Level 6
Level 6 Qualifications for Registered Qualified Accountants (RQA)
NOTE: These Qualifications are currently NOT regulated in the United Kingdom.

Qualifications in this group provide a number of Core Essential Skills that you can add to those you have gained at Levels 4 and 5. They are ideally suited to supporting your application to become a Registered Qualified Accountant, and will further enhance your portfolio of skills in order to assure your progress towards becoming a Registered Qualified Accountant (RQA).
The Registered Qualified Accountant is a Fully Qualified Accountant operating at the Professional level. They are competently qualified to manage the financial and management aspects of organisations of all sizes. They may typically find themselves employed in large organisations in business critical positions of great importance or working as consultants specialising in all aspects of accounting matters.

Level Descriptor

Achievement at this level reflects the ability to refine and use relevant understanding, methods and skills to address complex problems that have limited definition. It includes taking responsibility for planning and developing courses of action that are able to underpin substantial change or development, as well as exercising broad autonomy and judgement. It also reflects an understanding of different perspectives, approaches or schools of thought and the theories that underpin them.

The tables below describe the Qualifications available at this Level:

Level 6 Qualifications for Registered Qualified Accountants
Unit Title (Exam Code) Credit Value GLH Level
Advanced Accountancy (3.1) 19 190 Level 6
Performance Management (3.5) 10 100
Decision Making Management (3.6) 10 100
Risk and Control Management (3.7) 11 110
Total Credit Value: 50 500

Level 6 Qualifications for Registered Qualified Accountants
Unit Title (Exam Code) Credit Value GLH Level
Advanced Accountancy (3.1) 19 190 Level 6
Project Management (3.2) Level 6 Certificate for
Certified Project Managers
12 120
PM Body of Knowledge (3.3) 4 40
Project Accounting (3.4) 22 220
Total Credit Value: 57 570
Exam Unit: Advanced Accountancy (3.1)

Learning Outcome

To demonstrate a comprehensive knowledge of the practical implications of maintaining a full set of accounts in groups of companies and multinational companies and of accepted accounting rules and practices. This includes the advanced study of accounting, performance evaluation, international harmonisation of the accounting profession and financial reporting, as well as Financial Accountancy.

Special Accounts:
1. Branch accounts
2. Hire purchase accounts

Companies:
1. Company structure
2. Shares and debentures
3. Companies purchasing and redeeming their own shares and debentures
4. Taking over other companies
5. Taxation in financial statements
6. Provisions, reserves and liabilities
7. Increase and reduction of the share capital
8. Accounting standards
9. Profit and Loss accounts
10. Balance sheets
11. Published accounts and accompanying notes
12. Cash flow statements
13. Contract accounts

Groups:
1. Group financial statements
2. Consolidation of balance sheets
3. Intercompany dealings
4. Consolidated financial statements
5. Intragroup dividends
6. Consolidated Profit and loss

Financial Analysis:
1. Accounting ratios
2. Interpretation of financial statements
Issues in Financial Reporting:
1. Accounting theory
2. Current cost accounting
3. Social accounting
4. Accounting for management control
Costing:
1. Elements of costing
2. Absorption and marginal costing
3. Job, batch and process costing
4. Standard costing
5. Materials and labour variances
6. Overhead and sales variances

Budget, Planning, Control and Decision Making:
1. Budgeting and budgetary control
2. Cash budgets
3. Co-ordination of budgets
4. Break-even analysis
5. Interest, annuities and leasing
6. Capital expenditure appraisal
7. The balanced scorecard

Exam Unit: Project Management (3.2)

Learning Outcome

To demonstrate a thorough and in depth understanding of the generic study of Project Management. The Learner is expected to demonstrate a full appreciation of the processes involved and the best practices required in order to apply effective management of projects in a modern organisation.

Project Definition:
1. Definition of a Project
2. Definition of Project Management
3. Project Manager Skills
4. Organisational Structures
5. Project Life Cycles & Processes
6. The Project Management Office

Project Initiation:
1. Project Management Knowledge Areas
2. Project Initiation Process
3. Project Goals
4. Project Constraints
5. Project Assumptions

Project Charter:
1. Project Selection Methodologies
2. Initial Requirements
3. Publishing the Project Charter

Scope Statement & Work Breakdown Structure:
1. The Project Scope
2. Scope Management Plan
3. Scope Definition
4. Work Breakdown Structure
5. Stakeholders

Resource Planning & Estimating:
1. Resource Management Plan
2. Organizational Plan
3. Acquiring Staff
4. Estimating Time
5. Estimating Costs

Project Planning Controls:
1. Quality Standards
2. Risk Planning
3. Procurement Planning

Project Plan:
1. Project Schedule
2. Cost Budget Baseline
3. Project Plan Development

Project Team:
1. Plan Execution
2. Project Team Development
3. Communications
4. Information Dissemination

Project Performance:
1. Contracting
2. Quality Assurance
3. Progress
4. Performance Measurements

Controlling Change:
1. Change Control
2. Scope Change
3. Schedule Change
4. Cost Change
5. Quality Control Techniques
6. Risk Response

Project Closure:
1. Project Closure
2. Administrative Closure
3. Resource Release

Professional Responsibility:
1. Integrity
2. Professional Knowledge
3. Stakeholders Interests
4. Diverse Cultures

Exam Unit: PM Body of Knowledge (3.3)

Learning Outcome

To demonstrate an in-depth understanding of the ANSI standard, which now governs modern Project Management, and to develop a comprehensive appreciation of the Framework, Knowledge Areas, Tools and Techniques required to effectively be involved in Projects in a modern organisation.

The Project Management Framework:
1. Project Definition
2. Project Management Context
3. Project Management Processes

The Project Management Knowledge Areas:
1. Integration Management
2. Scope Management
3. Time Management
4. Cost Management
5. Quality Management
6. Human Resource Management
7. Communications Management
8. Risk Management
9. Procurement Management

Exam Unit: Performance Management (3.5)

Learning Outcome

To be able to apply both traditional and contemporary approaches to cost accounting in a variety of contexts and evaluate the impact of 'modern' data processing and processing technologies such as MRP, ERP and JIT; explain and apply the principles of standard costing, calculate variances in a variety of contexts and critically evaluate the worth of standard costing in the light of contemporary criticisms; develop budgets using both traditional and contemporary techniques, evaluate both interactive and diagnostic uses of budgets in a variety of contexts and discuss the issues raised by those that advocate techniques ‘beyond budgeting’; prepare appropriate financial statements for cost, profit and investment centre managers, calculate appropriate financial performance indicators, assess the impact of alternative transfer pricing policies and discuss the behavioural consequences of management control systems based on responsibility accounting, decentralisation and delegation.

Cost Accounting Systems:
1. Marginal Costing compared to Absorption Costing
2. Profit Statements
3. Reconciling Profit
4. Job Costing
5. Batch Costing
6. Process Costing
7. Joint Product Costing

Standard Costing:
1. Performance Levels
2. Setting Standard Costs
3. Variable Cost Variances
4. Fixed Production Overhead Variances
5. Sales Variances
6. Reconciling Actual to Budget Profit
7. Standard Marginal Costing
8. Variances
9. Capacity Ratios
10. Interpretation of Variances
11. Benchmarking

Management Accounting:
1. Cost Behaviour
2. Activity Based Techniques
3. Breakeven
4. Decision Making
5. Avoidable, Differential, and Incremental Costs

Budgeting:
1. Budget Preparation
2. Cash Budget
3. Rolling Budget
4. Forecasting & Planning
5. Sensitivity Analysis
6. Zero-Based Budgeting
7. Programme Planning
8. Activity Based
9. Not-For-Profit

Control and Performance Measurement:
1. System Design
2. Feedback
3. Control Information
4. Flexible Budgets
5. Behavioural Aspects
6. Developments
7. Performance Evaluation
8. Reporting
9. Non-Financial Indicators
10. Balanced Scorecard
11. Cost, Revenue, Profit, and Investment Centres
12. Transfer Pricing

Exam Unit: Decision Making Management (3.6)

Learning Outcome

To be able to separate costs into their fixed and variable components and use these in break-even analysis and in decision-making under multiple constraints; establish relevant cash flows for decision making and apply these principles in a variety of contexts including process/product viability and pricing including evaluation of the tension between short-term, 'contribution based' pricing and long-term, 'return on investment' pricing; develop relevant cash flows for long-term projects taking account of inflation and taxation where appropriate, evaluate projects using discounting and traditional methods, critically assess alternative methods of evaluation and place evaluation techniques in the context of the whole process of investment decision making; apply learning curves in forecasting future costs and the techniques of activity-based management, target costing and value analysis in managing future costs and evaluate the actual and potential impacts of contemporary techniques such as JIT, TOC and TQM on efficiency, inventory and cost; undertake sensitivity analysis and assess the impact of risk in decision models using probability analysis, expected value tables and decision trees as appropriate; discuss externally oriented management accounting techniques and apply these techniques to the value chain, 'gain sharing' arrangements and customer/channel profitability analysis.

Short-Term Decision Making:
1. Principles of Decision Making
2. Pricing Decisions
3. Profit Maximisation
4. Profit Reporting and Stock Valuation
5. Joint Costs
6. Variable and Fixed Costs
7. Optimal Solutions

Long-Term Decision Making:
1. Cash Flow Analysis
2. Project Cash Flows
3. Time Value of Money
4. Investment Appraisal
5. Project Ranking
6. Sensitivity Analysis
7. Decision Support Information

Uncertainty:
1. The Impact of Uncertainty
2. Decision Models
3. Expected Values
4. Decision Trees

Competitive Advantage:
1. Value, and Functional Cost Analysis
2. JIT
3. Kaizen Costing
4. Learning and Experience Curves
5. Activity Based Management
6. Target Costs
7. Life Cycle Costing
8. Value Chain
9. Gain Sharing
10. Pareto Analysis

Exam Unit: Risk and Control Management (3.7)

Learning Outcome

To be able to evaluate and advise on management and internal control systems for a range of risks. To plan a review process, including an internal audit, of such systems. To evaluate alternatives and advise on the management of financial risks. Be able to advise on the development of information systems that support the risk control environment.

Management Control Systems:
1. Organisational Control
2. Corrective Action
3. Organisational Structure

Risk & Internal Control:
1. Accounting Controls
2. Manufacturing Methods and Responses
3. Risk Identification
4. Risk Measurement
5. Risk Strategy
6. Cost & Benefit Analysis
7. Corporate Governance

Review & Audit of Control Systems:
1. Management Review Controls
2. Internal Audit
3. Audit Planning
4. Control Efficiency and Effectiveness
5. Ethical Considerations

Management of Financial Risk:
1. Identification and Evaluation
2. Risk Management Methods
3. Inflation and Exchange
4. Currency Risk Management

Risk & Control in Information Systems:
1. IM, IS, and IT Strategies
2. Structure and Organisation of IS/IT Function
3. Control of IS
4. Audit and Control of Systems


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