CPA REVISED SYLLABUS BOOK
JULY 2015
SECTION 1
CA11- Financial Accounting
CA12-Commercial law
CA13-Entrepreneurship and communication skills
SECTION
2
CA21- Economics
CA22-Management Accounting
CA23-Public Finance and Taxation
SECTION
3
CA31-company law
CA32-Financial Management
CA33-Financial Reporting
SECTION
4
CA41-Auditing and assurance
CA42- Management Information system
CA43-Quantitative Analysis
SECTION
5
CA51-Strategy, Governance and Ethics
CA52-Advanced Management Accounting
CA53-Advanced Financial Management
SECTION
6
CA61-Advanced Public Finance and Taxation
CA62-Advanced Auditing & Assurance
CA63-Advanced Financial Reporting
PART 1
SECTION 1
PAPER
NO. 1 FINANCIAL ACCOUNTING
GENERAL
OBJECTIVE
This
paper is intended to equip the candidate with knowledge, skills and attitudes
that will enable him/her to prepare financial statements for different entities
1.0
LEARNING OUTCOMES
A candidate who
passes this paper should be able to:
·
Prepare
books of original entry and basic ledger accounts under double entry system
·
Prepare
basic financial statements of sole traders, partnerships, companies and
manufacturing entities and not for profit organisations
·
Comply
with the regulatory framework in the accounting field
·
Account
for asset and liabilities
·
Analyse
financial statements by use of ratios and statement of cash flows
CONTENT
1.1
Introduction to accounting
-
The
nature and purpose of accounting
-
Objective
of accounting
-
Users
of accounting information and their respective needs
-
The
accounting equation
-
Regulatory
framework of accounting (regulatory bodies such as ICPAK,
-
IFAC,
IASB, IPSASB)
-
Accounting
standards (IASs/IFRSs) importance and limitations
-
Professional
ethics
-
Accounting
concepts and principles
-
Qualities
of useful accounting information
1.2Recording
transactions
-
Source
documents: quotations, purchase orders, statement of account, remittance
advice, receipts, petty cash vouchers, sales and purchase invoice, credit notes
and debit notes, bank statements
-
Book
of original entry: sales journal, purchase journal, returns inwards journal,
returns outward journal, cash book, petty cash book and general journal
-
Double
entry and the ledger; use of T – accounts and double entry aspects(debit and
credit), sales ledger and purchases ledger
-
The
trial balance
-
Computerized
accounting systems- Role of computers, application and accounting softwares in
the accounting process, benefits and challenges of operating computerized
computer systems
1.3
Accounting for assets and liabilities
1.3.1
Assets
-
Property,
plant and equipment – recognition, capital and revenue expenditure, measurement
(depreciation and revaluation), disposal and disclosures, property, plant and
equipment schedule
-
Intangible
assets – recognition, measurement (amortization, impairment and revaluation)
disposals and disclosures
-
Financial
assets – examples and categories only
-
Inventory
– recognition, measurement and valuation using specific cost method, FIFO and
weighted average cost only
-
Trade
receivables – bad debts and allowances for doubtful debts and receivables control
accounts
-
Accrued
income and prepaid expenses
-
Cash
at bank – cash book and bank reconciliation statement
-
Cash
in hand – cash book and petty cash books
1.3.2
Liabilities
-
Bank overdraft – cash book and bank
reconciliation statement
-
Trade
payables – control accounts
-
Loans
– accounting treatment of repayment of principal and interest
-
Prepaid
incomes and accrued expenses
1.4 Correction
of errors and suspense account
1.5 Financial
statements of a sole trader
-
Income
statement
-
Statement
of financial position
-
Preparing
financial statements under incomplete information
1.6 Financial
statements of a partnership
-
Partnership agreement
-
Distinction between current and fixed
capital
-
Income
statement
-
Statement
of financial position
-
Changes in partnership – admission of a
new partner, retirement and change in profit sharing ratio
1.7
Financial statements of a company
-
Types
of share capital – Ordinary shares and preference shares
-
Issue
of shares – ( exclude issue by statement and forfeiture)
-
Types of reserves – share premium,
revaluation reserve, general reserves and retained profits
-
Income tax – accounting treatment and
presentation(exclude computation)
-
Financial statements – income statement
and statement of financial position
-
Published financial statements (describe
a complete set of published financial statement but not preparation)
1.8 Financial
statements of a manufacturing entity
-
Features of a manufacturing entity
-
Classification and apportioning costs
between manufacturing and selling and administration
-
Financial statements – manufacturing
account, income statement and statement of financial position
1.9 Financial statements of a not for
profit organization
- Features
-
Types of funds and their accounting
treatment
-
Income and expenditure account
-
Statement of financial position
1.10 Analysing financial statements
- Statement
of cash flows (categories of cash, methods of preparing statement of cash flows
and the importance)
- Financial ratios – definition, categories,
analysis and interpretation, application and limitations
1.11 Introduction to public sector
accounting
-
Features of public sector entities (as
compared to private sector)
-
Structure of the public sector (
National and county governments, state corporations and other agencies)
-
Regulatory structures and oversight
[IPSASB, PSASB] (establishment, mandate and functions), Director of accounting
services, National Treasury, Parliamentary committees, Accounting officers at
national and county levels)
-
Objectives
of public sector financial statements
-
Objectives
of IPSAS
-
Accounting techniques in public sector
(budgeting, cash, accrual, commitment and fund)
(Preparation of
financial statements excluded
1.12
Emerging issues and trends
PAPER
NO.2 COMMERCIAL LAW
GENERAL
OBJECTIVE
This paper is intended to equip the candidate with
knowledge, skills and attitudes that will enable him/her to apply the
principles and provisions of commercial law in various business environments
2.1
LERNING OUTCOMES
A candidate who passes
this paper should be able to:
·
Apply
general principles of commercial law in business
·
Identify
the various dispute resolution mechanisms
·
Demonstrate
knowledge of legal personality
·
Describe
the different types of property
·
Apply
the law of contract in various scenarios
CONTENT
2.1 Introduction to
law
2.1.1
Nature, purpose and classification of law
-
Meaning,
nature and purpose of law
-
Classification
of law
-
Law
and morality
2.2 sources of law
-
The
constitution
-
Legislation
-
Substance
of common law and doctrines of equity
-
African
customary law
-
Islamic
law
-
Judicial
precedent
-
General
rules of international law and ratified treaties
2.1.3
Administrative law
-
Meaning
-
Doctrine
of separation of powers
-
Natural
justice
-
Judicial
control of the executive
2.1.4
The court systems
-
Structure,
composition and jurisdiction of courts
-
Magistrate
courts
-
Courts
martial
-
Kadhis
courts
-
Tribunals
-
The
high court
-
Environmental
land court
-
Industrial
court
-
Court
of appeal
-
Supreme
court
2.1.5 The law of persons
-
Types
of persons: natural person , artificial person
-
Nationality,
citizenship and domicile
-
Unincorporated
associations
-
Corporations
-
Co-operative
societies
2.2 Law of tort
-
Nature
of tort
-
Vicarious
liability
-
Strict
liability
-
Negligence
-
Nuisance
-
Trespass
-
Defamation
-
Occupiers
liability
-
General
defences in the law of tort
-
Limitations
of actions
2.3 Law of contract
-
Definition
and nature of a contract
-
Classification
of contracts
-
Formation
of a contract
-
Terms
of a contract
-
Vitiating
factors
-
Illegal
contracts
-
Discharge
of a contract
-
Remedies
for breach of a contract
-
Limitations
of actions
2.4
Sale of goods
-
Nature
of the contract
-
Formation
of the contract
-
Terms
of the contract
-
Transfer
of property and title in goods
-
Rights
and duties of the parties
-
Auction
sales
-
International contracts of sale: FAS,
FOB, CIF, FCA, CPT, CIP, DAT, DAP, DDP, CFR, DAF, DES, DDU, Ex-works and
Ex-ship
2.5
General principles of consumer credit
-
Nature
of the hire purchase contract
-
Difference
between hire purchase and conditional sale/credit sale
-
Formation
of the hire purchase contract
-
Terms of the hire purchase contract
-
Rights and duties of the parties
-
Termination and completion of the hire
purchase contract
2.6
Indemnity and Guarantees
-
Nature
of the contracts
-
Rights and duties of the parties
-
Advantages and disadvantages of
guarantee as security
-
Termination
of contract of guarantee
2.7 Partnership
-
Nature of partnership
-
Relations of partners to persons dealing
with them
-
Relations of partners to one another
-
Rights, duties and liabilities of
existing, incoming, outgoing and minor partners
-
Dissolution of partnership and its
consequences
2.8 Insurance
-
Nature of the contract
-
Formation of the contract
-
Principles of insurance
-
Types
of insurance
2.9
Agency
-
Meaning,
nature and creation of agency
-
Types
of agents
-
Rights
and duties of the parties
-
Authority
of an agent
-
Termination
of agency
2.10
Negotiable instrument
-
Nature
and characteristics
-
Negotiability
and transferability
-
Types
: cheques, promissory notes, bills of exchange
-
Rights
and obligations of the parties
2.11
The law of property
-
Definition of property
-
Classification of property (real and
personal, movable and immovable, tangible and intangible)
-
Property
in land: private, public and community land
-
Interests
in land: estates, servitudes and encumbrances
-
Intellectual property: plant breeder’s
patents, trademarks, copyrights and industrial designs
2.12
Resolving commercial disputes
-
Nature
and problems associated with commercial litigation
-
Arbitration
-
Mediation
-
Negotiation
2.13 Emerging
issues and trends
PAPER
NO .3 ENTREPRENEURSHIP AND COMMUNICATION
GENERAL
OBJECTIVE
This paper is intended to equip the candidate with
skills, knowledge and attitudes that will enable him/her to apply
entrepreneurial skills in business and other environments
3.0 LERNING OUTCOMES
A
candidate who passes this paper should be able to:
·
Identify
and screen business opportunities
·
Develop
a business plan
·
Demonstrate
entrepreneurial orientation
·
Communicate
effectively in a business environment
·
Apply
entrepreneurial competencies in response to the emerging trends in the business
environment
CONTENT
3.1
Introduction to entrepreneurship
-
Definition
of entrepreneurship
-
Rationale
for entrepreneurship
-
Entrepreneurial
decision process
-
Entrepreneurial
development
-
Contribution
to economic development
3.2
Entrepreneurial orientation
-
Independence
and need for achievement
-
Individual
characteristics of entrepreneurs
-
Creativity
and innovation
-
Decision
making
-
Risk-management
-
Time
management
-
Coping
with competition
3.3
Entrepreneurial opportunity and development
-
Methods
of generating ideals
-
Qualities
of good business opportunities
-
Evaluating
business opportunities
-
Feasibility
analysis
-
Business
incubation
-
Intellectual
properties, copyrights trademarks and patents
3.4
Business plan
-
Purpose
-
Format
-
Description
of the business
-
The
market and the marketing plan
-
Human
resource plan
-
The
financial plan
-
Launching
the new venture
3.5
Strategies for enterprise growth
-
Penetrating
strategy
-
Market
development strategy
-
Product
development strategy
-
Franchising
-
Joint
venture
-
Mergers
and acquisitions
-
Going
public
3.6
Entrepreneurship and technology
-
Internet
and e-commerce
-
The
enterprise website
-
Globalization
-
Business
outsourcing
-
Techpreneurs
-
Electronic
and mobile money transfers
-
Business
networking
-
Crowd
funding and crowd sourcing
3.7
Nature of business communication
-
Meaning
of communication
-
Purpose
of business communication
-
Internal
and external communication
-
The
communication process
-
Methods
of communication
-
Communication
systems and networks
-
Principles
of effective communication
-
Barriers
to effective communication
3.8
Written communication
-
Rules
of effective writing
-
Business
correspondence
-
Reports
-
Memorandum
-
Proposal
writing
-
Forms
and questionnaire design
-
Circulars
and newsletters
-
Notices
and advertisements
-
Publicity
materials
-
Press
releases
-
Graphic
communication
3.9
Oral and non-verbal communication
-
Oral
communication in business
-
Effective
listening
-
Interviews
-
Non-verbal
communication
-
Interpersonal
relationships
-
Presentation
skills
3.10
Meetings
-
Notice
-
Agenda
-
Role
of the chairperson
-
Role
of the secretary
-
Conduct
of meetings
-
Minutes
3.11
Information technology communication
-
The
internet
-
Teleconferencing
-
Wireless
technologies
-
Electronic
postal services
3.11
Ethics and integrity in business communication
-
Concept
of ethics and integrity
-
Significance
of ethical communication
-
Factors
influencing ethical communication
-
Ethical
dilemmas in communication
-
Guidelines
to handle communication ethics dilemmas
-
Business
ethics in communication
3.12
Emerging issues and trends
SECTION
2
PAPER NO.4
ECONOMICS
GENERAL
OBJECTIVES
This paper is intended to equip the candidate with knowledge, skills and
attitudes that will enable him/her to apply the fundamental principle of
economics in decision making
4.0 LEANING
OUTCOMES
A candidate who passes this paper should be able to
·
Apply basic mathematical and graphical techniques to
analyse economic relationships and interpret the results
·
Apply the knowledge of economics in decision making
·
Analyse economic problems and suggest possible
policy related recommendations
·
Apply knowledge of economics in international trade
and finance
·
Apply economic principles in the development and implementation
of policies in agriculture and industry
·
Demonstrate an understanding of emerging economic
issues
CONTENT
4.1 Microeconomics
4.1.1
Introduction to Economics
-
Definition of economics
-
Micro and macro economics
-
The methodology of economics and its
basic concepts
-
Economic description and analysis
-
Scarcity, choice, opportunity cost and
production possibility frontiers and curves
-
Economic systems, free economy, planned
economy and mixed economy
-
Specialization and exchange
4.1.2
Demand, supply and determination of equilibrium
4.1.2.1
Demand analysis
2
Definition
3
Individual demand versus market demand
4
Factors influencing demand
5
Exceptional demand curves
6
Types of demand
7
Movement along and shifts of demand
curves
8
Elasticity of demand
9
Types of elasticity: Price, income and
cross elasticity
10
Measurement of elasticity; point and arc
elasticity
11
Factors influencing elasticity of demand
12
Application of elasticity of demand in
management and economics policy decision making
4.1.2.2.
Supply analysis
13
Definition
14
Individual versus market demand
15
Factors influencing supply
16
Movement along and shifts of supply
curves
17
Price Elasticity of supply
18
Factors influencing elasticity of supply
19
Application of elasticity of supply in
management and economics policy decision making
4.1.2.3
Determination of equilibrium price
Interaction of supply and demand,
equilibrium price and quantity
Mathematical approach to equilibrium
analysis
Stable versus unstable equilibrium
Effects of shifts in demand and supply
on equilibrium
price control
Reasons for price fluctuation in
agriculture.
4.1.3 The Theory of consumer
Behaviour:
-
Approaches to the theory of the consumer-cardinal
versus ordinal approach
-
Utility analysis, Marginal Utility (MU),
Law of Diminishing Marginal Utility (DMU)
-
Limitation of cardinal approach
-
Indifference curve analysis
-
Budget line
-
Consumer equilibrium; effects of changes
in prices and incomes on consumer equilibrium
-
Derivation of demand curve
-
Application of indifference curve
analysis: Substitution and income effects for a normal good, inferior good and
giffen good; derivation of the Engel curve
-
Consumer surplus
4.1.3
The theory of a firm
4.1.4.1 The
Theory of Production
-
Factors of production
-
Mobility of factors of production
-
Production function analysis
-
Short run analysis
-
Total product, average and marginal
products
-
Stages of production and the law of
variable proportions/the law of diminishing
returns
-
long run analysis
-
Isoquant and Isocost lines
-
The concept of producer equilibrium and
firm’s expansion curve
-
Law of returns to scale
-
Demand and supply of factors of
production
-
Wage determination theories
-
Trade unions: functions and challenges
-
Producer surplus/economic rent.
4.1.4.2
The theory of cost
-
Short run cost analysis and size of the
firm: total cost, fixed cost, average cost, variable cost and marginal cost
-
Long run cost analysis
-
Optimal size of a firm
-
Economies of scale
4.1.5
Market
structure
-
Definition of a market
-
Necessary and sufficient conditions for
profit maximization
-
Mathematical approach to profit
maximization
-
Output, prices and efficiency of:
perfect competition, monopoly, monopolistic competition, oligopolistic
competition
4.2
Macroeconomics
4.2.1
National Income
-
Definition of national income
-
Circular flow of income
-
Approaches to measuring national income
-
Concepts of national income; Gross
Domestic Product (GDP), Net National Product (NNP) and net national income
(NNI) at market price and factor cost, disposable income
-
Problems of measurement; Uses of
national income statistics and their limitations
-
Analysis of consumption, saving and
investment and their interaction in a simple economic model
-
Determination of equilibrium national income
-
Inflationary and deflationary gaps
-
The multiplier and accelerator concepts
-
Business cycles/cyclical fluctuations
4.2.2
Economic
growth, economic development and economic planning
-
The difference between economic growth
and economic development
-
Actual and potential growth
-
The benefits and cost of economic growth
-
Determinants of economic development
-
Common characteristics of developing
countries
-
Role of agriculture and industry in
economic development
-
Obstacles to economic development
-
The need for development planning
-
Short term, medium and long term
planning tools
-
Limitation of planning in developing
countries
4..3
Money and Banking
4..3.1
Money
-
The nature and functions of money
-
Demand and supply of money
-
Theories of the demand for money
-
Theories of demand for money: The
quantity theory, the Keynesian liquidity preference theory
4..3.2
The banking system
-
Definition of Commercial banks
-
The role of commercial banks and
non-banking financial institutions in the economy
-
Credit retention
-
Definition of Central banks
-
The role of Central Bank; traditional
and changing role in a liberalized economy, such as financial sector reform,
exchange rate reform
-
The role of commercial banks and
non-bank financial institutions in the economy
-
Monetary policy; definition, objectives
instruments and limitations
-
Determination of interest rates and
their effects on the level of investment, output, inflation and employment
-
Harmonization of fiscal and monetary
policies
-
Simple IS-LM Model
-
Partial equilibrium and general
equilibrium
4..4
Inflation and unemployment
4.1.4.1 Inflation
-
Definition and types of inflation
-
Causes of inflation: cost push and demand pull
-
Effects of inflation
-
Measurers to control inflation
4.2.4.2 Unemployment
-
Definition of unemployment
-
Types and causes of unemployment
-
Control measures of unemployment
-
Relationship between unemployment and
inflation: Philips curve
4.2.5
International Trade and Finance
-
Definition of international trade
-
Theory of absolute advantage and comparative
advantage
-
World trade organization ( WTO) and
concerns of developing countries
-
Protection in international trade
-
Regional integral organizations,
commodity agreements and the relevance to Less Developed Countries (LDCs)
-
Terms of trade, Balance of trade, Balance
of payments (causes and methods of collecting deficits in balance of payment), Exchange
rates, types of exchange regimes, factors influencing exchange rates, foreign
exchange reserves.
-
International Financial Institutions: International
Monetary Fund (IMF) and World Bank
-
National debt management: causes and
interventions
-
Structural Adjustment programmes (SAPs)
and their impacts on the LDCs
4.2.6
Current
development
-
Factors affecting economic development:
informal credit markets, development index, growth of market structures, voting
behavior, technology transfer, democracy and development, environmental
concerns
4.2.7 Emerging issues and trends
PAPER
NO. 5 MANAGEMENT ACCOUNTING
GENERAL
OBJECTIVES
This paper is intended to
equip the candidate with knowledge, skills and attitudes that will enable
him/her to apply management accounting principles and concepts in business
5.0 LEANING OUTCOMES
A candidate who passes
this paper should be able to
·
Estimate the
cost of goods and services
·
Analyse
product costs for manufacturing and non-manufacturing activities
·
Prepare
marginal and absorption cost statements
·
Analyse an
organization’s activities through budgetary
control process
·
Analyse
variances of decision making
·
Use computers in cost management
CONTENT
5.1
Nature and Purpose of Cost Accounting and Budgeting
-
The
nature of cost accounting and costing terms
-
The
role of cost accounting in management
-
The purposes of cost accounting
information
-
Scope
of cost accounting
-
Meaning
of management accounting, scope, limitations, applications
-
Relationship
between cost, financial and management accounting.
-
Selection
of an ideal cost accounting system
-
Cost Classification and Estimation
-
Definition
and purpose of cost classification
-
Methods of cost classification: by
nature/elements of manufacturing costs; functional classification; behavioural
classification; controllability; time financial accounting; identification with
inventory ; for decision making
5.3 Cost estimation
-
Meaning of cost estimation
-
Methods of estimating cost:
non-mathematical methods like engineering method, accounts analysis method and
high-low method; mathematical methods like scatter graph method; OLS regression
method (simple linear regression only)
5.4
Cost Accumulation
-
Accounting for material and Inventory:
material cost records, purchasing procedures, receipt and issues of material,
methods of valuing material issues , Inventory control procedures; economic
order quantity (EOQ) and economic batch quantity (EBQ) models and back flush
-
Accounting for labour: methods of
labour remuneration, labour control procedures, maintenance of labour records;
-
Accounting for overheads: types of overheads; Manufacturing,
distribution and administrative, service departmental cost allocation and
apportionment, overheads analysis, overhead absorption rates, over or under
absorption
-
Activity based costing
5.
5 Cost bookkeeping
The flow of cost in business enterprise
cost bookkeeping-interlocking and
integrated ledger system
5.6
Costing methods
job order costing
batch costing
process costing (including work in
progress; joint and by-products)
service costing
unit costing
5.7 Marginal and Absorption Costing
-
Distinction
between marginal and absorption costing
-
Valuation of products under marginal and
absorption costing
-
Preparation of marginal and absorption
statements; cost or production and profit determination
-
Applications of marginal costing:
break-even analysis and charts; cost volume profit analysis; special order,
make or buy decisions
-
simplified decision problems: accept or
reject, special order, dropping a product, make or buy
-
operating statements
5.8
Budgeting and Budgetary Control
-
Nature and purposes of budgets
-
Preparation of budgets; master budgets,
functional (department budgets, cash budgets) proforma financial reports
(income statements and balance sheets)
-
Purpose of budgetary control: Operation
of a budgetary control system, organisation and co-ordination of the budgeting
function
-
Distinction between budgeting and budgetary
control in the private and public sectors
5.9
Standard Costing
-
Types
of standards
-
Principles
of standards
-
Standard
cost card
-
Behavioural
aspects of standard costing
-
Generation
of standard cost information
-
Materials,
labour and overheads variances; price and efficiency variances
5.10
Cost management
-
Value
chain research and development-design-production marketing distribution and
customer care
-
Just
In Time (JIT)
-
Use
of computers in costing: job costing, inventory management, labour costing,
cost entre analysis, coding, budgeting and decision making
5.11
Overview of
performance measurement
-
Purpose
of performance management
-
Financial
performance measures: profitability, liquidity, activity and gearing
-
Non-financial
performance measures. The balanced score card perspective
5.12 Emerging issues and trends
SECTION 2
PAPER NO. 6
PUBLIC FINANCE AND TAXATION
GENERAL
OBJECTIVES
This paper is intended to equip the candidate with knowledge, skills and
attitudes that will enable him/her to apply public financial management
regulations and taxation concepts and principles in practice
6.0 LEANING
OUTCOMES
A candidate who passes this paper should be able to:
·
Comply with
the regulatory framework in public financial management (PFM)
·
Compute tax
for various entities
·
Manage the
budgetary process, public revenue and control public expenditure in national
and county governments
·
Apply the
written tax law in addressing various tax issues
·
Manage
non-complex public financial management issues in public entities
CONTENT
6.1
Introductions to public financial management Legal Framework
-
General overview of public financial
management as envisaged by the constitution
-
Overview of the public financial
management Act
-
Financial regulations
-
Treasury circulars; meaning and
application
-
Process of developing county government
finance bills
6.2
The operations of the national and county governments on management and control
of public finance
-
Establishment of National County
Treasury
-
Responsibility of National and County Treasuries with respect
to public funds
-
Establishment, purpose and composition
of intergovernmental budget and economic council
-
The process of sharing revenue
-
The role of the Commission on Revenue on
Allocation (COR)
-
The role of the council of governors in
county financial management
6.3
Establishment of public funds in the public sector
-
Provision of establishing public funds
-
Rationale of creation of public funds
-
The consolidated fund
-
The establishment and administration of
contingency funds
-
The establishment and administration of
equalization funds
6.4
supply chain management in public entities
-
Definition and terminologies
-
General overview of Public Procurement
and Disposal (PPD) Act
-
Procurement guidelines as envisaged by
PPD Act
-
Committees responsible for procurement
-
Procurement process by National, County
and other Public entities
-
Tendering process and selection of
suppliers in public sector
-
Concept of E-procurement
6.5
oversight function in public finance management
-
The role of National Assembly
-
The role of senate
-
The role of county assembly
-
The role of auditor general
-
The role of Internal Audit
-
Role of controller of budget in relation
to disbursement of public funds as envisaged by the constitution and PFM Act,
2012
6.6
Introduction to taxation
-
History and purpose of taxation
-
Principles of an optimal tax system
-
Single versus multiple tax systems
-
Classification of taxes and tax rates
-
Impact incidence and tax shifting, tax
shifting theories
-
Taxable capacity
-
Budgetary and fiscal tools: General
definition of budgets terms, Budget surplus and deficits
-
Role of budget officers in budget
preparation and execution
-
Responsibilities of the national and
county treasury in relation to budget preparation
-
Budget process for both national, county
and public entities
-
Revenue Authority-History, structure and
mandate
6.7
Taxation of income of persons
-
Taxable and non taxable persons
-
Sources of taxable income
-
Employment income
·
Taxable and non taxable benefits
·
Allowable and non allowable deductions
·
Tax credits (withholding tax, personal
and insurance relief etc)
·
Pension income
-
Business income
·
Sole proprietorship
·
Partnership (excluding conversion)
·
Incorporated entities (excluding
specialized institutions)
·
Turnover tax
-
Income from use of property-rent and
royalties
-
Farming income
-
Investment income
-
Capital gains tax
6.8
capital deductions
-
Rationale for capital deductions
-
Investment deductions: ordinary
manufacturers
-
Industrial building deductions
-
Wear and tear allowances
-
Farm works deductions
-
Mining allowance
-
Shipping investment deduction
-
Other deductions
-
Notices, objections, appeals and relief
of mistakes
-
Appellant bodies
-
Collection, recovery and refund of taxes
-
Offences, fines, penalties and interest
-
Application of ICT in taxation: iTax,
samba system
6.9
Administration of value added tax
-
Introduction and development of VAT
-
Registration and deregistration of
business for VAT
-
Taxable and non taxable supplies
-
Privileged persons and institutions
-
VAT rates
-
VAT records
-
Value for VAT, tax point
-
Accounting for VAT
-
VAT returns
-
Remission, rebate and refund of VAT
-
Rights and Obligation of VAT registered
persons
-
Offences fines, penalties and interest
-
Enforcement
-
Objection and appeals: Requirements and
procedures
-
Challenges in administration of VAT
6.11
Customs taxes and excise taxes
-
Customs procedure
-
Import and export duties
-
Prohibitions and restriction measures
-
Transit goods and bond securities
-
Excisable goods and services
-
Purposes of customs and exercise duties
-
Goods subject to customs control
-
Import declaration form, pre-shipment
inspection, clean report of findings
-
Other revenue sources
6.12
Emerging issues and trends
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