Icag New Syllabus 2024

Effective November 2024
CONTENT
Overview 1
1.1 Purpose.........................................................................................................................1
1.2 Outline syllabus, rationale and keybenefits...................................................2
1.3 Introduction to levels in the qualification.......................................................3
1.4 Knowledge level.......................................................................................................5
1.5 Application level.......................................................................................................6
1.6 Professional level......................................................................................................7
1.7 Assessments..............................................................................................................8
1.8 Pass marks and progression................................................................................8
1.9 Development of technical competence in a regulatory

environment...............................................................................................................9
1.10 Integration of business and professional ethics and

professional scepticism…......................................................................................9
1.11 Integration of sustainability……………………........................................................10
1.12 Integration of technology………………………..........................................................11
1.13 Three to five years’ practical work experience…..........................................11
1.14 Professional development…………………..............................................................12
1.15 Entry requirements................................................................................................12
1.16 Exemption policy…………………................................................................................12
1.17 Learning materials………………………………..….........................................................14
Module specifications – aims, competencies, and content 15
2.1 Knowledge level......................................................................................................15

2.2 Application level.....................................................................................................32
2.3 Professional level....................................................................................................61
Appendices 82
PROFESSIONAL QUALIFICATION SYLLABUS 2024 - 2029
Overview
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.
1.1 Purpose
4. The professional qualification begins with an expression of purpose,

which is a statement of the skills and competencies that define what
is meant by being a professional accountant in Ghana, and fits with
national and international objectives.
The professional accountant as a well-rounded advisor who:
•
Contributes real value in the management of all types oorganisations;
•
Acts in the public interest as well as that of their employer or client;
•
Delivers and demonstrates competencies that include sound
knowledge and higher value technical skills expected of accounting
and finance professionals;
• Delivers their technical knowledge and skills in a practical and
relevant way;
• Delivers competencies in the private and public sectors through a
deep understanding of their issues and environments; and
• Behaves ethically and exercises professional scepticism and
judgement.
5. This expression of purpose sets the tone for the approach to syllabus
development and helps student members of ICAG to firmly associate
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with the intention of the qualification. The remainder of this document outlines a
robust syllabus that meets this purpose.
1.2 Outline syllabus, rationale and key benefits
6. In the outline, the proposed qualification has four elements to it:
• a 3-tier syllabus/examination structure (hereafter, ‘syllabus’ structure);

• ethics and professional scepticism;
• an additional work experience requirement; and
• ongoing professional development.
The components provide an in-depth understanding across accountancy, finance

and business. Combined, they help build the technical knowledge, professional skills
and practical experience needed to become a member of ICAG. Each component is
designed to complement the others, which means that students can put theory into
practice and can understand and apply what they learn to their day-to-day work.
The syllabus structure is outlined as:
The ICAG syllabus structure
Level 1 Level 2 Level 3

KNOWLEDGE APPLICATION PROFESSIONAL
Entry requirements and Progression: All of the Progression: All of the

exemptions: detailed in Knowledge level examinations Application level examinations
the entry requirements and need to be passed or credited need to be passed or credited
exemptions sections of this before embarking on the before embarking on the
syllabus Application programme of Professional programme of
study. study.
1.1 Financial Accounting 2.1 Financial Reporting 3.1 Corporate Reporting

1.2 Business Management 2.2 Management Accounting 3.2 Advanced Audit and
and Information Systems 2.3 Audit and Assurance Assurance
1.3 Business and Corporate 2.4 Financial Management 3.3 Advanced Taxation
Law 2.5 Public Sector 3.4 Strategic Case Study
1.4 Introduction to Cost & Accounting and Finance
Management Accounting 2.6 Principles of Taxation
2
7. To be qualified as a member of ICAG all elements of the qualification must

be satisfied: that is, examinations must be passed and evidence of acceptable
work experience provided. The detail of the work experience framework is the
subject of a different document.
8. The rationale for the syllabus structure is to:
• Achieve the expression of purpose;

• Create a clear link between syllabus content and learning materials;
• Clearly identify how students progress from one level of the qualification
to the next, which is measured in terms of skills acquired and competen
cies achieved via learning outcomes;
• Enable students to progress from appropriately designed and credited

university degrees to the PQ (IES1);
• Adhere to IES2 (Revised), 3 (Revised), 4 (Revised), 5 and 6 (technical
competence, skills, ethics, the ability to integrate relevant technical and
ethical skills with appropriate practical experience, and evaluated by
appropriate and meaningful assessments);
• Position students for lifelong professional development: IES7(CPD);
• Ensure that it is sufficiently benchmarked with international qualifications
to grant a degree of mutual recognition with other country’s professional
qualifications; and
• Provide detail that is sufficiently localised to ensure that its members’
skills are relevant to the Ghanaian economy and environment.
1.3 Introduction to levels in the qualification
9. The levels in the qualification (Knowledge, Application, and Professional)

reflect the inherent difficulty of the subject matter in the modules and the
requirements of progression to achieve professional competency that meets
with the purpose of the qualification. At the lowest level, tasks in an exam
will provide straightforward and structured data and information. At the next
level, tasks will have straightforward but more complex data and information
set in a more practical context. At the final level, there will be scenarios that are
more professionally challenging and requiring development of professional
advice.
10. In a competency based framework, these tasks are expressed in terms of

competency achievement of students. Competency achievement is developed
into learning outcomes that specifically identify for students what they need
to do in detail in order to demonstrate that a competency has been acquired.
These learning outcomes are then reflected in assessment criteria to ensure
that students show evidence of their acquisition of competencies.
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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.
This approach is in accordance with IES 2 (Revised), appendix 1. IES 2

describes what is involved in terms of ‘proficiency’ levels, which demarcates
skills between different levels of modern accounting qualifications.
1.4 Knowledge level
11. 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 Outline content: Financial Accounting is dealt with here primarily as
Accounting 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

1.2 Business Outline content: The business organisation is introduced and
Management placed within the context and description of the environment in
and which it operates. Business structures and processes are explained
Information so that the student achieves an understanding of the key functions
Systems 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
1.3 Business and Outline content: Students are introduced to the Ghanaian legal
Corporate Law 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
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1.4 Introduction to Outline content: Management Accounting is central to the

Cost & monitoring and control of organisations and provides the basic
Management tools of positioning businesses to meet the objectives as specified
Accounting 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
1.5 Application level
12. 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 Progression from: 1.1 Financial Accounting

Reporting
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

2.2 Management Progression from: 1.4 Introduction to Cost & Management
Accounting 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
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2.3 Audit and Progression from: new topic

Assurance
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

2.4 Financial Progression from: 1.4 Introduction to Cost & Management
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

2.5 Public Sector Progression from: new topic
Accounting
and Outline: This module is designed to provide candidates with a solid
Finance 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 to 2.3 Advanced Audit and Assurance

2.6 Principles of Progression from: new topic
Taxation
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
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1.6 Professional level
13. 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 Progression from: 2.1 Financial Reporting

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.
3.2 Advanced Progression from: 2.3 Audit and Assurance

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) with an introduction to International
Standards of Supreme Audit Institutions (ISSAI). Further work is
then developed to investigate the requirements of public sector
audits.
3.4 Strategic Case Progression from: 1.2 Business Managment & Information Systems
Study 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.
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1.7 Assessments
14. The syllabus is designed to be supported by a valid and reliable assessment

approach. This will ensure that the competencies framework set out in
Appendix B is achieved and demonstrated through student assessments that
are in accordance with IES6: Assessment of Professional Competence.
For the student, a clear link between learning and achievement demonstrated
in the examinations of the Institute will ensure that the process of qualifying as
an accountant is as transparent as possible.
15. In this respect, attention will have to be paid to expressing task requirements
in assessments that map directly to learning outcomes. It is the learning
outcomes that express, in detail, the development of competencies and is the
framework used by IFAC in IES2 (Revised).
16. Assessment levels:
• 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 th
is 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.
Computer Based Exam
In the year 2025, ICAG’s assessment activities will be designed to assess areas of
professional competence using objective testing and computer-assisted testing
(Computer Based Exam). Reliance on computer based technologies would improve
equity in the assessment of students’ professional competence.
This will be part of the digitisation agenda of ICAG. The Institute will take a phased
approach to the digitisation of ICAG assessment. This phased approach to the
implementation of digitising the assessments level by level minimises potential risks
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and challenges and offers several benefits, including ensuring a smoother transition
from paper-based exams and students being able to build up their Computer Based
Exams experience at the same time the exams are progressively demanding.
Level One will be assessed using objective testing or Multiple Choice Questions
(MCQ) and Level Two and Three would be phased in on a gradual basis.
Students must ensure that they acquire skills and competence in working in a
Computer Based Exam environment.
1.8 Pass marks and progression
17. All papers shall be marked out of 100. To pass any paper a candidate must
obtain at least 50%.
18. The progression through the qualification is indicated in the detail of the
syllabus content and is subject to exemptions granted. It is not a requirement
of the qualification that any combination of subjects is required to be passed
within a level.
1.9 Development of technical competence in a regulatory environment
19. This syllabus contains detailed specifications of the extent and depth of
knowledge required of laws, regulations, codes and standards within relevant
subjects. These specifications are updated annually as changes take place in
the regulatory environment so that students know exactly what is and is not
examinable.
20. Major periodic reviews will be undertaken to ensure sustained relevance and
the extent of these will depend on a wider set of factors including, but not
restricted to, substantial changes in the economic or regulatory environment,
revised stakeholder requirements, and planned strategic developments in the
professional qualification.
1.10 Integration of business and professional ethics and professional

scepticism
21. Ethics is more than just knowing the rules around integrity, objectivity,
professional competence and due care, confidentiality and professional
behaviour. It is about identifying ethical dilemmas, understanding the
implications, making judgements and behaving appropriately as well as using
professional scepticism to build business trust.
22. Ethics is integrated throughout the ICAG qualification to develop students’

ethical capabilities to make suitable decisions. Ethics is embedded into the
ICAG qualification and develops students’ ethical capabilities in three ways:
• Studying Codes of Ethics for Professional Accountants – detailed

content is included in the relevant modules.
• Integration of ethical issues into all 14 ICAG exams – candidates are
9
assessed on their understanding of, and reaction to, ethical dilemmas

within the context of the subject matter of each module. Progression
is made from identification of issues to judgements on perspectives,
conflicts and responsibilities.
• Practical application – having learned the ethical principles and
requirements and applied them in context within the ICAG exams,
students develop and apply ethical skills and behaviours within
their daily work experience supported by regular employer reviews and
the ICAG professional development framework.
23. Culture and values are central to long-term success. How a business adopts an
ethical approach towards its staff, shareholders, customers and regulators,
as well as within its own operations, has a bigger impact than any performance
measure or operational improvement. Demonstrating a clear commitment to
ethical behaviour is one of the main drivers of ethical performance; it delivers
an advantage when recruiting, it adds value to a brand, and it instils trust and
confidence in partners, suppliers and others that the business is well-run and
resilient.
24. Achieving this is not a matter of simple knowledge. Few ethical challenges
will have right and wrong responses. They require technical understanding,
rigorous appraisal and skilful handling. Accountants must have the necessary
skills to apply professional judgement in a given situation, taking into account
what has been learned as an ICAG student about their ethical responsibilities
as a Chartered Accountant.
25. None of this can happen without one key element: professionalism. That
goes beyond merely knowing the Code of Ethics. It means embodying the
right behaviours and having the ability and willingness to push back against
those who might compromise the integrity of the business. That confidence
comes from a qualification that prioritises not only technical knowledge of the
ethical framework but also challenges accountants with scenarios that
accurately reflect the ethical dilemmas a chartered accountant may face in
business.
26. Professional scepticism is a key professional skill that supports effective

decision-making. Chartered Accountants must take an enquiring, questioning
approach, not always accepting information at face value. The requirement to
apply professional scepticism is embedded within exam questions; candidates
can expect to have to apply this skill in one or more of the following ways:
• Obtain and understand information relevant for making reliable

judgements based on facts and circumstances known to them;
• Make informed challenges of views developed by others;
• Be sensitive to the integrity of information, including the source of
information and the appropriateness of its presentation;
• Withhold judgement pending thoughtful consideration of all known and
relevant available information; Be alert to potential bias or other
impediments to the proper exercise of professional judgement.
1.11 Integration of sustainability
10
27. Finance and accounting professionals need to move beyond simply measuring
and reporting the impact of climate change, environmental regulation, supply
chain pressure and rising energy costs. They must focus on understanding
those implications and integrating them into financial management and
business planning. The ICAG qualification has been updated to reflect that. Its
role is not simply integrating knowledge and understanding the broader
implications of environmental, social and governance issues into organisations,
but also seeding this thinking into the mindset of members of ICAG.
28. The syllabus contributes toward creating chartered accountants who recognise
that sustainability is at the core of what they do and are capable of actively
using their business skills to analyse how to make the new sustainable economy
work for their business.
1.12 Integration of technology
29. Rapid growth in technology has automated many compliance elements of

accountancy. But, with technology also comes complexity and risk. Accountants
need to adapt and develop new skills to manage these technological changes
such as data analytics, automation and cyber security.
30. These and other innovations are likely to have a significant impact on the
way that accountants access, move and manage business finances. Technology
can provide information more quickly and often more accurately than humans,
but it cannot replicate human intelligence and quality decision-making.
Therefore, chartered accountants hold a key role in data analytics, in validating
the source of the data, interpreting and analysing the outputs. Technology
provides opportunities for chartered accountants to use their professional
skills to add value to their clients and/or the businesses in which they work.
31. As routine and compliance work reduces, there is greater focus on the
development of skills that equip professionals to work with the outputs of
automated processes, with other specialists, and in a changing world.
32. Skills such as analysis, interpretation, professional scepticism, communication,

collaboration, adaptability, resilience, and commerciality are essential for
tomorrow’s business leaders; these are embedded throughout the ICAG exams
and professional development framework.
1.13 Three to five years’ practical work experience
33. Practical work experience is done as part of a training agreement with an

authorised training employer or principal. Students need to complete 450
days, which normally takes between three and five years. The knowledge, skills
and experience they gain as part of their training are invaluable, giving them
the opportunity to put what they are learning into practice. Experience can be
completed in at least one of the following six categories:
a. Accounting
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b. Audit and assurance

c. Financial management
d. Information technology
e. Insolvency
f. Taxation
Student practical work experience should:
• include responsibility levels that increase in depth and scope as the

student progresses through their training;
• be recorded throughout their training agreement; and
• expose them to as many different practical assignments, finance functions
and/or clients in as many different sectors as possible.
1.14 Professional development
34. Chartered Accountants throughout the world are known for their professionalism
and expertise. Professional development prepares students to successfully
handle different situations that they encounter throughout their career. The
ICAG qualification improves students’ ability and performance in seven key
areas:
• adding value – add value to the organisation, team or role in order to

achieve objectives;
• communication – communicate effectively at all levels, using oral, written
and presentational skills to achieve positive outcomes;
• decision-making – gather, interpret and evaluate data to make effective
decisions;
• ethics and professionalism – behave ethically and sustainably while
respecting others to uphold the values of the organisation and the
accountancy profession;
• problem solving – analyse a problem, generate options and make
recommendations to arrive at appropriate solutions;
• teamwork – work collaboratively as a member or leader of a team to
achieve shared goals; and
• technical competence – seek, learn and use technology and technical
information to support the achievement of organisation or team goals.
1.15 Entry requirements
35.
A. Holders of Senior High School (SHS) Certificate
i. WASSCE holders - six (6) credits including English and Mathematics
ii. SSSCE/GBCE holders - six (6) passes (A-D) including English and
Mathematics
B. Holders of Diploma and Degree from Tertiary Institutions
i. Accounting Technician Scheme West Africa (ATSWA)
ii. Diploma/HND/Degree/Masters and any qualification acceptable to the
Institute
1.16 Exemption policy
12
36. Exemptions are granted to Institutions accredited by the Ghana Tertiary

Education Commission (GTEC) and recognised by the Institute.
37. Holders of Diploma in Accounting awarded by a Tertiary Institution are

exempted from all Level 1 papers
38. Holders of Higher National Diploma (HND) Accountancy Option are exempted
from all Level 1 Papers and Paper 2.3 Audit and Assurance
39. Holders of Accounting Technician Scheme West Africa (ATSWA) are exempted
from all Level 1 papers, Papers 2.3 Audit and Assurance and 2.6 Principles of
Taxation.
40. Level 300 university students
(A) Students who have completed Level 300 in the areas below will be granted
exemption from all Level 1 papers:
i. BSc Administration (Accounting Option)

ii. Bachelor of Commerce (Accounting/Finance Option)
iii. BSc Administration (Finance Option)
iv. BSc Administration (Accounting and Finance Option)
v. Bachelor of Education (Accounting/Finance Option)
(B) Accounting Option Students will be granted exemptions from Audit and
Assurance (Paper 2.3) and Principles of Taxation (Paper 2.6)
(C) Finance Option Students who read Audit and Assurance or Principles of
Taxation or both subjects will be exempted according to the subjects read.
(D) Transcripts of applicants in level 300 should be endorsed by any of the following
i. Dean of Business School
ii. Head of Accounting or Finance Department
iii. ICAG Ambassadors
(E) Only students of tertiary institutions who have signed a Memoranda of

Understanding (MOU) with ICAG will benefit from this policy.
41. University bachelor’s degrees
(A) Holders of university Bachelor’s Degree in Accounting of accredited Tertiary

Institution are exempted from all Level 1 papers, Papers 2.3 Audit and Assurance
and 2.6 Principles of Taxation.
(B) Holders of university Bachelor’s Degrees (other than those specified in (A)
above) would be granted exemption on a subject by subject basis as indicated
on the academic transcript.
42. Masters degrees
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(A) Holders of Masters Degree (Accounting option) and a first degree in Accounting
would be granted exemption from all Level 1 papers and Level 2 papers [except
Public Sector Accounting and Finance].
(B) Only holders of Masters Degree (Accounting option) and a first degree in
Accounting would be granted exemption in Management Accounting (Paper
2.2)
(C) Holders of Masters Degree (other than those specified above) would be
granted exemption on a subject by subject basis as indicated on the academic
transcript.
43. Holders of other professional qualifications recognised by the Institute would

be granted exemption on a subject by subject basis as indicated on the result
slip.
44. Exemptions would NOT be extended to any paper in Level 3.
1.17 Learning materials
45. ICAG approved learning materials are the study texts and revision kits published
by Emile Woolf International.
46. Useful and relevant articles are also published in the Students Journal and
available on the ICAG website.
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Module specifications – aims, competencies, and

content
Knowledge level
1.1 Financial Accounting
47. The aim of this module is to develop knowledge and understanding of the
underlying principles and concepts relating to Financial Accounting and to
develop technical proficiency in the use of double-entry accounting techniques
including the preparation of basic financial statements for single entities. The
syllabus also introduces basic techniques for the interpretation of financial
statements.
48. On completion of this module, candidates will reach a competency level

sufficient to be able to:
(A) Explain the context, purpose and qualitative characteristics of financial

information
(B) Record transactions and events using the double-entry accounting
system
(C) Correct errors, perform reconciliations and prepare an extended trial
balance
(D) Prepare basic financial statements for incorporated and unincorporated
entities
(E) Accounting for partnerships
(F) Prepare financial statements from incomplete records
(G) Identify the differences between public and private sector accounting
(H) Calculate key accounting ratios
49. The following grid shows the relative weightings of topics within this subject
and should guide the required study time spent on each. The marks available
in the assessment will approximately equate to the weightings below.
WEIGHT
SYLLABUS COVERAGE
(%)
(A) The context, purpose and qualitative characteristics of financial 5
information, and ethics
(B) Recording transactions and events 20
(C) Correcting errors and performing reconciliations 20
(D) Preparing basic financial statements 20
(E) Accounting for partnerships 15
(F) Preparing accounts from incomplete records 10
(G) Introduction to public sector financial statements 5
(H) Key accounting ratios 5
TOTAL 100
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50. Please note that the detailed content of the financial reporting standards
assessed in this module are detailed in appendix A. The appendix details
the depth of treatment of required technical knowledge and the progression
of competence over the levels in the qualification. It is important to read
the appendix in conjunction with the detail of the table below to understand
the expectation of the scope and depth of treatment in the assessments of
financial reporting standards.
Ethics
Ethics is a fundamental requirement for the professional accountant and students

will be expected to recognise that the exercise of judgement is required in applying
fundamental accounting concepts. Students will learn about the IESBA Code of
Ethics for Professional Accountants – fundamental principles and the ICAG Code of
Ethics and consider the merits of a principles-based code.
51. In the assessment, candidates may be required to:
(A) Explain the context, purpose and qualitative characteristics of financial

information and the importance of ethics
Explain the scope and purpose of financial statements for external
reporting as distinct from cost and management accounting
Identify users of financial statements and their information needs
Outline the regulatory framework (legislation and regulation, reasons and

limitations and relevance of accounting standards)
Describe the main elements of financial reports
Explain the qualitative characteristics of financial information
Explain the requirement for ethical behaviour in the maintenance of ac
counting records and the preparation of financial statements
(B) Record transactions and events using the double entry accounting system
Identify and explain the sources of information for the preparation of ac
counting records and financial statements, paying particular attention to
• Source documentation
• Books of prime entry
• Ledgers
Record and account for transactions and events resulting in:

• Revenue and income
• Costs and expenses
• Property, plant and equipment and depreciation
• Intangible non-current assets and amortisation
• Cash
• Inventory
• Accruals and prepayments
• Receivables and payables
• Capital structure and finance costs
16
Record and account for changes in the ownership structure or ownership

interests in an unincorporated entity
Prepare a trial balance
(C) Prepare an extended (adjusted) trial balance

Identify omissions and errors in accounting records and financial statements
and record and account for the required adjustments, including the use of:
• Control account reconciliations
• Bank account reconciliations
• Suspense accounts
• Journals
Prepare an extended trial balance
(D) Prepare basic financial statements for incorporated and unincorporated
entities
Prepare final accounts of sole traders and simple companies from the
extended or adjusted trial balance, to include where appropriate:
• Profit or loss accounts
• Statements of financial position
• Statements of cash flow
(E) Account for partnership transactions

Explain the nature of a partnership
Record partnership transactions in ledger accounts
Prepare partners’ capital and current accounts
Prepare the final accounts of a partnership
Record the admission or retirement of partners in a partnership
Record changes of investment by partners in a partnership by debt or
capital
Record the dissolution of a partnership, including its sale to a limited
company
(F) Prepare accounting records and financial statements from incomplete

information
Recognise the situations where there may be incomplete records
Use ledger accounts to derive missing figures
Calculate missing figures using mark-up and profit margins
Use professional scepticism and judgement in assessing whether sources
of information and figures derived are reasonable in a particular context
Prepare basic financial statements from incomplete information
(G) Describe the key differences between private and public sector accounting
Explain the principal aims of private, not-for-profit and public sector
organisations
Identify the main users of public sector financial statements
Explain the key components of the public sector in Ghana
17
Explain the purpose and importance of the Public Financial Management

Act 2016
Explain the differences between financial statements produced using the

accrual basis and those produced using the bases of cash accounting and
break up, and perform simple calculations to illustrate the differences.
(H) Identify and calculate key ratios from financial statements

Explain why ratio analysis is important
Calculate ratios relating to profitability, liquidity, efficient use of resources
and financial position
1.2 Business Management and Information Systems
52. The aim of this module is to introduce candidates to the basic structures
and processes involved in organisations in Ghana and to identify the impact
of the business environment and how information within the organisation is
managed to support business objectives.
53. On completion of this module, candidates will reach a competency sufficient

to be able to:
(A) Describe entity types, their purpose and objectives

(B) Explain basic business organisational structures and processes
(C) Explain how the business environment influences business decisions
(D) Describe the business planning process, including the impact of
behavioural issues
(E) Explain the basic operations of business functions
(F) Identify and explain how business information is managed
(G) Describe and apply basic business models to support management
decisions
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Entity types, purpose and objective 10
(B) Organisational structures and processes 10
(C) Business environment and decisions 15
(D) Business planning processes and behaviour 15
(E) Operations and business functions 20
(F) Business information management 10
(G) Business models and management decisions 10
(H) The impact of technology on the accountant 10
TOTAL 100
18
Ethics
Ethics is reflected throughout the syllabus. A specific weighting is included within

the syllabus areas ‘Entity types, purposes and objectives’ and ‘The impact of technol-
ogy on the accountant’. In addition, students may be expected to consider the role
of ethics in all aspects of business operations and culture.
(A) Describe entity types, their purpose, objectives, ethical and social
responsibilities
Describe and explain the differences between business entity types, including:
• Sole traders
• Partnerships
• Entrepreneurs
• Limited liability companies
• Alliances and groups
• Non-profit organisations
• State Owned Enterprise
Explain the advantages and disadvantages of each of these organisational forms

Identify and explain the nature of key stakeholders of an organisation
Explain the concept of stewardship

Identify and explain the responsibilities of those charged with governance and
the management of the organisation
Describe the nature of business ethics, corporate social responsibilities (CSR)
and environmental, social and governance issues (ESG)
Describe the main public sector entities in Ghana, including state-owned
enterprises (SoEs)
(B) Explain basic business organisational forms, structures and processes

Explain organisational forms and the factors that determine structural choice,
including consideration of:
• Sole traders
• Partnerships
• Companies
• Public corporations
• State owned enterprises
Describe organisational structures and explain the processes that determine or-
ganisational choice, including consideration of the following:
• Simple structures
• Functional structures
• Divisional structures
• Corporate group structures
• Centralised and decentralised structures
19
• Decentralised
• Matrix structures
• Mixed structures
• Networks
• Virtual types
Discuss the following vehicles for collaborating with outside organisations:

• Shared services
• Shared management teams
• Pooled budgets
• Outsourcing
• Consortia
• Networks
(C) Explain how the business environment influences business decisions

Describe and explain the relationship between the organisation’s internal and
external environments, including consideration of the:
• Signalling, rewarding and allocating effects of the price mechanism
on business (including the concept of price elasticity)
• Potential types of failure of the market mechanism and their effects
on businesses
• Key macro-economic factors that affect businesses
• Principal effects of regulations on businesses
Needs of different stakeholders of an organisation (e.g., shareholders, the local

community, employees, suppliers, customers) and how they impact on the busi-
ness
(D) Describe the business planning process, including the impact of behavioural
issues
Describe and explain the process of business planning
• Define vision, mission, values and objectives of an organisation
• Describe strategic, business and operational plans and explain how
they relate to each other
Describe and explain the process of strategic plan development
Describe business functions, activities and processes and their roles in achieving
business objectives
Explain how business functions, activities and processes relate to each other
Outline the key business functions and describe the relationship between entity
and functional strategies
20
Describe and explain key aspects of organisational behaviour including:

• Formal and informal organisation
• Culture
• Leadership and management
• Individual and group behaviour
• Team formation, development and management
• Motivation of management and employees
(E) Explain and describe the basic operations of business functions
Describe and explain key aspects of the management of human resources

including:
• Roles of the Human Resource Department

• Recruitment and selection process
• Training and development of employees
• Disciplinary and grievance procedures in organisations
• Remuneration systems
• Occupational health and safety
• Duties and responsibilities of employers and employees
Describe and explain key aspects of the marketing function in an organisation

including:
• Marketing concepts
• Strategic roles of marketing in organisations
• Elements of a marketing plan
• Market segmentation, targeting and positioning
• Elements of the marketing mix and their applications
• Pricing strategy - design and implementation
• Customer care strategy
Describe and explain key aspects of operations management including:
• Types of production processes: job, batch and flow

• Methods of plant layout: product, process and fixed positions
• Inventory management
• Quality management
(F) Identify and explain how business information is managed
Describe the nature of data, information and knowledge and the information
technologies that support modern information systems
Identify the main risks to the development of new systems and the reliability of
data and information
Explain the risk of data bias and the need for professional scepticism when
reviewing data
21
Explain how the main information and technology risks may be managed
and controlled, with specific reference to block chains and distributed ledger
technology
Explain the importance of ensuring the security of data and information in both
the private and public sector
Outline the various security controls enabling secure storage of data and
information, including restricted access, passwords, back-up processes
Identify the risks for an organisation in the public or private sector if data is not
secure
(G) Describe and apply basic business models to support management

decisions
Describe and apply basic business models used in management decisions
including:
• PEST analysis
• Porter’s five forces analysis
• P’s of marketing
• Product life cycles
• Boston Consulting Group matrix
• SWOT analysis
• Ansoff Growth Matrix
(H) Explain the impact of developments in technology on the accountant

Identify the features and uses of developments in technology in both the private
and public sector, including:
• Cloud accounting
• The internet of things
• Digital assets
• Fintech
Explain the impact on the accountancy profession of developments in technology,

including:
• Artificial intelligence
• Machine learning
• Robotic process automation
Explain the different types of cyber risk and computer fraud and how organisations
can protect themselves against these risks
Explain the risks to data security of the use of social media
Explain the legal and ethical issues relating to information security
22
1.3 Business and Corporate Law
56. The aim of this module is to provide candidates with an understanding of the
general legal framework, and of specific areas of law relating to business, in
order to determine whether strategies and the organisation is in compliance
with established regulations, recognising the need to seek further specialist
legal advice where necessary.

to be able to:
(A) Identify and explain the essential elements of the legal system,
including the main sources of law
(B) Identify and apply the appropriate legal rules relating to the law of
obligations
(C) Explain and apply the law relating to employment relationships
(D) Distinguish between alternative forms and constitutions of business
organisations
(E) Identify and explain the types of capital and the financing of companies
(F) Describe and explain how companies are managed, administered and
regulated
(G) Identify and explain the legal implications relating to companies in
difficulty or in crisis including the processes of insolvency and
administration
(H) Explain the governance and ethics and fundamental human rights issues
relating to business
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Essential elements of the legal system 5
(B) Legal rules relating to the law of obligations 25
(C) Employment law 10
D) Formation and constitution of organisations 10
(E) Capital and financing of companies 10
(F) Management, administration and regulation of companies 20
(G) Legal implications relating to companies in difficulty or in crisis 10
(H) Governance and ethical issues relating to business 10
TOTAL 100
23
Ethics
The consideration of ethical decision-making underpins the study of law. In this

module students will consider ethical issues relating to business, especially as they
relate to criminal areas such as bribery and corruption. They will also explore the role
of directors and other company officers and see the way in which the law expects
them to act ethically.
(A) Identify and explain the essential elements of the legal system
Sources of Law
• Identify all sources of law listed in Article 11 of 1992 Constitution (the
Constitution, legislation, pre-existing law and common law)
• Explain what is meant by case law and precedent within the context of
the hierarchy of the courts.
• Outline the distinction between civil law and criminal law
Hierarchical Structure of Courts
• Identify the Courts in both the Superior and Lower Courts
• Explain the supervisory roles of the Superior Courts
Alternative dispute resolution
• Define alternative dispute resolution (ADR) mechanisms
• Explain the nature, operation, advantages and disadvantages of
alternative dispute resolution mechanisms as against court-adjudicated
disputes
• Explain arbitration and arbitral awards
Public sector entities
• Understand and explain the extent to which public sector entities are
also bound by aspects of law
(B) Identify and apply the appropriate legal rules relating to the law of
obligations
Contract Formation and Content
• Identify and explain the elements of a simple contract
• Explain the terms - Invitation to Treat, Offer and Acceptance, Capacity,
Intention to Create Legal Relation, Consideration;
• Explain the doctrine of privity of contract and third party rights
• Distinguish between terms and representations
• Define and explain various contractual expressions, including Conditions,
Warranties, Mistake and Misrepresentation
• Explain the effect of exclusion clauses and the restrictions on their use
Contract breach and remedies
• Explain the meaning and effect of breach of contract;
• Explain the rules relating to the award of damages;
• Identify equitable remedies including injunction and specific
performance and remedies at common law –damages, quantum meruit
and action for the price
24
• Describe and explain the effects of undue influence, unconscionability

duress and contracts in restraint of trade
Tort
• Explain what is meant by a duty of care and determine what constitutes

breach of duty of care
• Explain the duty of care of accountants and when it may be breached
• Identify negligent misstatement and explain its consequences
• Explain the meaning of causality, consequential harm/injury and
remoteness of damage.
• Discuss the available defences to actions in negligence
• Explain the concept of private nuisance - The Rule in Rylands and
Fletcher, vicarious liability and occupiers liability
Agency
• Explain the concept of agency and the role of the agent and principal
• Describe the ways in which agency can be created
• Explain the fiduciary relationship and the role of the agent with particular
regard to partners, company promoters and directors
• Describe the rights and obligations of the principal and agent
• Describe the duties of the agent and disclosure requirements to third
parties
• Explain the potential liability of both principal and agent
• Describe how an agency relationship may be terminated
Sale of goods/ hire purchase and negotiable instruments
• Define the provisions of the Sale of Goods Act, Act 1962 (ACT 137) and
specifically explain Sections 1-23, 58, 61 and 62
• Explain Conditional Sale, Protected Goods and Section 20 of HPA Section
1 – 10
• Define negotiable instruments, explain the specific terms relating to
them and the duties and liabilities of the parties involved
• Explain the law relating to cheques
• Define bills of lading and explain their nature and operation
• Describe letters of credit and letters of comfort
• Define operating leases and finance leases and explain the situations
when they may be used
Insurance and banking contracts
• Explain the nature of an insurance contract, insurable interest, subrogation

and contribution and assignment of policy
• Explain the duties of banks and other financial institutions
• Describe the powers and duties of the Bank of Ghana and other financial
services regulatory bodies
25
(C) Explain and apply the law relating to employment relationships
Contracts of employment
• Explain the distinction between a contract of service and a contract for

services
• Apply the tests in determining a contract of service - control test,
integration test, multiple reality test, entrepreneurial test
• Explain the rights and duties of the employer
• Explain the rights and duties of the employee
• Explain what is meant by unfair termination, dismissal and redundancy
• Discuss remedies available to those who have been subject to unfair
dismissal or redundancy.
(D) Distinguish between alternative forms and constitutions of business

organisations
• Explain the legal distinctions between sole proprietorship, partner

ships and limited companies
• Describe the process for the formation and termination of a
partnership
• Describe the liability of various partners for partnership debts
• Describe the types of companies under the Companies Act 2019
(Act 992).
• Describe and explain the process of company formations, including
the documents required
• Explain the role and duties of company promoters
• Explain the effect of separate legal personality and the veil of
incorporation of companies
• Show the advantages and disadvantages of incorporation
• Identify the statutory books and records that a limited company must
keep
(E) Identify and explain the types of capital and the financing of companies
• Identify and explain the different types of capital available to

companies including equity and debt
• Identify the procedures for the issue of shares
• Distinguish between loan capital and share capital
• Describe and explain the concept of capital maintenance, including
reduction of capital, redemption and purchase of a company’s own
shares, financial assistance for the purchase of a company’s own
shares and distribution of profits
• Describe the different classes of shares and the procedure for altering
class rights
• Distinguish between share capital and loan capital
• Explain the terms debenture and bonds
• Distinguish between fixed and floating charges and explain their
impact
26
(F) Describe and explain how companies are managed, administered and
regulated
Company directors and other officers
• Discuss the ways in which directors are appointed, disqualified and re

moved as directors
• Explain the powers of the board and matters relating to the board’s
authority
• Distinguish between the powers of the board of directors, the
managing director/chief executive and individual directors to bind
their companies
• Explain the duties that directors owe to their companies
• Explain the consequences of a breach of duty by a director
• Describe and explain the roles and powers of directors and company
officers in the management and administration of a company
• Discuss the prevention of oppression and mismanagement with focus
on majority rule but minority protection
Company meetings and resolutions
• Describe and explain the formalities and procedures involved in

conducting meetings and resolutions regarding a company
• Distinguish between types of meetings: annual general and extra-
ordinary general meetings
• Distinguish between types of resolutions: ordinary and special
Accounts and audit
• Identify the requirements of the Companies Act in respect of

statutory accounts and audit
(G) Identify and explain the legal implications relating to companies in difficulty or in
crisis including the processes of insolvency and administration
• Recognise the laws and procedures of corporate restructuring leading

to mergers; amalgamations, takeovers and acquisitions
• Explain the process by which a solvent company may be wound up and
dissolved
• Explain the nature of insolvency practice and the role of insolvency
practitioners
• Identify the procedures involved to appoint an administrator to a
company and explain their duties and powers
• Explain the grounds for and the procedure involved in voluntary
liquidation and compulsory liquidation
• Explain how an insolvency is applied to a company for a specific
situation
27
(H) Explain the governance and ethical issues relating to business
• Explain and apply ethical principles to business problems recognising

insider dealing, conflict of interest and breach of confidentiality
• Describe the purpose, structure and activities of the Corporate
Governance & Audit Committee
• Explain the nature of and legal controls over money laundering, tax
evasion, bribery and corruption and other forms of market abuse
• Outline the nature of fraudulent and criminal behaviour as it applies to
business
• Discuss offences and penalties attributable to the potential criminal
activities in the operation, management and liquidation of companies
• Explain the purpose and the key provisions of the Data Protection Act
2012
• Explain the nature of and legal controls over public procurement,
including the Public Procurement Act 2003, Act 663 as amended by
Act 914, 2016
• Define the entities that are subject to public procurement and the
thresholds that apply, and describe the different tendering processes
• Demonstrate an understanding of rules of natural justice – Audi
Alteram Partem and NemoJudes In CausaSua
• Explain the rights of persons regarding deprivation of life, personal
liberty and other rights for which administrative officials must act
fairly and comply with requirements imposed on them by law.
1.4 Introduction to Cost & Management Accounting
60. The aim of this module is to ensure that candidates understand the role,
function and principles of management accounting as it supports the decisions
of management in the planning, monitoring and control of organisations.

to be able to:
(A) Explain the scope of management accounting within both commercial

and public sector organisations
(B) Account for cost elements
(C) Identify and describe the costs associated with the production of
products and provision of services and use them to determine prices
(D) Select and apply appropriate forecasting techniques to assist in budget
preparation
(E) Explain the purpose of budgets and budgetary control and prepare
budgets
(F) Prepare budgets in the public sector
(G) Calculate and explain differences between actual performance and
standards or budgets
28
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Scope of Management Accounting 10
(B) Accounting for cost elements 20
(C) Costing techniques, methods and pricing 20
(D) Forecasting techniques 15
(E) Budgeting 15
(F) Budgeting process in the public sector 10
(G) Standard costing and basic variances 10
TOTAL 100
Ethics
Ethical behaviour and decision-making is of vital importance in all areas of accounting

and is fundamental to the provision of management information. Students will see
this reflected throughout the management accounting syllabus content. They will be
expected to demonstrate professional scepticism and judgement when considering
sources of information and the impact of decisions, and consider the ethical
implications of decisions on stakeholders.
(A) Explain the scope of management accounting within both commercial and
public sector organisations
Explain the nature and purpose of management accounting:

• Objectives of management accounting
• Relationship between management accounting and financial
accounting
• Reasons for measuring costs in relation to purpose: planning, control
and decision-making
Explain the differences between the role of the management accountant in the
private and public sector
Explain the need for integrity and ethical behaviour in preparing management
information
29
Describe the role of management accounting within commercial and public sector
organisations:
• Recording and collation of meaningful information to enable planning,

control and decision-making
• Managing operational performance including valuation and profit
measurement
• Achieving economy, efficiency and effectiveness
Explain the various cost models and the nature of cost behaviour:
• Cost definitions and elements of cost
• The concept and calculation of full cost
• Responsibility accounting, including public services’ approaches
Describe typical public service activities and costing scenarios:
• Case driven services
• Recurring services
• Specific one-off projects
Explain relevant and non-relevant cost:
• Concept of opportunity cost
• Cost statements for decision making in practical situations
(B) Accounting for cost elements
Identify, explain and account for:
• Materials
- Order, purchase, receipt and storage of materials
- Stock levels and Economic Order Quantity (EOQ)
- Issue of materials using FIFO, LIFO, Weighted Average, Simple
Average
• Labour
- Direct and Indirect labour remuneration (including incentive
schemes)
- Payroll computations
• Overheads
- Classification and analysis
- Allocation, apportionment and absorption
(C) Identify and describe the costs associated with the production of products
and provision of services and use them to determine prices
Calculate unit costs from information provided, using:
• Direct costing
• Absorption costing and reconcile the differences between the costs
obtained
Select the most appropriate method of costing and calculate the sales price for a
given product or service
- Job costing
- Service costing
- Specific order costing (job, batch and contract)
- Process costing
- implications of CVP analysis for decision making
30
(D) Select and apply appropriate forecasting techniques to assist in budget

preparation
Select and apply forecasting techniques to assist in budget preparation, paying
specific attention to:
• Time series
• Trend, seasonal variations, cyclical variations and random variations
• Moving average trends
• High-low method
• Simple regression analysis
Illustrate the relevance and use of technology and software in forecasting
(E) Explain the purpose of budgetary control and prepare budgets
Define budgets and budgeting

Explain the importance of effective budgeting for organisational performance
Explain the role of a budget as authorisation to spend
Explain the differing budgeting models
• Incremental budgeting,
• Zero based budgeting
• Priority based budgeting
• Planned programme budgeting systems
• Performance based budgeting
• Participatory budgeting
• Resource restricted budgeting
Explain the scope and importance of budgetary control systems:

• Nature of control systems, feedback and feed forward control
• Objectives of budgeting as a financial management tool
• Budget building processes, top-down versus bottom-up budget
building process
• The role of standards in budgetary control.
Select the most appropriate of the following budgeting approaches and methods,
considering their advantages and disadvantages for planning, control and motivation:
• Bottom-up and top-down approaches to generating and managing
budgets
• Activity-based, responsibility-based and product-based budget
structures
• Zero-based and incremental budgeting
• Simple functional budgets
Calculate the cash cycle for a business and explain its significance
Explain the importance of ethics and professional scepticism in the preparation of
budgets
31
(F) Outline and explain the key characteristics of budgeting in the public sector
Describe the role and responsibilities of the key officers responsible for public
financial management in Ghana, including the Minister for Finance, the Controller
and Accountant General, principal spending officers, principal accounts holders,
and the role of the Ghana Integrated Financial Management System
Explain the relationship between planning and budgeting in the public sector
Explain the importance, objectives, challenges and limitations of public sector
budgeting
Outline the types of budgets and approaches to budgeting used in the public sector
Describe the process of budgeting in Ghana public sector organisations including
consideration of the budget cycle:
• Budget formulation
• Budget authorisation
• Budget approval
• Budget execution and reporting
• Monitoring and evaluation
Describe the format and contents of the public sector budget
Describe the nature of public sector programmes and programme sustainability in
the public sector
Explain the key legislative requirements for the management of public finances in
Ghana
Describe the role of the Ghana Integrated Financial Management Information
Systems (GIFMIS)
(G) Calculate and explain differences between actual performance and standards
or budgets
Explain standard costing
- Types of standards
- Process of setting standards
- Importance of setting standards
Calculate basic variances between actual performance and standards or budgets in

terms of material, labour and variable overheads and identify possible reasons for
those differences.
2.2 Application level
2.1 Financial Reporting
64. The aim of the module is to provide candidates with the skills to prepare single
entity and group financial statements in accordance with IFRS, to support
evaluation of financial statements, and to provide a basis of knowledge.
65. The syllabus for 2.1 Financial Reporting assumes knowledge acquired at 1.1
Financial Accounting
32

to be able to:
(A)Demonstrate an understanding of the international regulatory, legal and

ethical frameworks, the International Accounting Standards Board (IASB)
Conceptual Framework for Financial Reporting, and their practical
implications for financial reporting
(B) Explain and apply appropriate financial reporting standards in the
preparation of financial statements
(C) Prepare and present single entity financial statements in accordance
with IFRS
(D) Determine the approach to accounting for business combinations and
prepare consolidated financial statements
(E) Analyse and interpret financial statements for relevant stakeholders and
other users
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Regulatory, legal and ethical frameworks, the International 15
Accounting Standards Board (IASB) Conceptual Framework for
Financial Reporting; current issues
(B) Application of accounting and financial reporting standards 25
(C) Single entity financial statements 20
(D) Business combinations 20
(E) Analysing and interpreting financial statements 20
TOTAL 100
Ethics
Ethical thinking is fundamental to the practice of accounting. The ability to identify

and explain ethical issues will be examined specifically in syllabus area A ‘Regulatory,
ethical and legal frameworks’. In addition, an ethical mindset will be expected when
students are answering questions on all other syllabus areas, along with the exercise
of professional scepticism and judgement.
assessed in this module is specified in appendix A. The appendix details the depth
of treatment of required technical knowledge and the progression of competence
over the levels in the qualification. It is important to read the appendix in conjunction
with the detail of the table below to understand the expectation of the scope and
depth of treatment in the assessment of financial reporting standards.
33
(A) Demonstrate an understanding of the international regulatory, legal and ethical

frameworks, the International Accounting Standards Board (IASB) Conceptual
Framework for Financial Reporting, and their practical implications for financial
reporting (see appendix A)
Identify the role of the IASB and describe the standards setting process including:
• The work of the IASB and the IFRS Interpretations Committee (IFRIC)
• The role of the IFRS Advisory Council and the Global Preparers Forum
(GPF)
Identify and explain the ethical and professional issues for a professional accountant
undertaking work in financial accounting and reporting and identify appropriate
action
Explain and apply the provisions of the IESBA Code of Ethics
Explain and apply the provisions of the Ghana Corporate Governance Code and the
provisions of the Companies Act 2019 relating to corporate governance
Discuss the impact of sustainability and climate-related risks and opportunities on
the preparation of financial statements
Discuss the actions taken by the IASB in respect of sustainability
Discuss and apply the requirements of the International Accounting Standards
Board’s (IASB) Conceptual Framework for Financial Reporting:
• The objective of general purpose financial reporting

• Qualitative characteristics of useful financial information
• Financial statements and the reporting entity
• The elements of financial statements
• Recognition and de-recognition
• Measurement
• Presentation and disclosure
• Concepts of capital and capital maintenance
(B) Explain and apply appropriate accounting and financial reporting standards in
the preparation of financial statements including the following: (see appendix A)
• Inventories
• Accounting policies and changes in accounting estimates and errors
• Events after the reporting period
• Accounting for government grants and disclosure of government assistance
• Effects of changes in foreign exchange rates
• Borrowing costs
• Financial instruments; recognition, presentation and measurement of financial
assets and liabilities (excluding derivatives and hedge accounting)
• Impairment of assets
• Intangible assets
• Provisions, contingent liabilities and contingent assets
34
• Agriculture
• Income tax
• Property, plant and equipment
• Investment property
• Non-current assets Held for sale and discontinued operation
• Revenue from contracts with customers
• Leases
• Statement of cash flows
• Related party disclosures
• Earnings per share
• Disclosure of interests in other entities
• Fair value measurement
C) Prepare and present single entity financial statements in accordance with

IFRS (see appendix A)
In accordance with appropriate financial reporting standards, prepare prescribed
financial statements and relevant disclosure notes.
• Statement of profit or loss and other comprehensive income

• Statement of changes in equity
• Statement of financial position
• Statement of cash flows
• Disclosures notes
(D) Determine the approach to accounting for business combinations and prepare
consolidated financial statements (see appendix A)
Explain and apply appropriate accounting and financial reporting standards in the
preparation of financial statements for a group of companies:
• Separate financial statements

• Investment in associates and joint ventures
• Business combinations
• Consolidated financial statements
• Joint arrangements
Determine the entities for inclusion in group accounts:
• Definition of a business combination

• Methods of accounting for business combinations including
investments in subsidiaries, associates and joint ventures
Explain the treatment of intangible assets in group accounts and on the
acquisition of new businesses:
• Identification of intangible assets acquired

• The implications of fair value and other adjustments and related
disclosures
35
Prepare simple group financial statements of a parent with one subsidiary:
• Definition of ‘control’, pre-and post-acquisition profits

• Non-controlling interests, goodwill – full and proportionate
approaches
• Treatment of intra group transactions and balances
• Goodwill impairment, disclosures
Prepare simple group financial statements (excluding group cash flow statement)
with one associate and/or one joint venture:
• Definition of significant influence

• Application of equity accounting and exceptions to the equity
accounting approach
• Impairment losses and disclosures
(E) Analyse and interpret financial statements for relevant stakeholders and other
users
Identify the users of financial statements and their needs, including environmental,
social and governance needs
Recognise the limitations of published financial information in meeting users’
needs, including the limitations of historical cost accounting
Explain the scope of financial statement analysis in providing decision-useful
information regarding financial position, financial performance and cash flow
Prepare ratio analyses, appropriate to various users, covering the following
categories of ratios:
• Profitability and return

• Efficiency
• Short term solvency and liquidity
• Long term solvency and stability
• Shareholder investment
• Working capital ratios
Compare the role, strengths and weaknesses and practical uses of accounting
ratios, key performance indicators and benchmarking exercises
Demonstrate the importance of professional scepticism
Interpret financial statements and prepare appropriate reports for relevant

stakeholders
Prepare simple value added statements
36
2.2 Management Accounting
70. 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. Students are also introduced to key
management accounting concepts applied in the public sector.

to be able to:
(A)
Identify, explain and apply contemporary approaches to standard
costing of products and services and explain and comment on their
application
(B) Identify and explain the issues of budgetary control in management
decision making and prepare key budgets
(C) Use management information from variance reports to support decision
making
(D) Use management information to apply decision making techniques
relevant to short-term decisions
(E) Identify and explain the key features of effective performance
management systems
(F) Apply management accounting techniques in the public sector
in the assessment will approximately equate to the weightings below:
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Contemporary approaches to management accounting 15
(B) Budgets and budgetary control 15
(C) Management decision making techniques 15
(D) Short term decision making 20
(E) Performance management 20
(F) Management accounting in the public sector 15
TOTAL 100
Ethics
Consideration of ethics is an integral part of management decision-making, in

particular the provision of reliable and ethically-sourced management information.
The importance of ethics is reflected in its specific reference in section A of the
syllabus, and students will also be expected to demonstrate an understanding of
the ethical implications of budgetary control and management decision-making.
37
(A) Identify, explain and apply contemporary approaches and techniques to stand
ard costing of products and services and explain and comment on their
application, paying attention to:
• Ethical issues in Management Accounting
o Basis / Concept of Ethics

o Fundamental principles of resolving ethical issues
o Threats to ethical behaviour
o Identification and explanation of ethical issues relating to the
preparation, presentation and interpretation of financial
information for the management of a business.
• Models of Evaluations
o Throughput accounting
o Environmental cost management
o Activity based costing
o Total quality management
o Benchmarking
o Value chain analysis
o Re-engineering
o Continuous improvements
o Just in time systems
o Cost control and cost reduction
• The impact of technological developments on management accounting

o The application of technology in forecasting and data analytics
o How the finance function uses digital technology to fulfil its role
o How the finance function interacts with IT
o The features of cloud accounting and its associated risks and
benefits
• Sustainable cost management
o Ways in which the management accountant considers

sustainability issues
(B) Identify and explain the issues of budgetary control in management decision
making and prepare key budgets, paying attention to:
• issues of budgetary control:

o profiling of budgets,
o effects of budgetary control on decision makers
o importance of negotiation and influencing in budgeting
o constructive and destructive behaviour
• Prepare comprehensive budgets (functional, cash budgets, income
statements, financial position)
• Prepare budgets for public sector organisations
38
(C) Use management information from variance reports to support decision

making, paying attention to:
• The calculation and interpretation of management reports including

consideration of fixed overheads, sales margins, mix and yield variances
• Operating statements: reconciliation of budgeted results with actual
results using variances
• Productivity, efficiency and capacity ratios
• Causes of variances
• Behavioural aspects of standard costing
(D) Use management information to apply decision making techniques relevant

to short-term decisions, paying attention to:
• Calculating the breakeven point, contribution and margin of safety for

a single or multi product(s) or service(s)
• Separation of cost, profits or revenue using high – low method
• Allocation of scarce resources to those products or services with the
highest contribution per limiting factor
• Pricing decisions
• Suitability of techniques to short term decisions only
o Outsourcing, deletion/retention/disposal of products or assets,
o Make or buy decisions
o Special contracts or orders, special discounted pricing
(E) Identify and explain the key features of effective performance management
systems, paying attention to:
Identifying and explaining the key features of effective performance management

systems
• Establishing key performance indicators
• Clarity of performance policy
• Establishing adequate accounting information systems
• Suitability of methods of evaluation
• The role of management levels in performance appraisal process
Explaining and evaluating performance management systems for both profit and
non-profit organisations, including consideration of:
• Identifying the sources of management information

• Preparing appropriate management reports
• Describing and explaining the scope of performance measurement
• Preparing divisional performance appraisal reports: profit statements,
ROI, Residual Income
• Evaluating transfer pricing
• Evaluating external considerations and behavioural aspects of
performance management systems
Exercising professional scepticism and judgement and taking into account ethical
considerations
39
Selecting, applying and justifying appropriate financial and non-financial performance

measures that effectively encourage organisations to meet their objectives, paying
particular attention to:
• Balanced score card approach

• Performance measures used over a range of both commercial and
public sector circumstances
• Divisional and other within-organisation performance measures
• Behavioural considerations in both the creation, use, and reporting of
performance reports
Explain how performance measures and compliance measures are integrated into
the general systems of control in businesses
(F) Apply management accounting techniques in public sector organisations
Appraise projects in the public sector, using:

• Cost-benefit analysis
• Cost-outcome analysis
• Cost-effectiveness analysis
Discuss the nature, cause and types of externalities
Consider the role of the management accountant in project management
Calculate suitable performance, position and prospect measures using key indicators,
ratios, comparisons, trend analyses and other representations of relationships that
support a meaningful financial and data analysis of public sector entities
Comment upon limitations of analysis
Draw conclusions and report on the analysis undertaken
2.3 Audit and Assurance
74. 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 from appointment, through
to planning, performance and reporting in accordance with International
Standards on Auditing (ISAs).

to be able to:
(A) Define and explain the nature of audit and assurance engagements
(B) Identify and explain the regulatory, professional and ethical issues
relevant to those carrying out an audit or assurance engagement
(C) Identify and explain the processes involved in accepting and managing
auditor assurance engagements
(D) Plan for, describe and explain, the performance of, audit and assurance
engagements in accordance with the terms of the engagements and
appropriate standards
40
(E) Outline the nature of the evidence required for a specified audit or assurance
engagement
(F) Outline the nature of the review required for a specified audit engagement
(G) Outline the procedures to conclude an assignment and draft a report on
specified audit assurance engagements
(H) Explain the role of internal audit in relation to assurance and external audit
(I) Illustrate the role of the auditor of public sector organisations
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Nature of audit and assurance 10
(B) Regulatory, professional and ethical issues 15
(C) Accepting and managing engagements 10
(D) Planning for engagements 15
(E) Engagement evidence 15
(F) Audit review 10
(G) Concluding and reporting 10
(H) Internal Audit 5
(I) Auditing in the public sector 10
TOTAL 100
Ethics
Ethical thinking is fundamental to the conduct of an effective audit. The syllabus

includes a specific weighting for the consideration of ethical issues, and students will
be expected to demonstrate evidence of ethical thinking, professional scepticism
and judgement as they relate to all syllabus areas.
77. Please note that the detailed content of the International Standards on
Auditing assessed in this module is specified in appendix A. The appendix details
the depth of treatment of required technical knowledge and the progression of
competence over the levels in the qualification. It is important to read the appendix
in conjunction with the detail of the table below to understand the expectation of
the scope and depth of treatment in the assessments of International Standards on
Auditing.
41
(A) Define and explain the nature of audit and assurance engagements
Define and explain the nature of audit and assurance engagements, paying attention
to:
• Definition and components of assurance, including nature of assurance

and opinions given
• Auditing as a component of assurance
• Definition of auditing
• Objectives of and the need for auditing
• Auditing as an element of corporate governance in the private and
public sector
Explain the differences between assurance engagements and audit engagements
for profit and not-for profit entities and the public sector
Explain the basic principles of compliance audits
Explain the basic principles of performance audits
Explain the basic principles of financial audits
Describe the causes of audit failure and explain the concept of the ‘audit (or
expectation) gap’
Recognise responsibility for the prevention and detection of fraud
(B) Identify and explain the regulatory, professional and ethical issues relevant to
those carrying out an audit or assurance engagement
Explain the purposes and consequences of laws and other regulatory requirements
surrounding audit and assurance work, paying attention to:
• Companies Act, 2019 (Act 992)

o Qualification of an auditor
o Appointing authority
o Remuneration
o Duties and rights of the auditor
o Resignation, retirement, dismissal/removal of an auditor
• Introduction and overview of International Standards on Auditing
• Overview of Banks and Specialised Deposit Taking Institution Act,
Insurance Act and other key and relevant Acts
• Appointment of Auditors in the private sector
• Power of the Bank of Ghana/National Insurance Commission to appoint
auditors
• Termination of appointment of auditor
• Duties/obligation of auditor to the Bank of Ghana/ National Insurance
Commission
• Institutional regulation of audit practice
o International Federation of Accountants (IFAC)
o Institute of Chartered Accountants (Ghana)
o Internal Audit Agency
42
Outline the standard-setting process used by international (IAASB) bodies and the
authority of the international standards
Explain the professional and IFAC ethical principles that apply for audit and assur-
ance engagements
Identify and explain professional and ethical issues, threats and safeguards that
may arise for a specified audit or assurance engagement; explain how such issues
may be mitigated; and identify when to refer such matters to senior colleagues
Apply professional scepticism and judgement in a specified situation
(C) Identify and explain the processes involved in accepting and managing audit
or assurance engagements
Identify and explain the factors to consider prior to accepting a specified audit or
assurance engagement, paying attention to:
• The legal, professional and ethical considerations that must be

considered
• Risk areas that may give rise to liability, including fraud, error and non-
compliance
• Terms of engagement and related documentation
(D) Plan for, and describe and explain, the performance of audit or assurance
engagements in accordance with the terms of the engagements and appropriate
standards
Identify and explain, for a specified context, the nature of audit or assurance risk
environment, paying attention to:
• Explaining the necessity to understand the business or organisation

environment
• Identifying and explaining audit or assurance risks, including risks
arising from technological developments
• Identifying and explaining ways in which an understanding of the
organisation’s environment may be gained
• Identifying and explaining when it may be necessary to consult an
expert
• The implications for the audit and assurance plan
• The implications for the audit or assurance engagement
Plan for an audit or assurance engagement for a specified context, paying attention
to:
• The component of risks in the engagement (inherent risk, control risk

and detection risk)
• Enquiries regarding fraud and errors
• The assessment of materiality
• The benefits and limitations of preliminary analytical procedures
43
Determine an audit or assurance approach appropriate for an engagement for a

specified organisation that addresses:
• The nature of an organisation’s internal control systems

• The use of internal control systems by auditors
• Transaction cycles (sales, purchases, employee costs)
• Tests of control
• The evaluation of internal control components
• Communication and documentation of internal controls
• Reliance on experts and other auditors
• Resource planning for the engagement
(E) Determine the nature of evidence required for a specified audit or assurance
engagement
Determine the nature of evidence required for a specified audit or assurance
engagement, paying attention to:
• Nature and scope of audit and assurance evidence

• The use of assertions by auditors [assertions relating to Income
Statement (transactions and events), assertions relating to statement
of financial position and assertions relating to presentation and
disclosure]
• Methods of gathering audit evidence [inspection, observation, inquiry,
confirmation, recalculation, re-performance, analytical procedures]
• The audit of specific items [tests of control for transaction cycle;
substantive procedures for assets, liabilities and equity items]
• Sampling and other means of testing
• Automated audit techniques, including computer-assisted techniques,
use of data analytics and use of artificial intelligence
• Using the work of other auditors
• Using the work of experts
(F) Determine the nature of the audit review required for a specified engagement
Explain the purpose of the following completion procedures, discuss when they are
relevant and illustrate the processes involved:
• Subsequent events
• Going concern evaluation
• Written representations
• Analytical procedures at the conclusion stage
(G) Explain the procedures to conclude and draft a report on specified audit or
assurance engagements
Outline the procedures to conclude an assignment

Outline and explain the basic elements of an audit report
Draft a report on specified audit or assurance engagements paying attention to
(where relevant):
44
• Communicating with those charged with governance

• Communicating deficiencies in internal control to those charged with
governance and management
• Forming an opinion and reporting on financial statements
• Modifications to the opinion in the independent auditor’s report
• Drafting extracts of a report for an audit or assurance engagement
(H) Explain the role of internal audit in relation to assurance and external audit
Define and explain the role of internal audit in relation to assurance and external
audit including reference to:
• Definition and scope of internal audit function

• Internal Audit Agency: Its role in directing public sector internal audit
• Internal audit and corporate governance
• Differences between the external audit and the internal audit
functions
• The scope of the internal audit function
• Outsourcing the internal audit function
• Internal audit assignments and risk – based internal audit
(I) Apply auditing techniques in the public sector

Identify the key differences between audits in the private sector and the public
sector
Explain the structure and components of public sector auditing in Ghana
Explain the purpose and features of a compliance audit

Discuss the economical, efficient and effective management of public funds and
resources, particularly in public procurement (Performance audit)
Assess and report on the status of public financial management in accordance
with the Public Expenditure and Financial Accountability (PEFA)
2.4 Financial Management
79. 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.

to be able to:
(A) Explain the financial management function and its environment
45
(B)Explain the sources of finance available to businesses, calculate the cost

of such funds, and determine the optimal capital structure of businesses
(C)Apply financial investment appraisal techniques to assist in the process
of evaluating long-term investments including mergers and acquisitions
(D)Explain effective treasury management and apply techniques to manage
financial risk
(E) Explain and apply efficient and effective working capital management
techniques
(F) Explain the nature and purpose of business valuation and apply valuation
models
(G) Explain the importance and operation of financial management in the
public sector
(H) Discuss the impact of new and developing technologies on financial
management
WEIGHT
SYLLABUS COVERAGE
(%)
(A) The environment for financial management 5
(B) Sources of finance and financing decisions 15
(C) Investment appraisal techniques 20
(D) Treasury and financial risk management 15
(E) Working capital management 15
(F) Business valuations, mergers and acquisition 15
(G) Public sector financial management 10
(H) Developing technologies in finance 5
TOTAL 100
Ethics
Underlying ethical thinking is a critical skill in the identification of financing options,

the management of financial risk and making investment decisions. Financial
management includes consideration of the impact of decisions on all stakeholders,
including the ethical implications. Students will be expected to apply professional
scepticism and judgement when making decisions.
46
82. In an assessment, candidates may be required to:
(A) Explain the environment for financial management

Explain the financial management environment, with particular reference to the
following:
The role and importance of financial management in the private and public
sectors
Financial management decisions
Financial and non-financial objectives of profit making and non-profit making
organisations
Impact of the economic environment
The role and impact of the regulatory environment
• Bank of Ghana
• The Securities and Exchange Commission (SEC)
• The National Pensions Regulatory Authority (NPRA)
• The National Insurance Commission (NIC)
Stakeholders and their objectives
The agency problem and its management
Corporate governance and social responsibility
Identify the ethical implications of an organisation’s financial management policies

and decisions and recognise ethical dilemmas in a given situation.
(B) Financing decisions

Identify and select sources of finance; make and apply financing decisions
Explain the types of business funds

• Short term and long-term types of funds and methods of raising them
• Principles of Islamic financing, types of products, benefits and limitations
of Islamic financing
Describe financial markets and institutions
• Types of financial markets
• Financial intermediation and its importance
• The stock market
• Efficient market hypothesis
• Types of financial market instruments
• Emerging financial market issues and events
Calculate the cost of capital: equity, preference shares and debts
Calculate the weighted average cost of capital (WACC)
Capital structure decisions
• Explain the traditional and Miller and Modigliani views
• Calculate and explain financial and operating gearing ratios
Apply capital asset pricing models in determining cost of equity and required
rate of return
Advise management on dividend decisions
47
Describe the various sources of finance and financing activities in the public sector
Discuss the main sources of finance for central government and public sector
organisations, tax, non-tax, grant and borrowing
Describe the various public sector financing initiatives including public-private

partnership and public-public partnership
• Objectives, benefits and challenges of public-private partnerships and
public-public partnerships
• Types of public-private partnership and public-public partnership
(C) Apply financial investment appraisal techniques to assist the process of

evaluating capital projects
Describe and explain the process of appraising the viability of capital projects:
• Revenue versus capital expenditure
• Importance of non-financial factors in capital expenditure decision
making
• The concept of real options (excluding computations)
• Cash flows, benefits, risk identification and risk attitude
• Funding options and financial structure
• Investment and financing plans
• Evaluation of public-private partnerships
Apply investment appraisal techniques to capital expenditure decision making:
• Payback
• Discounted payback
• Net present value
• Accounting rate of return
• Internal rate of return
Prepare an optimal investment plan taking into account the following:
• Inflation and taxation
• Capital rationing
• Lease versus buy decisions
• Asset replacement decisions (using annual equivalent costs and lowest
common multiples)
Explain and apply the following techniques to measure the risk in capital expenditure
decision making:
• Expected values
• Sensitivity analysis
Apply the concept of the time value of money
• Explain and apply methods of interest computation: simple interest and
compound interest
• Describe cash flow patterns: single amounts, annuities and series of
uneven cash flows
• Compute present values and future values
• Apply the concept of time value of money to sinking funds and loan
amortisation
48
(D) Explain effective treasury management and apply techniques to manage

financial risk
Explain the role of an organisation’s treasury management function:
• Role of the treasury management function

• Funding for long and short-term purposes
• Financial forecasting and planning
• Bank relationships and credit ratings
• Evaluation and management of risk and return and the relationships
to portfolios
Explain the environment in which treasury management is practised, with particular
reference to the following:
• Impact of organisational risk culture, values and financial objectives on

an organisation’s risk profile
• Categories of financial market risks – currency risk, interest rate risk,
liquidity risk and credit risk
• Impact of market volatility
• Bull and bear markets
• Awareness of current financial market dynamics, trends and issues
• Monitoring of key financial market indices
• Practical lessons from recent financial market events
Explain the methods of international payment and decide which is most appropri-
ate in a given scenario, including:
• Open accounts
• Letters of credit
• Documentary collections
Explain and apply financial risk management techniques:
• Explain the types of foreign exchange risks (transaction, economic and

translations risks) and interest rate risk
• Apply internal hedging techniques for foreign exchange risks
o Invoicing in local currency or favourable currency
o Leading and lagging
o Matching and netting
• Apply external hedging techniques for foreign exchange and interest
rate risks
o Forward contracts and forward rate agreements
o Money market hedge
• Explain and demonstrate the use of derivatives to hedge against foreign
currency and interest rate risks
o Currency and interest rate futures
o Currency and interest rate options
o Currency and interest rate swaps
49
(E) Explain and apply efficient and effective working capital management
techniques
• Explain the roles and objectives of working capital management
• Identify the elements of working capital and illustrate how they can be
managed to optimise working capital and cash flow
• Determine working capital needs and funding using funding strategies
such as aggressive, conservative and matching principles
• Management of inventory
o Identify cost of inventory
o Apply inventory control techniques such as economic order
quantity, just-in-time etc.
• Management of accounts receivable
o Identify the cost and benefits of giving credit
o Formulate credit policy
o Evaluate credit policy
o Use of early settlements discounts
• Management of trade payables
o Identify the problems of delaying payments
o Use of early settlements discounts
• Cash management
o Identify reasons of holding cash
o Explain centralisation of cash management
o Apply cash management models: Baumol model, Miller-Orr mod
el and cash budgets
o Advise management on investing short term
• Calculate the cash conversion cycle

Describe the assumptions of asset-based, earnings-based and market-based valu-
ation models
Apply the market-based, earnings-based and asset-based valuation models to de-

termine the price or value of a business or share
Explain the types of mergers

Identify and explain defensive techniques against takeover
Identify and explain advantages and disadvantages of merger and acquisition
Explain and apply financing methods for mergers and acquisitions
Calculate cost and gains of mergers and acquisitions
(G) Explain the importance and operation of public financial management

• Describe and explain the key features of the PEFA framework, including
consideration of:
o The PEFA methodology: background and reasons for the development
of the PEFA methodology
o Scope and coverage of the PEFA framework
o The three components of the strengthened approach to public financial
management (PFM)
o The critical dimensions of an open and orderly PFM system
50
o Introduction to the high level PEFA performance indicators PFM

systems out-turns
o Value for money in public spending
• Explain and apply the rules and procedures in public procurement:
o Object and functions of the Public Procurement Authority
o General principles of procurement
o Procurement rules, methods and procedures applicable in the public
sector
o Review procedures in public procurement
o Procedure for the disposal of stores and equipment
(H) Discuss the significance and effects of developing technologies on financial
decision making
• Explain the impact of technological developments on financial markets

• Identify and discuss the impact of key digital technologies and products,
including machine learning and artificial intelligence
• Identify and discuss the impact of unfair digital practices in the financial
sector
• Discuss the relevance and impact of digital currencies on business and
bindividual investors and the response from central banks
• Demonstrate an appreciation of the social dimensions, risks and ethical
implications of technology used in financial markets
• Critically compare, contrast and evaluate the different machine learning
techniques in terms of their applicability to solving problems in finance
2.5 Public Sector Accounting and Finance
83. This module is designed to provide candidates with the technical knowledge
and skills required to perform straight forward financial reporting responsibilities
within the public sector.
84. On completion of this module, candidates will acquire competencies sufficient

to enable them to:
(A) Explain and illustrate the key elements of the public financial management
cycle in Ghana
(B) Explain and apply the conceptual framework for general purpose financial
reporting by public sector entities.
(C) Identify and apply appropriate International Public Sector Accounting
Standards (IPSAS) to financial transactions.
(D) Identify and explain appropriate accounting policies and prepare financial
statements and notes for public sector entities in accordance with IPSAS.
(E) Evaluate the financial position, performance and prospects of public
sector entities using financial reports and other information
(F) Explain the role of governance in the public sector and how it differs
from corporate governance in the private sector
51
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Overview of PFM cycle in Ghana 20
(B) Regulatory and conceptual framework for public sector ac- 10
counting in Ghana
(C) Application of IPSAS to financial transactions by public sector 20
entities
(D) Preparation of financial statements for public sector entities 20
(E) Evaluation of financial position, performance and prospects of 20
public sector entities
(F) Governance in the public sector 10
TOTAL 100
86. Please note that the detailed content of the public sector financial reporting
standards assessed in this module is specified in appendix A. The appendix
details the depth of treatment of required technical knowledge and the
progression of competence over the levels in the qualification. It is important
to read the appendix in conjunction with the details of the table below to
understand the expectation of the scope and depth of treatment in the
assessments of public sector financial reporting standards.
Ethics
An ethical environment is vital for the effective and credible operation of the public
sector. The syllabus includes specific consideration of ethics in section A, but students
will be expected to maintain an ethical mind-set in all areas and be aware of the need
for professional scepticism and judgement
(A) Explain and illustrate the public financial management cycle in Ghana
Explain the public financial management cycle in Ghana, including the following
elements:
• Planning
• Budget preparation
• Budget execution, including revenue management, expenditure
control, cash management (emphasising the treasury single account),
debt management and assets management
• Record keeping, accounting and financial reporting
• Review and audit processes, including monitoring and evaluation,
internal audit, external audit and parliamentary oversight
52
Assess the performance of public financial management systems using the public
expenditure and financial accountability framework (PEFA)
(B) Explain and apply the conceptual framework for general purpose financial
reporting by public sector entities
• Explain and apply the conceptual framework for general purpose financial
reporting in the public sector entities, paying attention to the following:
o Objectives and users of general-purpose financial reporting
o Qualitative characteristics of financial reporting in the public sector
o The characteristics of the reporting entity
o Elements of public sector financial statements
o Recognition of the elements of financial statements of public sector
entities
o Measurement of assets and liabilities and their presentation
• Explain the role of the International Public Sector Accounting Standards
Board (IPSASB)
• Describe, explain and apply public sector financial laws and administrative
rules, focusing on the following:
o the 1992 Constitution
o the Public Financial Management Act 2016 (Act 921) and its conse
quential regulations
o Audit Service Act 2000 (Act 584)
o Public Procurement Act 2003 (Act 663), its amendments (Act 914)
and consequential regulations
o Internal Audit Agency Act 2003 (Act 658)
o Local Governance Act 2016, (Act 936) and
o other related public financial management enactments
• The nature and purpose of assets and liabilities in the public sector
• The regulatory roles of public sector entities
• Assess ethical issues in public sector accounting in respect of functions and
powers (offences and penalties) of the following bodies:
o Economic & Organised Crime Office
o Office of the Special Prosecutor
o Public Accounts Committee
o Financial Intelligence Centre
• Demonstrate professional scepticism and judgement when reviewing ethical
issues
• Explain the impact of developments in technology on public sector
accounting, in particular the function and operation of the GIFMIS platform
53
(C) Explain and apply appropriate IPSASs in relation to financial transactions

of non-commercial public sector entities (see Appendix A):
• Inventories
• Accounting policies and changes in accounting estimates and errors
• Events after the reporting period
• Effects of changes in foreign exchange rates
• Borrowing costs
• Financial instruments; recognition, presentation and measurement of financial

assets and liabilities (excluding derivatives and hedge accounting)
• Construction contracts
• Leases
• Property, plant and equipment
• Provisions, contingent liabilities and assets
• Impairment of non-cash-generating assets
• Impairment of cash-generating assets
• Revenue for exchange transactions
• Revenue from non-exchange transactions
• Budget information in the financial statements
• Employee benefits
• Agriculture
• Intangible assets
• Service concession arrangements
• Public sector combinations
• Social benefits
54
• Cash flow statements
• Non-current assets held for sale and discontinued operations
• Measurement
• Transfer expenses
(D) Identify and explain appropriate accounting policies and prepare financial
statements and notes for public sector entities in accordance with International
Public Sector Accounting Standards (IPSAS)
• Explain the financial reporting structure of the Government of Ghana:
o Central government (budgetary government, extra budgetary
government)
o Local government (Metropolitan, Municipal and District Assemblies)
o State owned enterprises (commercial state owned enterprises and
non-commercial state owned enterprises)
o General government (central government and local government)
o Whole-of-Government (general government and state owned
enterprises)
• Explain and apply appropriate accounting policies in the presentation of
accrual basis public sector financial reports
• Explain the features and application of Government Chart of Accounts
• Explain how alternative choices of revenue recognition, asset and liability
recognition and measurement can affect the understanding of the
performance, position and prospects of public sector entity, or when
presenting consolidated or separate entity financial statements in
accordance with IPSAS
• Prepare financial statements for Central Government entities (Ministries,
Departments and Agencies including key public sector entities such as
health and education authorities), local government entities (Metropolitan,
Municipal and District Assemblies) and non-commercial state-owned
enterprises in compliance with IPSAS
o Prepare financial statements of a single entity undertaking a variety
of transactions on the basis of chosen accounting policies and in
accordance with IPSAS and local regulations
o Identify from a given scenario a controlled entity, associate or joint
venture according to IPSAS and public financial management laws
o Prepare consolidated financial statements arising for controlled
entities, associates or joint ventures in accordance with IPSAS and
public financial management laws
o Prepare extracts from financial statements of an entity preparing
financial statements undertaking a variety of transactions on the basis
of chosen accounting policies and in accordance with IPSAS and
public financial management laws
55
o Explain with examples the additional information that may be disclosed

about the general government sector under IPSAS 22 and Disclosure of
Budget Information under IPSAS 24
• Discuss the requirements for public sector entities to observe sustainability
reporting and ESG requirements
(E) Evaluate the financial position, performance and prospects of public sector
entities using financial and other information
• Identify the users of public sector financial statements and their needs, in
cluding environmental, social and governance needs
• Recognise the limitations of published financial information in meeting users’
needs
• Explain the scope of financial statement analysis in providing decision-useful
information regarding financial position, financial performance and cash flow
• Prepare ratio analyses, appropriate to public sector users, covering the fol
lowing categories of ratios:
o Efficiency
o Short term solvency and liquidity
o Long term solvency and stability
o Borrowing to assets
o Working capital ratios
• Compare the role, strengths and weaknesses and practical uses of accounting
ratios, key performance indicators and benchmarking exercises in the public
sector
• Demonstrate the importance of exercising professional scepticism and
judgement in analysing and interpreting financial information
• Perform common size statement analysis and budget analysis
(F) Explain the role of governance in the public sector and how it differs from
corporate governance in the private sector
• Explain the regulatory roles of public sector entities, focusing on the following:
o Ministry of Finance
o Controller and Accountant General’s Department
o Internal Audit Agency
o State Interest and Governance Authority
o Bank of Ghana
• Identify the key stakeholders in a public sector organisation and explain how
their needs and expectations are different from those in the private sector
• Consider the impact of different sources of funding on public sector
governance
• Explain the importance of the seven principles of public life in public sector
governance
• Explain the role of internal audit and external audit in public sector governance
• Compare the key elements of social responsibility and sustainability in the
public sector with those in the private sector
• Illustrate how public sector organisations achieve social responsibility and
sustainability.
56
2.6 Principles of Taxation
88. Principles of Taxation introduces the Ghanaian system of taxation and describes
how taxes are administered by the Ghana Revenue Authority; it outlines
the basic principles of taxation for individuals and corporate entities in addition
to outlining key aspects of taxation of realisation of assets, value added tax
and customs duties and withholding tax. It concludes with an introduction to
the impact of information technology and the importance of ethics.

to be able to:
(A)
Describe the key principles and bodies with responsibility for the Ghana
tax systems and explain the principles of monetary and fiscal policy.
(B) Explain the administration of the Ghanaian tax system.
(C) Explain and compute the income tax liabilities of individuals and partners
in partnerships.
(D) Explain and compute the tax liabilities of entities, i.e., companies and
trusts.
(E) Explain and compute the taxation of gains arising from the realisation
of assets and liabilities by companies and individuals.
(F) Explain and compute value added tax on supplies by taxable persons.
(G) Understand withholding tax administration.
(H) Explain how information technology has influenced taxation.
(I) Explain the importance of ethics in tax practice.
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Ghanaian tax system and fiscal policy 10
(B) Tax administration 10
(C) Income tax liabilities 15
(D) Corporate tax liabilities 15
(E) Taxation of capital gains 10
(F) Value-added tax, customs and excise duties 15
(G) Withholding tax administration 10
(H) Application of information technology in taxation 10
(I) Ethical issues in tax practice 5
TOTAL 100
57
Ethics
Recognition of the importance of ethics is fundamental to professional accountants

working in the area of taxation. Students are required to identify the objectives of
taxation; ethical principles, along with threats and safeguards as well as issues such
as conflicts of interest, money laundering, tax avoidance and tax evasion. Ethics may
appear as a feature of any question.
(A) Describe the Ghanaian tax system and fiscal policy

Describe the key principles of, and the bodies with responsibility for, the Ghanaian
tax system, including:
• The overall role and purpose of taxation in a modern economy
• Classification of taxes (including kinds/types of taxes)
• Principal sources of tax law and practice in Ghana
• The basic taxpayers’ rights and obligations
• Establishment and the governance structure of Ghana Revenue
Authority
• The structure of the tax system in Ghana: progressive, proportional and
regressive.
Explain the impact of government and central bank fiscal and monetary policies,
with particular attention to the following:
• Monetary policy
• Fiscal policy
• Types of fiscal policies
• National and public debt and their implication on the national economy
• Government grants and inter-governmental transfers in relation to local
governments.
(B) Explain the administration of the Ghanaian tax system
Explain the administration of the Ghanaian tax system, including:
• System for assessments and the preparation of tax returns
• Time limits for the submission of returns, claims and payment of tax,
including payments on account in respect of tax types
• Time to file, pay and claim, refunds and set offs
• Taxpayer identification number and tax clearance certificate
• Procedures relating to compliance checks, disputes resolutions,
objections, and appeal procedures
• Payments and recovery of tax liabilities
• Offences, penalties, and interest for non-compliance
• Proceedings to recover tax, interest and penalties
• Official language and currency for taxation in Ghana
• Forms, documents, and notices used in the tax system
• Tax refund and GRA general refund account
58
(C) Explain and compute the income tax liabilities of individuals and partners
in partnerships
Explain and compute the income tax liabilities of individuals and partnerships,
considering the following:
• The scope of income tax

• Residents and non-residents individuals and partnerships
• Income from employment including casuals and temporary staff
• Overtime allowances and bonus payments
• Income from business (trade, profession, and vocation) including
partnerships
• Income from investment.
• Treatment of gift tax
• Quantification of benefits (benefits in kind)
• Other individual compensations.
• Comprehensive computation of taxable income and income tax liability,
including capital allowances
• The use of exemptions and reliefs in deferring and minimising income
tax liabilities
• Computation of pensions e.g., Social Security (SSF), second tier
mandatory and third tier voluntary contributions
• Computation of pensions in respect of employer and employee
(D) Explain and compute the corporate tax liabilities of single companies
Explain and compute the income tax liabilities of companies, including:
• The scope of company tax

• Resident and non-resident companies
• Taxable profits/chargeable income
• Allowable and non-allowable deductions
• The comprehensive computation of company tax liability.
• The use of exemptions and reliefs in deferring and minimising company
tax liabilities
• Treatment of tax on gifts
(E) Explain and Compute the taxation of gains and losses arising from realisation
of assets
Explain and compute taxation of gains and losses from the realisation of capital
assets and liabilities including investment assets by companies and individuals,
paying attention to:
• The scope of taxation of gains

• The basic principles of computing gains and losses
• Gains and losses on the disposal of movable property
• Gains and losses on the disposal of shares and securities
• The computation of tax on gains made by individuals
• The use of exemptions and reliefs in deferring and minimising tax
liabilities arising on the disposal of capital assets
59
(F) Explain and compute Value added tax, customs and excise duty/taxes
Explain and compute the effect of value added tax and customs duty on taxable
supplies by taxable persons, paying attention to:
• The scope of value added tax (VAT)

• The VAT registration requirements
• The computation of VAT liabilities
• Customs entry or customs declaration
• Methods for customs valuation
• Computation of customs duty
• Duty drawback computations
• Warehousing regime under customs
• Basic principles of excise duty/taxes
(G) Understand withholding tax administration

Explain and compute withholding taxes on payments, paying attention to the
following:
• Goods, works and services in respect of resident and non-resident

persons
• Investment returns e.g., dividend, interest, natural resource payment,
rent and others
• Withholding tax exemptions
• Issuance of tax credit certificates
• Obligations of withholding agents
• Rights and responsibility of withholdees
• Withholding VAT
• Advantages of withholding taxes
(H) Explain how information technology has influenced taxation
Explain the implications of information technology for tax practitioners, paying
attention to the following:
• The impact of information technology on tax revenue

• The effects of technology on modern tax administration in Ghana
• Electronic tax accounts and e-invoicing
• The impact of new technologies including data analytics, automation
and artificial intelligence on tax practice and administration
(I) Explain the importance of ethics in tax practice
Identify ethical issues arising in the course of tax practice, paying particular attention
to:
• Recognising ethical dilemmas arising in a given situation and suggest

solutions
• Explaining the implications for taxpayers of non-compliance
• Recognising possible instances of money laundering by taxpayers
• Exercising professional scepticism and judgement with regard to
sources of information and data
60
Professional level
3.1 Corporate Reporting
92. 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 also
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.
93. The syllabus for 3.1 Corporate Reporting assumes knowledge acquired at 2.1
Financial Reporting

to be able to:
(A) Apply International Financial Reporting Standards

(B) Prepare financial statements, notes and extracts for groups that comply
with IFRS
(C) Evaluate entity position, performance and prospects using a range of
financial and other data
(D) Advise on specialised transactions
(E) Advise on environmental, social and governance issues, sustainability
reporting and sustainability standards, other contemporary issues in
accounting, and ethics
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Application of International Financial Reporting Standards 30
(B) Preparation of financial statements for a group 25
(C) Evaluate entity position, performance and prospects using a 15
range of financial and other data
(D) Specialized transactions 15
(E) Environmental, social and governance issues, sustainability 15
reporting, contemporary issues and ethics
TOTAL 100
Ethics
At the professional level, students will be expected to demonstrate the higher skills
of discerning business judgement and critical evaluation. They will be expected to
demonstrate and justify the exercise of professional scepticism whatever the nature
61
and sector of their professional work. Ethics at this level also encompasses social
responsibility, sustainability and environmental matters, which will be reflected in
question scenarios. Students should expect ethical issues and the requirement to
resolve ethical dilemmas to feature in any question.
assessed in this module is specified in appendix A. The appendix details
the depth of treatment of required technical knowledge and the progression
of competence over the levels in the qualification. It is important to read
the appendix in conjunction with the details of the table below to understand
the expectation of the scope and depth of treatment in the assessment of
financial reporting standards.
(A) Apply International Financial Reporting Standards
Select and apply appropriate accounting standards for a private entity.
Assess the choice of accounting treatment that may be adopted based on a given
scenario explaining how they may affect a user’s understanding of a business.
Prepare extracts of relevant financial statements for a private entity based on

International Financial Reporting Standards (IFRS).
Advise on the appropriate accounting treatment of events and transactions in

accordance with relevant IFRS
Relevant areas of application of IFRS include the following:
• Leases
• Employee benefits
• Share-based payments
• Fair value measurement
• Income taxes
• Provision, contingent liabilities and contingent assets
• Financial instruments; recognition, measurement, presentation and
disclosures (including hedge accounting and derivatives)
• Operating segments
• Earnings per share
• Construction contracts
• Accounting and reporting by retirement benefit plan
• Financial reporting in hyperinflationary economies
• Interim financial reporting
• First time adoption of IFRS
• Insurance contracts
• Regulatory deferral accounts
• All International Financial Reporting Standards covered in 2.1 Financial
Reporting are also applicable and examinable in 3.1
62
Evaluate how alternative choices of revenue recognition, asset and liability recog-
nition and measurement can affect the understanding of the performance, position
and prospects of an entity whether in the private or when presenting consolidated
or single entity financial statements
Explain to a chosen user the application of IFRS and local requirements for a pri-
vate entity
(B) Prepare financial statements, notes and extracts for groups that comply with
IFRS
Identify from a given scenario a subsidiary, associate or joint venture according to

international standards and local regulation.
Prepare consolidated financial statements arising from existing, new or discontinuing

activities or interests in subsidiaries, associates or joint ventures in accordance with
IFRS.
Prepare consolidated financial statements involving parent and one or more

subsidiaries and/or associate or joint venture:
• Consolidated statement of profit or loss and other comprehensive

income,
• Consolidated statement of changes in equity
• Consolidated statement of financial position
• Consolidated statement of cash flow
Prepare extracts from the financial statements of an entity preparing consolidated

financial statements undertaking a variety of transactions on the basis of chosen
accounting policies and in accordance with IFRS and local regulations
Explain with examples the additional information that may be included in annual
reports beyond financial statements in accordance with international best practice
and local requirements including management reports, risk information, governance
reports, financial summaries, key performance indicators and highlights.
(C) Evaluate entity position, performance and prospects using a range of financial
and other data
Calculate suitable performance, position and prospect measures using key indica-
tors, financial statement ratios, comparisons, trend analyses and other representa-
tions of relationships that support a meaningful financial and business analysis of a
private entity
Recognise and comment on the limitations of analysis

Exercise professional scepticism and judgement when considering sources of data
and information
Draw conclusions and report on the analysis undertaken from a business perspective
63
(D) Advise on specialised transactions

Advise organisations on the process, legal requirements and accounting for capi-
tal reorganisation schemes, with particular reference to:
• Designing a capital reduction scheme

• Implementing a capital reduction scheme
• External reorganisation (reconstruction)
Perform business valuation for initial public offer, mergers and acquisition
Advise relevant organisations on specialised accounting requirements for

industries, including mining, insurance, manufacturing and banking
(E) Advise on environmental, social and governance issues, including sustainability

reporting, ethical problems and contemporary issues
Discuss the background to the development of sustainability reporting and the role
of the following:
• The Task Force on Climate-related Financial Disclosures (TCFD)
• The Global Reporting Initiative (GRI)
• The International Sustainability Standards Board (ISSB)
• The Sustainability Accounting Standards Board (SASB)
Advise organisations on the relevance of sustainability reporting

Identify the sustainability issues in a given industry
Explain and apply the provisions of the IFRS Sustainability Standards
Demonstrate an awareness and insight into contemporary accounting issues,

appropriate to a professional in the accounting discipline
Critically discuss the impact of integrated reporting:
• Discuss the role of the International Integrated Reporting Council (IIRC)

• Describe the requirements of the Integrated Reporting Framework
• Describe the factors that contribute to the successful implementation
of Integrated Reporting, including integrated thinking within an
organisation
• Advise an organisation on how to apply the requirements of the
Integrated Reporting Framework and the changes required to existing
accounting practices
• Explain the fundamental concepts of value creation, the capitals and
the value creation process
Advise on the impacts, benefits and risks of technological developments within

corporate reporting, including the use of big data and data analytics, distributed
ledger technology and blockchain.
Recognise ethical dilemmas and recommend and justify appropriate courses of
action
64
3.2 Advanced Audit and Assurance
98. 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 (ISA). Further work is then developed to cater for the requirements
of public sector audits.

to be able to:
(A) Evaluate and advise on ethical and legal issues for specified audit and
(B) Evaluate a specified audit and assurance engagement and prepare an
engagement plan
(C) Apply audit and assurance methods, for a specified engagement, to
gather evidence
(D) Evaluate, for a specified engagement, audit and assurance evidence and
conclude and report on the engagement
(E) Outline the statutory role of government external audit internationally
and in Ghana and explain the concepts and mechanisms of public
accountability in Ghana
(F) Evaluate the importance of corporate governance
(G) Describe, explain and apply appropriate audit methods to public sector
audits
(H) Analyse contemporary issues and current developments in the auditing
profession
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Ethical and legal issues, accepting and managing engagements 10
(B) Engagement plans 10
(C) Audit and assurance methods to gather evidence 20
(D) Evaluating evidence, concluding and reporting on an engage- 20
ment
(E) Statutory role of government external audit and public ac- 10
countability in Ghana
(F) Corporate governance 10
(G) Public sector audits 10
(H) Contemporary issues and current developments 10
TOTAL 100
65
Ethics
Students will be able to identify and explain ethical issues. Where ethical dilemmas
arise, they will be able to recommend, justify and determine appropriate actions and
ethical safeguards to mitigate threats.
101. Please note that the detailed content of the International Auditing Standards
and INTOSAI Standards on Auditing assessed in this module is specified in
appendix A. The appendix details the depth of treatment of required technical
knowledge and the progression of competence over the levels in the
qualification. It is important to read the appendix in conjunction with the
detail of the table below to understand the expectation of the scope and
depth of treatment in the assessment of International Auditing Standards.
(A) Evaluate and advise on ethical and legal issues for specified audit and
Evaluate and advise on legal, professional and ethical issues that may arise for
an engagement including evaluation and communication with any party to the
engagement.
Discuss procedures for obtaining professional work including tendering, advertising
and the agreement of fees.
Recognise and evaluate ethical dilemmas and threats in accepting and managing
engagements and make judgements when it may be appropriate to refer an ethical
matter to a more senior colleague or for third party advice or consultation.
Evaluate the extent of legal liability in both criminal and civil law, including
professional negligence issues and how they can be mitigated.
Evaluate the potential issues that determine the nature, scope and extent of an
engagement, paying particular attention to:
• Personnel resourcing
• Quality management requirements
• The use of internal audit component auditors and experts
• The monitoring procedures used by the firm to ensure effective man
agement of the engagement
• The requirements of joint audits, including engagements involving
auditors from both the private and public sector
Evaluate the considerations for an auditor of business risk issues identified prior
to accepting an engagement, including those arising from technological advances,
cyber security and fraud, and assess their impact
Evaluate the considerations for an auditor of audit risk identified on accepting an
engagement
Evaluate how engagement terms can be agreed and recorded by an auditor including
those agreed with a client and those imposed by laws or regulations
66
Exercise professional scepticism and judgement in obtaining information and pre-

paring an engagement plan.
(C) Apply audit and assurance methods, for a specified engagement, to gather
evidence
Develop an audit plan with justifications, including considerations relating to:
• Risk assessments taking account of inherent risk, control risk and

detection risk
• Materiality decisions
• Internal control assessments, including IT controls
• Reliance on internal audit, experts and the work of other auditors
• Automated Tools and Techniques (ATT) to select and evaluate audit
evidence
• Use of client generated data, information and reports
• Tests of control, substantive procedures including analytical procedures
• Visits to locations, branches and departments
Discuss appropriate procedures for audit and assurance engagements for corporate
social responsibility and sustainability reports
(D) Evaluate, for a specified engagement, audit and assurance evidence and
conclude and report on the engagement
Evaluate and propose how issues identified during an assignment may be raised
and dealt with in communication with management, directors and those charged
with governance including action taken when issues cannot be agreed
Apply procedures that may be used and considerations relating to the identification
of subsequent events that may require adjustment or disclosure
Apply procedures that may be used and considerations relating to the identification
of risk issues that may require disclosure
Evaluate quantitative and qualitative judgments based on the results of tests and
evidence obtained
Advise on the capability to report on an assurance engagement or audit engagement
including reporting findings, giving an external audit opinion or dealing with other
issues that may require to be included in an audit report
Draft extracts of a suitable audit report or management report based on a given
scenario and entity and in accordance with local law and international standards of
accounting and audit
Apply suitable judgements on when it may be appropriate to refer to an expert in
forming an opinion and preparing reports
Apply suitable judgements on when it may be appropriate to withdraw from,
withdraw an opinion on or take other such appropriate action on an audit or
assurance engagement
67
Explain the issues that may be relevant and the nature of report that may be given
relating to risk management, internal controls and governance
Exercise professional scepticism and judgement in assessing evidence and reaching
conclusions.
(E) Discuss the statutory role of government external audit internationally and
in Ghana and explain the concepts and mechanisms of public accountability
in Ghana
Discuss the statutory role of government external audit internationally and in Ghana,
• The role of government external audit internationally – Supreme Audit

Institutions (SAIs) and their relationship with Governments and Parlia
ments, current issues and controversies, the role of INTOSAI
• The role and constitutional status of Auditors General
• The responsibilities of SAIs in evaluating the outcomes and impacts of
government policies
• The statutory basis of government external audit in Ghana
• The distribution of authority and the relationships and communications
between the Department of the Controller & Accountant General,
Internal Audit Agency, Auditor General Department, Public Accounts
Committee of Parliament, Finance Committee of Parliament
Appraise the concepts and mechanisms of public accountability in Ghana, including
consideration of:
• The concept of public accountability

• Mechanisms for ensuring public accountability
• Mechanisms for ensuring value for money in the public sector
• Corporate governance principles for governing public sector entities
• Roles of the following structures in ensuring public accountability:
Department of the Controller & Accountant General, Internal Audit
Agency, Auditor General Department, Public Accounts Committee of
Parliament, Finance Committee of Parliament & Audit Committees of
MDAs and MMDAs
(F) Appraise the importance of corporate governance
Appraise and evaluate the nature and consequences of corporate governance and
accountability mechanisms in controlling the operating and financial activities of
different sizes, structures and industries
Explain the role of board committees, including the audit committee
Evaluate the relevant corporate governance codes
(G) Describe, explain and apply appropriate audit methods to public sector audits
Explain and apply the principles of an audit of financial statements and report, for
a given scenario, the outcome of a financial audit.
68
Explain and apply the principles of a performance audit and report, for a given
scenario, the outcome of a performance audit.
Explain and apply the principles of a compliance audit and report, for a given
scenario, the outcome of a compliance audit
Discuss the approach to audit in the Ghana Health Sector, with particular regard
to the management of program funds.
(H) Evaluate and explain international and national contemporary issues in audit
and assurance
Evaluate and explain contemporary issues in audit and assurance, including:
• Recent audit failures and the impact on the audit profession

• The need for forensic accounting, including recognition of fraud and
white-collar crime and ways of preventing and detecting it, recognising
when a forensic audit may be required and evaluating the role of the
forensic accountant
• Social and environmental auditing
• Sustainability audits
• The risks and impact of money laundering
• The challenges and opportunities around auditing digital assets, and
digital auditing
• Artificial intelligence and robotic automation
• Factors influencing the development of auditing standards
• Audit monitoring unit of ICAG and the effect on quality of audits in
Ghana
• The role of regulators (Bank of Ghana, Securities and Exchange
Commission, Ghana Stock Exchange, Insurance Commission and
National Pensions Regulatory Authority) in protecting the interest of
the public and investors
3.3 Advanced Taxation
103. This module builds on the knowledge gained from Principles of Taxation (Paper
2.6) and further develops aspects of tax related competencies that allow
students to ensure compliance and identify opportunities for tax planning,
where appropriate. Both Ghanaian 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 by
conveying appropriate levels of advice to a wide range of clients, applied to a
high ethical standard.
104. On completion of this module, candidates will reach a competency level

sufficient to be able to:
(A) Identify and explain the obligations of taxpayers and/or their agents and
the implications of non-compliance.
69
(B) Compute, justify and advise on the tax liabilities of individual tax payers,
partners in partnerships, individual companies, and groups of companies.
(C) Understand and apply fiscal policy measures in relation to taxation as a

tool for economic management.
(D) Advise on the taxation of natural resources, including petroleum.
(E) Provide advice on minimising and/or deferring tax liabilities using

standard tax planning measures, taking into account ethical considerations.
(F) Advise on VAT computations and other transaction taxes
(G) Discuss and comment on emerging and current issues in taxation.
(H) Discuss and advise on matters relating to international taxation.
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Tax administration 10
(B) Business income tax 15
(C) Fiscal policy 10
(D) Taxation of natural resources 15
(E) Tax planning and ethics 15
(F) Transaction taxes 15
(G) Emerging and current trends in taxation 10
(H) International Taxation 10
TOTAL 100
Ethics
Ethical issues should have high priority in tax-related matters. This is reflected in the
fact that ethical behaviours are included as an important part of the tax planning
area of the syllabus. Over and above that, students will be expected to apply ethical
principles as they relate to all other areas of the syllabus, recognizing and explaining
the issues arising, recognizing bias, making appropriate judgements and exercising
professional scepticism.
106. Communication with Clients
Students should assume the position of a tax consultant or tax advisor to prepare
appropriate communications with clients and tax authorities and interpretation to
tax statutes paying attention to the following:
70
• The client’s instructions

• Preparing advice that is appropriate, technically correct, within the law, and in
accordance with ethical principles.
• The application of appropriate technical knowledge to support reasoned tax
conclusions.
• Appropriate form of communication (e.g., letters, memoranda, reports, briefing
notes).
• Communicating clearly in an appropriate manner to a specialist or non-
specialist client.
In the assessment, candidates may be required to:
(A) Identify and explain the obligations of taxpayers and/or their agents and
the implications of non-compliance
Identify and explain the obligations of taxpayers and/or their agents and the
implications of non-compliance including the following:
• The systems for self-assessment and the preparation of tax returns.

• The time limits for the submission of information, claims and payment
of taxes, including payments on account in respect of all tax types.
• Tax identification numbers and tax clearance certificates.
• The procedures relating to compliance checks, appeals, and resolution
of disputes.
• Penalties for non-compliance.
Discuss tax administration reforms in Ghana with emphasis on the following:
• Challenges and key issues on tax reforms in Ghana.

• How to make tax reforms effective.
Discuss the role and relationship between tax policy, tax legislation and
administration with particular attention to the following:
• Identifying the problems to be addressed by tax policy and legislation.

• Guiding principles of Ghanaian tax system
• Selecting the right tax system
• Taxation as a tool for economic management and development
(B) Compute, justify and advise on the tax liabilities of individual tax payers,
partners in partnerships, individual companies, and groups of companies
Explain the various income tax bases (chargeable incomes), paying attention to
the following:
• Identify and describe various sources of income tax base

• Identify incomes, amounts and persons exempt from taxes
• Explain allowable deductions using general rules, residual deduction
rules, and specific rules
71
• Identify the rules on capital allowance and compute capital allowance
Explain and compute the tax liabilities of individual companies and groups of
companies, paying attention to the following:
• The scope of income tax

• Taxable total profits
• The comprehensive computation of taxable income and income tax
liabilities including capital allowances
• The effect of a group corporate structure for corporate tax purposes
• The use of exemptions and reliefs in deferring and minimising income
tax liabilities
• Taxation of insurance companies
• Taxation of trust companies
• Taxation of charitable organisations
• Property and investment income
Explain and compute the tax liabilities of partners in partnership companies paying
attention to the following:
• Partnership income or loss

• Taxation of partners
• Cost of and consideration received for partnership interest
(C) Understand and apply fiscal policy measures in relation to taxation as a tool
for economic management
Understand and apply fiscal policy measures in relation to taxation as a tool for
economic development paying attention to the following:
• Main types of fiscal policy: expansionary and contractionary

• Explanation of the use and application of taxation as a tool of fiscal
policy to stabilise the economy
• Analysis of public debt as an alternative to taxation, its causes, and
consequences
• Examination of inter-governmental fiscal relations and Ghana’s

experience with revenue allocation
• Evaluation of the theory and practice of grants in relation to local

governments
(D) Advise on the taxation of natural resources, including petroleum

Understand and explain the taxation of mining and minerals, paying attention to
the following:
• Explanation of the provisions in the administration of mining and minerals

• Computation of royalty payable, corporate tax payable by mining companies
• Computation of capital allowances
• Taxation of rehabilitation and decommissioning activities
72
• Treatment of losses
• Assignment of interest
Understand and explain the taxation of petroleum activities, paying attention to the
following:
Discussion of various revenues available to government from petroleum exploration

and production
• Upstream petroleum operations
Taxation of the upstream
Taxations of gains on assignment
Distribution of the oil to stakeholders
Government take
Different contractual obligations
Computation of capital allowances
Taxation of subcontractors
• Petroleum revenue management law
(E) Provide advice on minimising and/or deferring tax liabilities using standard
tax planning measures, taking into account ethical considerations
Provide advice on minimising and/or deferring tax liabilities using standard tax
planning measures paying attention to the following:
• Types of investment and other expenditures that will result in a reduction

in tax liabilities for an individual and/or a business
• Legitimate tax planning measures, by which tax liabilities arising from a
particular situation or course of action can be mitigated
• The appropriateness of such investment, expenditure, or measures,
given a particular taxpayer’s circumstances or stated objectives
• The mitigation of tax in the manner recommended, by reference to
numerical analysis and/or reasoned argument
• Tax incentives for various business sectors, including Free Zones, Ghana
Investment Promotion Council, and their influence on business set up
options, their support to local and foreign investors, including
approaches to availing a business of tax incentives.
Identify and evaluate the impact of relevant taxes on various situations and courses
of action, including the interaction of taxes paying attention to the following:
• Taxes applicable to a given situation or course of action and their impact

• Alternative ways of achieving personal or business outcomes leading
to different tax consequences
• Taxation effects of the financial decisions made by businesses and by
individuals
• Tax advantages and/or disadvantages of alternative courses of action

• Statutory obligations imposed in a given situation, including any time
limits for action and the implication of non-compliance.
73
Discuss the differences between tax avoidance and tax evasion with particular
emphasis on the following:
• Common ways by which tax persons commit tax evasion

• Tax avoidance strategies
• Anti-avoidance schemes
Discuss ethical issues relating to tax planning and tax avoidance paying attention
to the following:
• What a tax practitioner should do when there is a conflict of interest

• Ethical and professional issues arising from the giving of tax planning
advice
• Identifying and explaining the relevance, importance and consequences
of ethical and legal issues including interpretation of tax statutes
• Recommend and justify appropriate actions where ethical dilemmas
arise in a given scenario
• Approval and signing of tax returns by a tax practitioner
• Disclosure of tax information.
• Tax advice and the tax consultant
• The different roles of a tax adviser
• Actions where the client refuses to disclose irregularity
(F) Advise on VAT computations and other transaction taxes
Explain the concept of Value Added Tax with reference to the following:
• Taxable person and taxable activity
• VAT Registration
• Supply of goods and services
• Taxable supplies
• Taxable value
• Calculation of tax payable and refunds
Explain the concept of customs duty and tax with reference to the following:
• Assessment of duties
• Types and methods of valuation under the customs administration
(G) Discuss and comment on emerging and current issues in taxation

Discuss and explain current and emerging trends in taxation paying attention to the
following:
• e-Commerce taxation
• Current issues in transfer pricing, including thin capitalisation and
income splitting
• The Africa continental free trade area (AfCFTA). Appreciate the tax
effect of AfCFTA and ways to improve domestic taxation
• Digitisation in tax administration
• Discuss the overview of technological impact on tax practice and
administration
74
• Taxation implication of mergers, amalgamations, reorganisations and

business acquisitions
• Development on any of the issues narrated in the syllabus
(H) Discuss and advise on matters relating to international taxation
Discuss the issues relating to international taxation paying attention to the following:
• Permanent establishment and its tax implication

• Evaluate the meaning and implication of permanent establishment
• Double taxation treaties: types of double taxation treaties (economic
and juridical), benefits and problems of double taxation
• Trading in Ghana and trading with Ghana
3.4 Strategic Case Study
107. The aim of this module is to enable 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, financial and stakeholder analysis including
making recommendations. Students will be expected to apply concepts,
principles and theories from the knowledge and application levels of this
syllabus.
Students will also be expected to demonstrate professional skills: professional

scepticism, professional and ethical judgement and communication, and
discuss the impact of technology on an organisation’s performance.
108. Assessment approach: The examination will be a three-hour paper consisting

of pre-seen and unseen information. The case studies may be based on a
variety of organisational structures or operations. Students will be provided
with background details (‘information given in advance’) of the organisations
in the respective case studies ahead of the examination. The information
given in advance will not give specific indication of the eventual requirements
of the case study. Students will be expected to familiarise themselves with the
information provided about the organisations and the industry in which they
operate by undertaking detailed analysis of that advance information and some
additional analysis and research where necessary. Students will be required to
answer questions relating to the final case studies during the examination.
Questions will be crafted based on the syllabus weighting grid covering the
following broad areas: strategic analysis (20%), strategic choice (15%), strategy
in action (25%), financial objectives and strategies (20%) and corporate
governance (20%).

to be able to:
75
(A) Evaluate and advise on an organisation’s current strategic position, including

the internal and external environment of the organisation
(B) Apply key strategic models and advise on strategic choice, including analysis
of organisational requirements in a specified scenario and the preparation and
justification of a business plan
(C) Recommend and justify appropriate methods for an organisation to implement

and monitor strategy
(D) Evaluate and advise on the financial strategy of an organisation
(E) Assess the corporate governance policies in place in a specified scenario, with
reference to both national and international codes of corporate governance,
including the policies for social responsibility, sustainability and environmental
matters, and suggest improvements where appropriate
WEIGHT
SYLLABUS COVERAGE
(%)
(A) Strategic analysis 20
(B) Strategic choice 15
(C) Strategy into action/Strategy implementation 25
(D) Financial objectives and strategies 20
(E) Corporate governance 20
TOTAL 100
Ethics
Ethics and issues of business trust are integral to this module. The examination
questions will expect candidates to identify and evaluate a range of considerations,
including social, environmental and business sustainability. Students will need to
recognise and deal with the risk of bias. They will need to recommend and justify
viable solutions to ethical dilemmas, demonstrating professional scepticism and
judgement.
A) Analyse and evaluate strategic objectives for a specified scenario

Define the purpose of organisational strategy and explain the difference between
the various levels:
• Corporate strategy
• Business/service strategy
76
• Functional strategy
• Operational strategy
Analyse the key factors and drivers that influence strategic objectives:
• Maximisation of shareholder value

• Stakeholder analysis and management (stakeholder mapping)
• Vision and mission
• Impact of stakeholder expectations in the development of organisational
objectives
• Balanced scorecard
• Core values
• Culture (e.g. Handy’s culture types, 3 levels/layers of culture &
organisational cultural web model)
• Risk appetite
• Laws and regulations
• Ethics and strategy:
• The meaning of ethics
o Theories of ethics
o Business ethics across organisational functions
o Why ethical problems occur in business
o Ethics in a global economy
o Ethics, law and illegal corporate behaviour
o The core elements of ethical reform
o Analysing ethical problems in business
o Models of ethical judgement
o Ethics and accounting: a decision-making model
o Sustainable competitive advantage and/or sustainable community
benefit
• Corporate social responsibility and environmentally driven strategy,
o The meaning of corporate social responsibility
o Basic elements of social responsibility
o The limits of corporate social responsibility
o Economic, legal and social responsibilities
o Areas of social responsibility
Evaluate the risks attached to a proposed course of action and propose actions for
the
o Corporate social responsibility in a global context
o Environment, social and governance responsibilities
o Implementing social responsibility programmes
o Key elements of managing the social responsibility
Evaluate various approaches to organisational strategy:
• Systems-based approach
• Resource-based approach
• Core competencies based approach
• Rational strategy
• Adaptive, emergent strategy
77
Explain the importance of technological developments on an organisation’s ability

to achieve its strategic objectives
Prepare and evaluate, for a specified scenario, an external analysis, paying attention
to:
• International business environment and global economic factors
• Porter’s diamond analysis
• General or macro environmental analysis
• PESTLE analysis
• Industry and competitive analysis
• Porter’s five forces
• Strategic group analysis
• Scenario plans
• Technological developments, including cyber security risks and the use
of artificial intelligence
Determine the key issues arising from an environmental analysis:

• Logical approaches (SWOT analysis)
• Creative approaches (such as blue sky thinking)
• Gap analysis
Prepare and present advice on the strategic capability of the organisation
Identify and evaluate opportunities and challenges brought by digital technologies
for firms, industries and society
Evaluate the risks attached to a proposed course of action and propose actions for
the management of risk
Analyse and evaluate the impact of recent developments in technology, including
big data, data analytics, artificial intelligence and robotic processes
Evaluate and advise on the suitability/acceptability/feasibility of strategic options
(B) Explain and analyse the approaches to strategic choice and prepare business
plans for a specified scenario, for an efficient and effective implementation of an
organisational strategy
Analyse and apply approaches to strategy implementation:
• McKinsey 7-S framework
• Henry Mintzberg’s theory of 5 building blocks & 6 organisational
configurations
Evaluate the use of business plans in strategy implementation:
• Alignment of service delivery with public communication plans
• Integration of operational and work plans
• Alignment of human resource plans and personal objectives
• Integration of budget assumptions
• Management of internal and external messages
Evaluate monitoring procedures used in strategy implementation:
• Establishing a planned programme
• Types of monitoring procedures
• Key performance indicators
78
Prepare business plans to implement a chosen strategy and achieve objectives,

paying attention to:
• Developing a performance management approach involving the
identification of key performance metrics, both quantitative and
qualitative
• Developing a marketing and brand management approach, involving
both quantitative and qualitative techniques
• Developing a business risk management approach involving:
o identification of risks
o assessing risk impact
o management and mitigation of risks
• Developing an information, data and information technology approach,
involving the provision of information to support new organisational
and strategic requirements, including consideration of:
• Impact of information systems on organisations
• Relationship between information systems/information technology
strategy and corporate strategy
• Role of information systems/information technology in creating
competitive advantage
• Impact of information technology on organisations
• The impact of contemporary developments in information technology
on organisational strategy
• The impact of e-commerce on organisations and business
• Cyber security and big data management
• Development of a human resourcing approach, including recruitment
and remuneration considerations
• Preparation of a schedule to meet the objectives and tasks contained
in the business plan
(C) Recommend and justify appropriate methods for an organisation to implement
and monitor strategy
Evaluate and advise on international strategic choices and strategies, paying
particular attention to the following:
• Reasons for globalisaion
• Market drivers, cost drivers, government drivers & competitive drivers
• Models for international strategies
• EPRG model/Management orientation
• Integration/Responsiveness Framework (IR Matrix)
• 5 stages of globalisation
• Models of entry into foreign market/international market
• Exporting, licensing, franchising, strategic alliance, joint venture and
wholly owned subsidiaries
Evaluate and advise an organisation in a specified scenario on the available corporate
strategic choices:
• Directional/Scope Strategies
o Growth strategies using Ansoff growth vector matrix – market
penetration, market development, product development, and
diversification strategies. (Conglomerate/unrelated
diversification and concentric/related diversification –
horizontal & vertical integration – backward vertical integration
and forward vertical integration).
79
o Consolidation/stability strategies
o Withdrawal/harvesting/defensive restructuring strategies – Corporate
insolvency & Restructuring Act, 2020 (Act 1015)
• Portfolio matrices – evaluation of strategic business units
o Boston Consulting Group Matrix
o Public Sector Matrix
o GE/McKinsey Directional Policy Matrix
o Shell Directional Policy Matrix
o Ashridge Portfolio Display Matrix
• Corporate parenting
o Value adding and value destroying activities
o Corporate parenting rationale:
a) Portfolio manager
b) Synergy manager
c) Parental developer
o Generic Parenting Styles
a) Financial Control Style
b) Strategic Planning Style
c) Strategic Control Style
Evaluate and advise an organisation in a specified scenario on competitive and
business strategies
• Porter’s generic competitive strategies
o Low cost leadership strategies
o Differentiation
o Focus strategies
a) Focus low cost strategy
b) Focus differentiation strategy
• Bowman strategy clock
o No frills strategy
o Low price strategy
o Hybrid strategy
o Differentiation strategy
o Focused differentiation strategy
o Strategies bound to fail
Evaluate and advise an organisation in a specified scenario on strategy develop-

ment methods:
• Organic/Internal/Do it Yourself(DIY) Method
• Mergers and acquisitions
• Strategic alliances
• Joint ventures
Demonstrate professional scepticism and judgement in monitoring strategy
Recognise the ethical implications of developing strategy and suggest solutions to

resolve ethical dilemmas
Discuss how data and management information can be used to monitor performance
and achievement of objectives
80
(D) Evaluate the issues involved in the formulation of an organisation’s financial

strategy for a specified scenario
Determine and explain financial strategy objectives, taking account of the constraints
on various elements of financial strategy
Explain stakeholder interests and their effect on financial strategy formulation and
propose resolutions to stakeholder conflicts
Identify ethical problems in financial strategy and propose appropriate resolutions
Evaluate financial strategies in terms of the financial and strategic objectives of the
organisation, including consideration of the application of:
• Investment appraisal techniques
• Shareholder value analysis, including EVA and SVA
• Lease or buy decisions
• Working capital and liquidity management
• International financial management including specific considerations
for multi- nationals, transfer pricing, risk management
• Treasury management including the management of risks relating to
currency and interest rates using derivatives
Evaluate the available financing options, including
• Short, medium and long-term alternatives
• Methods of raising new capital
• Issues of new capital
• Gearing and capital structure
• Dividend policy
Forecast financing requirements for both short and long-term financing requirements
Evaluate alternative methods of financing, incorporating the impact of tax, and
select an appropriate financial plan
Prepare a financial plan and evaluate the impact of uncertainty on the plan
(E) Discuss and evaluate the role of corporate governance in Ghana and
internationally, and describe, explain and apply the processes of improving
governance in organisations, for a specified scenario
Explain and analyse the corporate governance landscape in Ghana, paying attention
to the importance of the structure of ownership and control, including consideration
of:
• Directors and board structure
• The role of non-executive directors
• The role of directors in corporate governance
• Executive remuneration
• The role of institutional investors in corporate governance
• Disclosure and corporate governance
• Internal control and corporate governance
• The role of external audit and internal audit in corporate governance
81
Advise on the relevance of the provisions of relevant legislation where appropriate,

including the following:
• The State Interest and Governance Authority (SIGA) Act, 2019 (Act
990) – governance of state-owned enterprises
• Bank of Ghana Corporate Governance Disclosure Directives
• Corporate Governance in Companies Act, 2019 (Act 992)
Contrast corporate governance in the private sector with public governance
Explain and apply the OECD Principles of Corporate Governance and the Ghana
Corporate Governance Code for Listed Companies 2020
Describe the role of the accountant in the process of corporate governance
Describe and explain the governance framework and key principles

Apply, evaluate and recommend actions, for a specified scenario, the principles
contained in the Good Practice Guidance, including specific consideration of IFAC’s
Code of Ethics for Professional Accountants.
82
Appendices
Appendix A: Technical knowledge required – Accounting Standards: Part 1
The following table identifies where technical knowledge will be dealt with and the
depth of treatment required. These appendices will be updated as and when new
standards become effective. The depth of treatment is graded as follows:
Level 3: A thorough knowledge with a solid understanding of the subject matter

and some experience in the application thereof in practice sufficient to: exercise
reasonable professional judgement in the application of the subject matter in those
circumstances generally encountered in practice; and recognise when the assistance
of a specialist may be required. This level of knowledge is lower than that of a specialist.
Level 2: A working knowledge with a broad understanding of the subject matter and
a modicum of experience in the application thereof sufficient to: apply the subject
matter in straightforward circumstances; and identify issues requiring professional
attention in more complex situations.
Level 1: A general knowledge with a basic understanding of the subject matter and
training in the application thereof sufficient to: identify significant issues; evaluate
their potential implications or impact; and recognise that additional work or advice
may be required to be performed by a person technically competent in this area of
expertise. This level of knowledge is significantly greater than that of a layperson.
1.1 Financial 2.1 Financial 3.1 Corporate

Accounting Reporting Reporting
Preface to IFRS 3 3
Conceptual Framework for 1 3 3
Financial Reporting
IAS 1 Presentation of Financial 3 3 3
Statements
IAS 2 Inventories 2 3 3
IAS 7 Statement of Cash Flows 2 3 3
IAS 8 Accounting Policies, Changes in 2 3 3
Accounting Estimates and Errors
IAS 10 Events after the Reporting Period 1 3 3
IAS 12 Income Taxes 1 3
IAS 16 Property, Plant and Equipment 2 3 3
IAS 19 Employee Benefits 1 3
IAS 20 Accounting for Government 3 3
Grants and Disclosure of Government
Assistance
IAS 21 The Effects of Changes in 3 3
Foreign Exchange Rates
IAS 23 Borrowing Costs 3 3
83
IAS 24 Related Party Disclosures 2 3

IAS 26 Accounting and Reporting by 1
Retirement Benefit Plans
IAS 27 Separate Financial Statements 2 3
IAS 28 Investments in Associates 2 3
and Joint Ventures
IAS 29 Financial Reporting in 1
Hyperinflationary Economies
IAS 32 Financial Instruments: 2 3
Presentation
IAS 33 Earnings per Share 2 3
IAS 34 Interim Financial Reporting 3
IAS 36 Impairment of Assets 2 3
IAS 37 Provisions, Contingent 1 3 3
Liabilities and Contingent Assets
IAS 38 Intangible Assets 1 3 3
IAS 40 Investment Property 3
IAS 41 Agriculture 3 3
IFRS 1 First-Time Adoption of IFRS 3
IFRS 2 Share-based Payment 3
IFRS 3 Business Combinations 2 3
IFRS 5 Non-current Assets Held for 2 3
Sale and Discontinued Operations
IFRS 6 Exploration for and 1 1
Evaluation of Mineral Resources
IFRS 7 Financial Instruments: Disclosures 1 3
IFRS 8 Operating Segments 3
IFRS 9 Financial Instruments 3 3
IFRS 10 Consolidated Financial 2 3
Statements
IFRS 11 Joint Arrangements 2 3
IFRS 12 Disclosure of Interests in 2 3
Other Entities
IFRS 13 Fair Value Measurement 2 3
IFRS 15 Revenue from Contracts 3 3
with Customers
IFRS 16 Leases 2 3
IFRS 17 Insurance contracts 1 2
*IFRS for SMEs 1 3
IFRS S1 General Requirements 2
for Disclosure of Sustainability-
related Financial Information
IFRS S2 Climate-related Disclosure 2
* Only difference from full IFRS are examinable
84
Technical knowledge – IPSAS Accounting Standards: Part 2
2.5 Public
Sector
Accounting
and Finance
Financial Reporting Under the Cash Basis of Accounting (Parts 1
1
and 2)
Preface to International Public Sector Accounting Standards 1
Conceptual Framework for General Purpose Financial Reporting
3
by Public Sector Entities
IPSAS 1 Presentation of Financial Statements 3
IPSAS 2 Cash Flow Statements 3
IPSAS 3 Accounting Policies, Changes in Accounting Estimates
3
and Errors
IPSAS 4 The Effects of Changes in Foreign Exchange Rates 2
IPSAS 5 Borrowing Costs 3
IPSAS 9 Revenue from Exchange Transactions 3
IPSAS 10 Financial Reporting in Hyperinflationary Economies 1
IPSAS 11 Construction Contracts 2
IPSAS 12 Inventories 3
IPSAS 14 Events after the Reporting Date 3
IPSAS 16 Investment Property 2
IPSAS 17 Property, Plant and Equipment 3
IPSAS 18 Segment Reporting 2
IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets 3
IPSAS 20 Related Party Disclosures 2
IPSAS 21 Impairment of Non-Cash-Generating Assets 2
IPSAS 22 Disclosure of Financial Information about the General
3
Government Sector
IPSAS 23 Revenue from Non-Exchange Transactions 3
IPSAS 24 Presentation of Budget Information in Financial
3
Statements
IPSAS 26 Impairment of Cash-Generating Assets 2
IPSAS 27 Agriculture 2
IPSAS 28 Financial Instruments: Presentation 1
85
IPSAS 29 Financial Instruments: Recognition and Measurement 1

IPSAS 30 Financial Instruments: Disclosures 2
IPSAS 31 Intangible Assets 2
IPSAS 32 Service Concession Arrangements: Grantor 2
IPSAS 33 First Time Adoption of Accrual Basis IPSASs 2
IPSAS 34 Separate Financial Statements 2
IPSAS 35 Consolidated Financial Statements 2
IPSAS 36 Investments in Associates and Joint Ventures 2
IPSAS 37 Joint Arrangements 1
IPSAS 38 Disclosure of Interests in Other Entities 2
IPSAS 39 Employee Benefits 3
IPSAS 40 Public Sector Combinations 2
IPSAS 41 Financial instruments 2
IPSAS 42 Social benefits 2
IPSAS 43 Leases 3
IPSAS 44 Non-current assets Held for Sale and Discontinued
2
Operations
IPSAS 45 Property, Plant and Equipment 3
IPSAS 46 Measurement 2
IPSAS 47 Revenue 2
IPSAS 48 Transfer Expenses 3
IPSAS 49 Retirement Benefit Plans 3
RPG 1 Reporting on the Long Term Sustainability of an Entity’s
2
Finances
RPG 2 Financial Statement Discussion and Analysis 2
RPG 3 Reporting Service Performance Information 2
86
Technical knowledge requirements - International Standards on Auditing: Part 3
2.3 Audit and 3.2 Advanced

Assurance Audit and
Assurance
200 Overall Objectives of the Independent 1 3
Auditor and the Conduct of an Audit in
Accordance with International Standards on
Auditing
210 Agreeing the Terms of Audit Engagements 3
220 Quality Control for an Audit of Financial 2 3
Statements
230 Audit Documentation 2 3
240 The Auditor’s Responsibilities Relating to 2 3
Fraud in an Audit of Financial Statements
250 (A) Consideration of Laws and Regulations in 1 2
an Audit of Financial Statements
250 (B) The Auditor’s Right and Duty to Report 1 2
to Regulators in the Financial Sector
260 Communication with those Charged with 2 3
Governance
265 Communicating Deficiencies in Internal 2 3
Control to Those Charged with Governance and
Management
300 Planning an Audit of Financial Statements 2 3
315 Identifying and Assessing the Risks of 2 3
Material Misstatement Through Understanding
the Entity and its Environment
320 Materiality in Planning and Performing an 2 3
Audit
330 The Auditor’s Responses to Assessed Risks 2 3
402 Audit Considerations Relating to an Entity 1 1
Using a Service Organisation
450 Evaluation of Misstatements Identified 2 3
during the Audit
500 Audit Evidence 2 3
501 Audit Evidence - Specific Considerations for 2 3
Selected Items
505 External Confirmations 2 3
510 Initial Audit Engagements - Opening 2 3
Balances
520 Analytical Procedures 2 3
530 Audit Sampling 2 3
540 Auditing Accounting Estimates, Including 2 3
Fair Value Accounting Estimates and Related
Disclosures
87
550 Related Parties 2 3

560 Subsequent Events 2 3
570 Going Concern 2 3
580 Written Representations 2 3
600 Special Considerations – Audits of Group 1 2
Financial Statements (including the Work of
Component Auditors)
610 Using the Work of Internal Auditors 2 3
620 Using the Work of an Auditor’s Expert 2 3
700 The Auditor’s Report on Financial 2 3
Statements
701 Communicating Key Audit Matters in the 2 3
Independent Auditor’s Report
705 Modifications to the Opinion in the 2 3
706 Emphasis of Matter Paragraphs and Other 2 3
Matter Paragraphs in the Independent Auditor’s
Report
710 Comparative Information – Corresponding 2 3
Figures and Comparative Financial Statements
720 The Auditor’s Responsibility Relating to 2 3
Other Information in Documents Containing
Audited Financial Statements
720 The Auditor’s Statutory Reporting 2 3
Responsibility in Relation to Directors’ Reports
800 Special Considerations – Audits of Financial 2
Statements prepared in Accordance with Special
Purpose Frameworks
805 Special Considerations – Audits of Single 2
Financial Statements and Specific Elements,
Accounts or items of a Financial Statement
810 Engagements to Report on Summary 2
Financial Statements
International Standards on Quality Management

(ISQMs)
ISQM 1 Quality Management for Firms that 2
Perform Audits or Reviews of Financial
Statements or Other Assurance or Related
Engagements
ISQM 2 Engaging Quality Reviews 2
International Standards on Review Engagements
(ISREs)
2400 Engagements to Review Financial 2
Statements
88
2410 Review of Interim Financial Information 2

Performed by the Independent Auditor of the
Entity
International Standards on Assurance
Engagements (ISAEs)
3000 Assurance Engagements Other than Audits 2
or Reviews of Historical Financial Information
3400 The Examination of Prospective Financial 2
Information
3402 Assurance Reports on Controls at a Service 2
Organisation
3410 Assurance Engagements on Greenhouse 2
Gas Statements
International Standards on Related Services
(ISRSs)
4400 Engagements to Perform Agreed-upon 2
Procedures Regarding Financial Information
4410 Compilation Engagements (Revised March 2
2012)
IFAC Statements
ISQC1 Quality Control for Firms that Perform 3
Audits and Reviews of Financial Statements, and
Other Assurance and Related Services
Code of Ethics for Professional Accountants 2 3
89
Technical knowledge requirements - INTOSAI Standards on Auditing: Part 4
2.3 Audit 3.2

and Advanced
Assurance Audit and
Assurance
ISSAI 1 - Lima Declaration 1 3
ISSAI 10 - Mexico Declaration 1 3
ISSAI 11 - INTOSAI Guidelines and Good Practices 1 3
ISSAI 12 - Values and Benefits 1 3
ISSAI 20 - Transparency and Accountability 1 2
ISSAI 21 - Principles of Transparency - Good Practices 1 2
ISSAI 30 - Code of Ethics 2 3
ISSAI 40 - Quality Controls for SAIs 1 3
ISSAI 100 - Fundamental Principles of Public Sector 2 3
Auditing
ISSAI 200 - Fundamental Principles of Financial 2 3
Auditing
ISSAI 300 - Fundamental Principles of Performance 2 3
Auditing
ISSAI 400 - Fundamental Principles of Compliance 2 3
Auditing
ISSAI 1000 - Application Introduction to the INTOSAI 3
Financial Audit Guidelines
ISSAI 1200 - Overall Objectives of the independent 3
Auditor and the conduct of an audit in accordance with
International Standards of Auditing
ISSAI 1210 - Agreeing terms of Audit engagements 3
ISSAI 1220 - Quality Control for an Audit of Financial 3
Statements
ISSAI 1230 - Audit Documentation 3
ISSAI 1240 - The Auditor's Responsibilities Relating to 3
Fraud in an Audit of Financial Statements
ISSAI 1250 - Consideration of Laws and Regulations in 2
an Audit of Financial Statements
ISSAI 1260 - Communication with those Charged with 3
Governance
ISSAI 1265 - Communicating deficiencies in Internal 3
Controls to those Charged with Governance and
Management
ISSAI 1300 - Planning an Audit of Financial Statements 3
ISSAI 1315 - Identifying and Assessing the Risks of 3
Material Misstatement Through Understanding the
Entity Environment
90
ISSAI 1320 - Materiality in Planning and Performing an 3

Audit
ISSAI 1330 - The Auditor's Response to Assessed Risks 3
ISSAI 1402 - Audit Considerations Relating to an Entity 1
Using a Service Organisation
ISSAI 1450 - Evaluation of Misstatements Identified 3
During the Audit
ISSAI 1500 - Audit Evidence 3
ISSAI 1501 - Audit Evidence - Specific Considerations 3
for Selected Items
ISSAI 1505 - External Confirmations 3
ISSAI 1510 - Initial Audit Engagements - Opening 3
Balances
ISSAI 1520 - Analytical Procedures 3
ISSAI 1530 - Audit Sampling - 3
ISSAI 1540 - Auditing Accounting Estimates, including 3
Fair Value Accounting Estimates and Related
Disclosures
ISSAI 1550 - Related Parties 3
ISSAI 1560 - Subsequent Events 3
ISSAI 1570 - Going Concern 3
ISSAI 1580 - Written Representations 3
ISSAI 1600 - Special Considerations - Audits of Group 2
ISSAI 1610 - Using the Work of Internal Auditors 3
ISSAI 1620 - Using the Work of an Auditor's Expert 3
ISSAI 1700 - Forming an Opinion and Reporting on the 3
ISSAI 1701 – Communicating Key Audit Matters in the 3
ISSAI 1705 – Modifications to the Opinion in the 3
ISSAI 1706 - Emphasis of Matter Paragraphs and Other 3
Matter Paragraphs in the Independent Auditor’s Report
ISSAI 1710 - Comparative Information 3
ISSAI 1720 - The Auditor's Responsibilities Relating to 3
Other Information in Documents containing Audited
ISSAI 1800 - Special Considerations - Audits of 2
Financial Statements Prepared
in Accordance with Special Purpose Frameworks 2
ISSAI 1805 - Special Considerations - Audits of Single 2
Financial Statements and Specific Elements, Accounts
or Items of a Financial Statement
91
ISSAI 1810 - Engagements to Report on Summary 2

ISSAI 3000 - Standards for Performance Auditing 3
ISSAI 3100 - Guidelines on Central Concepts for 3
Performance Auditing
ISSAI 3200 - Guidelines for the Performance Auditing 3
Process
ISSAI 4000 - Compliance Audit Standard 3
ISSAI 4100 - Compliance Audit Guidelines Related to 3
Audit of Financial Statements
ISSAI 4200 - Compliance Audit Guidelines for Audits 3
Performed Separately from
the Audit of Financial Statements 3
ISSAI 5000 - Principles for Best Audit Arrangements 1
for International Institutions
ISSAI 5010 - Audit of International Institutions - 1
Guidance for Supreme Audit Institutions (SAIs)
ISSAI 5110 - Guidance on Conducting Audits of 2
Activities with an Environmental Perspective
ISSAI 5120 - Environmental Audits and Regularity 2
Audits
ISSAI 5130 - Sustainable Development: The Role of 2
Supreme Audit Institutions
ISSAI 5140 - How SAIs may Co-operate on the Audit of 2
International Environmental Accords
ISSAI 5210 - Guidelines on Best Practice for the Audit 1
of Privatisations
of Public/Private Finance and Concessions
of Economic Regulation
of Risk in Public/Private Partnerships (PPP)
ISSAI 5300 - Guidelines on IT Audits 3
ISSAI 5310 - Information System Security Review 3
Methodology - A Guide for Reviewing Information
System Security in Government Organisations
ISSAI 5410 - Guidance for Planning and Conducting an 1
Audit of Internal Controls of Public Debt
ISSAI 5411 - Debt Indicators 1
ISSAI 5420 - Public Debt: Management and Fiscal 1
Vulnerability: Potential Roles for SAIs
ISSAI 5421 - Guidance on Definition and Disclosure of 1
Public Debt
92
ISSAI 5422 - An Exercise of Reference Terms to Carry 2

Out Performance Audit of Public Debt
ISSAI 5430 - Fiscal Exposures: Implications for Debt 1
Management and the Role for SAIs
ISSAI 5440 - Guidance for Conducting a Public Debt 1
Audit - The Use of Substantive Tests in Financial Audits
ISSAI 5450 - Guidance on Auditing Public Debt 1
Information System
ISSAI 5500 - Introduction to Guidance for Audit Work 1
on Disaster-related Aid
ISSAI 5510 - Audit of Disaster Preparedness 2
ISSAI 5520 - Audit of Disaster-related Aid 2
ISSAI 5530 - Adapting Audit Procedures to Take 1
Account of the Increased Risk of Fraud and Corruption
in the Emergency Phase following a Disaster
ISSAI 5540 - Use of Geospatial Information in Auditing 1
Disaster Management and Disaster-related Aid
ISSAI 5600 - Peer Review Guidelines 2
ISSAI 5700 - Guideline for the Audit of Corruption 2
Prevention (Planned for 2016) - Exposure Draft
ISSAI 5800-Guide on Cooperative Audit between 2
Supreme Audit Institutions
Technical knowledge – Taxation: Part 5
2.6 Principles of 3.4 Advanced

Taxation Taxation
Ghana Tax System 1
Fiscal Policy 1 3
Tax Administration 1
Income Tax 2 3
Corporate Tax 2 3
Chargeable Gains 2 3
Gift Tax 2 3
Social Security and Pension Funds 2 3
VAT 2 3
Natural Resources 2 3
Tax Planning 3
Tax Liabilities for Groups 3
Client Communications 3
93
Appendix B: Skills mapping
Assessed skills Knowledge Application Professional
Understanding the problem
Understanding the subject matter Candidates comprehend Candidates comprehend Candidates comprehend
and identifying issues simple scenarios presented to scenarios presented to them complex scenarios presented
them and determine problems where information may be to them where information
to be addressed incomplete or technically may be incomplete and/
difficult. Candidates or technically challenging.
determine problems to be Candidates determine
addressed problems to be addressed
Accessing, evaluating and Information/data is provided Information/data is provided Information/data is provided
managing information and candidates summarise but may be incomplete but maybe incomplete and
and categorise information to and technically difficult be technically challenging to
address problems incomplete and technically understand. Candidates
difficult to understand. summarise and categorise
Candidates summarise information to address
categorise information to problems and are able to
address problems and are identify information gaps.
able to identify information Candidates are able to
gaps. assess the impact of
information gaps.
Understanding the subject matter Appropriate technical Appropriate, technical skills Appropriate, technical skills – over
and identifying issues skills are identified to solve – over a range of technical a range of technical difficulty -
problems presented to difficulty - are identified to are identified to solve problems
candidates solve problems presented to presented to candidates. Appropriate
candidates technical skills may call for specialists
where straightforward technical
reports of a non-accounting nature
may need to be understood.
94
Providing a solution
Using analytical tools Specified tools are employed to Appropriate tools are Appropriate tools are identified
solve straight forward problems identified to solve technically to solve technically challenging
difficult problems problems
Analysing and evaluating The outcomes and limitations The outcomes and limitations The outcomes and limitations of
problems of analysis from employing of analysis from employing analysis from employing appropriate
specified tools are understood appropriate tools are tools are understood in a broader
in a broader context, including understood in a broader context, including ethical dimensions,
ethical dimensions. context, including ethical and where conflicting demands and
dimensions objectives arise.
Assessing quality of Candidates are aware that Detailed scenarios are Complex scenarios are employed that
information the quality of information employed that make difficult incorporate data and information
can affect the outcomes of the assessment of the quality from a variety of sources and which
analysis of information which can makes challenging the assessment of
affect the outcomes of the quality of information which can
analysis affect the outcomes of analysis
Advising the client
Drawing conclusions and Conclusions are drawn in simple Conclusions are drawn Conclusions are drawn in complex
making recommendations scenarios and candidates in scenarios that may be scenarios that may be uncertain and
demonstrate advice consistent uncertain and difficult to challenging to understand and where
with the outcomes of analysis understand and where potentially conflicting interests may
candidates are required to need to be balanced. Candidates
demonstrate advice consistent are required to demonstrate
with a careful assessment of advice consistent with a careful
the outcomes of analysis. and balanced assessment of the
outcomes of analysis.
Presenting data and Straight forward reports, Reports, memoranda, and Reports, memoranda, and
written work memoranda, and prescribed assessment formats are assessment formats are produced
assessment formats are produced that are determined that are determined by the context
produced. by the context of the scenario of the scenario or problem and are
or problem. carefully expressed to reflect the
complex circumstances.
95

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Effective November 2024

1.2 Outline syllabus, rationale and keybenefits...................................................2

1.3 Introduction to levels in the qualification.......................................................3

1.4 Knowledge level.......................................................................................................5

1.5 Application level.......................................................................................................6

1.6 Professional level......................................................................................................7

1.8 Pass marks and progression................................................................................8

1.9 Development of technical competence in a regulatory

1.10 Integration of business and professional ethics and

1.11 Integration of sustainability……………………........................................................10

1.12 Integration of technology………………………..........................................................11

1.13 Three to five years’ practical work experience…..........................................11

1.14 Professional development…………………..............................................................12

1.15 Entry requirements................................................................................................12

1.16 Exemption policy…………………................................................................................12

1.17 Learning materials………………………………..….........................................................14

Module specifications – aims, competencies, and content 15

2.1 Knowledge level......................................................................................................15

1. The syllabus aims to support the development of competent professionals

2. The syllabus is suited to those students working or seeking to work in

3. The syllabus is comparable to modern standards employed by leading

4. The professional qualification begins with an expression of purpose,

The professional accountant as a well-rounded advisor who:

1.2 Outline syllabus, rationale and key benefits

6. In the outline, the proposed qualification has four elements to it:

• a 3-tier syllabus/examination structure (hereafter, ‘syllabus’ structure);

The components provide an in-depth understanding across accountancy, finance

The syllabus structure is outlined as:

The ICAG syllabus structure

Level 1 Level 2 Level 3

Entry requirements and Progression: All of the Progression: All of the

1.1 Financial Accounting 2.1 Financial Reporting 3.1 Corporate Reporting

7. To be qualified as a member of ICAG all elements of the qualification must

8. The rationale for the syllabus structure is to:

• Achieve the expression of purpose;

• Enable students to progress from appropriately designed and credited

1.3 Introduction to levels in the qualification

9. The levels in the qualification (Knowledge, Application, and Professional)

10. In a competency based framework, these tasks are expressed in terms of

Levels and learning outcomes

This approach is in accordance with IES 2 (Revised), appendix 1. IES 2

1.4 Knowledge level

Progression to: 2.1 Financial Reporting

Progression to: thematic to the qualification and 3.4 Strategic Case

Progression to: thematic to the qualification

1.4 Introduction to Outline content: Management Accounting is central to the

Progression to: 2.2 Management Accounting

1.5 Application level

12. The Application level modules builds on the foundation of competencies

2.1 Financial Progression from: 1.1 Financial Accounting

Progression to: 3.1 Corporate Reporting

Outline content: The aim of this module is to ensure that students

Progression to: 3.4 Strategic Case Study

2.3 Audit and Progression from: new topic

Progression to: 3.2 Advanced Audit and Assurance

Outline content: The aim of this module is to ensure that candidates

Progression to: 3.4 Strategic Case Study

Advisory: It is advisable that students attempt 2.1 Financial

Progression to 2.3 Advanced Audit and Assurance