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TRAINING PLAN Elective: Auditing & Assurance …

ATTACHMENT A: GENERIC TRAINING PLAN. Instructions for completion This is a generic TRAINING plan for ONE hypothetical trainee All applicants must complete all the sections TRAINING PLAN. Elective: Auditing & Assurance Residuals: Taxation Management Decision-Making & Control Financial Management Internal Audit, Risk Management and Governance COMPULSORY SKILLS. BUSINESS ETHICS. Mode through which competence will be Examples of activities to be performed by achieved ( practical experience/ trainees to gain exposure to this Competency to be achieved Tasks to be performed simulation competence BE(C) Acts ethically and in BE(C)1 Displays honesty and integrity Practical Daily Tasks and Audit Exposure accordance with the rules of professional BE(C)2 Carries out work with a desire to exercise due care Practical Daily Tasks and Audit Exposure conduct BE(C)3 Maintains objectivity and independence Practical Daily Tasks and Audit Exposure BE(C)4 Avoids conflict of interest Practical Daily Tasks and Audit Exposure BE(C)5 Protects the confidentiality of information Practical Daily Tasks and Audit Exposure BE(C)6 Maintains and enhances the profession's reputation Practical Daily Tasks and Audit Exposure BE(C))

1 January 2013 ACCOUNTING AND EXTERNAL REPORTING Estimated hours per annum Year 1 Year 2 Year 3 Year 4 Year 5 634 563 535 535 535

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Transcription of TRAINING PLAN Elective: Auditing & Assurance …

1 ATTACHMENT A: GENERIC TRAINING PLAN. Instructions for completion This is a generic TRAINING plan for ONE hypothetical trainee All applicants must complete all the sections TRAINING PLAN. Elective: Auditing & Assurance Residuals: Taxation Management Decision-Making & Control Financial Management Internal Audit, Risk Management and Governance COMPULSORY SKILLS. BUSINESS ETHICS. Mode through which competence will be Examples of activities to be performed by achieved ( practical experience/ trainees to gain exposure to this Competency to be achieved Tasks to be performed simulation competence BE(C) Acts ethically and in BE(C)1 Displays honesty and integrity Practical Daily Tasks and Audit Exposure accordance with the rules of professional BE(C)2 Carries out work with a desire to exercise due care Practical Daily Tasks and Audit Exposure conduct BE(C)3 Maintains objectivity and independence Practical Daily Tasks and Audit Exposure BE(C)4 Avoids conflict of interest Practical Daily Tasks and Audit Exposure BE(C)5 Protects the confidentiality of information Practical Daily Tasks and Audit Exposure BE(C)6 Maintains and enhances the profession's reputation Practical Daily Tasks and Audit Exposure BE(C))

2 7 Adheres to the rules of professional conduct, including Practical Daily Tasks and Audit Exposure the SAICA Code of Professional Conduct BE(C)8 Identifies and adequately responds to potential ethical Practical Daily Tasks and Audit Exposure dilemmas BE(C)9 Applies ethical principles to business activities, business Practical Daily Tasks and Audit Exposure decisions and policy development 1 January 2013. MANAGEMENT AND LEADERSHIP. Mode through which competence will be Examples of activities to be performed by achieved ( practical experience/ trainees to gain exposure to this Competency to be achieved Tasks to be performed simulation competence ML(C) Demonstrates an ML(C)1 Keeps abreast of global and local economic events Reading of newsletters and accounting SA. ability to manage and through reading and interpreting the financial and Practical magazines lead business press ML(C)2 Identifies critical factors in the economic, social, Practical Reading of newsletters and accounting SA.)

3 Legislative, regulatory and political environment that magazines impacts on business and financial decisions of an entity ML(C)3 Identifies the factors which impact an entity's financial Practical Reading of newsletters and accounting SA. strategies magazines and discussions with those charged with governance ML(C)4 Applies project management techniques, such as Practical Budgets allocated for specific project/section developing milestones, managing resources, meeting and monitored by Managers and feedback deadlines, etc. given by Manage clients, tasks, time, and budgets. ML(C)5 Leads effective meetings Practical Senior clerks lead meetings with junior staff and also under supervision of manager ML(C)6 Respects deadlines, manages time and organizes tasks Practical Availability of time management system and logically staff planning document ML(C)7 Delegates tasks effectively Practical Senior clerks are given responsibility of junior trainees with certain outcomes, these outcomes are then reviewed by managers.

4 ML(C)8 Manages and supervises others effectively Practical Senior clerks are given responsibility of junior trainees with certain outcomes ML(C)9 Works effectively with colleagues and clients from Practical Daily tasks and audit exposure. Feedback from diverse backgrounds and cultures other trainees and clients are also evaluated. ML(C)10 Collaborates with colleagues and works effectively as a Practical Work in a team environment team member ML(C)11 Resolves conflict and negotiates appropriate solutions Practical We encourage discussions among team members 1 January 2013. PERSONAL ATTRIBUTES. Mode through which competence will be Examples of activities to be performed by achieved ( practical experience/ trainees to gain exposure to this Competency to be achieved Tasks to be performed simulation competence PA(C) Maintains awareness PA(C)1 Responds and adapts to change Exposed to new clients and environment on a Practical of new developments, regular basis exercises initiative, PA(C)2 Identifies problems, conducts research, evaluates Practical SAICA, IRBA, IFRS websites visited.)

5 Communicated evidence and makes appropriate decisions Newsletters. effectively and strives PA(C)3 Asks appropriate and probing questions to obtain Practical Opportunity to deal directly with the client under constantly to add value required information supervision PA(C)4 Communicates effectively in written format Practical Use of email as a business tool is encouraged. Managers are CCd in some emails to clients and evaluations are based on these observations. PA(C)5 Communicates effectively in verbal format Practical Communicate directly with the clients PA(C)6 Takes responsibility for own development Practical Studying towards CA enrolled for graduate /. post graduate studies. INFORMATION TECHNOLOGY. Mode through which competence will be Examples of activities to be performed by achieved ( practical experience/ trainees to gain exposure to this Competency to be achieved Tasks to be performed simulation competence IT(C) Uses IT as a means IT(C)1 Effectively uses IT applications including spreadsheets, Day to Day activities and tasks within audit Practical of working more word processing, presentation and e-mail sections and correspondences with clients.)

6 Efficiently and IT(C)2 Effectively uses the internet as a source of information Practical 24 hour access to internet resource at office effectively IT(C)3 Applies procedures and controls to ensure integrity and Practical Firm policy provides guidance on daily security of personal IT resources, password operations. protection, backup procedures, anti-virus measures, etc IT(C)4 Assesses IT risks and how they are managed Practical Firm policy provides guidance on daily operations. 1 January 2013. accounting AND EXTERNAL REPORTING. Year 1 Year 2 Year 3 Year 4 Year 5. Estimated hours per annum 634 563 535 535 535. Expected competency level 1 and 2 3 4 - - (3 year contract). Expected competency level 1 and 2 2 3 4 - (4 year contract). Expected competency level 1 2 3 3 4. (5 year contract). Department/ section/ Mode through which business unit in which competence will be achieved Examples of activities to be experience will be ( practical experience/ performed by trainees to gain Competency to be achieved Tasks to be performed gained simulation exposure to this competence AE(C)1 Selects appropriate AE(C) Based on the entity's financial reporting needs and the Discussions with those charged accounting stakeholders identified, decides on the appropriate with governance on reporting frameworks and accounting framework needs of entity and also with policies accounting / consulting Practical managers.)

7 Compilation of Financial Statements with accounting software. AE(C) Selects or evaluates accounting policies within the Discussions with those charged appropriate accounting framework that most fairly with governance on reporting present the financial situation needs of entity and also with accounting / consulting Practical managers. Compilation of Financial Statements with accounting software. AE(C) Develops or evaluates accounting policies in accordance Discussions with those charged with the accounting framework with governance on reporting needs of entity and also with accounting / consulting Practical managers. Compilation of Financial Statements with accounting software. AE(C)2 Accounts for the AE(C) Analyses and calculates, or evaluates the accounting for Compilation of Financial entity's transactions, routine transactions, for example sales, cost of sales, Statements with accounting including non-routine operating expenses, etc.

8 accounting / consulting Practical software. Preparing and passing transactions journals to account for transactions. 1 January 2013. Department/ section/ Mode through which business unit in which competence will be achieved Examples of activities to be experience will be ( practical experience/ performed by trainees to gain Competency to be achieved Tasks to be performed gained simulation exposure to this competence AE(C) Analyses and calculates, or evaluates the accounting for Compilation of Financial non-routine transactions, for example mergers and Statements with accounting acquisitions, divestitures, provisions etc. software. Identifies the non- accounting / consulting Practical routine transactions, enquiry from management regarding details, evaluating findings and preparing journals for client approval. AE(C) Performs or evaluates reconciliations of financial Compilation of Financial information ( bank reconciliations, accounts payable Statements with accounting reconciliation, general ledger control account software.))

9 Obtain bank recon /. reconciliations, reconciliations between management accounting / consulting Practical creditor recon from client and accounts and the general ledger, etc.) evaluate the differences for reasonableness and discuss with client. AE(C)3 Prepares or evaluates AE(C) Prepares or evaluates financial statements in accordance Compilation of Financial financial statements with the identified accounting framework accounting Practical Statements with accounting and accompanying software. notes AE(C) Prepares or evaluates notes to the financial statements in Compilation of Financial accordance with the identified accounting frameworks accounting Practical Statements with accounting software. AE(C) Prepares or evaluates the non-financial information in the After compiling the financial annual financial statements, Directors' Report, Audit Practical statements Corporate Governance Report, Sustainability Report AE(C)4 Interprets financial AE(C) Calculates profitability, efficiency (activity), solvency and Analytical procedures performed statements liquidity ratios from the financial statements Independent Review Practical during planning phase of the audit.

10 AE(C) Based on the ratios calculated in , analyses and Audit Practical After calculating the ratios, explains the financial performance of the business, and documents the meaning by provides recommendations from analysis considering the breakdown of the elements. Recommendations are then raised via management report to client. 1 January 2013. ELECTIVE SKILL. Auditing AND Assurance (ELECTIVE). Estimated hours per annum Year 1 Year 2 Year 3 Year 4 Year 5. 732 746 817 817 817. Expected competency level 1 and 2 3 4 - - (3 year contract). Expected competency level 1 and 2 2 3 4 - (4 year contract). Expected competency level 1 2 3 3 4. (5 year contract). Mode through which Examples of activities to be Department/ section/ competence will be performed by trainees to business unit in which achieved ( practical gain exposure to this Competency to be achieved Tasks to be performed experience will be gained experience/ simulation competence AA(E)1 Performs pre- AA(E) Identifies, for review and input by others, the nature, Understanding of client during engagement activities scope, standards and legislation applicable to a particular planning phase of planning engagement audit, enquiry from Audit Practical management and also use of internet to identify applicable legislation.)


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