13 October 2010
Monash South Africa has announced that it has been accredited by the South African Institute of Chartered Accountants (SAICA) to educate prospective Chartered Accountants up to undergraduate level.
Only 13 South African universities have SAICA accreditation and Monash is the first private higher education institution to be accredited.
Mr Anton du Toit, head of the Accountancy Studies unit at Monash South Africa, said that obtaining this accreditation has taken four years and has been a demanding process.
Before joining Monash, du Toit headed a SAICA-accredited Accountancy programme at a public South African university. The lecturing team offering the Bachelor in Business Science (Accounting) degree at Monash consists of nine full-time CA-(SA)s and two thirds of the units offered were designed in South Africa specifically to satisfy the requirements of SAICA.
The four mainstream academic disciplines in the Accountancy Studies unit (Cost and Management Accounting and Finance; Financial Accounting; Taxation; and Auditing) are managed by subject heads with extensive SAICA teaching experience.
The Accountancy Studies unit falls under the School of Business and Economics at Monash South Africa and also forms part of the Department of Accounting and Finance at Monash University, Australia.
Over the past few years Monash South Africa has had (and will continue to have) formal agreements with the University of Johannesburg and with Unisa whereby its accounting graduates are able to complete their post-graduate studies for the Certificate in the Theory of Accounting (CTA) at these institutions.
Now that formal SAICA accreditation has been granted, Monash students may apply to complete their CTA at any of the accredited South African universities.
Du Toit says; “We are proud of the fact that during the window period before accreditation was granted, several Monash graduates have qualified as Chartered Accountants after completing their CTA at UJ, Unisa and UCT.
“Over the past few years Monash Accounting graduates have also been actively recruited and employed by auditing firms, including some of the ‘big four’. Six auditing firms have had individual recruitment drives at Monash South Africa during the past year.
“It is evident that our graduates have made a positive impact in the work place and that Monash has provided employees with strong independent analytical skills, achieved partly through the personal and small-group experience at Monash South Africa.”
In its role as an Education and Training Quality Assurer (ETQA) and its current recognition and standing with the Independent Regulatory Board for Auditors (IRBA), the South African Institute of Chartered Accountants (SAICA) accredits certain programmes specifically designed to allow access to the CTA and/or Part I of the Qualifying Examination (QE I).
Accreditation of a programme by SAICA means that the academic unit has the appropriate resources in place to enable it to deliver the programme at the required standards and levels of quality; and that the programme meets SAICA's requirements in terms of the standards of learning and teaching.
To meet these requirements high-level, detailed submissions are made to SAICA and experts visit the institution. This is continuously followed up by annual self-reviews and regular site visits.
“The SAICA accreditation is an important milestone in the development of the Monash South Africa campus,” says du Toit. “While actively growing the Accountancy unit, Monash will continue to focus on quality personalised teaching and learning and we are aiming to gain SAICA accreditation to offer the CTA at Monash.”
All Monash South Africa degrees are recognised and registered on the National Qualifications Framework (NQF), by the South African Qualifications Authority (SAQA).