The final level – NQF Level 5 covers higher level accounting tasks, including drafting financial statements, managing budgets and evaluating financial performance. You’ll also have the opportunity to specialize in areas from tax to auditing and credit control. A perfect progression if you’ve already completed Levels 3 and 4, or you’re at a more advanced stage in your career and want a qualification to give you the confidence and proof that you have

What you will learn

Financial Statements
The external reporting environment for limited companies and groups which need to publish accounts. Principles of consolidated accounts, and analysis and interpretation of financial statements. Preparing a range of financial statements and identifying an organization’s financial position.

Budgeting
How and why budgets are prepared, helping you prepare revenue forecasts and a range of budgets for different circumstances. Understanding budgetary procedure to aid organizational planning and control. Preparing budgets, analyzing variances and making recommendations for improving organizational performance.

Financial Performance
Managing and measuring financial performance; the range of techniques for analyzing information on expenditure and making judgments to support decision making, planning and control by managers. Collecting and analyzing information, monitoring performance and presenting reports to management.

Internal Control and Accounting Systems
Identifying the role of internal control within an organization and recognizing different approaches to making informed recommendations on how to implement or improve systems. Communicating this to management and identifying the impact that changes would have on the system and its users.

Specialist learning and Assessment Areas
Choose two options from the following four:

Credit management and control
Principles of credit management in an organization, advising on the granting of credit, setting credit limits, collection of monies owed and the likelihood of receipt of payment. Advising on debt management and ways to minimize risk to the organization.

Personal tax
How Income Tax and Capital Gains Tax is applied to income. Calculating Income Tax liabilities and income from all sources. Applying relevant allowances, deductions and reliefs to prepare accurate Income Tax computations.

Business tax
Preparing tax returns for sole traders, partnerships and incorporated businesses. You’ll recognize trading profits, make adjustments and apply current relevant legislation.

External auditing
Legislative and professional requirements, and how to act as part of an audit team in planning and conducting an external audit. Drafting working papers and a final audit report