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EU-REPARIS is funded by the European Union and is an

integral part of WB EDIF.

Achieving Excellence in Education: Aligning University Accounting Curricula to International Benchmarks

Joelle Le Vourc’h

Lejla Begtasevic Rudalija

Atanasko AtanasovskiSeptember 14, 2015

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»Why?» The fundamental role of Universities in education of future accountants

» Critical need that accounting university curricula be aligned with needs of the profession

» Understanding the Level of alignment of university accounting programs with professional qualifications

»Approach? » Tools developed: i) Benchmarking Tool and ii) Profiling Tool

» Pilot benchmarking studies completed in three selected universities of EU REPARIS countries (Bosnia-Herzegovina, Macedonia and Serbia)

» Benchmarking results are disseminated via:

» Education CoP Workshops: Skopje (June 2015) and Pristina (Sep 2015)

» Publication of results (Q1 2016)

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» The Benchmarking tool is a survey questionnaire

» Includes 52 Questions organized in 4 Sections about:» the University

» the Accounting and Auditing curriculum and programs

» the Faculty body

» the Student body

» Other than collecting statistical information, the survey provides understanding about:

» Objectives, content and structure of the accounting programs» Student skills developed and tested» Teaching and learning methodologies» Assessment (examination) methods» Learning resources and support facilities

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»Excel based model, easy to navigate, modify and adapt

»Allows universities to compare the content of its accounting

syllabus against selected international benchmark

»Primarily it is a self diagnostic tool that shows to what extent

the learning objectives of a programme compare to a

predetermined set of learning outcomes

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Student Perspective

• Overview of the detailed syllabus coverage

• Increase exemptions offered by professional qualifications

• Recognition of student accomplishments and education obtained

• Benchmarking improves future curricula reform; next generations of students receive more focused education

University Perspective

• Highlights areas that need improvement and the need for curricula reforms

• Provides international comparability and documentation to support an application for accreditation

• Closes gaps between academia and professionals, better linkage with Professional Associations

• Tool to influence policymakers

Employers Perspective

• Skilled students with improved work readiness

• Improved recruitment base; easier recruitment process and reduced human resources costs (transaction costs; training costs etc)

• Employees with international proficiency in accounting

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Sarajevo School of Economics and Business

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Benchmarking results for School of Economics and Business Sarajevo

»Member of the state University, established in 1950

»Predominantly financed by student fees (51%)

»Operate several undergraduate and graduate degree programs

among which accounting and auditing, curricula updated in

September 2015

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»Departments in Bosnian language:

Economics

Management

Applied Business School

»Departments in English language:

Management – EPAS Accredited (FM & MM)

Sarajevo Business School – double degree program

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»Strict procedures regarding curriculum management

»Every course has its own intended learning outcomes (ILO)

»5 year review cycle

»New curriculum for the 2015/2016 academic year

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»There is a low interest for study programs in accounting and

auditing, faculty enroll approximately 5% of the whole student

body in this program.

»ACCA offers 4 paper exemptions, however there are no

exemptions available from local professional bodies

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Faculty Resources

- 1 full-time, 2 associate professors, 1 assistant professors and 4

technical assistants. Student/staff ratio remains stable at approximately

6%.

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ACCA Profiling tool results including electives

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

F1 F2 F3 F5 F7 F8 F9

ACCA Papers

Syllabus Profile against ACCA Benchmark

ACCA Benchmark Actual

F1 Accountant in Business 70%

F2 Management Accounting 81%

F3 Financial Accounting 91%

F5 Performance Management 71%

F7 Financial Reporting 76%

F8 Audit and Assurance 79%

F9 Financial Management 88%

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ACCA Profiling tool results without electives

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

F1 F2 F3 F5 F7 F8 F9

ACCA Papers

Syllabus Profile against ACCA Benchmark


F1 Accountant in Business 67%

F2 Management Accounting 81%

F3 Financial Accounting 91%

F5 Performance Management 71%

F7 Financial Reporting 76%

F8 Audit and Assurance 79%

F9 Financial Management 68%

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CIPFA Profiling tool results including electives

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FA MA PS AA MO MF

CIPFA Papers

Syllabus Profile against CIPFA Benchmark

CIPFA Benchmark Actual

FA Financial Accounting 86%

MA Management Accounting 82%

PS Public Sector Financial Reporting 0%

AA Audit and Assurance 65%

MO Managing Organizations 54%

MF Managing Finance 64%

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CIPFA Profiling tool results without electives

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FA MA PS AA MO MF

CIPFA Papers

Syllabus Profile against CIPFA Benchmark


FA Financial Accounting 86%

MA Management Accounting 82%

PS Public Sector Financial Reporting 0%

AA Audit and Assurance 65%

MO Managing Organizations 54%

MF Managing Finance 48%

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» Internal audit» Internal controls, authorization, security and compliance within business

» The use and evaluation of internal control systems by auditors

»Management accounting» Limiting factors

» Pricing decisions

»Cost Accounting» Life cycle costing

» Budgetary systems

»Financial Reporting» Limitations of interpretation techniques

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»Further strengthening of a curricula covering:

» Corporate governance

» Behavioral aspects in performance management

» Quantitative analysis in budgeting

» Regulatory framework

» Audit sampling

» The audit of specific items

» Environmental accounting

» Performance analysis in not-for-profit organization and public sector

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SKOPJE

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Benchmarking results for University in Skopje

» Public University, established in 1950, highest ranking in the country;

» Programs in accounting and audit delivered at Faculty of Economics, both

at undergraduate and graduate level, curriculas updated 2012;

» Predominantly financed by student fees and subsidies from the state (over

90%)

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» Students demonstrate considerable interest for study programs in

accounting and audit, the faculty enrolled around 18% of the whole student

body in this program.

» Graduates students can easily progress in professional education

programs (ACCA offers exemptions), however local professional body

(ICARM) still fails to provide credit for candidates prior education.

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Literature update

» Textbook & practical exercise materials for principles of accounting,

» IFRS teaching resources for students,

» Translation of ISA’s and Code of Ethics in local language.

Accounting Department understaffed

- 3 full-time, 2 assistant professors and 1 part-time technical assistant

cover 13 accounting related courses. Student/staff ratio has increased to

165 in 2014.

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University “Ss Cyril and Methodius” in Skopje-Composition of Undergraduate program in Accounting and Audit

» The program is composition of 19 mandatory and 12 elective courses.

» Accounting and audit related mandatory courses :

» Principles of Accounting; Financial Accounting; Cost Accounting

» Auditing; Corporate Financial Reporting; Management Accounting; Accounting Information Systems

» Internal Auditing; Governmental Accounting and Accounting of Non-profits; International Financial Reporting; Financial Statements Analysis

» Electives:

- Accounting Control Systems; Strategic Management Accounting; Accounting for Banks and Other Financial Institutions

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ACCA results – University of Skopje ( no elective courses)

0%

20%

40%

60%

80%

100%

120%

F1 F2 F3 F5 F7 F8 F9

ACCA Papers


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CIPFA results- University in Skopje ( no elective courses)

0%

20%

40%

60%

80%

100%

FA MA PS AA MO MF

CIPFA Papers


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Syllabus content improvements

» Performance management topics:

- Key performance indicators in manufacturing and service industries

- Performance Management Models (Building Block Model, Business Excellence Model etc.)

- Performance management in non-profits and public sector

» Auditing and Assurance topics:

- Audit objectives and tailored audit programs for specific items (

- Computer-assisted audit techniques

- Audit techniques in non-profits

- Audit procedures for going concern

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» Financial Management topics:

- Financial objectives for non-profits

- Valuation of risk in investment appraisals

- Specific investment decisions (lease or buy; asset replacement)

- Finance vehicles for SME’s

» Public Sector Financial Reporting topics not covered in undergraduate program syllabus:

- IPSAS are not taught at Governmental Accounting Course

- Preparation of accrual based- single and consolidated entity financial statements

- Tools to measure financial performance in the Public Sector, interpretation of financial and non-financial information

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BELGRADE

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About University of Belgrade- Faculty of Economics

» Public University, established 1937, highest ranking in the country

» Operates 9 undergraduate degree programs (4 years), curricula updated

in 2006 (minor changes in 2013); 8 graduate programs among which

program in accounting, audit and financial management.

» Admits 420 of overall 1500 students to the accounting and audit

undergraduate program; 50-60 students out of 400 to the graduate

program per academic year.

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» The Accounting curriculum taught can be considered as compliant with

IFAC’s IES’s for Professional Accountants.

» Exemptions for accounting graduates are available for ACCA (F1-F4) and

local professional qualifications provided by Association of Accountant

and Auditors of Serbia (accountant, certified accountant) and Chamber

of Authorized Auditors of Serbia (certified auditor).

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» Accounting Department has teaching staff of 14 (7 Full-time Professors; 1

Associate and 2 Assistant Professors; 4 Assistants)

» Undergraduate Program in Economics, Management and Statistics has 9

modules (Students enroll in 3rd year of studies).

» The Accounting, Audit and Financial Management Module has two sub-

modules (Accounting & Audit; Financial Management). These modules

have 14 specifically designed courses. 15 courses are general for all

modules of the Undergraduate program.

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Undergraduate program in accounting- University of Belgrade

»Course taught:

» Financial Accounting; Cost Accounting

» Auditing; Theory and Policy of Financial Statements; Management

Accounting; Accounting Information Systems

» Comparative Accounting; Special Accounting; Special Purpose

Financial Statements; Internal Accounting

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ACCA results – University of Belgrade (no elective courses)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

F1 F2 F3 F5 F7 F8 F9

ACCA Papers


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CIPFA results – University of Belgrade (no electives)

0%

20%

40%

60%

80%

100%

FA MA PS AA MO MF

CIPFA Papers


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»Performance management topics:

- Throughput and Environmental Accounting

- Types of budgetary systems (zero-base, rolling, incremental etc);

usefulness and problems; quantitative analysis in budgeting

- Performance management in non-profits; external considerations and

behavioral aspects

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»Financial Accounting and Reporting topics:

- Accounting for investment property and complex tangible assets

- Accounting for impairment (cash generating unit)

- Events after the reporting period

- Earnings per share

- Assets held for sale and discontinued operations

- Changes in accounting estimates, policy and errors

- Fair value adjustments and consolidation

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»Auditing and Assurance topics:

- Audit objectives and tailored audit programs for specific items (tangible

and intangible non-current assets; non-current liabilities, provisions and

contingencies; share capital and reserves)

- Computer-assisted audit techniques

- Internal Audit, its contribution, framework for internal audit, reports

- Audit procedures for going concern;

- Test of controls; Internal controls for specific transaction cycles

- Audit techniques in non-profits

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»Financial Management topics:

- Financial objectives for non-profits

- EMH and practical considerations in valuation of shares

- Specific investment decisions (lease or buy; asset replacement)

- Finance vehicles for SME’s

- Financial risks and risk management techniques

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» Public Sector Financial Reporting is not taught at the program.

» Auditing and Assurance topics not covered in undergraduate program

syllabus:

» Role of the International Organization of Supreme Audit Institutions

(INTOSAI)

» Specific work of internal auditors; Contribution for Organisations;

Regulatory Framework; Internal performance reviews and internal

control audits; Reporting

» Audit in IT environment

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»Managing Organisations topics:

- Procurement and typical tendering process in the public sector;

Contracting in the Public Sector

- Outsourcing risks and benefits

- Quality control for service delivery in Public Sector; Service Delivery

Environment

- Project management in Public Sector

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Achieving Excellence in Education: Aligning University ...siteresources.worldbank.org/EXTCENFINREPREF/Resources/4152117... · Achieving Excellence in Education: Aligning University