ABOUT ICAG

The Institute of Chartered Accountants, Ghana (ICAG) is the body responsible for the certification and regulation of accountancy practice in Ghana as enshrined in the Companies Act, 1963 (ACT 179). ICAG examination is done twice a year, and upon passing the tests, the individual gets the recognition as a certified accountant and thus can freely practice public accounting in Ghana. The Programme consists of three (3) levels and fourteen (14) modules.

ICAG SYLLABUS STRUCTURE

1. The syllabus aims to support the development of competent professionals capable of accepting the accounting and related responsibilities that businesses, government and regulatory authorities demand of them. It seeks to develop the skills of accounting professionals in a measured way that reflect the values of public interest and a wider concern for the reputation and standards of a professional institute.

2. The syllabus is suited to those students working or seeking to work in the public or private sector, and in business and commerce. It facilitates advanced standing for candidates from recognised universities who qualify and meet the requirements of international bodies like the International Federation of Accountants (IFAC), and international accounting and auditing standards.

3. The syllabus is comparable to modern standards employed by leading institutes across the world, including its coverage of sustainability and technology, and reflects important characteristics of, and is designed to meet, specific business and government needs of Ghana.

The syllabus structure is outlined as:

Entry requirements and exemptions: detailed in the entry requirements and exemptions sections of this syllabus
1.1 Financial Accounting
1.2 Business Management
and Information Systems
1.3 Business and Corporate Law
1.4 Introduction to Cost & Management Accounting

Progression: All of the Knowledge level examinations need to be passed or credited before embarking on the Application programme of study.

2.1 Financial Reporting
2.2 Management Accounting
2.3 Audit and Assurance
2.4 Financial Management
2.5 Public Sector
Accounting and Finance
2.6 Principles of Taxation

Progression: All of the Application level examinations need to be passed or credited before embarking on the Professional programme of study.
3.1 Corporate Reporting
3.2 Advanced Audit and Assurance
3.3 Advanced Taxation
3.4 Strategic Case Study

Levels and Learning Outcomes

Learning outcomes are expressed in terms of tasks that use verbs such as identify, explain, calculate, analyse, evaluate and advise to specify the skill that has to be demonstrated. Modern accounting qualifications use a hierarchy of verbs that recognise that students begin the learning process by being able to undertake the simpler tasks, as expressed in verbs such as ‘identify’ and ‘explain’, moving on to more difficult tasks such as ‘calculate’ and ‘analyse’, and ending-up with the higher level tasks of having to ‘evaluate’ and ‘advise’. This approach has long been used in modern accounting qualifications and is based, in one form or another, on Bloom’s taxonomy of verbs.

Knowledge Level

The Knowledge level provides a framework for learning that contains core
competencies that prepare students for advanced study. Further details of the
subjects are shown below:

1.1. Financial Accounting

Outline content: Financial Accounting is dealt with here primarily as a skill that supports the compilation of reliable financial accounts for sole traders, partnerships, companies and not-for-profit entities.
At this level accounting includes knowledge of the essential framework of assumptions that underpin reliable reporting.
Progression to: 2.1 Financial Reporting

Outline content: The business organisation is introduced and placed within the context and description of the environment in which it operates. Business structures and processes are explained so that the student achieves an understanding of the key functions of a business and of the basic approaches to analysing business activities. Critical to understanding the business will be business information and learning how information systems contribute to business performance. 

Progression to: thematic to the qualification and 3.4 Strategic Case Study

Outline content: Students are introduced to the Ghanaian legal system. The syllabus then covers a range of specific legal areas relating to various aspects of business of most concern to finance professionals, including the law relating to contracts, employment, and aspects of company law. Frameworks of governance structures covered with, along with ethics and ethical behaviour relating to business including criminal law.
Progression to: thematic to the qualification

Outline content: Management Accounting is central to the monitoring and control of organisations and provides the basic tools of positioning businesses to meet the objectives as specified more broadly in business strategy. The module introduces key Management Accounting concepts in costing, budgeting, performance management systems and management decision making. It also introduces students to the role of management accounting in the public sector.
Progression to: 2.2 Management Accounting

Application Level

The Application level modules builds on the foundation of competencies already achieved and takes students into a higher level where their skills are developed and expanded and put into context. The focus is on the application of knowledge, using realistic scenarios. There is a more rigorous development of knowledge in core subjects, used as a support to essential business and accounting skills. The range of subjects studied will allow progression to the Professional level where advanced skills are developed and assessed.

2.1. Financial Reporting

Progression from: 1.1 Financial Accounting

Outline content: In this module, accounting from the Knowledge level is developed in the context of more complex events and transactions with a greater emphasis on compliance with regulations including local and international accounting standards and generally accepted accounting practices. Students will be
expected to demonstrate an understanding of and competence in financial statement analysis and analysis of choices in accounting treatments.

Progression to: 3.1 Corporate Reporting

Progression from: 1.4 Introduction to Cost & Management Accounting

Outline content: The aim of this module is to ensure that students develop a knowledge and understanding of the various budgeting and cost accounting principles, concepts and techniques appropriate for planning, decision-making and control, and the ability to apply these techniques in the generation of management
accounting reports. Management accounting processes and techniques in the public sector are also covered.
Progression to: 3.4 Strategic Case Study

Progression from: new topic
Outline content: The aim of this module is to enable students to develop, understand and apply risk-based audit methods for both audit and assurance. Its focus is on providing the core knowledge of audit processes in both the private and public sectors from appointment through to planning, performance and reporting in accordance with International Standards on Auditing.
Progression to: 3.2 Advanced Audit and Assurance.

Progression from: 1.4 Introduction to Cost & Management Accounting
Outline content: The aim of this module is to ensure that candidates develop a critical understanding of the nature and scope of financial management. They should be able to assess organisational funding
requirements, calculate the cost of the available sources of finance, advise on the optimum financing structure for an entity, advise management on optimal investment decisions including mergers
and acquisitions, manage working capital, apply business valuation techniques, and apply financial risk management techniques. 

Progression to: 3.4 Strategic Case Study

Progression from: new topic

Outline: This module is designed to provide candidates with a solid knowledge of International Public Sector Accounting Standards (IPSAS) and the technical knowledge and skills required to perform straight forward financial reporting responsibilities within the public sector.

Advisory: It is advisable that students attempt 2.1 Financial Reporting before this module.

Progression from: new topic

Outline content: Principles of Taxation describes the Ghanaian system of taxation; outlines the basic principles of taxation for individuals and corporations; outlines key aspects of capital gains, VAT, and customs duties; and describes how taxes are administered.

Progression to: 3.3 Advanced Taxation

Professional Level

The Professional level positions students to meet the requirements of a professional accountant with knowledge and competencies recognisable across the world. The focus of the modules at this level is to develop the competencies of students to the point where they can make competent professional judgements and evaluations arising from an analysis of complex situations. Students will be able to demonstrate analytical capabilities that require the linking of knowledge components, recognising alternatives, and identifying problems and issues that are not immediately apparent but nonetheless require resolution. In arriving at informed evaluations, students will then be able to draw conclusions and advise clients in an effective manner.

3.1. Corporate Reporting

Progression from: 2.1 Financial Reporting

Outline content: The aim of this module is to ensure that candidates apply the appropriate judgement and technical competence in the preparation and interpretation of financial statements for complex business entities. Students must be able to evaluate and communicate the impact of current issues and developments in corporate reporting to those who may not have that technical expertise.

Progression from: 2.3 Audit and Assurance
Outline content: This module is designed to provide candidates with the necessary knowledge and higher level skills to perform the responsibilities of a registered auditor within the framework of relevant Ghana legislation and international standards. Module outcomes are based on the requirements of the International Standards on Auditing (ISAs). Further work is then developed to investigate the requirements of public sector audits.

Progression from: 2.6 Principles of Taxation

Outline content: This module builds on the knowledge gained from 2.6 and further develops aspects of tax related competencies which allow students to ensure tax compliance and identify opportunities for tax planning, where appropriate. Both Ghana and further international dimensions of taxation will be considered with skills being developed from analysis and evaluation of complex scenarios. Students will be able to demonstrate skills of communication by conveying appropriate levels of advice to a wide range of clients, all applied to a high ethical standard.

Progression from: 1.2 Business Managment & Information Systems 2.2 Management Accounting, 2.4 Financial Management.

Outline content: The module enables students to understand and apply tools and models to develop skills in strategic analysis, choice and implementation. Students will become competent in the use of management information to measure and monitor strategic performance. A comprehensive review will be undertaken of good governance practice, all developed within applicable ethical frameworks. Evaluating complex scenarios will be a feature of the module, based on complex data, and financial and stakeholder analysis including making recommendations.

Assessment Levels

Knowledge Level

Tasks at the Knowledge level are most likely to provide students with information and relatively simple but limited scenario content that they can use as a basis to calculate, compile and prepare responses to specific requirements or as a basis for stating and explaining their knowledge.

Tasks at the Application level are most likely to provide students with relatively straightforward but realistic scenarios and supporting information, asking them to prepare more technically complex outputs that are more focused on client requirements.

Tasks at the Professional level will almost always begin with a scenario this more challenging in terms of its business, or other complexity with requirements that will be reported to a third party or supervisor that

require analysis, critical comment, evaluation of alternatives and effective articulation. Often requirements will allow for higher level skills of evaluation, synthesis and judgement. Some requirements may contain issues that are not immediately apparent.

Assessments for each of the levels will be by examination only. The examination structure differs according to the level.

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