official sources of economic and business data.
technology to organisational proffer solutions to  The National Income and Expenditure Accounts.
situations. business problems.  Censuses of population, production, distribution.
(Weighting: 10%)  Manpower earnings, cost of living, capital formation, trade returns and
balance of payments.

53

outcomes
The aim of this subject is to Learning ► Information Systems (IS)  What is an IS?
expose the student and to Outcome 5  Distinguishing between IT and IS
assess competency in the On successful  System concepts,
application of statistical completion of
 IS components,
methods and techniques in this subject, you
solving business problems will be able to:  IS resources,
as well as to provide a Understand the  IS types,
conceptual framework and foundation  Classes of Information Systems
practical applications of concepts of
information technology to Information
organisational situations. Systems (IS) ► Information Technology  Motivation factors, attributes of information, management
and Information information, systems theory, data systems and users.
Technology (IT)
(Weighting:
10%)  Business organisations, business information, management
► Business Management
information, management information systems, strategic roles of
Information
information systems, information systems and business
operations, information systems and decision making, information
systems for leveraging competitive advantage.

54

outcomes
The aim of this subject is to Learning ► Introduction to Computer  Computer architecture, major hardware components
expose the student and to Outcome 6 Hardware  Types of computer systems: micros, minis, mainframes,
assess competency in the On successful networked computers; types and trends; computer peripherals:
application of statistical completion of input, output, storage devices and wearables
solving business problems will be able to:
as well as to provide a Evaluate the
conceptual framework and organisation’s ► Introduction to Computer  Systems software: operating systems, programming language
practical applications of Information Software generations, language translator programs; Applications
information technology to Technology software: development tools, selection and implementation of
organisational situations. requirements in software, package versus bespoke decisions.
terms of
hardware,
software and ► Introduction to Database  Manager’s view of file and database processing, management
network Management problems of file processing, database management software,
resources and logical data elements, database structures, database
make development, database systems and concepts; entity-
appropriate relationship model; relational model and algebra; relational
decisions.
commercial query languages; integrity constraints; design
(Weighting:
20%) theories for relational databases.
► Introduction to  Applications of telecommunications; technical telecommunication

Telecommunication alternatives: media, processors, software, network, topologies,
Technology architectures and protocols, communications channel
characteristics.

55

outcomes
The aim of this subject is to Learning
expose the student and to Outcome 7 ► End User Computing and  End user computing: components, resources, applications,
assess competency in the On successful Office Automation management implications;
application of statistical completion of  Office automation :
 Word processing, desktop publishing, image processing, computer
solving business problems will be able to:
as well as to provide a Identify and graphics, multimedia presentations, management implications.
conceptual framework and explain the use
practical applications of of computer
information technology to application ► Transaction Processing  Transaction processing systems: batch processing, real-time
organisational situations. systems in processing;
business.
(Weighting:
10%) ► Managerial Information and  Executive information and decision support systems,
Support Systems  Artificial intelligence and expert systems.

56

outcomes
The aim of this subject is to Learning ► Developing Information  Systems development cycle: investigation, analysis, design,
expose the student and to Outcome 8 Systems Solutions computer aided systems engineering, prototyping,
assess competency in the On successful implementation, testing; evaluating hardware, software,
application of statistical completion of services;
methods and techniques in this subject, you  Systems development tools: system flowcharts, data flow
solving business problems will be able to: diagrams, case tools.
as well as to provide a Use Information
conceptual framework and Technology to ► Managing Information  Information resource management: strategic management,
practical applications of leverage Technology functional management, resource management, technology
information technology to competitive management, distributed management, information
organisational situations. advantage and technology management, business and information
analyse the technology strategies, business and Information technology
adequacy of IS applications, information technology platforms.
and IT controls
and relevant ► Security and Ethical  Social media management, including organisational policy
application Challenges of Information on use of social media.
controls. Technology
(Weighting: 10%)
 Information system controls, procedural controls, physical
facility controls, auditing;
 Information security policy and information security
standards,
 Ethical and social dimensions of information technology,
 Computer crime and health issues.

57

LO2, LO3 and LO6 Content to be presented or acquired through a textbook or study manual which can be supplemented by readings such as journal articles or
extracts from textbooks and classroom tuition, webinars, etc.
LO4, LO5, LO7 and LO8. Review of the detailed content through a textbook or a study manual covering the syllabus topics which can be supplemented through
Assessment
Assessment must include a three hour written examination, which must be passed, for this subject. Candidates will be provided with the necessary tables.
Candidates may make use of hand-held, self-powered, silent, non-programmable calculators, but intermediate working steps must be shown.

58

Subject:
Business Statistics and Information Technology
Competence Dimension Learning Learning Learning Learning Learning Learning Learning Learning
Outcome 1 Outcome 2 Outcome 3 Outcome 4 Outcome 5 Outcome 6 Outcome 7 Outcome 8
Good Judgement
Oral and written
Analytical skills
Ethical code
of interest
Assertiveness
Conflict
management
behaviour
with others Leadership
Influencing skills
Negotiating skills
Diplomacy

59
Normal Route Human Resources Management
SYLLABI – PART B Human Resources Management


outcomes
The aim of this subject is to Learning Outcome ► Organisations and  The organisation and its environment
impart knowledge of the 1 organisational  Organisational structures including line, staff and matrix.
management of the key On completion of structures  Organisational policies and procedures.
resource in the organisation, this subject, you will  Globalisation, e-commerce, multinationals and emerging markets.
human resources and the be able to:
measurement, management Understand the  The role of management in organisations.
and improvement of environment in
organisational performance which organisations  Difference between the role of the “Director” and that of “Manager”.
through the application of operate, different
various tools and techniques. organisational
structures and
management
concepts
(Weighting: 15%)

60

outcomes
The aim of this subject is to Learning ► Quality management  Definition of organisational culture,
impart knowledge of the Outcome 2  Corporate culture and performance,
management of the key On successful  Multiculturalism.
resource in the organisation, completion of this
human resources and the subject, you will be
measurement, management able to: ► Planning and  Control process, control systems, financial controls, budgets, audits.
and improvement of Understand the Controlling  Operations management, operation systems, planning and control.
organisational performance manager’s role in
through the application of Planning and
various tools and techniques. controlling of the
management
function.
(Weighting: 15%)

61
The aim of this subject is to Learning Outcome ► Human resources  The duties of a human resources manager and the position of the role in
impart knowledge of the 3 management the organisation.
management of the key On successful 
resource in the completion of this  Managing a workforce.
organisation, human subject, you will be  Organisation of work.
resources and the able to:  Organisational types and their differences.
measurement, Understand the role
management and and function of
improvement of Human Resources
organisational performance in an organisation.
through the application of (Weighting: 15%)
various tools and
techniques.

62

The aim of this subject is to Learning Outcome ► Law and the  Law Practice Relative to:
impart knowledge of the 4 practice of Human o Remunerations, hours of work, overtime, holidays, sick leave,
management of the key On successful Resources fridge benefits, employment records.
Management o The employment contract/rights and obligations of the parties.
resource in the organisation, completion of this
human resources and the subject, you will be o Pension funds, medical schemes, insurance and P.A.Y.E.
measurement, management able to: Employee’s safety.
o Industrial accidents.
and improvement of Understand the law
organisational performance that relates to
through the application of aspects of Human
Resources
various tools and techniques.
Management.
(Weighting: 20%)

The aim of this subject is to Learning Outcome ► Human  Short and long term planning
impart knowledge of the 5 resources  Labour turnover, recruitment and selection
management of the key On successful recruitment  Labour markets, Job analysis, Personnel Specification, Job
resource in the organisation, completion of this and selection descriptions, recruitment methods, selection methods, equal
human resources and the subject, you will be opportunities, interviewing
measurement, management able to:
and improvement of Evaluate Human  The learning process
organisational performance Resources systems, ► Training and  Short and Long-term planning
through the application of make appropriate development  Induction and education programmes in general
various tools and techniques. decisions and  Training, of apprentices and supervisors
recommendations  Policies on promotions, transfers, dismissals, and retrenchments
(Weighting: 20%)  Training and development for strategic success – competence
assessment
 Organisational Development – quality and productivity
 Framework of organisational culture:

 Managing ‘culture’, the role of Human Resources Management.
► Organisational  Organisational culture and business success.
63
Culture and  Management of culture change

Human  Multiculturalism
Resources  Corporate culture and performance
Management
► Effective  Interpersonal skills

Communicatio  Communication – the need and the communication patterns
n in Human  Counselling – role and skills
Resources  Conflict management – grievance procedures, discipline
Management management

The aim of this subject is to Learning Outcome ► Performance and  Performance appraisal – merit rating
impart knowledge of the 6 reward  Rewards and motivation – theories of motivation, effective leadership.
management of the key On successful  Incentives
resource in the organisation, completion of this  Performance related pay.
human resources and the subject, you will be  Indirect compensation
measurement, management able to:  Employee empowerment
 Benefits
and improvement of Understand the
 Staff welfare
organisational performance need for
 Job evaluation
through the application of management
various tools and techniques. control, performance
measurement and
change
management.  Classifying change
(Weighting: 15%)  Building the case for change and the change vision
 Use of a change agent
► Change
 Planning for change and the change kaleidoscope
64
Management  Lewin’s Three Stage Change Model

 Resistance and barriers to change including
a. Lewin’s force field analysis
b. The psychological contract
c. The Kubler-Ross change curve
 Kotter’s strategies for change
 Organisational structures, human resources information systems

and, reports generation
► Human
Resources
Management
Information
Systems

LO3, LO4, LO5, and LO6. Review of the detailed content through a textbook or a study manual covering the syllabus topics which can be supplemented
through webinars, classroom tuition etc.
Assessment

65
Evidence of assessed pre-requisite knowledge and understanding in the following disciplines must be demonstrated through the Institute’s examinations, or
those of equivalent qualifications which have been approved as meeting the Institute’s requirements.
- Business Communication

66

Subject:
Human Resources Management
Competence Dimension Learning Learning Learning Learning Learning Learning
Outcome 1 Outcome 2 Outcome 3 Outcome 4 Outcome 5 Outcome 6
Good Judgement
Oral and written
communication
skills
Analytical skills
Ethical code
of interest
Assertiveness
Conflict
management
behaviour
Influencing skills
Negotiating skills
Diplomacy

67
Normal Route Tax Law and Practice
SYLLABI – PART B Tax Law and Practice


outcomes
The aim of this subject is to Learning ► Specific inclusions in  Definition and treatment of the following terms in accordance
develop and assess the Outcome 1 gross income with the Income Tax Act (Chapter 23.06) and the Finance
essential knowledge and skills On successful Act (Chapter 23:04) as amended:
required in the handling of completion of this o Gross income (Section 8 of the Income Tax Act)
corporate and individual tax subject, you will be o Capital and revenue accruals and outlays
issues in compliance with able to: o Deemed accruals
Zimbabwean tax laws and Understand the o Sources of income
o Special inclusions in gross income
regulations. tax levied in terms
o Exempt income
of the Income Tax
o Dividends
Act (Chapter
o Suspensive sales and credit sales
23:06). o Recoupment
(Weighting: 25%) o Livestock and farm produce
o Trading stock
o Interest incurred and accrued
o Lump-sum benefits
o Fringe benefits
o
 Important court decisions which clarify the Income Tax law

and generally accepted tax practice.
► Deductions in the  Allowable deductions in terms of section 15 of the Income

determination of Tax Act (Chapter 23.06) and the Finance Act (Chapter
taxable income 23:04) as amended.
 Prohibited deductions
 Capital allowances
 Determination of gross income of farmers

68
► Taxation of farmers o Valuation of trading stock

o Sales due to land acquisitions
o Drought sales
 Specific deductions including restocking allowances
 Computation and payment of tax and tax returns
 Determination of gross income including sale of mining

► Taxation of miners claims
 Specific deductions:
o Prospecting expenditure
o Capital redemption allowances
 Computation and payment of tax and tax returns
 Income accruing to individuals, minors, natural persons

► Determination of tax
 Income accruing to partnerships, companies, private
liabilities
business corporations, special economic zones, industrial
park developers
 Income from insurance companies, financial institutions,
non-profit and statutory corporations
 Income accruing to trusts

69

outcomes
The aim of this subject is to Learning Estate duty  Estate duty
develop and assess the Outcome 2
essential knowledge and skills On successful o Duties levied in terms of the Estate Duty Act
required in the handling of completion of this (Chapter 23:03) with particular reference to:
 Estate – (its meaning)
corporate and individual tax subject, you will be
 Valuation
issues in compliance with able to:  Deduction
Zimbabwean tax laws and Understand the tax o Duty payable
regulations. levied in terms of o Returns required
the Estate Duty o Important court decisions
Act (Chapter o The practices of the Commissioner of Taxes
23:03) and engage  Definitions in terms of Administration of Estates Act
in planning for (Chapter 6:01)
deceased estates.
 Deceased estates and taxation
(Weighting: 10%) ► Estate planning
 Estate planning

70

The aim of this subject Learning Outcome 3 ► Capital Gains Tax  The difference between income tax and capital gains tax.
is to develop and  Taxes levied in terms of the Capital Gains Tax Act (Chapter
assess the essential On successful completion of 23:01) with particular reference to:
knowledge and skills this subject, you will be able o Calculation of tax payable
o Rollover
required in the handling to:
o Withholding tax
of corporate and Understand the tax levied in o Payment, assessment, refund
individual tax issues in terms of the Capital Gains  Important court decisions
compliance with Tax Act (Chapter 23:01)  The practices of the Commissioner of Taxes
Zimbabwean tax laws (Weighting: 10%)
and regulations.

71

The aim of this subject Learning Outcome 4 ► Other taxes, rates, levies  Crop levies
is to develop and On successful completion of and duties  Property rates and taxes
assess the essential this subject, you will be able  Customs duties and import taxes
knowledge and skills to:  Paysheet levies – Standards, ZIMDEF, NEC and NSSA
required in the handling Have an understanding of
of corporate and other taxes levies to ► Tax practice  Tax returns and assessment:
individual tax issues in persons and engage in tax • The self-assessment system
compliance with planning and practice issues
Zimbabwean tax laws including requirements for • Tax returns including e-filing and record keeping
and regulations. professional ethics and requirements
conduct. • Payment of taxes and payment dates
(Weighting: 10%)
• Non-resident tax payers
• Representative taxpayers
• Tax consultancy and professional code of ethics
• Recovery and refund
• Withholding taxes
• Objections and appeals
 Tax planning
• Estate planning
• Important court decisions which clarify tax law
and generally accepted tax practice.
• Sale of business
• Tax evasion and tax avoidance
•

72

The aim of this subject Learning Outcome 5 Value Added Tax  Background to the introduction of VAT
is to develop and On successful completion of  Interpretation of the Act and definitions
assess the essential this subject, you will be able  Tax levied in terms of the Value Added Tax Act (Chapter
knowledge and skills to: 23:12) with particular reference to:
required in the handling Understand the tax levied in  Registration and deregistration
 Supplies and taxable supplies
of corporate and terms of the Value Added
 Allowable deductions
individual tax issues in Tax Act (Chapter 23:12).
 Separate trades, branches and divisions
compliance with (Weighting: 20%)  Agents and auctioneers
Zimbabwean tax laws  Tax invoice
and regulations.  Credit note and debit note
 Tax periods
 Computations and assessments
 Refunds, penalties and appeals
 Payments and returns including e-filing.

73

Questions will be set on any of the provisions of the Income Tax Act, Finance Act Value Added Tax and Capital Gains Tax Act.
Candidates will be required to submit answers to certain questions in the form of reports or memoranda and to quote the relevant case law.
Questions will be based on the legislation applicable to the year of assessment ended on the 31st December in the previous calendar year.
Assessment
Assessment must include a three hour written examination, which must be passed, for this subject. Candidates may make use of hand-held, self-powered,
silent, non-programmable calculators but immediate working steps must be shown. Candidates may take into the examination room an unmarked copy of the
Income Tax Act (as amended) and of the Finance Act and the Capital Gains Tax Act. Students are permitted to take in their ZXNET Amended Zimbabwe
Taxation Statutes provided, of course, that no notes or commentaries are included.
- Introduction to Financial Accounting

- Business Communication

74

Subject:
Tax Law & Practice
1 2 3 4 5
Good Judgement
Oral and written
Analytical skills
Ethical code
of interest
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

75
Normal Route Financial Accounting and Reporting
SYLLABI – PART B Financial Accounting and Reporting

The aim of this subject is to Learning Outcome 1 ► Partnership  Accounting for partnerships including changes in profit sharing
build on the body of Financial On successful accounting ratios
Accounting knowledge learnt in completion of this  Conversion of partnership to limited liability companies
the Business Accounting subject, you will be able  Dissolution of partnerships.
subject and apply International to: ► Formation of
Financial Reporting Standards Prepare financial company and issue
(IFRSs) or other relevant statements for of shares  Steps in formation of company,
standards to transactions and partnerships, branches  Issues of shares and debentures
other events, evaluate and trusts. Explain the  Pre-incorporation profits.
appropriateness of accounting formation of limited
policies used to prepare liability companies
► Accounts of
financial statements and including the issue of different types of  Preparation of accounts for branches and trusts
prepare financial statements in shares and account for organisations
accordance with IFRSs and transactions of special
other relevant standards. nature. ► Transactions of
special nature  Investments, underwriting, redemption of shares and debentures,
(Weighting: 20%)
royalties, consignment, joint ventures, hire purchase(in
accordance with relevant accounting standards)

76

The aim of this subject is to Learning Outcome 2 ► Elements of  Identify and define elements of financial statements.
build on the body of Financial On successful completion financial
Accounting knowledge learnt of this subject, you will be statements
in the Business Accounting able to:  Identify components of financial statements and their
► Components of presentation formats including line items and relevant
subject and apply International Define the main elements financial
Financial Reporting Standards of financial statements disclosures.
statements
(IFRSs) or other relevant and identify components
of financial statements
standards to transactions and
including preparation of
other events, evaluate consolidated and ► Separate financial  Prepare the following financial statements in accordance with
appropriateness of accounting separate financial statements IAS 1, IAS 27 (revised) and other relevant standards:
policies used to prepare statements.
o Statement of comprehensive income
financial statements and (Weighting: 35%)
o Statement of financial position
prepare financial statements in o Statement of changes in equity
accordance with IFRSs and o Statement of cash flows – indirect and direct
other relevant standards. methods
► Consolidated
financial  Prepare the following consolidated financial statements in
statements accordance with IAS 1, IAS 7, IFRS 3, IFRS 10, IFRS 11 and
other relevant standards for wholly-owned subsidiaries:

o Statement of changes in equity
o Statement of cash flows – indirect and direct
methods

77

The aim of this subject is to Learning Outcome 3 ► Income Taxes  Determine the nature and extent of reportable segments in
build on the body of Financial On successful completion accordance with IFRS 8.
Accounting knowledge learnt of this subject, you will be  Specify and discuss the nature of segment information to be
in the Business Accounting able to: disclosed.
subject and apply International Account for taxation in
 Define the following financial accounting and reporting terms
Financial Reporting Standards financial statements of in accordance with IAS 12:
(IFRSs) or other relevant companies. o Accounting profit
standards to transactions and (Weighting: 30%) o Taxable profit
other events, evaluate o Tax expense
appropriateness of accounting o Current tax
policies used to prepare o Deferred tax liability
o Deferred tax assets
financial statements and
o Temporary differences
prepare financial statements in o Tax base
accordance with IFRSs and
other relevant standards.
► Current Tax  Determination of current tax
 Tax expense
 Tax liability
► Deferred tax  Recognition in profit or loss
 Recognition outside profit or loss

78

The aim of this subject is to Learning Outcome 4 ► Analysis and  Financial statements and the use of ratios.
build on the body of Financial On successful completion Interpretation  Using ratios to analyse and interpret financial statements e.g.
Accounting knowledge learnt of this subject, you will be activity, liquidity, profitability and gearing ratios.
in the Business Accounting able to:
subject and apply International Interpret and analyse ► Financial  Preparation of budgets, forecasts, cash budgeting.
Financial Reporting Standards financial accounts. Accounting
(IFRSs) or other relevant (Weighting: 15%) Information as
standards to transactions and an aid to
other events, evaluate Management
appropriateness of accounting
policies used to prepare
financial statements and
prepare financial statements in
accordance with IFRSs and
other relevant standards.

79

Assessment
Assessment must comprise of a three-hour written examination, which must be passed, for the subject. Candidates may make use of hand-held, self-
powered, silent and non-programmable calculators but intermediate working steps must be shown. Candidates are expected to apply theory to practical
situations.
- Introduction to Financial Accounting

- Quantitative Techniques

80

Subject:
Financial Accounting & Reporting

skills
Analytical skills
Ethical code
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

81
Normal Route Auditing
SYLLABI – PART B Auditing


outcomes
The aim of this Learning ► Historical  Statement of responsibilities.
subject is to introduce Outcome 1 Developments of  Audit committees.
the student to the On Auditing  Financial scandals and their implications to audit and assurance engagements.
roles of audit and successful  Objectives of external audit and other assurance engagements
► The concepts of audit  Levels of assurance and the concept of reasonable assurance
assurance in completion and assurance
organisational of this  Accountability and stewardship
 True and fair presentation
governance and subject, you
 The assurance engagement process
accountability will be able
frameworks with a to:  General requirements for the provision of internal and external audit services
focus on the Identify and
► The legal provisions  Auditor’s rights and duties
principles and explain the
relating to audits within  Auditor’s liability including criminal liability and liability to third parties
techniques used by scope and current public services  The objectives and impact of ISAs on external audit work
auditors. legal and and private sector  Public sector audit frameworks
regulatory legislation  Companies Act (Chapter 24:03) requirements
environment  Legislation and regulations affecting public sector audits, including the Public
within which Finance Management Act (Chapter 22:19)
audits are
 Basic tenets and concepts of internal and external audit work
performed.
► The scope of internal  Power and authority available to internal and external auditors
(Weighting: and external audits  Concepts of independence and objectivity
30%)  The materiality concept

82

outcomes
The aim of this Learning ► Ethical behaviour  Professional ethical and legal principles relating to auditor behaviour
subject is to Outcome 2  Ethical principles, their associated threats and safeguards and their relevance
introduce the On successful ► Audit work and in an audit and assurance context
student to the completion of
applicable standards  IFAC Code of Ethics for Professional Accountants
roles of audit and this subject, you  ICSAZ Code of Professional Ethics and Standards
assurance in will be able to:
organisational Identify and
governance and explain the
accountability corporate ► Corporate governance  The Zimbabwe National Code on Corporate Governance best practice
frameworks with governance and requirements and requirements on the structure and role of an Audit Committee
auditing  Contribution of internal and external auditors to corporate governance, in
a focus on the ethical
principles and requirements in particular through their relationship with the Audit Committee
techniques used environment  Regulations affecting audit and governance of public service organisations
by auditors. within which
audits are
performed.
(Weighting:
20%)

83

outcomes
The aim of this Learning ► Objectives and  Agreeing the terms of audit engagements
subject is to Outcome 3 general  Audit strategy and audit planning
introduce the On successful ► principles of audit  Purpose of interim and final audits
student to the completion of this
planning  Impact of interim audit work on the final audit
roles of audit and subject, you will  Documenting the audit plan
assurance in be able to: ► Risk assessment
organisational Explain audit
 Definition of audit risk
governance and planning and risk
 Importance of professional scepticism
accountability assessment
procedures.  Role of professional judgement
frameworks with
(Weighting: 25%)  Understanding of the organisation and its control environment
a focus on the  Fraud risks and the related internal controls established
principles and  Evaluation of the design and implementation of internal controls
techniques used  Preliminary analytical procedures
by auditors.  Matters arising from audit team meeting proceedings
 Using the work of internal auditors
 Identification of risk at the financial statement level

 Identification of risk at the assertion level
 Identification of audit risk
 Determination of potential misstatements in respect of each assertion
 Nature of significant risk and required audit responses

84

outcomes
The aim of this Learning ► Auditor’s response  Use of experienced staff
subject is to Outcome 4  Enhanced supervision
introduce the On successful ► Address assessed  Changes in nature, timing and extent of audit tests
student to the
completion of this risks  Considerations regarding the control environment
subject, you will  Focus on potential misstatements or key control weaknesses
roles of audit and be able to: ► Test of controls
assurance in Discuss the
organisational requirements of  Role of controls testing
governance and audit  Role of substantive testing
accountability programmes, Use of a combined testing approach
including the
frameworks with  Tests of internal controls
identification of
a focus on the  Evaluation of control weaknesses
internal controls
principles and and design of  Substantive analytical procedures
techniques used audit tests, in  Substantive tests of details
by auditors. order to obtain  Internal control procedures for key transactions and processes
sufficient  Use of audit sampling
appropriate audit  Using the work of internal auditors
evidence.
(Weighting: 25%) ► Reliance on Others

 Specialists – Lawyers, property valuers etc. Other activities – work performed by
other auditors at branches or subsidiaries.

85

References:
 ISAs, IFAC – International Auditing Guidelines, Companies Act (Chapter 24:03) requirements
Legislation and regulations affecting public sector audits, including the Public Finance Management Act (Chapter 22:19), Current textbooks.
Knowledge of International Accounting Standards and the International Auditing guidelines is a pre-requisite.
Assessment
Assessment must include a four three written examination, which must be passed, for this subject.
The written examination should include multiple choice questions, short form questions and case scenarios.
- All Part A
- Financial Accounting
- Taxation

86

Subject:
Audit & Assurance

skills
Analytical skills
Ethical code
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

87
Normal Route Corporate Law
SYLLABI – PART C Corporate Law


outcomes
The aim of this subject is to Learning Outcome ► Sources of  Statutes and secondary legislation
provide a thorough 1 corporate law  Case law
understanding of the sources  The international laws
of legal frameworks relevant to On successful  Legal traditions and systems
corporate law and the key completion of this  Federal/state laws and self-regulation
specific provisions (sections) subject, you will be
of corporate law, across the able to:
various structures, Conceptualise
management and knowledge of the
performance of business theories and
entities. principles related to
the structure and
regulation of
commercial
organisations.
(Weighting: 15%)

88

outcomes
The aim of this subject is to Learning ► Nature and  Types of corporate entities recognised by a jurisdiction, including
provide a thorough Outcome 2 structure of a unincorporated bodies (associations and not-for-profit charities)
understanding of the sources corporate body,  Partnerships, joint-ventures, sole traders etc.
contrasting with  Promoters and pre-incorporation contracts
of legal frameworks relevant to On successful
other business
corporate law and the key completion of this entities and
specific provisions (sections) of subject, you will be establishment of
corporate law, across the able to: business entities.
various structures, Give a reasoned
management and performance opinion on the
of business entities. legal structures
available to a
variety of types of
organisations and
their
appropriateness.
(Weighting: 15%)

89

outcomes
The aim of this subject is to Learning ► Nature and structure  Formation and registration of companies:
provide a thorough Outcome 3 of a corporate body,  Procedures/documents
contrasting with
understanding of the sources  Role of the registrar
other business
of legal frameworks relevant to On successful
entities and  Certificate of incorporation
corporate law and the key completion of this establishment of  Choice of the company name
specific provisions (sections) subject, you will be business entities.
of corporate law, across the able to: Critically
various structures, appraise the legal
management and performance and other issues
of business entities. arising in complex
scenarios and
apply relevant law
such as under the
relevant legislation
in jurisdiction.
(Weighting: 15%)

90

outcomes
The aim of this subject is to Learning ► Nature and structure  Separate legal personality
provide a thorough Outcome 4 of a corporate body,  The veil of incorporation
understanding of the sources On successful contrasting with  Lifting the veil of incorporation
other business
of legal frameworks relevant to completion of this
entities and
corporate law and the key subject, you will be establishment of
specific provisions (sections) able to: Critically business entities.
of corporate law, across the examine the impact
various structures, of the external
management and performance regulatory
of business entities. environment on the
structure of
commercial
organisations.
(Weighting: 10%)

91

outcomes
The aim of this subject is to Learning ► Consequences of  The criminal and civil liability of a company,
provide a thorough Outcome 5 incorporation  Shareholder liability and company liability, corporate groups
understanding of the sources On successful
of legal frameworks relevant to completion of this
corporate law and the key subject, you will be  Corporate constitution under statute, including the memorandum and
► The constitution of
specific provisions (sections) able to: a company the articles of association, content, model articles, the statutory
of corporate law, across the Demonstrate contract, alteration of the constitution, shareholder agreements, class
various structures, appropriate rights in the articles
management and performance judgement on  Powers and mission statements
of business entities. presenting advice
on structural and
legal issues in a
relevant form. ► Company contracts  Executing company contracts, company capacity, common law and
(Weighting: 20%)
statutory assumptions for the authority of agents to bind the company

92

The aim of this subject Learning Outcome 6 ► Decision making by  The board of directors requirements with respect to appointment,
is to provide a thorough On successful boards, management duties, management
understanding of the completion of this and shareholders  Decision-making via general meetings, board meetings and the basic
sources of legal subject, you will be conduct of meetings
frameworks relevant to able to: Exercise  Role of the company secretary
 Officers and directors’ legal duties and liabilities
corporate law and the appropriate judgement
key specific provisions on presenting advice
(sections) of corporate on structural and legal  Raising capital from the public:
law, across the various issues in a relevant ► Capital and  Role of the prospectus and listing particulars, content and the general
structures, management form. membership duty of disclosure, misleading content and remedies
and performance of (Weighting: 15%)  How to become a member, share certificates, the members’ register,
business entities. transfer and transmission of shares etc.
 Protection of shareholders’ rights
 Types of shares
► Shares and class
rights  Class rights
 Variation of class rights
 Alteration of share capital
 Issue shares
 Payment for shares
 Premiums and discounts
 Statutory pre-emption rights
► Capital maintenance  Doctrine of capital maintenance

 Share capital reductions
 Purchase and redemption of a company’s own shares
 Dividends and liability for improperly paid dividends
 Prohibition on financial assistance
► Loan/debt capital  Types of debt capital, including debentures and other personal
property debt
 Instruments and types of financial security, such as fixed and floating
charges or personal property

93

The aim of this subject Learning Outcome 7 ► The regulation of  Insider dealing/trading and market manipulation
is to provide a thorough On successful market abuse,  Criminal offenses
understanding of the completion of this takeovers/ mergers  Inside information, insiders, defences and criminal penalties
sources of legal subject, you will be
and the role of  The civil regulatory regime and civil penalties
regulators
frameworks relevant to able to: Exercise
 Basic understanding of the rules of takeovers and
corporate law and the appropriate judgement
mergers/acquisitions on securities markets
key specific provisions on presenting advice
 The most common regulators within the domestic jurisdiction and
(sections) of corporate on structural and legal the international environment a corporate body is likely to
law, across the various issues on a relevant encounter
structures, management form.
and performance of  Overview of companies in financial trouble, administration,
► Insolvency and receivership and liquidations
business entities. (Weighting: 10%) liquidations

94
Guide for developers, training providers and examiners

LO2 and LO3. Content to be presented or acquired through a textbook or study manual which can be supplemented by readings such as journal articles or
LO4. Review of the detailed content through a textbook or a study manual covering the syllabus topics which can be supplemented through webinars,
LO5 and LO6, LO7. Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc.
Corporate law is a well-defined area in each jurisdiction and as such there are already leading textbooks aimed at the accountant/business manager rather
than practising lawyer.
These books would be the ideal basis of the materials and then each jurisdiction might provide additional resources (online, classes, specialist notes and
problem questions, to complement the textbook).
rd
The model book for UK is Mayson, French & Ryan on Company Law (33 edition, 2016) OUP.
th
For Australia, the leading textbook is Harris, Hargovan & Adams, Australian Corporate Law (5 edition, 2016) Lexis Nexis: Butterworths.
Other Jurisdictions will have a similar leading corporate law textbook aimed primarily at business school students rather than future lawyers.
Assessment
Assessment must include a three-hour written examination, which must be passed, for each subject. Coursework (assessment of assignments other than
examinations) is permitted. Divisions may require a coursework element of up to 30% of the overall mark or grade.
Recommended approach if incorporating coursework:

 30% coursework project (take-home assignment) – problem questions requiring advice to cover Learning Outcomes 1, 2, 5.
 Problem question with various parts, requiring analyses and advice to the company or board.
 70% final examination covering Learning Outcomes 2, 3, 4, 5.
Final exam should have five problem questions to cover the field of content and combining at least two areas of content under each question. Exam should
require problem-solving, identification and application of legal principles (with some authority) and advice to relevant parties.
There are no compulsory prerequisites, such as a requirement to have taken particular preparatory or degree programmes or other subjects. Nor is there a
required order in which subjects are taken. Each subject outline may give recommendations and Divisions may provide advice to candidates. Relevant work
experience is always recommended.
It is assumed that all candidates have a fundamental understanding of legal frameworks within their jurisdiction (legislation, case law, Roman-Dutch law, civil
codes, federal/state laws, court system, commercials laws – contracts-torts etc). This material is covered in all undergraduate business degrees.

95
If a student has not undertaken an undergraduate business or similar degree, without any business law, the candidate should undertake a course of study to
cover the elements of basic content, to equip them with the concepts and terms of basic business law. Each jurisdiction would have a series of alternative
textbooks to cover such material.
Competency framework
The qualifying scheme overall through the subjects within it is designed to provide both knowledge and understanding and competence and skills and relevant
to the intended designation. The competency framework for ICSA professionals has three key competencies:
 I behave professionally. Dimensions: personal presentation, good judgement, oral and written communication skills, analytical skills.
 I behave with integrity. Dimensions: independence, ethical code, alertness to conflict of interest, assertiveness, conflict management.
 I behave effectively with others. Dimensions: team-working, leadership, influencing skills, negotiating skills, diplomacy.
Competence is developed in the workplace through professional practice and through effective teaching, learning and assessment of the subjects in the
qualifying scheme.
The final section of the subject outline maps the learning outcomes of the subject to the competencies in the competency framework.

96

Subject:
Corporate Law
Competence Dimension Learning Learning Learning Learning Learning Learning Learning
Outcome 1 Outcome 2 Outcome 3 Outcome 4 Outcome 5 Outcome 6 Outcome 7
Good Judgement
Oral and written
communication
skills
Analytical skills
Ethical code
Alertness to
conflict of interest
Assertiveness
Conflict
management
behaviour
Influencing skills
Negotiating skills
Diplomacy

97
Normal Route Advanced Accounting and Financial Reporting
SYLLABI – PART C Advanced Accounting and Financial Reporting


outcomes
The aim of this subject is for Learning Outcome ► Financial accounting  Accrual basis of accounting
students to develop their 1 concepts and  Going concern
knowledge of accounting and On successful principles  Relevance and faithful representation
the ability to use that completion of this
knowledge to prepare financial subject, you will be  Statement of profit and loss and other comprehensive income;
► Components of
statements, including for able to: financial statements  Statement of changes in equity;
public sector entities, for both Develop an (IAS1)  Statement of financial position and
internal and external use and understanding of the  Statement of cash flows
interpret information therein in fundamental
order to provide advice to the principles underlying
board, or a similar decision- the preparation and
making body, in strategy presentation of
development and/or decision- financial statements
making. and reports.
(Weighting: 10%)

98

outcomes
The aim of this subject is to Learning ► Partnership  Accounting for partnerships including changes in profit sharing ratios
build on the body of Financial Outcome 2 accounting  Conversion of partnership to limited liability companies
Accounting knowledge learnt in On successful  Dissolution of partnerships.
the Business Accounting completion of this
subject and apply International subject, you will be ► Formation of
Financial Reporting Standards able to: company and issue  Steps in formation of company,
(IFRSs) or other relevant Prepare financial of shares  Issues of shares and debentures
standards to transactions and statements for  Pre-incorporation profits.
other events, evaluate partnerships,
appropriateness of accounting branches and
policies used to prepare trusts. Explain the
► Accounts of different  Preparation of accounts for branches and trusts
financial statements and formation of limited types of
prepare financial statements in liability companies organisations
accordance with IFRSs and including the issue
► Transactions of  Investments, underwriting, redemption of shares and debentures,
other relevant standards. of shares and
special nature royalties, consignment, joint ventures, hire purchase(in accordance
account for
with relevant accounting standards)
transactions of
special nature.
(Weighting: 10%)

99

The aim of this subject is Learning Outcome 3 ► The need and  Agency theory for unregulated reporting.
for students to develop necessity of  Public interest argument supporting regulation.
financial
their knowledge of On successful completion of  Need to achieve desired social goals – fairness of reporting,
accounting
accounting and the ability this subject, you will be able information symmetry, protection of investors, etc.
standards (i.e.
to use that knowledge to to: reasons for
prepare financial Critically engage with the need regulating)
statements, including for for regulating financial
public sector entities, for reporting by entities.
both internal and external ► The Conceptual  Private sector regulation of accounting standards
(Weighting: 10%) Framework of
use and interpret o What it entails
financial reporting
information therein in o Benefits and concerns
order to provide advice to  Public sector regulation of accounting standards
the board, or a similar o What it entails
decision-making body, in o Benefits and concerns
strategy development  Legitimacy of the standard-setting process
and/or decision-making. o Its ability to produce an optimal accounting system
o Pessimistic prognosis
o Optimistic prognosis
o Accounting standards overload
 The International Approach
 IASC’s (International Accounting Standards Committee’s)
conceptual framework
 The local approach
► International  IASB’s (International Accounting Standards Board’s)

Financial Reporting objectives and the work that they are doing
Standards (IFRS)  IFRS and the world – convergence
and interpretations o Factors driving IFRS
of the International
 The work of the International Financial Reporting
Financial Reporting
Interpretations Committee (IFRIC) and its publications to
Interpretations
Committee (IFRIC) date.

100

The aim of this subject is Learning Outcome 4 ► Elements of  Identify and define elements of financial statements.
to build on the body of financial
Financial Accounting On successful completion of statements
knowledge learnt in the this subject, you will be able  Identify components of financial statements and their
► Components of presentation formats including line items and relevant
Business Accounting to: financial
subject and apply Define the main elements of disclosures.
statements
International Financial financial statements and
Reporting Standards identify components of
financial statements including
(IFRSs) or other relevant
preparation of consolidated ► Separate financial  Prepare the following financial statements in accordance with
standards to transactions and separate financial statements IAS 1, IAS 27 (revised) and other relevant standards:
and other events, statements. o Statement of comprehensive income
evaluate appropriateness (Weighting: 10%) o Statement of financial position
of accounting policies o Statement of changes in equity
used to prepare financial o Statement of cash flows – indirect and direct
statements and prepare methods
financial statements in
► Consolidated
accordance with IFRSs
financial  Prepare the following consolidated financial statements in
and other relevant accordance with IAS 1, IAS 7, IFRS 3, IFRS 10, IFRS 11 and
statements
standards. other relevant standards for wholly-owned subsidiaries:

o Statement of changes in equity
o Statement of cash flows – indirect and direct
methods

101

The aim of this subject Learning Outcome 5 ► Interest in other entities  The need for and nature of joint arrangements and interest in other
is for students to and joint arrangements entities, in accordance with IFRS11 and IFRS12.
develop their knowledge On successful
of accounting and the completion of this
ability to use that subject, you will be
knowledge to prepare able to: ► Financial statements of  Application of IAS1, IAS7, IAS27 (revised), IFRS3, IFRS10, IFRS11
financial statements, Produce financial a group of entities and IFRS12 in preparing financial statements of a group of entities.
including for public statements of a group  Production of:
sector entities, for both of entities, o Separate financial statements
internal and external incorporating o Consolidated statement of comprehensive income
use and interpret accounting o Consolidated statement of financial position
o Consolidated statement of changes in equity
information therein in transactions and
o consolidated statement of cash flows
order to provide advice adjustments in
to the board, or a similar accordance with
decision-making body, relevant international ► Acquisition and  Acquisition of additional shareholding over a period of time and during
in strategy development accounting standards. disposal of a reporting period (IFRS3).
and/or decision-making. (Weighting: 15%) shareholdings  Disposal of all or part of a shareholding during a reporting period
(IFRS3).
► Indirect control of a  Impact on the group financial statements of acquiring indirect control
subsidiary of a subsidiary.
 Impact on the group financial statements of consolidating a foreign

► Foreign subsidiaries subsidiary, including accounting for foreign exchange gains and
losses in accordance with IAS21.

102

The aim of this subject Learning Outcome 6 ► Income Taxes  Determine the nature and extent of reportable segments in
is to build on the body On successful accordance with IFRS 8.
of Financial Accounting completion of this  Specify and discuss the nature of segment information to be
knowledge learnt in the subject, you will be disclosed.
Business Accounting able to:
 Define the following financial accounting and reporting terms in
subject and apply Account for taxation in accordance with IAS 12:
International Financial financial statements of o Accounting profit
Reporting Standards companies. o Taxable profit
(IFRSs) or other (Weighting: 15%) o Tax expense
relevant standards to o Current tax
► Current Tax o Deferred tax liability
transactions and other
o Deferred tax assets
events, evaluate
o Temporary differences
appropriateness of ► Deferred tax o Tax base
accounting policies
used to prepare
financial statements and  Determination of current tax
prepare financial  Tax expense
statements in  Tax liability
accordance with IFRSs
 Recognition in profit or loss
and other relevant
standards.
 Recognition outside profit or loss

103

The aim of this subject Learning Outcome 7 ► Revenue from Recognition, measurement and disclosure of:
is for students to contracts with
develop their On successful customers  Revenue from contracts with customers, in accordance with IFRS15.
knowledge of completion of this
► Leases
accounting and the subject, you will be able
ability to use that to:  Leases, in accordance with IFRS16
knowledge to prepare Discuss the provisions ► Financial instruments
financial statements, of relevant international
including for public accounting standards in  Financial instruments, in accordance with IFRS7, IFRS9 and IAS39.
sector entities, for both respect of the ► Share-based
payments
internal and external recognition,
use and interpret measurement and  Share-based payments, in accordance with IFRS2.
information therein in disclosure requirements ► Operating segments
order to provide advice and produce the
to the board, or a relevant accounting  Operating segments, in accordance with IFRS8.
similar decision- entries. ► Deferred taxation
making body, in
strategy development (Weighting: 10%)  Deferred tax assets and liabilities, in accordance with IAS12.
and/or decision-
making.

104

The aim of this subject Learning Outcome 8 ► Analysis and  Financial statements and the use of ratios.
is to build on the body Interpretation  Using ratios to analyse and interpret financial statements e.g. activity,
of Financial On successful liquidity, profitability and gearing ratios.
Accounting knowledge completion of this
learnt in the Business subject, you will be able ► Financial Accounting  Preparation of budgets, forecasts, cash budgeting.
Accounting subject to: Information as an aid
and apply International Interpret and analyse to Management
Financial Reporting financial accounts.
Standards (IFRSs) or (Weighting: 10%)
other relevant
standards to
transactions and other
events, evaluate
appropriateness of
accounting policies
used to prepare
financial statements
and prepare financial
statements in
accordance with
IFRSs and other
relevant standards.

105

The aim of this subject Learning Outcome 9 ► Analysis and  Calculate ratios relevant for the analysis of profitability, performance,
is for students to evaluation of efficiency, activity, liquidity and gearing of an entity.
develop their On successful information in  Discuss horizontal analysis versus vertical analysis.
financial statements
knowledge of completion of this  Cash flow analysis
accounting and the subject, you will be able  Limitations of ratios.
ability to use that to:  Earnings management and ethical considerations.
knowledge to prepare Analyse and interpret
financial statements, information in financial
including for public statements.
sector entities, for both ► Earnings per share  Calculate basic and diluted earnings per share, in accordance with
(Weighting: 10%) IAS33.
internal and external
use and interpret
information therein in
order to provide advice
to the board, or a
similar decision-
making body, in
strategy development
and/or decision-
making.

106

The aim of this subject Learning Outcome 10 ► Describe the main  Financial and non-financial objectives of public sector
is for students to features of public organisations and comparison with private sector organisations
develop their On successful service organisations  Sources of finance for public service organisations
knowledge of completion of this  Relationships between organisations within the public sector
accounting and the subject, you will be able  Relationships between public sector and private sector
ability to use that to: ► Discuss the organisations
knowledge to prepare Discuss the financial influences on financial
financial statements, reporting requirements reporting by public  Impact of externally set objectives and targets
for public sector entities service organisations
including for public  Users, their needs and the impact on financial reporting
(Weighting: 10%)
sector entities, for both  Financial accountability in the public sector and its impact on
► Discuss the role of
internal and external external financial reporting
IFRSs and IPSASs in
use and interpret financial reporting for  Consolidation of external financial statements in the public sector
information therein in public service and the role of whole-of government accounts
order to provide advice organisations
to the board, or a  Role and influence of International Public Sector Accounting
similar decision- ► Prepare and explain Standards Board
making body, in the key  Application of IFRSs and IPSASs via sector-specific codes/manuals
strategy development
external financial  Departures from IFRS/IPSAS requirements
statements for single-  Influence of legislation and other forms of regulation by government
and/or decision- entity public service
making. organisations
applying current
statutes, regulation  Statement of comprehensive income or equivalent
and accounting  Statement of financial position or equivalent
standards  Statement of cash flows or equivalent
 Statement of changes in equity or equivalent
 Disclosures
 Determining the group boundary and issues of materiality
 Working with other organisations and determining the accounts
production process and timetable
 Whole of government accounts
 Consolidated statement of comprehensive income or equivalent
 Consolidated statement of financial position or equivalent

107

LO1. Explaining the accounting treatment of transactions in the main elements of the financial statements based on relevant IFRSs
Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc. Computations will be necessary in order to
understand the concepts.
classroom tuition etc. This outcome tends to be computational in nature.
LO4, LO5 and LO6, LO7, LO8, LO9, and LO10. Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars,
etc. Computations will be necessary in order to understand the concepts.
References:
Current textbooks, standards and or modules on accounting and financial reporting.
Assessment
Assessment must comprise of a four-hour written examination, which must be passed, for the subject.
LO1. Candidates must be able to interpret and analyse the content of a given set of financial statements (including notes) prepared in accordance with IFRSs
and/or other relevant standards.
LO2. This LO is conceptual and does not require calculations as required by other outcomes. Theoretical questions should be posed on the need for the
reporting entity to follow international and/or national financial reporting frameworks.
LO3. Assessment for this LO should include complex financial calculations to prepare group financial statements.
LO4. Typical questions for this LO should be based on business cases that require application of a relevant international accounting standard. Candidates
should provide advice on the recognition criteria, measurement and disclosure requirements under relevant standards.
LO5. Candidates will be required to analyse and interpret financial information from a set of financial statements and/or reports. Computations are essential
for this LO.
LO6, LO7, LO8, LO9, and LO10. Candidates must be able to interpret and analyse the content of a given set of financial statements (including notes)
prepared in accordance with IFRSs/IPSASs and/or other relevant standards.
The subject assumes a prerequisite knowledge of financial accounting and reporting at basic and intermediate level. Pre-requisite knowledge and
understanding in the following disciplines must be demonstrated:
All of Part A of the ICSAZ Qualifying Scheme
Taxation

108

Subject:
Advanced Accounting and Financial Reporting
Competence Dimension Learning Learning Learning Learning Learning Learning Learning Learning Learning Learning
Outcome Outcome Outcome Outcome 4 Outcome Outcome 6 Outcome 7 Outcome Outcome Outcome
1 2 3 5 8 9 10
Good
Judgement
Oral and
written
communication
skills
Analytical skills
Ethical code
Alertness to
conflict of
interest
Assertiveness
Conflict
management
behaviour
Influencing
skills
Negotiating
skills

109
Diplomacy

110
Normal Route Development of Strategy
SYLLABI – PART C Development of Strategy


outcomes
The aim of this subject is to Learning Outcome ► The nature of  The nature and relationship of strategy and planning
examine the elements, 1 strategy and  Strategic management concepts, background and models
processes, and techniques planning  Emergent strategy and intended or deliberate strategy
involved in the development On successful  Other strategy models
and implementation of completion of this  Strategic management in different contexts, based on the nature of
organisational strategy. subject, you will be different organisations
able to:
Conceptualise the ► Making strategy  Strategy-making leadership and systems
nature and  Participants and stakeholders in the development of strategy
importance of  Key strategic actions, including methodologies and processes
strategy and
strategic planning
(Weighting: 15%)

111

outcomes
The aim of this subject is to Learning ► The external  The nature and relationship of strategy and planning
examine the elements, Outcome 2 environment  Strategic management concepts, background and models
processes, and techniques  Emergent strategy and intended or deliberate strategy
involved in the development On successful  Other strategy models
and implementation of completion of this  Strategic management in different contexts, based on the nature of
organisational strategy. subject, you will be different organisations
able to:
Critically analyse ► Strategic capability  Sources of strategic capabilities
and evaluate an and competencies  Capabilities of competitive advantage
organisation’s  Assessing strategic capability
environment and  Managing strategic capability
identify global and
local opportunities
and threats, taking
into account the
organisation’s
internal capabilities
and resources and
the context in
which the
organisation
operates
(Weighting: 15%)

112

outcomes
The aim of this subject is to Learning ► Strategy and  The importance of culture and history
examine the elements, Outcome 3 organisational  Understanding culture
processes, and techniques culture  The importance of culture
involved in the development On successful  Creating and sustaining culture
and implementation of completion of this  Organisational culture and national culture
organisational strategy. subject, you will be
able to: ► The governing body  Corporate governance and considerations for the development of
Evaluate an and strategy strategy
organisation’s  Stakeholder management in the development of strategy
culture, governance  Risk and reputation in the development of strategy
and purpose, and
advise senior ► Expressing
management and  Strategy development and the purpose of an organisation
organisational
the board, or other purpose  Elements of organisational purpose
governing body, on  Statements of purpose – benefits and issues
the appropriate
► Business ethics and  Business ethics in the development of strategy
strategic
responsibility  Corporate social responsibility as part of strategy
approaches that
 Sustainability considerations as part of strategy
would ethically
 The role of individuals and managers
serve the purpose
of the organisation
and its
stakeholders.
(Weighting: 30%)

113

The aim of this subject is to Learning Outcome ► Strategic choices  The scope of strategic choice
examine the elements, 4  Business-level strategy and strategy options for strategic business
processes, and techniques units
involved in the development On successful  Corporate-level strategy and strategic models
and implementation of completion of this  Internationalisation as a strategic option
able to: ► Developing  Strategic pathways to strategy attainment including:
Evaluate the strategy o Organic development
strategic alternatives o Mergers and acquisitions
available to an o Strategic alliances
organisation and  Evaluating strategic options
advise senior
management and
the board, or other
governing body, on
alternatives
(Weighting: 15%)

114

The aim of this subject is to Learning Outcome ► Organisational  The nature of organisational structure
examine the elements, 5 structure and  Traditional structural forms
processes, and techniques design  Emerging structural forms
involved in the development On successful  Determining appropriate structures
and implementation of completion of this
able to:
Evaluate the ► Strategic control  Performance and effectiveness concepts, issues and approaches
organisational and performance  The nature of management control
impact of strategic management  Strategic control, concept and models
choices and advise  The balanced scorecard as a strategic control method
senior management
and the board, or
other governing
body, on appropriate
structures and
controls that will be
required for
implementation of
the selected strategy
(Weighting: 15%)

115

The aim of this subject is to Learning Outcome ► Managing  The nature of organisational change
examine the elements, 6 strategic  Understanding the context of change, including external drivers and
processes, and techniques change within the organisation
involved in the development On successful  Roles in the change process
and implementation of completion of this  Approaches to managing change
organisational strategy. subject, you will be  Understanding and managing resistance to change
able to:
Critically analyse the
challenges related to
change
management and
apply appropriate
tactics to manage
change
(Weighting: 10%)

116
As part of the senior management team, chartered secretaries and chartered governance professionals have an important role to play in ensuring that
strategy fits organisational purpose, is acceptable in terms of risk, and is consistent with good governance as well as with stakeholder requirements and
concerns.

The nature of this subject is such that fundamental theory needs to be studied and understood by the individual, but deeper understanding at the required
level is ideally gained using the application of theory to case studies in a group-based environment. Professional competencies will also be enhanced through
nd
group analysis and presentations. This subject has been developed using the recommended text: Mattacks K, Strategy in Practice, 2 Edition, ICSA
Publishing Ltd, 2015. The syllabus content refers to the headings in Mattacks. Divisions may use Mattacks or any of the leading texts in use in their region.
Most good texts, including the recommended text, should provide a wide variety of cases for learning purposes.
LO4, LO5 and LO6. Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc.
LO1: Chapters 1 and 2; LO2: Chapters 3 and 4; LO3: Chapters 5, 6, 7 and 8; LO4; Chapters 9 and 10; Chapters 11 and 12; LO6: Chapter 13.
Assessment
LO1. A theoretical question could be posed to ensure that fundamental understanding of the topic has been accomplished.
LO2. Provide a case study with a complex set of external and internal environmental factors. Develop questions that will indicate whether the candidate is
able to examine the case study and appropriately identify and categorise the relevant factors.
LO3. Include aspects of culture and potential ethical issues within a case study and develop questions that will indicate whether the candidate can identify the
challenges and make recommendations that consider culture, ethics, and risk in serving an organisation’s purpose.
LO4. Candidates need to be able to identify potential strategic approaches after analysing a case study, and make recommendations on the most appropriate
strategy.
LO5. On selection of a strategy, a candidate must be able to identify alternative structures and control methods, and make recommendations that would suit
the new strategy.
LO6. A short scenario should be provided for candidates to analyse and provide a recommendation on how to manage the aspect of change identified in the
scenario.

117
There are no compulsory prerequisites, such as a requirement to have taken particular preparatory or degree programmes or other subjects. Nor is there a
Candidates are recommended to have completed a relevant business-related program before undertaking this subject. Candidates might also wish to
complete Finance for Decision making before embarking on this subject. Work experience that has provided some exposure to strategy development is also
be recommended.
The qualifying scheme overall through the subjects within it is designed to provide both knowledge and understanding and competence and skills and relevant
to the intended designation. The competency framework for ICSA professionals has three key competencies:
qualifying scheme.

118

Subject:
Development of Strategy
Good Judgement
Oral and written
communication
skills
Analytical skills
Ethical code
of interest
Assertiveness
Conflict
management
behaviour
Influencing skills
Negotiating skills
Diplomacy

119
Normal Route Cost and Management Accounting
SYLLABI – PART C Cost and Management Accounting


outcomes
The aim of this subject is to Learning ► The nature and purpose  Distinction between management accounting and financial
instil the knowledge, key Outcome 1 of management accounting
skills and competencies On successful accounting  Objectives and functions of management
necessary for the candidate completion of this accounting
to operate in a Cost and subject, you will  Reasons for measuring costs – valuation; profit
Management Accounting be able to: measurement; decision making; control
function. Explain the role  Impact of non-financial factors in management
and scope of accounting scenarios
management
accounting ► Information to support  The difference between strategic, tactical and
management operational planning
decision making  Strategic management accounting
(Weighting: 10%)
 Types of information needed for planning, decision
making and control
 The attributes of good information for decision
making at each management level

120

outcomes
The aim of this subject is to Learning ► The nature of costs and  Definitions of costs and elements of cost
instil the knowledge, key Outcome 2 cost  Principles of cost behaviour
behaviour
skills and competencies  Cost centres and cost units
necessary for the candidate On successful  Classification and analysis of overhead costs
to operate in a Cost and completion of including the distinction between production and non-
Management Accounting this subject, you production cost
function. will be able to:  The concept of full cost for goods and services
Explain the
behaviour of ► Cost accounting  Types of standards and use of standard costs
costs and explain techniques
 Valuation of inventory and issuing of
and apply cost
accounting materials using FIFO, LIFO and weighted average methods
techniques  Different staff remuneration methods (time-based,
(Weighting: piecework, incentive schemes); calculation of the amount
30%) earned under a given scheme
 Job and batch costing
 Process costing - work-in-progress
- normal and abnormal losses
 Distinction between joint and by-products and valuation of
these at the point of separation
 Absorption costing and methods to allocate and apportion

overhead costs
► Techniques to account
for overheads  Limitations of traditional absorption costing systems
 The use of ABC to calculate unit overhead costs
 Importance of overhead accounting in service costing
 Comparison of absorption and marginal costing including
calculation of profits, profit statements and reconciliation of
profit figures

121

outcomes
The aim of this subject is to Learning ► Budgetary control  Nature of control systems
instil the knowledge, key Outcome 3 systems  Feedback and feedforward control
skills and competencies  Objectives of budgeting
necessary for the candidate On successful  Budget building process including medium and short-term
to operate in a Cost and completion of this budgets
 Top down versus bottom up budgeting including negotiation
Management Accounting subject, you will
 Budget centres and responsibility accounting; distinction
function. be able to:
between cost, profit, investment and revenue centres
Explain the  Introduction to the impact of budgets and performance
nature and measurement on behaviour
purpose of
► Budgeting models
budgeting and
apply appropriate  Rolling budgets
techniques to  Incremental budgeting
prepare  Zero based budgeting
 Project budgets; Planning Programming and Budgeting
operational and
System (PPBS)
cash
 Activity based budgets
budgets  Capital budgets
 Beyond budgeting
(Weighting:
25%) ► Types of budgets
 Master budget and functional budgets
 Cash budget including profiling
 Dealing with inflation in incremental budgets (fixed price and
outturn bases)
► Cost estimation in
budgeting  Structure of linear functions and equations
 Interpretation of scatter diagrams and lines of best fit
 Use of high-low technique to separate fixed and variable
costs
 Simple linear regression and correlation
 The Learning Curve effect

122

outcomes
The aim of this subject is to Learning ► Performance and  Budgetary control reports
instil the knowledge, key Outcome 4 budget reports  Fixed and flexed budgets
skills and competencies  Budget reconciliation reports
necessary for the candidate On successful
► Variance analysis  Variance calculations
to operate in a Cost and completion of this
 Variance interpretation and interdependence of variances
Management Accounting subject, you will
 Investigation of variances
function. be able to:
 Further variance analysis – materials and labour mix and
Assess yield; planning and operational variances
performance and  Mean, modal, median
make decisions  Standard deviation and introduction to Normal distribution
based on cost (N~)
and budget data,  Coefficient of variation
including under  Identifying quality problems – control charts, pareto diagrams,
uncertainty. ► Cost-volume-profit cause and effect diagrams
(Weighting: 35%) analysis
 Customer profitability analysis
 Target costing
 Throughput accounting
► Short-term decision  Interpretation of breakeven and profit-volume charts
making
 Relevant costing and opportunity costing
 Key factor analysis
 Make or buy decisions
 Other short-term decisions - situations involving shut down,
► Decision theory one-off contracts and further processing of joint products
 Decision making under risk, uncertainty and certainty

 Network Analysis/Critical Path Method (CPM)
 Project Evaluation and Review Techniques (PERT)
 Cost reduction schemes
 Back flush accounting
 Decision Tress Analysis
 Use of cost information for pricing decisions under conditions
of uncertainty
123

LO1. Distinguishing management accounting from financial accounting and explaining the role of management accounting.
Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc. This outcome tends to be conceptual in
nature.
LO2. Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc. Computations will be necessary in
order to demonstrate understanding of the concepts.
LO3. Review of the detailed content through a textbook or a study manual covering the syllabi topics which can be supplemented through webinars,
classroom tuition etc. There is need for some computations to grasp the concepts.
LO4. This LO requires computations to demonstrate understanding of the concepts.
References:
Current textbooks, and or modules on Cost & Management Accounting
Assessment
Assessment must include a three hour written examination, which must be passed, for this subject. Coursework (assessment of assignments other than
examinations) may not be appropriate for this subject.
The subject assumes a prerequisite knowledge of financial accounting and reporting at basic and intermediate level. Pre-requisite knowledge and
understanding in the following disciplines must be demonstrated:

124

Subject:
Interpreting Financial Statements
1 2 3 4 5
Good Judgement
Oral and written
Analytical skills
Ethical code
of interest
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

125
Normal Route Corporate Financial Management
SYLLABI – PART C Corporate Financial Management

Aim Learning Syllabus Syllabus detailed content

outcomes topics
The aim of this subject is for students Learning ► Sources of Evaluation of the features and uses of:
to develop their knowledge of finance Outcome 1 funding  Retained earnings
and the ability to use that knowledge  Working capital
in corporate financial planning and On successful  Policies
analysis and in understanding the completion of this  Pledging
 Short-term financial institutional loans
impact of the fiscal environment on subject, you will
 Long-term debt
organisational decision-making. be able to:
 Equity financing
Identify and  Leasing
critically evaluate  Sale of redundant assets
sources of finance  Crowd-funding and web-innovations
and their  Grants
associated risks
and returns Evaluation of covenants and other financing conditions required by lenders
(Weighting: 20%) ► Conditions with reference to:
affecting  financial reporting
financing  financial ratios
 regulatory reporting
 debt covenants

outcomes topics
The aim of this subject is for students Learning ► Financial Investing in equities:
to develop their knowledge of finance Outcome 2 decisions for  Portfolio theory
and the ability to use that knowledge investing in o Risk and return
in corporate financial planning and On successful
equities o Risk free investments
o Diversification
analysis and in understanding the completion of this
o Risk free rate
impact of the fiscal environment on subject, you will o Efficient market hypothesis
organisational decision-making. be able to: o Earnings per share

126
Critically explore  Gordon’s dividend discount model

the fundamental  Capital Asset Pricing Model (CAPM);Systematic risk; β factor; α values
financial decision- ► Financial
decisions for
making theories
investing in  Time value of money
and evaluate projects  Net present value (NPV)
these for decision
 Internal rate of return (IRR)
making
 Probability index
► Working
(Weighting: 20%) capital  Accounts receivables
managemen
 Management of inventory
t
 Accounts payable
 Leasing vs purchase
 Sale and leaseback

outcomes topics
The aim of this subject is for students Learning ► Capital  Equity capital
to develop their knowledge of finance Outcome 3 structure  Issuing of shares
and the ability to use that knowledge and cost of  Loan capital
capital  Capital gearing
analysis and in understanding the completion of this  Weighted Average Cost of Capital (WACC)
impact of the fiscal environment on subject, you will  Dividend or internal investment
organisational decision-making. be able to:
Conceptualise the
nature and
importance of
capital structure
and the cost of
capital and
evaluate these for
decision making
(Weighting: 20%)

127

outcomes topics
The aim of this subject is for students Learning ► Business  Business expansion and financial growth
to develop their knowledge of finance Outcome 4 reconstructi  Sources of expansion and contraction
and the ability to use that knowledge on and re-  Restructuring strategies-capital reconstruction
organisatio  Divestment
n
analysis and in understanding the completion of this
organisational decision-making. be able to:  The regulatory framework and processes of acquisitions and mergers
Evaluate and ► Acquisitions  Financing of acquisitions and mergers
advise on and  Valuations for acquisitions and mergers
alternative Mergers
 Acquisitions and mergers versus other growth strategies
business
restructuring
strategies, assess
and plan
acquisitions and
mergers as an
alternative growth
strategy.
(Weighting: 20%)
outcomes topics
The aim of this subject is for students Learning ► Role of  The main activities of the treasury function
to develop their knowledge of finance Outcome 5 treasury  The factors leading to short, medium and long term liquidity
and the ability to use that knowledge manageme surpluses and deficits
nt  Outsourcing the treasury function and the use of shared services
in organisational financial planning On successful
and analysis and in understanding the completion of this  Treasury management instruments and techniques
organisational decision-making. be able to: ► Financial  Types of financial risk – currency risk; interest rate risk; liquidity risk;
risk factors credit risk; refinancing risk; legal and regulatory risk; fraud and
explain the role of
affecting corruption risk; market risk
treasury
management and organisatio  Mitigation of risk including the four T’s
apply the tools ns  Impact of market volatility
 Interpretation of yield curves
128
and techniques  The role of insurance in risk management

used to manage  Credit default swaps
financial risk
► Use of Computation of risk and evaluation of the most appropriate strategy for a
(Weighting: 20%) financial given hedging requirement on the basis of:
instruments
to hedge  Interest rate forwards
against  Interest rate swaps
interest rate  Options – floors and caps
risk
► Use of
Computation of risk and evaluation of the most appropriate strategy for a
financial
given hedging requirement on the basis of:
instruments
to hedge
 Forward markets and use of forward contracts and synthetic
against
forwards (money market hedges)
foreign
 Synthetic agreement for forward exchange (SAFE)
exchange
risk  Exchange-traded currency futures contracts
 Currency swaps
 FOREX swaps
 Currency options

129

LO1. Distinguishing management accounting from financial accounting and explaining the role of management accounting.
Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc. This outcome tends to be conceptual in
nature.
LO2. Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc. Computations will be necessary in
order to demonstrate understanding of the concepts.
LO3. Review of the detailed content through a textbook or a study manual covering the syllabi topics which can be supplemented through webinars,
classroom tuition etc. There is need for some computations to grasp the concepts.
LO4. This LO requires computations to demonstrate understanding of the concepts.
LO5. This requires explanations and computations to demonstrate understanding of concepts.
Learning Outcomes to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc. Computations will be necessary
to understand the concepts.
References:
Current textbooks
Assessment
those of equivalent qualifications which have been approved as meeting the Institute’s qualifications.
All of Part A
Taxation

130

Subject:
Financial Management
Competence Dimension Learning Outcome Learning Outcome 2 Learning Outcome 3 Learning Outcome 4 Learning Outcome 5
1
Good Judgement
Oral and written
communication
skills
Analytical skills
Ethical code
Alertness to
conflict of
interest
Assertiveness
Conflict
management
behaviour
Influencing skills
Negotiating skills
Diplomacy

131
Normal Route Audit and Assurance
SYLLABI – PART D Audit and Assurance


outcomes
The aim of this Learning ► The concepts of audit  Objectives of external audit and other assurance engagements
subject is for Outcome 1 and assurance  Levels of assurance and the concept of reasonable assurance
students to develop  Accountability and stewardship
knowledge and On successful  True and fair presentation
understanding of completion of  The assurance engagement process
both internal and this subject, you ► The legal provisions
 General requirements for the provision of internal and external audit services
external auditing to will be able to: relating to audits within  Auditor’s rights and duties
enable them to Identify and current public services
 Auditor’s liability including criminal liability and liability to third parties
perform any audit explain the and private sector
 Impact of ISAs on external audit work
legislation
work. scope and legal,  Public sector audit frameworks
regulatory and  Companies Act (Chapter 24:03) requirements
ethical  Legislation and regulations affecting public sector audits, including the Public
environment Finance Management Act (Chapter 22:19)
within which
audits are ► The scope of internal  Basic tenets and concepts of internal and external audit work
and external audits  Power and authority available to internal and external auditors
performed
 Concepts of independence and objectivity
(Weighting:
 The materiality concept
20%)
► Ethical behaviour in  Professional ethical and legal principles relating to auditor behaviour
audit work and  Ethical principles, their associated threats and safeguards and their relevance in an
applicable standards audit and assurance context
 IFAC Code of Ethics for Professional Accountants
 ICSAZ Code of Professional Ethics and Standards
► Corporate governance  The Zimbabwe National Code on Corporate Governance best practice
requirements auditing requirements on the structure and role of an Audit Committee
 Contribution of internal and external auditors to corporate governance, in particular
through their relationship with the Audit Committee
 Regulations affecting audit and governance of public service organisations

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outcomes
The aim of this Learning Outcome ► Audit planning and risk  Agreeing the terms of audit engagements
subject is for 2 assessment  Audit strategy and audit planning
students to develop  Purpose of interim and final audits
knowledge and On successful  Impact of interim audit work on the final audit
understanding of completion of this  Documenting the audit plan
both internal and subject, you will be  Definition of audit risk
 Importance of professional scepticism
external auditing to able to:
 Role of professional judgement
enable them to Explain the risk
perform any audit assessment and
► Information required for
work. planning  Understanding of the organisation and its control environment
the risk assessment
procedures
process  Fraud risks and the related internal controls established
required by  Evaluation of the design and implementation of internal controls
relevant auditing  Preliminary analytical procedures
standards.  Matters arising from audit team meeting proceedings
(Weighting: 20%)  Using the work of internal auditors
► Audit risks and their  Identification of risk at the financial statement level
implications  Identification of risk at the assertion level
 Determination of potential misstatements in respect of each assertion
 Nature of significant risk and required audit responses
 Setting of planning and performance materiality

133

outcomes
The aim of this Learning ► Audit response to  Use of experienced staff
subject is for Outcome 3 address assessed  Enhanced supervision
students to develop risks at both the  Changes in nature, timing and extent of audit tests
knowledge and On successful
financial statement and  Considerations regarding the control environment
the assertion level  Focus on potential misstatements or key control weaknesses
understanding of completion of this
both internal and subject, you will be  Role of controls testing
 Role of substantive testing
external auditing to able to:
 Use of a combined testing approach
enable them to Discuss the ► Internal controls, audit
perform any audit requirements of tests and
 Tests of internal controls
audit programmes, audit working
work.
papers  Evaluation of control weaknesses
including the
identification of  Substantive analytical procedures
internal controls  Substantive tests of details
and design of audit  Internal control procedures for key transactions and processes
tests, in order to  Use of audit sampling
obtain sufficient  Using the work of internal auditors
appropriate audit ► Audit in an IT
evidence environment  Risks of auditing in an IT environment
(Weighting: 20%)  Specialist software for sample selection and testing

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The aim of this Learning Outcome ► Audit finalisation  Final analytical procedures
subject is for 4 procedures  Subsequent events review
students to  Going concern review
develop On successful
► Audit close-down  Overall review of audit evidence
knowledge and completion of this process and  Communication within the audit function
understanding of subject, you will be audit reporting  Audit opinion on financial statements
both internal and able to:
 Reporting to stakeholders on identified weaknesses in internal controls
external auditing Discuss the
to enable them to preparation of
perform any audit working papers to
document audit
work.
finalisation
procedures
performed.
(Weighting: 15%)

The aim of this Learning Outcome 5 ► The contribution of  Scope of internal audit activity within the public services and the private
subject is for internal audit work to sector
students to On successful an organisation  Role of internal audit as a contributor to the management of an
develop completion of this organisation
knowledge and subject, you will be  Organisation of internal audit function; outsourcing options
 The impact of regulatory and professional frameworks, including audit
manuals, on the conduct of internal audit
both internal and Explain the role of  Application of ethical principles to internal audit work
external auditing internal
 Independence and objectivity
audit and describe
to enable them to  Internal audit planning
the performance of ► Internal audit
perform any audit
internal audit tasks  Internal audit reports
techniques, review of
work. (Weighting: 10%) internal controls and
specialist internal audit  Internal audit of internal control
engagements  Contract audit
 Fraud investigation
 Performance audit

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outcomes
The aim of this Learning ► The purpose of  Frameworks for value for money audit in the public sector
subject is for Outcome 6 value for money  Concepts of economy, efficiency and effectiveness
students to audits  The objectives of value for money audit in relevant authorities and agencies of
develop On successful Government and the code of practice.
knowledge and completion of this ► The role of
understanding of subject, you will be  The role of internal audit in securing value for money in relevant authorities and
governance
both internal and able to: agencies
arrangements in
external auditing Explain and apply value for money  Best practice in assuring the integrity of public spending
to enable them to the concepts and auditing  The requirements of the code of practice in determining whether the relevant
perform any audit techniques of authority has secured value for money
value for money
work.
auditing. ► The techniques
 Analysis of management information
(Weighting: 15%) used in value for
money audit in  Financial analysis
relevant  Benchmarking
authorities and  Literature review
agencies  Documentary review
 Interviews with management and staff
 Surveys of service users

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LO3, LO4, LO5. Review of the detailed content through a textbook or a study manual covering the syllabus topics which can be supplemented through
Content of all Learning Outcomes to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc. Some case
analyses will be necessary in order to understand the concepts.
References:
 ISAs, IFAC – International Auditing Guidelines, Companies Act (Chapter 24:03) requirements
Legislation and regulations affecting public sector audits, including the Public Finance Management Act (Chapter 22:19), Current textbooks
Assessment
Assessment must include a four hour written examination, which must be passed, for this subject.
The written examination should include multiple choice questions, short form questions and case scenarios.
All Part A
Taxation

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Subject:
Audit & Assurance
Good Judgement
Oral and written
communication
skills
Analytical skills
Ethical code
of interest
Assertiveness
Conflict
management
behaviour
Influencing skills
Negotiating skills
Diplomacy

138
Normal Route Public Financial Management
SYLLABI – PART D Public Financial Management

Subject type: Core for the Zimbabwe Division’s Accelerated Qualifying Scheme
The aim of this subject is for Learning Outcome 1 ► Discuss and  Key terms in government borrowing and debt management
students to develop an On successful analyse the  Fiscal constraints in government debt
understanding of financial completion of this mechanics  Methods of government borrowing – treasury bills; government
associated with bonds; national savings and investment products; certificates
management issues in public module you will be
sources of
sector organisations – those able to discuss and government
of tax deposit
funded by taxation and those evaluate the specific borrowing and  Economic impact of different forms of government borrowing
funded through other means - sources of finance explain the use of  Government taxation as a source of funding
including national government available to national government  Explain the contribution and role of public sector spending
departments and agencies , governments including taxation as a within the context of national finances
local government, health grants, taxes, aid and funding source
bodies, universities and other charging (30%)
educational institutions ,
charities, mutual organisations
and social enterprises.
► Discuss the  International development frameworks

importance of  International aid
international  Non – financial aid and direct assistance
development aid  Grants, loans and other forms of international development finance
in the public  Assessing the impact and effectiveness of aid
services  Ethical issues related to international aid
 Public Expenditure and Financial Accountability framework

139
► Discuss and evaluate  Central government public spending, incorporating formula and
the role of central specific grants
government formula  Local Authorities and levies
grant and local
 The gearing effect and its impact on local tax decision making
taxation in the
financial of local  Comparisons of local tax raising powers internationally
public services  Control or influence over local tax levels by central government
► Discuss and evaluate  Financial management implications of grant funding

grant funding and  Other sources of funding
other available
sources of funding for
public services
► Discuss and evaluate  Role of Public Private Partnerships (PPPs) in financing public service
the role of Public projects
Private Partnerships  Principles of the Public Finance Initiative (PFI)
(PPPs) and in  Advantages and disadvantages of PFI
particular the private  Potential investors
finance initiative (PFI)  Ensuring success - overcoming issues and obstacles
in funding large-scale
 Monitoring performance
construction projects,
and calculate the  Role of the government in PFI projects
public sector  Dealing with changing circumstances and project failure
comparator  Cases of privatisation

140
► Discuss and evaluate  Objectives of charging for public services

the issues involved in  Methods of charging for public services
charging for public  Desirable characteristics of public service charges
services  Arguments for and against charging including stakeholder
expectations
 Charging for specific services provided by public service
organisations

141
The aim of this subject is for Learning Outcome 2 ► Discuss and analyse the  Factors affecting public service financial strategy development - the
students to develop an On successful completion of environment in which role of government and stakeholders; issues of consultation,
understanding of financial this module you will be able financial management is engagement, scrutiny and accountability
to discuss, analyse and practised within the  Alignment of financial strategy with organisational objectives
management issues in
evaluate the issues
public sector organisations public services  The role of auditors, inspectors and regulators
surrounding financial
– those funded by taxation planning and strategy  Attitude of risk; risk diagnosis and management
and those funded through development in the public  Impact of austerity; organisational and service-level financial
other means - including services, and the role of resilience
national government finance manager in public  Impact of fraud on financial strategy
departments and agencies , sector organisations (35%)
local government, health ► Discuss examples of the
bodies, universities and legal, governance and
other educational ethical constraints or  Impact of governance arrangements and legal requirements and
institutions , charities, expectations impacting how these vary across sectors
mutual organisations and on finance professionals
 Ethical considerations in relation to financial strategy
social enterprises. in public service settings
 The importance of leadership and the role of the Chief Finance
Officer/ Finance Director
► Discuss and analyse
 Business partnering and the importance of organisational culture
the role and structure
of the finance function  Affordability and value for money of the finance function
for public service

142
► Discuss and analyse  Financing capital investment, the need to borrow and alternative
the specific issues methods of borrowing
associated with  Attitudes to risk and return in the public services
treasury management  The use of financial instruments in the public services
in public service  Organisational investments powers and other constraints
organisations  Statutory and regulatory frameworks
 Best practice guidance
 Ethical investment strategies
 Management of public services pension funds
 Impact of treasury management on strategic financial management
 Medium term expenditure frameworks

► Discuss and evaluate
the complexities of  Annual budgets and multi – year budgets
budgeting within a  Project budgets compared with ‘business as usual’ budgets
public service  Pooled budgets
environment  Fund management and use of virement
 Forecasting in a public service environment
 Scenario planning – use of contingencies; reactive crisis
management; responding to unexpected events

the implications for
public service  Factors affecting funding levels – economic circumstances;
organisations of relying achievement of targets; decisions by funding organisations;
on volatile sources of demographics
funding and the  Financial management implications of volatile funding sources
strategies required  Responses to volatile funding – long-term agreements; diversifying
sources of income, managing risk
 Managing reserves

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The aim of this subject is for Learning Outcome 3 ► Discuss and evaluate  Relevance of competitive advantage strategy frameworks
students to develop an the factors affecting  Strategies to manage demand
understanding of financial On successful completion strategy development  Volatility of demand for services and related spending
of this subject you will be in public services requirements
management issues in
able to discuss, evaluate
public sector organisations including responding  Practical strategies for managing demand and influencing
and apply practical tools to managing demand
– those funded by taxation and techniques that behaviour
pressure  Invest-to-save and disinvestment strategies
and those funded through support strategy
other means - including development and delivery  Media strategy and marketing of services
national government of objectives for public
departments and agencies , service organisations,
including managing
local government, health
demand, effective
bodies, universities and business cases and
other educational appropriate performance ► Explain and apply the
institutions , charities, management. (35%) stages involved in  The role of the business case for both spending plans and
mutual organisations and developing a service reductions
social enterprises. business case and
 The business case development process
distinguish between
 Strategic Outline Plan
the types and content
 Strategic Outline Case
of different business
 Outline Business Case
cases
 Full Business Case
 Reviewing business cases
 Interaction between business cases and Government Gateway
reviews

144
► Explain, evaluate and  Executive summary

prepare the detailed  Strategic case
sections of a business  Economic case including cost benefit analysis and weighted
case benefit scoring
 Commercial case
 Management case
 Skills and resources
 Risk assessments
 Objectives of collaboration and potential risks

 Governance arrangements and other practical implications of
collaboration
suitable business
 Strategic alliances
models and vehicles
for collaboration  Shared service
between  Shared management teams
organisations to  Pooled budget arrangements
achieve objectives  Outsourcing and insourcing
 Joint ventures
 Mergers
 Role of mutual organisations and social enterprise organisations
and options for collaboration in service provision

145
► Discuss, evaluate and  Performance measures and performance indicators

apply the tools and  Behavioural aspects of setting budgets and measuring performance
techniques used to  Leading and lagging indicators
measure performance  The 3 Es
in a public service  Sustainability measures
environment  Benchmarking as a means of driving organisational improvement
 The balanced scorecard; the public service version
 Outputs versus outcomes - delivering and measuring public benefit,
social outcomes and public value
 The use, and potential misuse, of performance measures in public
service organisations; linkage to levels of funding
 The use of variance analysis in public service performance
management
► Discuss, evaluate and

apply the tools used to
 Unit costing – including typical public service activities and costing
measure costs and
scenarios
benefits in a public
service environment  Costing services using Activity Based Costing
 Whole life costing

146

There is learning on specific strategic issues affecting public service organisations such as collaborative working, business partnering, business preparation
and evaluation and governance considerations.
The module concludes by focusing on the issues associated with evaluating performance of public services.
LO2 and LO3. Content to be presented or acquired through a textbook or study manual which can be supplemented by readings such as journal articles or
Assessment
Assessment must include a three-hour written examination with 100 marks available.
Recommended approach.
Final exam should have 4 essay questions consisting of 10 marks each and 2 longer scenario questions worth 30 marks each.
This subject assumes knowledge from previous stages of the qualification in particular Cost and Management Accounting and Development of Strategy.
Syllabus overlap statement

There are some areas of natural overlap between Public Financial Management and three other subjects – Corporate Financial Management, Cost and
Management Accounting and Development of Strategy. Since Cost and Management Accounting and Development of Strategy are recommended
prerequisites to taking this subject, many candidates will have completed these subjects and have a good understanding of these areas. Therefore, teaching
and learning, as well as the setting of examination questions covering these areas, will take a different perspective, focusing more on achieving the respective
learning outcomes for Public Financial Management.

147
The qualifying scheme overall through the subjects within it is designed to provide both knowledge and understanding and competence and skills relevant to
the intended designation. The competency framework for ICSA professionals has three key competencies:
qualifying scheme.

148
Subject:
Public Financial Management
Competence Dimension Learning Outcome 1 Learning Outcome 2 Learning Outcome 3
Professional Behaviour Personal Presentation

Good Judgement
skills
Analytical skills
Ethical code
Assertiveness
Conflict management
Effective behaviour with Team-working
others Leadership
Influencing skills
Negotiating skills
Diplomacy

149
Normal Route Corporate Secretarial Practice
SYLLABI – PART D Corporate Secretarial Practice

Aim Learning outcomes Topics Topic content

The aim of this subject is Learning outcome 1 ► The corporate secretary, the  Role, functions and duties of the Corporate Secretary
to prepare a candidate for board and shareholders  Appointment and vacation of the office of the Corporate
practice as a corporate On successful completion Secretary
secretary, ensuring that of this subject, you will be  Relationship with the chair and directors
the company operates in able to: Understand the  Corporate Secretary as advisor to the chair and directors
accordance with good role the Corporate  Dissemination of information and decisions
governance principles Secretary and the  Communication with shareholders and other stakeholders,
and the regulations of the differing responsibilities of including electronic communication
jurisdiction in which it the Corporate secretary,
operates the board, management, ► Directors  Types of directors
shareholders and other  Roles, duties, responsibilities and mandates
stakeholders  Recruitment, appointment, re-appointment and rotation
 Removal, retirement and disqualification
(Weighting: 30%)
 Succession planning
 Directors’ and officers’ indemnification and liability insurance
 Co-option
 Board evaluation
 Director education/guidebook
 Best practices, policies and procedures (i.e. code of conduct,
tenure policy, expense policy, independence standards)
 Types of shareholders – common, preferred, registered,

► Shareholders
beneficial
 Shareholder and member rights
 Shareholder activism

150

The aim of this subject is Learning outcome 2 ► Corporate compliance  Company formation, memorandum and articles of association
to prepare a candidate for or incorporation, characteristics of different types of
practice as a corporate On successful completion companies, other corporate documents (i.e. articles of
secretary, ensuring that of this subject, you will be amendment, by-laws and amendments)
the company operates in able to: Recognise the  Filing of company returns
accordance with good nature and principles of  Offences under the relevant corporations or associations
governance principles the company’s regulatory legislation
and the regulations of the requirements and  Corporate governance overview
jurisdiction in which it interpret and practise in  Mergers, acquisitions and amalgamations
operates the sector to ensure  Arrangements reconstructions and takeovers
compliance  Culture and corporate behaviours
 Insider dealing
 Company insolvency, winding up, deregistration, liquidation,
(Weighting: 30%)
receivership and dissolution
 Dormant companies
► Annual or Integrated report
 Role and duties of the corporate secretary
 Statutory, regulatory and listing requirements
 Narrative reporting
 Filing of financial statements
 Legislative and other developments
► Securities exchange listing  Listing requirements

regime  Ongoing reporting, filings and compliance
► Maintenance of records  Minute books

 Meeting materials / board papers
 Corporate records
 Statutory registers
 Financial records

151

The aim of this subject is Learning outcome 2 ► Minutes and minute books  Required information in minutes
to prepare a candidate for (cont)  The ‘Six Cs” – correctness, conciseness, clarity, consistency,
practice as a corporate coherence and completeness
secretary, ensuring that On successful completion  Proof of existence of an organisation and its historical
the company operates in of this subject, you will be development
accordance with good able to: Recognise the  Record of decisions made and actions taken
governance principles nature and principles of  Demonstration of due diligence on part of decision-makers
and the regulations of the the company’s regulatory  Legal evidence in support of actions taken
jurisdiction in which it requirements and  Records retention
operates interpret and practise in
 Risk management – protecting the organisation
the sector to ensure
compliance ► Oversight by regulators
 Governance practices – processes and procedures
 Assessment of performance in carrying out governance
responsibilities
 Protection of stakeholders
► Regulation and disclosure
 Disclosure requirements for listed companies
 Data protection
 Link between disclosure, accountability, transparency and trust
 Public access to corporate information

152

The aim of this subject is Learning outcome 3 ► Meetings of shareholders and  General meetings, special/extraordinary meetings, class
to prepare a candidate for members meetings
practice as a corporate On successful completion  Regulations governing general meetings
Secretary, ensuring that of this subject, you will be  Role of the Corporate Secretary before, during and after the
the company operates in able to: Exercise annual meeting
accordance with good appropriate judgement to  Role of chair
governance principles advise the board on the  Notice periods, quorum, agenda, meeting materials/board
and the regulations of the on the expectations of papers
jurisdiction in which it and compliance with  Resolutions and written/circular resolutions
operates regulatory requirements  Rules of order, standing orders, motions and amendments
 Proxies, proxy voting agencies and proxy solicitation
(Weighting: 20%)
 Attendance
 Voting
 Meeting technology
 Stock transfer agent and role of scrutineer
► Meetings of the board and its  Board meetings – composition, quorum, roles, procedures (i.e.
committees frequency, notice, voting, agenda preparation and meeting
materials / papers, meeting technology, motions and
resolutions)
 Role of the Corporate Secretary before, during and after board
meetings
 Role, functions and duties of the chair
 Delegation of authority and responsibility
 Reliance on management and advisors
 Committees – types, purposes and composition
 Matters reserved for the board
 Executive discretion
 Written / circular resolutions
 Conflicts of interest

153

The aim of this subject is Learning outcome 3 ► Shares, share capital, share  Regulation of the securities industry
to prepare a candidate for (cont) register and debt capital  Types of share and debt capital
practice as a Corporate  Share capital – allotment of shares, purchase of own shares,
Secretary, ensuring that On successful completion treasury shares, alteration of share capital
the company operates in of this subject, you will be  Company registrar function – principles and procedures in
accordance with good able to: Exercise share and membership registration
governance principles appropriate judgement to  Register of members
and the regulations of the advise the board on the  Technology-based applications
jurisdiction in which it on the expectations of  Share transfers – forms and registration procedures
operates and compliance with
 Transmission of shares and registration of documents affecting
regulatory requirements
title
 Issue of share certificates, lost certificates
(Weighting: 20%)
 Indemnity, dividends and interest
 Scrip and dividend reinvestment plan (DRP) dividends
 Duties and taxes, if applicable
 New issues and takeovers
 Rights and warrants, debentures and bonds
 Register of charges and others
 Capital events and the registrar’s role in them
 Employee stock schemes – key features, establishment and
ongoing administration
 Role of the stock transfer agent/transfer secretary

154

The aim of this subject is Learning outcome 4 ► External auditors  Appointment, rotation and removal
to prepare a candidate for  Auditor independence
practice as a Corporate On successful completion  Role of external auditors with board and audit committee
Secretary, ensuring that of this subject, you will be
the company operates in able to: Identify the ► Corporate secretarial  Evaluation, implementation, security, uses
accordance with good importance of the software  Ongoing maintenance and updates
governance principles corporate secretarial role
and the regulations of the in operating effectively
jurisdiction in which it with external auditors and
operates the audit committee, and
using corporate
secretarial software
(Weighting: 20%)

155

Teaching and learning approach
LO4, Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc.
To provide candidates with an understanding of the legal framework and practical skills to enable them to demonstrate achievement of learning outcomes 1,
2, 3 and 4. The following list provides sources for further reference:
 Corporations legislation
 Other local statutes
 Codes of corporate governance
 Securities exchange listing rules and regulations
 Insider dealing/trading rules and regulations
 Standard constitution documents
 Meeting rules of order
 Accounting rules and standards
 Taxation rules
 Geographic directives
 Local/jurisdictional corporate secretarial handbooks
Assessment
The coursework for this subject should enable candidates to demonstrate particular skills as follows:
 Case study-type questions where candidates can demonstrate that they can analyse the situations presented and provide solutions / actions plans.
 Open book examination where candidates are able to critically engage and apply their knowledge and understanding to real-world case studies.
Recommended prerequisites
There are no compulsory requirements, such as a requirement to have taken particular preparatory or degree programmes or other subjects. Nor is there a
It is recommended that the candidate either has completed the Corporate Law and Corporate Governance subjects prior to undertaking Corporate Secretarial

156
Practice, or has completed Corporate Law and is taking Corporate Governance concurrently with Corporate Secretarial Practice. This will ensure that, at the
completion of the Corporate Secretarial Practice subject, the candidate is able to apply the principles of good governance in the context of effective corporate
secretarial practice.
Syllabus overlap statement

There are some areas of natural overlap between Corporate Secretarial Practice and two other subjects – Corporate Governance and Corporate Law. Since
Corporate Governance and Corporate Law are recommended prerequisites to taking this subject, many candidates will have completed these subjects and
have a good understanding of these areas. Therefore, teaching and learning, as well as the setting of examination questions covering these areas, will take a
different perspective, focusing more on achieving the respective learning outcomes for Corporate Secretarial Practice.
Competency Framework
The qualifying scheme overall, through the subjects within it, is designed to provide both knowledge and understanding and competence and skills relevant to
the intended designation. The competency framework for ICSA professionals has three key competencies:
qualifying programme.

157
Subject:
Corporate Secretarial Practice
Competency Dimension Learning Outcome Learning Outcome Learning Outcome Learning Outcome
1 2 3 4
Good Judgement
Oral and written
Analytical skills
Ethical code
of interest
Assertiveness
Conflict management
behaviour with
others Leadership
Influencing skills
Negotiating skills
Diplomacy

158
Normal Route Applied Governance, Risk and Compliance
SYLLABI – PART D Applied Governance, Risk and Compliance


outcomes
The aim of this subject is for Learning ► Overview of the  Definitions of corporate governance – including well-known ones,
students to gain advanced Outcome 1 general principles of such as the Cadbury report, OECD principles, and the King
knowledge and key skills On successful corporate governance Report, as well as local variations and according to organisation
necessary for them to act as completion of this type
chief advisers to the board subject, you will be  The nature of corporate governance and purpose of good
and other stakeholders on able to: Research corporate governance
best practice in corporate and critically apply  Separation of ownership and control
governance, and to develop the growing global,  Agency theory and corporate governance
understanding of the regional and local  Stakeholder theory and corporate governance
concepts of management of information  Principles of good corporate governance
risk and compliance in the sources on  Local codes and reference to other codes such Cadbury report,
context of good governance. corporate OECD principles and the King Report
governance.  Key issues in corporate governance
(Weighting: 10%)  Leadership and effectiveness of the board, accountability, risk
management and internal control, remuneration of directors and
senior executives, relations with shareholders and other
stakeholders, sustainability
 Legal framework
 Rules-based and principles-based approaches
 Concepts of ‘comply or else’, ‘comply or explain’, ‘apply or explain’
 Benefits of good corporate governance and consequences of poor
corporate governance

159

outcomes
The aim of this subject is for Learning ► The board of directors  Role of the board
students to gain advanced Outcome 2 and leadership  Division of responsibilities on the board
knowledge and key skills  Matters reserved for the board
necessary for them to act as On successful  Delegation to management
chief advisers to the board completion of this  Role and responsibilities of the chair of the board, chief executive
and other stakeholders on subject, you will be officer and non-executive directors
best practice in corporate able to: Justify and  Independence and non-executive directors
governance, and to develop promote  Role of the senior independent director
understanding of the awareness of, and
 Duties of directors: fiduciary, statutory, common law
concepts of management of be responsible for
 Conflict of interest, related party and rules on dealing in shares by
risk and compliance in the continuing self and
directors: insider dealing; Model Code
context of good governance. personnel
 Liability of directors: directors’ and officers’ liability insurance
development on
 Unitary and two-tier boards
corporate
 Effectiveness of the board
governance
themes.  Role of the corporate secretary and other advisers in governance
(Weighting: 10%)  Size, structure and composition of the board: board balance and
diversity
 Board committees: objectives, role and functions
 Appointments to the board: role of the nomination committee;
succession planning and board refreshment
 Induction and development of directors
 IT governance: Information and support for board members
 Performance evaluation of the board, its committees and individual
directors
 Re-election of board members
 Diversity on boards
 Impact of social media and changing communication environment

160

outcomes
The aim of this subject is for Learning ► Governance and  Financial and business reporting and corporate governance
students to gain advanced Outcome 3 accountability  The need for accountability and transparency
knowledge and key skills  The need for reliable financial reporting: true and fair view,
necessary for them to act as On successful ‘going concern’ statement
chief advisers to the board completion of this  Responsibility for the financial statements and discovery of
fraud
and other stakeholders on subject, you will
 Role of the external auditors
best practice in corporate be able to: Apply
 Auditor independence: threats to auditor independence,
governance, and to develop the concepts of auditors and non-audit work
understanding of the disclosure in terms  Reporting on non-financial issues: narrative reporting, strategic
concepts of management of of accountability, reporting
risk and compliance in the transparency,  The nature of corporate responsibility and corporate citizenship
context of good governance. corporate social
responsibility,
 Corporate responsibility and stakeholders
ethical standards ► Corporate social
Responsibility (CSR)  Internal and external stakeholders
and sustainability
sustainability & business  Elements of corporate social responsibility: employees, the
in governance environment, human rights, communities and social welfare,
(Weighting: 10%) ethics
social investment, ethical conduct
 Formulating and implementing a policy for corporate social
responsibility
 Reporting to stakeholders on sustainability and corporate social
responsibility issues
 Voluntary social and environmental reporting
 Nature of sustainability
 Sustainability reporting, triple bottom line, Global Reporting
Initiative (GRI) guidelines
 Integrated reporting
 Ethical issues in business
 A framework for ethical decision-making and managing conflicts
 Organisational culture and ethical decision-making
 Codes of Ethics

161

outcomes
The aim of this subject is for Learning ► Relations with  The equitable treatment of shareholders, protection for minority
students to gain advanced Outcome 4 shareholders shareholders
knowledge and key skills  Rights and powers of shareholders
necessary for them to act as On successful  Dialogue and communications with institutional shareholders or
chief advisers to the board completion of this major stakeholders
 Role and relevance of institutional shareholders or major
and other stakeholders on subject, you will
stakeholders; UK Stewardship Code and other investment
best practice in corporate be able to: codes
governance, and to develop Exercise  Constructive use of the annual general meeting
understanding of the appropriate  Shareholder activism
concepts of management of judgment in the
risk and compliance in the use of Note: Candidates will be required to have an awareness of the
context of good governance. professional benefits of electronic communications between companies and
their shareholders, but will not be required to know the detailed
knowledge and
law and regulations on electronic communications.
skills to the ► Remuneration of
resolution of directors and senior  Principles of remuneration structure: elements of remuneration
executives
practical issues  Remuneration policy
and problems in  Elements of a remuneration package and the design of
the proper performance-related remuneration. Candidates will not be
governance of the required to discuss performance targets in detail, but need to
employing or client be aware of short-term incentives (e.g. cash bonuses) and
longer-term bonuses (share grants, share options). They also
organisation.
need to be able to discuss the difficulties of designing a
suitable remuneration structure
(Weighting: 20%)  Role of the remuneration committee
 Compensation for loss of office
 Disclosures of directors’ remuneration – candidates will be
expected to show an awareness of issues relating to the
disclosure of directors’ remuneration in the annual report and
accounts, but not the detail (e.g. not the detail of the directors’
remuneration report)
 Shareholder approval of incentive schemes and voting rights
► Other governance with regard to remuneration
issues  The recommendations or guidelines of institutional investor

162
groups and corporate governance codes on matters relating to

directors’ remuneration
 International aspects of corporate governance:

 Other models including US, Germany, Japan, China etc.
 Classification of corporate governance systems, or different
approaches – for example, Scandinavian, German approaches
 Are corporate governance systems converging or diverging?
 Effect of global financial crisis
 The diffusion of corporate governance practices
Other issues; introduction to the following topics:

 Governance problems for large global groups of companies
 Corporate governance: unquoted companies and small quoted
 companies
 Governance in the public sector
 Governance in the not-for-profit sector
 Family-controlled companies

163

outcomes
The aim of this subject is for Learning ► Risk identification,  Risk assessment considerations
students to gain advanced Outcome 5 assessment,  Risk classification systems (risk identification)
analysis and evaluation
knowledge and key skills  Risk causes (sources) and consequences
and risk
necessary for them to act as On successful
reporting  Introduction to risk analysis
chief advisers to the board completion of the  Risk likelihood and impact
and other stakeholders on subject, you will  Loss control
best practice in corporate be able to:  Defining the upside of risk
governance, and to develop Evaluate and
understanding of the critically assess ► Risk culture,
concepts of management of the appetite and
tolerance
risk and compliance in the management of  Risk culture, appetite and tolerance
context of good governance. risk and ► Compliance
compliance and Management
provide methodologies, tools and  Compliance governance structures for an organisation
professionally techniques  The roles and responsibilities of the various compliance
appropriate advice stakeholders
to those  Compliance risk profile
responsible for
governance
(Weighting: 10%)

164

outcomes
The aim of this subject is for Learning ► An overview of the  The development and philosophy of the national and international regulatory
students to gain advanced Outcome 6 global risk and environment
knowledge and key skills compliance
environment
necessary for them to act as On successful
chief advisers to the board completion of the ► Regulatory  The mandate, authority and scope of different regulators in various industries
and other stakeholders on subject, you will be frameworks  Law and administration influencing factors
best practice in corporate able to: Critically
governance, and to develop assess and advise ► Risk management  International risk management standards and regulatory requirements
understanding of the on the use of risk frameworks and  ISO 31000:2009 Risk management — Principles and guidelines
concepts of management of and compliance introduction to risk
management
risk and compliance in the frameworks as a
standards
context of good governance. basis for
appraising, ► The concepts and  Definitions of risk
evaluating, and definitions of risk  Impact of risk on organisations
supporting risk and and risk
 Introduction to types of risk
compliance management
 Definitions and development of risk management
management.
(Weighting: 20%)
► Risk architecture,  Alternative risk management approaches
strategy and  Outline of compliance expectations in public, private and third sector
protocols organisations
► Compliance  Compliance frameworks

frameworks,  Governance structures
governance  ISO 19600 International standard for compliance management systems
structures and
international leading
practice with regard
to compliance
governance

165

outcomes
The aim of this subject is for Learning ► Risk responses  Introduction to risk treatment and risk response
students to gain advanced Outcome 7 and risk treatment  The ‘4Ts’: Tolerate, Treat, Transfer, Terminate
knowledge and key skills  Risk control techniques (preventive, corrective, directive and detective –
necessary for them to act as On successful PCDD); avoidance, prevention, reduction, segregation: separation, duplication,
chief advisers to the board completion of the diversification
and other stakeholders on subject, you will be  Control of selected hazard risks
best practice in corporate able to: Critically  Introduction to monitoring and review
governance, and to develop examine and  Insurance and risk transfer
understanding of the advise on the  Business continuity planning (BCP)
concepts of management of impact of the
► Reports on
risk and compliance in the business  Treatment of compliance risk
Compliance-related
context of good governance. environment on issues
risk and
compliance with
regard to ► Risk and  Environmental legislation and the impact on compliance risks
legislation, policy organisations,  The reporting framework for sustainability matters and the implication for
and industry including an
compliance officers
introduction to
changes
corporate  Specific legislation relating to each of these areas depending on the divisional
(Weighting: 20%) governance, project jurisdiction
and operational risk
management and
supply chain
management.
► Risk and compliance

management in the
public sector
► Emerging trends
and future
developments in
risk and compliance  Anti-money laundering legislation/practices
management  Counter-terrorism financing legislation/practices

166

LO6, LO7. Content to be delivered through a textbook or study manual supplemented by classroom deliveries, webinars, etc.
Teaching and learning approach- Applied Governance
Recommendations as to texts and reading:
• Local corporations legislation
• Local codes of governance
• Local securities exchange rules, Securities Exchange Commission rules
• OECD corporate governance guidelines
• UK Corporate Governance Code
• King Report
• Institutional investor codes (local, if any, or international)
• Local regulations, journals and research papers.
The basic reading list should be reviewed on a regular basis and an edited list drafted for each topic. The list should also be edited by jurisdiction.
Texts and reading materials (hard copy or online). Books by Bob Tricker and Brian Coyle are recommended.
Teaching approach: Attending seminars (classroom-based) or distance learning (online platform).
Teaching and learning approach- Risk & Compliance

Prescribed reading: International and global codes on risk and compliance – see below.
• Recommended reading: local jurisdictional codes and frameworks if they exist. See below.
• Supplementary material: Jurisdictions may compile complementary study guides to accompany the prescribed reading.
Suggested textbooks
Hopkin P, 2014, Fundamentals of Risk Management: Understanding, evaluating and implementing effective risk management, Kogan Page Limited.
Silverman MG, 2008, Compliance Management for Public, Private, or Non-Profit Organisations, McGraw-Hill Education.
Prescribed reading
• ISO 31000:2009 Risk management — Principles and guidelines
• ISO 19600:2015 Compliance management systems — Guidelines
Recommended supplementary reading
• G20/OECD Principles of Corporate Governance

167
• COSO ERM – Integrated Framework

• ISO 9000 – Quality management
• ISO 45001 – Occupational health and safety; OHSAS 18001; ILO-OSH Guidelines
• ISO 27001:2013 – Information security management
• ISO/IEC TR 38502:2014 – Information technology — Governance of IT — Framework and model
• ISO 22301:2012 Societal security — Business Continuity Management Systems — Requirements (links to ISO 31000; ISO 9000 and ISO 27001)
• ISO 14000:2015 – Environmental management
• ISO 26000 – Social responsibility
• AS 8001:2008 – Fraud and corruption control (Australian Standard)
• IIA – Managing the Business Risk of Fraud: A Practical Guide (link: http://www.theiia.org/media/files/fraud-white-paper/fraud%20paper.pdf ) Published by
the Institute of Internal Auditors
• Financial Asset Task Force (FATF) Recommendations, last issued 2012
• ISO 37001 – Anti-bribery management systems
Assessment
Assessment must include a four-hour written examination, which must be passed, for this subject. Coursework (assessment of assignments other than
examinations) is permitted and the coursework element shall be up to 30% of the overall mark or grade.
Pre-requisite knowledge and understanding in the following disciplines must be demonstrated:
All of Part A of the ICSAZ Qualifying Scheme
Taxation

168

Subject:
Applied Governance and Risk & Compliance
Competence Dimension Learning Learning Learning Learning Learning Learning Learning
Outcome 1 Outcome 2 Outcome 3 Outcome 4 Outcome 5 Outcome 6 Outcome 7
Good Judgement
Oral and written
communication
skills
Analytical skills
Ethical code
Alertness to
conflict of interest
Assertiveness
Conflict
management
behaviour
Influencing skills
Negotiating skills
Diplomacy

169
Normal Route
TUITION PROVIDERS
It is the responsibility of students and not of the Institute to arrange study programmes. Enquiries may be made at the ICSAZ Office for advice
in this regard so as to obtain the names of colleges which are accredited by the Institute to offer ICSAZ tuition.

170

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THE INSTITUTE OF

EFFECTIVE JANUARY 2019

Office: Dzidzo House

Postal Address: P O Box CY 172

Telephone: (+263 24) 2702241, 2700553-5,

Fax: (+263 24) 2700624

Acting Chief Executive and Secretary: Ms Tracy T Mushonga

Open Monday to Friday 8:30 am to 4:30 pm

Closed during Weekends and on Public Holidays

All correspondence should be addressed to the Chief Executive and Secretary

ICSAZ Members’ & Students’ Handbook and Syllabi

Front Cover: The Secretary Bird – always vigilant.

THE INSTITUTE ................................................................................................................................... 1

ICSAZ Members’ & Students’ Handbook and Syllabi

ICSAZ Members’ & Students’ Handbook and Syllabi

ICSAZ Members’ & Students’ Handbook

ICSAZ Members’ & Students’ Handbook

 To make representations on behalf of the profession as a cohesive body to

 To qualify people as Chartered Secretaries in accordance with a comprehensive and

 To create and develop opportunities to introduce the profession of Chartered

iii. Representation of members’ collective interests and recommendations submitted by

v. The provision of well-stocked libraries.

vi. The publication of a quarterly magazine.

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REGISTERED PUBLIC ACCOUNTANTS

SCOPE OF CHARTERED SECRETARIES OPPORTUNITIES

PLANNING AND ECONOMICS

HUMAN RESOURCE MANAGEMENT

Application for membership should be made immediately on completion of the examination

Conditions for Membership

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CODE OF PRACTICE ON ADVERTISING

1.1 a member on his or her own account;

1.2 a firm of which a member is a partner;

1.3 a company or private business corporation in which a member has a controlling

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ICSAZ Members’ & Students’ Handbook