Bachelor of Commerce Honours Degree in Fiscal Studies [Bcomhfisc]


NUST code:



 4 Years






SADC-QF - Level 8




BLOCK RELEASE (Offered in Bulawayo and Harare)
The Bachelor of Commerce Honours Degree in Fiscal Studies (BComHFisc) programme is a four-year honours degree programme. The degree programme focuses on revenue generation and expenditure by the state and its agents, particularly areas of customs, taxes, and excise duties
Purpose of the Programme
The degree programme offers opportunity to students to cover courses in an environment characterized by forces of globalization. The programme provides undergraduates with a rigorous economics-oriented education aimed at developing a broad understanding of the theoretical, empirical, and institutional aspects of revenue generation and administration, particularly customs/tax policy implementation and administration. Survivals of economies depend on personnel who are able to generate adequate revenue for the state regardless of economic forces at play.

Areas of Study
Research and innovation oriented. Teaching and learning are professionally oriented and focused on practical aspects.    Freight forwarding and logistics, accounting and financial analyses especially for government and quasi-government sectors, public finance and economics, customs and taxes information systems, computer applications in revenue management, tax computations and planning, compute customs and excise duty, national income accounting, taxation accounting, financial modelling, ethics, governance and integrity
Specialist Focus:    Revenue generating tools and techniques using taxes, customs duty and excise duty. Also includes use of modern tools and techniques in computation and administration of tax and customs authority as well as other revenue generating entities of the government and its agents as well as central government.  
Orientation:     Research and innovation oriented. Teaching and learning are professionally oriented and focused on practical aspects.
Distinctive Features:    The programme builds the research-technology-innovation continuum and focuses on knowledge development and application using a student-centred approach
Careers as customs and taxes economists and practitioners, tax consultants at corporation, SME, NGO and governmental levels, regional and international revenue authorities, research institutions, as well as lecturers at universities and colleges.  Some can pursue higher degrees in other universities. More importantly, this programme is designed to offer students with undergraduate knowledge and skills in setting up and running their own businesses and consultant firms especially in transport, logistics, manufacturing enterprises, institutions involved in international economic cooperation, or working as a custom broker. .
Master’s and doctoral studies Business Administration, Development Finance and Economics, Customs, Taxes and Fiscal Studies and related fields
Normal Entry Requirements

For normal entry, candidates should have passed at least 5 subjects at Ordinary Level including Mathematics and English; and, have good passes in at least two subjects at 'A' Level from Economics and any other related commercial subject(s) such as: - Accounting, Mathematics, Statistics, Management of Business/ Business Studies, Computer Science, Geography.
Special Entry

  • Candidates should have minimum of a National Diploma in Banking and Finance, Accountancy or recognised equivalent.
  • A candidate who holds a Higher National Diploma in Accountancy, Banking and Finance, or an equivalent qualification from a recognized institution may be considered for direct entry into semester two of the degree programme provided necessary courses have been covered after mapping the passed courses with our programme.
  • Special entry shall be in accordance with the General Regulations.
Mature Entry

Potential students who are at least 25 years old for men and 23 years for women on the day of academic year and not legible for entry under the normal entry requirements apply for mature entry provided;

  • They have passed at least five approved 'O' Level subjects including Mathematics and English language,
  • Applicants wishing to be considered under mature entry provisions may have to attend interviews and/or specific tests administered by the university to assess their general suitability for the admission.
  • Meeting the minimum admission requirements does not necessarily ensure admission. Admission is based on the number of places available and is awarded based on merit. The Department of Finance reserves the right to interview candidates to assess their suitability for admission into this programme.
The Programme consisting of coursework shall normally be completed over a maximum period of 4 years on a full-time and/or block-release basis.

 On both basis, delivery shall be allocated as follows:

Year of Study

Number of Modules

Year 1


 Year 2


Year 3

Industrial Attachment

Year 4


Total Number of Modules


1 Research Project

 Programme of Study

  • The programme constitutes four academic years on a full-time and/or block-release basis, each academic year representing a part of the degree programme. Year III shall be spent in industrial attachment with an appropriate organisation.
Mode of Delivery
  • The programme will be offered on a full-timeand/or block-release basis and may be carried out at satellite centres.
Taught Courses
  • Each course shall be assessed by coursework and a formal examination.
  • Practical courses shall fully be examinable by coursework, of which the weighting of the coursework shall be: Practical Work 60%; Assignments and Tests 40%.
  • For theoretical courses the coursework shall be 30% and the formal examination shall be 70%.
Industrial Attachment/ Work Placement
  • Semesters I&II students will spend at least eight (8) months of this period on approved industrial attachment.
  • The Industrial Attachment will be governed by the General University regulations.
  • Where a student obtains less than 50% in the Industrial Attachment Continuous assessment, the student is required to repeat Industrial Attachment.
  • Continuous Assessment shall contribute 50% to the final Industrial Attachment mark.
  • The Final Assessment mark shall be determined on the basis of the final report assessment (40%) and oral presentation assessment (10%
  • Assessment and Scheme of Examinations

The assessment of attainment and scheme of examination regulations for this degree programme must be read in conjunction with General Regulations of National University of Science and Technology

    • The determination of the overall degree programme aggregate will be as follows:

Part II   -     30%           

Part III  -     20%           

Part IV  -     50%


Classification of the Degree
  • Candidates must satisfy the examiners in all the prescribed courses and in all requirements for the programmes.
  • For the degree to be awarded, the minimum number of credits of 540 must be satisfied.
Programme Duration

In accordance with the General Regulations, the degree requires the study of a range of courses over four years (8 semesters). This includes one academic year of Industrial attachment.



Module Code

Module Name











Accounting and Financial Analysis IA


Commercial Law

Quantitative Analysis for Business I

Business Communication

Principles of Management

Conflict Transformation and Leadership











Total Credits Year I Semester I












Customs and Excise Laws

Freight Forwarding and Logistics

Introduction to Information Technology and Programming (Practical)

Accounting and Financial Analysis IB


Quantitative Analysis for Business II       

Principles of Marketing










Total Credits Year I Semester II


Total Credits Year I













Tax Law and Practice I

Computer Applications in Revenue Management (Practical)

Value Added Tax I

Audit Principles and Skills

Corporate Finance I

Accounting and Financial Analysis IIA

Corporate Law and Practice










Total Credits Year II Semester I













Customs Management Theory and Practice I

Public Finance and Economics

Tax Law and Practice II

Customs and Taxes Information Systems (Practical)

Corporate Finance II

Research Methods in Finance and Economics (Practical)

Accounting and Financial Analysis IIB










Total Credits Year II Semester II


Total Credits Year II



I & II


Industrial Attachment










Customs Management Theory and Practice II

Value Added Tax II

Taxation Accounting

Corporate Governance, Ethics and Integrity

Audit Practice and Investigation






Total Credits Year IV Semester I










Economic and Fiscal Policy

National Income Accounting

Interpretation of Statutes and Legal Drafting

International Economic Integration and Trade

Financial Modelling (Practical)

Research Project







Total Credits Year IV Semester II


Total Credits Year IV


Overall Credits for the Programme


Year I Semester I Modules

CFI 1102 Accounting and Financial Analysis I [10 Credits]

This course introduces basic financial accounting principles for a business and presumes no previous Finance and Accounting knowledge. Upon completion, students should be able to gather financial information and to demonstrate an understanding of accounting principles and apply those skills to a business organization. Course should cover techniques of identifying and describing information sources that financial analysts use in financial statement analysis besides annual financial statements and supplementary information and the steps in the financial statement analysis framework.  Topics include the complete accounting cycle, accounts hierarchy (account classes, account groups, subsidiary accounts); journal entries related to sales, purchases, collections, payments, and expenses; posting; accounting of value added tax; payroll accounting; accounting of current assets; trial balance, preparation of financial statements for different types of business entities and closing/opening entries; petty cash and various types of reconciliation statement analyses.


CBA 1105 Microeconomics [10 Credits]          

This module will study markets and the decision making embedded therein. It will discuss standard economic arguments that free markets work “best", the conditions under which these arguments are most believable, and policy options when these conditions are not met. The module will examine both competitive markets, for which basic models of supply and demand are most appropriate, and markets in which agents act strategically, for which game theory is the more appropriate tool. The module will cover, inter alia, economic theory and the market economy, consumer theory, choice under uncertainty, production and costs, efficiency and trade, market equilibrium, game theory and imperfect competition.


CIN 1109 Commercial Law [10 Credits]

The module introduces students to the basic legal principles governing the business environment. Focus will be placed on definition of contracts, requirements of a contract, breach of a contract, remedies for breach of contracts, law of agency, contract of sale, law of business organisations and insurance contract.


CIN 1106 Quantitative Analysis for Business I [10 Credits]      

The module introduces students to the mathematical tools relevant for application to the business environment. Students will be expected to recognise the value of quantitative methods in analysing data and interpreting it in order to make relevant business decisions.


CBU 1102 Business Communication [10 Credits]

General comprehensionand expression, report writing, comprehension of ideas, development of different styles and theuseof English in abusiness setting, communicating skills, letter writing, committeedocuments, use ofquestionnaires, notetaking, summarising.


CBU1108 Principles of Management [10 Credits]

Historyand developmentof management thought,functions of management, organisational structures, decision making,communication, centralisation and decentralisation, delegation, leadership and motivation, controllingbudgeting and non-budgetarycontrols.


CTL 1101 Conflict Transformation & Leadership [10 Credits]

The thrust of the course is understanding peace and conflict; theories of conflict; conflict analysis and tools; economic roots of conflict; gender and conflict; leadership; leadership and conflict handling mechanisms; leadership and conflict handling mechanisms; women in leadership; leadership ethics; interplay: leadership, conflict and development

 Year I Semester II Modules

CFS 1201 Customs and Excise Laws [10 Credits]


This module seeks to examine the customs law act and the regulations that govern the importation of goods. The valuation of imported goods for customs purpose is also going to be covered. The module is guided by the Customs and Excise Act of Zimbabwe is primarily designed to provide students with knowledge of Customs related laws of Zimbabwe and how it is affected by International Customs norms or standards such as the Harmonised System and the GATT valuation code. This is turn will provide the basis for the management and administration of the customs and excise and for matters relating thereto and connected therewith.


CFS 1202 Freight Forwarding and Logistics [10 Credits]

The module provides basic knowledge of cargo, traffic management skills, and an understanding of the unique requirements of international transportation and logistics within the confines of international best practices. Candidates will gain insight into cargo handling related to required shipment documentation and communication.  Expected outcomes include knowledge of intermodal transportation, supply chain packaging, warehouse operations, track protection.


CFI1202 Introduction to Information Technology and Programming [10 Credits]

The module provides a brief overview of the discipline of computer science and information technology topics including computer architecture, operation systems and networks, automata and models of computation, programming languages and compilers, algorithms, databases, security and information assurance, artificial intelligence, graphics, and social/ethical issues of computing. This module also provides an introduction to computer programming using the Python programming language, which covers basic procedural techniques such as variables, data types, selection, iteration, and functions. It will also introduce students to object-oriented programming. It also looks at various general programming concepts, such as algorithm design and debugging. By the end of the course, students should be able to construct a moderately-sized Python program.


CFI 1204 Financial Accounting and Analysis IB [10 Credits]

The module builds on the foundation laid in CFI 1102. Emphasis is on analysing, summarizing, reporting, and interpreting financial information. Upon completion, students should be able to prepare, analyse and interpret financial statements. The objective of the course is to provide students with hands-on experience in financial statement analysis. Students will be exposed to general tools of financial analysis, theoretical concepts, and practical valuation issues. By the end of the course, students should be comfortable with using firms' financial statements to develop an understanding of their performance and to establish a basis for making reasonable valuation estimates. Students will be introduced to financial packages that are used in analysing financial statements and decision making.


CBA 1206 Macroeconomics [10 Credits]         

The module is designed to address how economists model the relationships between aggregate economic variables and examine how various fiscal and monetary policies can affect the results. The main goal is to improve students’ economic literacy and ability to apply economic models to analyse real world events.  This module will be taught from an equilibrium perspective. This means the module will work with economic agents that optimize and with aggregate consistency conditions. Along with building basic economics intuition, the module will be centred on constructing and understanding macroeconomic models. These models will be used to discuss the theory of long-run economic growth and short-run economic fluctuations and to analyse macroeconomic policy, in particular fiscal policy.


CIN 1207 Quantitative Analysis for Business II [10 Credits]

This module seeks to introduce students to the application of quantitative methods to the business environment. Students will be expected to grasp mathematical tools which are used for analysing data and to be able to accurately interpret it and apply them in decision making.

CMK 1209 Principles of Marketing [10 Credits]

Marketing functions; the environment of marketing; marketing information systems and marketing research; the marketing mix; consumer behaviour; the social responsibility of marketing; public policy with respect to marketing practices.

 Year II Semester I Modules

CFI2105 Tax Law and Practice I [10 Credits]


The module introduces students to taxation and the tax system in Zimbabwe by covering topics that include an introduction to and current trends in the tax system in Zimbabwe. The concepts of and the difference between tax avoidance and tax evasion is explored. The sources of tax law, including an appreciation of the role of statutes, case law in Zimbabwe’s tax system and the practices of the Commissioner of Taxes. The principle of gross income and the sources of income and the taxation of fringe and other benefits are explored in detail. Students get an appreciation of the concepts of exempt income, deductions from income, capital allowances and an appreciation of the final deduction system and NSSA contributions. The calculation of income tax liability for individuals and credits that accrue to them from employment and simple types of business that include sole traders, partnerships, farming income and an introduction to the taxation of business income principles of capital gains taxes is covered. The module also gives an overview of the role and appreciation of taxation in personal financial management.


CFS2102 Computer Applications in Revenue Management [10 Credits]


This module seeks to introduce the students to the computer-based revenue management models that can help improve the collection and management of revenue.


CFS2103 Value Added Tax (VAT) I [10 Credits]


The module provides a brief introductory study of the VAT legislation in Zimbabwe. As a foundation course to the study of VAT/GST, it exposes students to a more general overview of the tax system including, inter alia, the rationale for replacing various sales taxes with VAT/GST, specifically pointing to the deficiencies in these sales tax systems and especially the cascading effect in them. The regressively of VAT/GST will be explored as one of the crucial demerits afflicting the VAT/GST system. The evolution, including a general historical background to the VAT/GST will be done. The course will also review GST implementation in Zimbabwe and other countries. The study will then explore the following issues in VAT/ GST: Interpretation of fiscal legislation; definition of some important terms, such as trade, consideration, supply, goods and services, connected persons; registration for VAT/GST; some special types of supplies; timing and value of supplies zero-rated supplies and exempt supplies; VAT on the importation of goods and services; accounting for VAT and documentation requirements such as tax invoices, debit and credit notes; calculation of tax payable; prohibited deductions and returns, payments and assessments.


CFS 2104 Audit Principles and Skills [10 Credits]


The purpose of this module is to introduce the student to the underlying theories, principles and practices of modern auditing. In doing so, it will examine the modern auditing process and identify contemporary issues in auditing practice. It will provide students with the ability to assess audit risk and its component parts and evaluate the internal control systems and environment of an organisation.

CF12101 Corporate Finance I[10 Credits]

The aim of the module is to identify the objective that corporate finance managers pursue or ought to pursue in order to satisfy the needs of corporate stakeholders and to develop, in students, concepts and corporate analytical tools that will enable them to meet this objective.  To this end, the module will cover the following critical areas: goals of a firm and the agency theory; time value concepts and valuation of bonds and shares; capital budgeting under certainty; operating and financial leverage; introduction to portfolio theory and capital asset pricing; the stock market and other sources of long-term capital; innovations in corporate finance.


CFI 2101 Accounting and Financial Analysis IIA [10 Credits]

This course is a continuation of the study of accounting principles with in-depth coverage of theoretical concepts and financial statements. Topics include comparison of International Financial Reporting Standards (IFRS) with Generally Accepted Accounting Principles and extensive analyses of financial statements. Upon completion, students should be able to demonstrate competence in the conceptual framework underlying financial accounting, including the application of financial standards. The course will give students the tools to perform a fundamental analysis of a company. Focus will be on developing these skills for assessing quality of financial statements, potential accounting distortions, recasting financial statements, DuPont framework, cash flow analysis, prospective analysis, using accounting numbers in forecasting, forecasting for valuation, and investor communication. Students must understand the effects of alternative financial reporting policies on financial statements and ratios and be able to execute appropriate adjustments to enhance comparability between companies. In addition, students must be alert to differences between acompany’s reported financial statements and economic reality.


CFI2110 Corporate Law and Practice [10 Credits]

The module introduces students to the legal environment and statutes that affects the operation of companies and other corporate bodies. Students are guided to understand the process of company formation and the characteristics of different types of companies, including private companies, public companies, companies limited by guarantee, cooperative companies and statutory corporations. An overview of the purpose and practices of the Companies Registrar’s Office that confronts financial practitioners in today’s environment is explored. Students get an opportunity to understand the constitutions of companies that include the memorandum and articles of association; Legal principles that affect the raising company capital, through issuing new shares and allotment and other types of redeemable securities, including share transfers, protections offered to minority shareholders, the purpose a practice of judicial management, reconstruction of and the winding up of companies; the types of meetings, resolutions, notices, proxies, quorum and minutes of meetings, that include the general meetings and the meetings of the boards of directors; the election of directors, rotation, and the role, rights and duties and liabilities of directors and the board chairperson; the appointment to office, rights and duties and the vacation from office of the company secretary; the purpose and conducting of board meetings, composition, roles, procedures and the delegation of authority to committees. The concept of company membership and the rights and duties of members is explored; the role, appointment and removal of auditors of the company; the generation of annual reports, retention or records, statutory registers and filing with the Registrar of Companies


  • Part II Semester II Modules

CFS2204 Customs Management Theory and Practice I [10 Credits]


This module introduces students to the policy and principles of customs administration and international trends that impact on customs, including social expectations, emerging technologies and the global economy. A detailed analysis of the role and responsibilities of customs authorities is undertaken, including a historical perspective of the customs function, its evolving role in the International trade and commerce and the various international conventions and agreements which impact on customs policy.


CFS2205 Public Finance and Economics [10 Credits]


The module is meant to enable students to have a deeper understanding of the operations of public finance from the theoretical and practical point of view. It commences by looking at the nature and scope of public finance, theory of public goods, welfare theories and proceeds to consider the financial and economic role of the government. It also examines the scope and control of public expenditure, the main methods of diverting resources from private to public use by way of taxation, financial and macroeconomic problems, financial and macro-economic policies, and sources of finance/revenue. Because of the prominence of taxation as a source of public revenue, the module provides students with a conceptual framework for examining government taxing so as to analyse current tax policy and provide proposals for reform. The focus will be on evaluating the impact of taxation on the allocation of resources and the distribution of income.


CFS 2206 Tax Law and Practice II [10 Credits]

The module develops further on the principles of taxation covered in Tax Law and Practice I to introduce students to the administration of the tax system in Zimbabwe, corporate taxes, other special taxes that are applicable in Zimbabwe and the concept of tax planning. An introduction to value added tax is also covered. The administration of corporate payment dates that is applicable to companies and other corporate and business bodies is explored. Special types of taxes that are applicable to different entities are covered, including the computation of tax liability for companies, mining operations, trusts, estate duty and other types of investment income that include the taxation of dividends. An integral part of this module is the development of the principle of tax planning and how corporations minimise the taxes payable. The role of the tax planner in the corporate environment and in private advisory capacity is explained; International aspects to taxation including double tax agreements between Zimbabwe and other countries. It develops further the concept of capital gains taxes in as far as it applies to the taxation of business and investments.


CFS 2207 Customs and Taxes Information Systems [10 Credits]

The module enables the candidate to understand fiscal information systems that provide public sector managers a modern set of tools to assist them in performing  a variety of tasks, such as: (a) designing appropriate fiscal and monetary responses to changing macro-economic conditions; (b) ensuring accountability for the deployment and use of public resources; (c) improving the effectiveness and efficiency of public expenditure programs; (d) mobilizing domestic resources and managing external resources (foreign aid and loans); (e) managing the civil service; and (f) decentralizing operations with adequate controls.  Candidates should be able to use modern tools and technologies to perform macro-economic forecasting, budget preparation, execution, perform audits and prepare financial reports.


CFI2202 Corporate Finance II [10 Credits]

The aim of the course is to develop further, in students, concepts and corporate financial analytical tools. The areas covered will include the following: Introduction to capital structure theory and practice; Cost of capital and valuation; Introduction to capital budgeting under uncertainty; Dividend policy theory and practice; corporate working capital management; and innovations in corporate finance.


CFI 2205 Research Methods in Finance and Economics [10 Credits]

The objective is to provide treatment of research methods and simple statistical application that will enable students to carry out sound research projects. The course enables students to do applied research by introducing students to empirical methods in finance and economics.  It introduces statistical techniques used in the analysis of economic and financial data. Topics covered include: descriptive statistics, probability distributions, sampling and sampling distributions, point estimation and interval estimation, hypothesis testing, regression analysis, time-series analysis, elementary discussion of multicollinearity, autocorrelation, heteroscedasticity and principles of modelling. It also includes empirical techniques with specific emphasis on multivariate and nonlinear methods, event-studies; asset prices mean variance estimation techniques and other topics in behavioural finance.


CFI2208 Accounting and Financial Analysis IIB [10 Credits]

The module examines concepts; conventions, standards, issues, the regulatory regime and, the reasons and progress towards harmonization of the preparation of Financial Statements and the Analysis of the Financial Statements prepared on these bases. Emphasis is on special problems which may include leases, bonds, investments, ratio analyses, present value applications, accounting changes, and corrections. Upon completion, students should be able to demonstrate an understanding of the principles involved and display an analytical problem-solving ability for the topics covered. Accounting computer problems involving preparation and completion of spreadsheets are integrated throughout the course. Areas to be covered include financial reporting quality and application of financial statement analysis to debt and equity investments. Frequently used tools and techniques for evaluating companies include common-size analysis, cross-sectional analysis, trend analysis, and ratio analysis. Beyond mere knowledge of these tools and techniques, however, the student must recognize the implications of accounting choices on the quality of a company’s reported financial results. Then the student can apply financial analysis techniques to tasks such as the evaluation of past and future financial performance, credit analysis, the screening of potential equity investments, and other emerging needs.

 Year Three

CFS3001 Industrial Attachment [120 Credits]

Work-related activities consisting continuous assessment, academic supervision and evaluation culminating in submission of a final year report which is an equivalence of an industry-oriented research activities dissertation.

 Year IV Semester I Modules

CFI4101 Customs Management Theory and Practice II [12 Credits]     

This subject introduces students to key aspects of customs policy and practice, international principles governing the assessment of import duties and other taxes, and the implementation of international agreements across a range of customs jurisdictions. It includes a detailed analysis of particular aspects of customs purposes, international rules of origin, customs ware-houses and free trade zones, transit and transhipment, excise of special import arrangements.


CFS4103 Value Added Tax II [12 Credits]


The course aims at providing an advanced appreciation of VAT/GST law through the analysis of complex issues in the law. It will provide a broad overview of the territorial and economic scope of VAT. There are two conflicting principles on which the territorial scope of VAT can be based: The Origin Principle and the Destination principle. Students will be able to appreciate-ate the above principles and ultimately identify their economy's VAT/GST system in relation to the above principles. Complex issues related to the deeming provisions in the legislation, zero rating, VAT/GST implications relating to the so called 'property in possession' (PIP), the general disallowance rule (GRD) and exceptions thereof. The course will also aim to provide an appreciation of the complex area of input and output tax adjustments in relation to change of use of goods or services, sales of business as a going concern, irrecoverable debts, refunds in relation to overpaid tax and schemes for obtaining undue tax advantages, among other intricate VAT/GST issues. The course will also specifically refer to VAT/GST case law and students are expected to familiarize themselves with local and international cases and be able to analyse the influence of such cases to the development of VAT/GST.


CFS 4105 Taxation Accounting [12 Credits]


The course provides a study of the federal revenue acts as they relate primarily to individual income tax theory and practice. Topical coverage includes the individual income tax return, gross income inclusions and exclusions, business expenses and retirement plans, self-employed and employee expenses, itemized and other deductions, accounting periods, accounting methods, depreciation, capital gains and losses and payroll taxes.


CFS4107 Corporate Governance, Ethics and Integrity [12 Credits]

The module seeks to develop in students a firm understanding of the principles and theoretical underpinnings of Corporate Governance by getting insights into different corporate governance systems. It includes issues relating to fiduciary duties, risk oversight, audits, internal controls and crisis management. In addition, it focuses on ethical issues, mainly the ability to identify and deal with ethical dilemmas and unethical practices in business. Further, the module touches on integrity issues, particularly anti-corruption, and transparency and other areas of responsible business conduct.  It aims to bridge the gap between business integrity standards and their implementation in practice. It is anchored in international principles of corporate governance that put forward the expectation of the board and executive management on setting the ethical tone in an organisation and oversight of its business integrity policies.


CFS4108 Audit Practice and Investigation [10 Credits]


This module will develop auditing and assurance knowledge and will examine special auditing topics such as comprehensive auditing, non-profit auditing, environment auditing and small business auditing.  The module will examine the application of economic tools and theory to daily issues and problems in the economy of Zimbabwe. It will include concepts on scarce resource allocation, intervention economics and political decision making, fiscal institutions, cost-benefit analysis for public projects, privatization and economics of state enterprises.


  • Year IV Semester II Modules

CFS 4203 Economic and Fiscal Policy [12 Credits]

The course will concentrate on selected important economic policy issues, tools and models.  The specific topics will be of contemporary interest and the topics covered include some of the following:  The operation and the activities of the state related to the taxation and spending and the impact they have on resource allocation, welfare and income distribution. Areas of focus include tax policy, trade agreements and public programmes. Inequality; International negotiations and trade policies; Global imbalances; World trade collapse; Fiscal policy and unemployment; Monetary policy and exchange rate frameworks; Financial integration and currency unions; Financial crises and relevant policies; endogenous growth, exhaustible resources and relevant policies.  Further it explores issues of efficiency, countercyclical policy along the business cycles, when to issue debt and what kind of debt; automatic stabilizers; fiscal sustainability; interactions between fiscal and monetary policy and empirical measurements of effects of taxation and debt. By the end of the module it is hoped that candidates will be able to use their knowledge of economic policy so as to have a better understanding of how an economy function.


CFS 4204 National Income Accounting [12 Credits]


The module will examine the complete circular flow model and measuring the national income. The income and expenditure approaches will be covered.


CFS 4205 Interpretation of Statutes and Legal Drafting [12 Credits]


The course provides a general introduction to interpretation of statutes and fundamental rules and techniques of good drafting of pieces of legislation. It examines both the legislative process and the interpretation of statutes. Students will study various tools of statutory interpretation, including the use of legislative history materials and the doctrines and textual canons of statutory construction. Practice of law: course may focus on litigation documents, documents, or a combination thereof.


CFS 4206 International Economic Integration and Trade [12 Credits]


Theaim of this module is to understand the changing global order by analysing the basis of globalisation and regionalization. This covers the core trade theories under perfect and imperfect competition and applies them to understanding the pattern of trade, gains from trade, ‘new trade theory’ and trade with heterogeneous firms. The module also covers strategic trade policy, the formation of regional trade agreements, and the World Trade Organisation. In this context, international integration theory and practice constitute the core of the course, covering issues like customs unions versus free trade areas, common market and other trade agreements, the welfare consequences from integration, using international income transfers to facilitate trade liberalization, and the effects of integration on economic growth.


CFI 4206 Financial Modelling [12 Credits]

This is purely a practical course, which involves the use of computer packages to model data and challenges in finance, investment and economics. It covers Corporate Finance Models (such as Financial Statement Modelling, Operating Budgets, Capital Budget, Covariance, Beta estimation, Value at Risk, Event studies), Option, Pricing Models, Sensitivity Analysis, Scenario Analysis, and Computer Simulations GARCH models; Interest rate models and calibration and other fundamental innovations.


CFS4006 Research Project [20 Credits]


The project is meant to give students an opportunity to apply the knowledge gained over the course period. Students undertake research in an area of their choice but limited to the taught courses in liaison with their supervisors to produce a project which has practical applications/solutions.









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