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ACCA Professional Level |
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The Association of Chartered Certified Accountant (ACCA) Professional Level
The ACCA (Association of Certified Chartered Accountant) Professional level is divided into two modules; Essentials and Options. Both of the modules at Professional level have been set at the same ability level as a Masters degree.
This level builds on the technical knowledge you will already have. It will also explore more advanced professional skills, techniques and values. These are required at a senior level by accountants working in an advisory or consultancy role.
All students have to pass the three papers in the Essentials module. The Options module contains four papers, but you only need to complete two.
The ACCA Qualification develops accounting knowledge and skills as well as professional values. This means you can build a successful career as a finance professional in any sector.
There is a strong focus on professional values, ethics and governance. This is essential because the profession is moving towards strengthened codes of conduct, regulation and legislation. And there is an increased focus on professionalism and ethics in accounting.
Achieving ACCA (Association of Chartered Certified Accountant) Qualifications
In order to become an associate of ACCA (Association of Chartered Certified Accountant), and passing all exams, you must demonstrate practical experience by providing evidence of three years of supervised relevant work experience in any type of organisation and in any country which can take place before, during or after studying for the ACCA (Association of Chartered Certified Accountant) exams.
There is no time limit for this to take place. ACCA students often choose to fulfil this requirement once they have passed their examinations and many do this upon return to their home country.
To qualify as an ACCA member, you will need to complete:
- A minimum of five of 14 exams (nine are eligible for exemption - what is this?*)
- The practical experience requirement
- The Professional Ethics module.
Modules taught:
ACCA Professional Level
Essentials
- P1 Professional Accountant PA
- P2 Corporate Reporting CR
- P3 Business Analysis BA
Optional (Any two from the following)
- P4 Advanced Financial Management AFM
- P5 Advanced Performance Management APM
- P6 Advanced Taxation ATX
- P7 Advanced Audit and Assurance AAA
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Professional Accountant (P1)
Unit aim: to apply relevant knowledge, skills and exercise professional judgement is carrying out the role of the accountant relating to governance, internal control, compliance and the management of risk within an organisation, in the context of an overall ethical framework.
On successful completion of this paper, candidates should be able to :
- Define governance and explain its functions in the effective management and control organisations and of the recourses for which they are accountable
- Evaluate the accountant’s role in risk management and internal control, including review and compliance.
- Explain the role of the accountant indentifying and assessing risk.
- Explain and evaluate the role of the accountant in controlling and mitigating risk.
- Demonstrate the application of professional values and judgement through an ethical framework that is in the best interests of society and the profession, in compliance with relevant professional codes, laws regulations.
Corporate Reporting (P2)
Unit aim: to apply knowledge, skills and exercise professional judgement in the application and evaluation of financial reporting principles and practices in a range of business contexts and situations.
On successful completion of this paper candidates should be able to:
- Discuss the professional and ethical duties of the accountant
- Evaluate the financial reporting framework
- Advise on the report the financial performance of entities
- Prepare the financial statements of groups of entities in accordance with relevant accounting standards
- Explain reporting issues relation to specialised entities
- Discuss the implication of changes in accounting regulation of financial reporting
- Appraise the financial performance and position of entities
- Evaluate current developments
Business Analysis (P3)
Unit aim: to apply relevant knowledge, skills , and exercise professional judgement in assessing strategic positions, determining strategic choice, and implementing strategic action through beneficial business process and structural change; coordinating knowledge systems and information technology and by effectively managing processes projects, and people within financial and other recourse constraints.
On successful completion of this paper, candidates should be able to:
- Assess the strategic position of an organisation
- Evaluate the strategic choices available to an organisation
- Discuss how an organisation might go about its strategic implementation
- Evaluate and redesign business processes and structures to implement and support the organisations strategy taking account of customer and other major stakeholder requirements.
- Integrate appropriate information technology solutions to support the organisations strategy
- Advise on the principles of projects management to enable the implementation of aspects of the organisations strategy with the twin objectives of managing risk and ensuring benefits realisation
- Analyse and evaluate the effectiveness of a company’s strategy and the financial consequences of implementing strategic decisions
- Assess the role of leadership and people management in formulating and implementing business strategy
Advanced Financial Management (P4)
Unit aim: to apply relevant knowledge, skills and exercise professional judgment as expected of a senior financial executive or advisor, in taking or recommending decisions relating to the financial management of an organisation.
On successful completion of this paper, candidates should be able to:
- Explain and evaluate the role and responsibility of the senior financial executive or advisor in meeting conflicting needs of stakeholders
- Evaluate the impact of macro economics and recognise the role of international financial institutions in the financial management of multinationals
- Evaluate potential investment decisions and assessing their financial and strategic consequences, both domestically and internationally
- Assess and plan acquisitions and mergers as an alternative growth strategy
- Evaluate and advise on alternative corporate re-organisation strategies
- Apply and evaluate alternative advanced treasury and risk management techniques
- Identify and assess the potential impact of emerging issues in finance and financial management.
Advanced Performance Management (P5)
Unit aim: to develop knowledge and skills in the application of management accounting techniques to quantitative and qualitative information for planning, decision-making, performance evaluation, and control.
On successful completion of this paper, candidates should be able to:
- Explain and apply cost accounting techniques
- Select and appropriately apply decision-making techniques to facilitate business decisions and promote efficient and effective use of scarce business resources, appreciating the risks and uncertainty inherent in business and controlling those risks
- Identify and apply appropriate budgeting techniques and methods for planning and control
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Use standard costing systems to measure and control business performance and to identify remedial action
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Assess the performance of a business from both a financial and non-financial viewpoint, appreciating the problems of controlling divisionalised businesses and the importance of allowing for external aspects.
Advanced Taxation (P6)
Unit aim: to apply relevant knowledge and skills and exercise professional judgement in providing relevant information and advice to individuals and businesses on the impact of the major taxes on financial decisions and situations.
On successful completion of this paper, candidates should be able to:
- Apply further knowledge and understanding of the UK tax system through the study of further capital taxes, together with more advanced topics within the taxes studied previously
- Evaluate and explain the importance of taxation to personal and corporate financial management
- Identify and evaluate the impact of relevant taxes on various situations and courses of action, including the interaction of taxes
- Provide advice on minimising and/or deferring tax liabilities by the use of standard tax planning measures
- Communicate with clients, HM Revenue and Customs and other professionals in an appropriate manner.
Advanced Audit and Assurance (P7)
Unit aim: to analyse, evaluate and conclude on the assurance engagement and other audit and assurance issues in the context of best practice and current developments.
On successful completion of this paper, candidates should be able to:
- Recognise the legal and regulatory environment and its impact on audit and assurance practice
- Demonstrate the ability to work effectively on an assurance or other service engagement within a professional and ethical framework
- Assess and recommend appropriate quality control policies and procedures in practice management and recognise the auditors position in relation to the acceptance and retention of professional appointments
- Identify and formulate the work required to meet the objectives of audit assignments and apply the International Standards on Auditing
- Identify and formulate the work required to meet objectives of non-audit assignments
- Evaluate findings and the results of work performed and draft suitable reports on assignments
- Understand the current issues and developments relating to the provision of audit-related and assurance service
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The minimum entry requirements under the Professional Examination Route (PER) are that students must be at least 18 years old and meet the following criteria:
- 2 A levels and 3 GCSEs (5 separate subjects including English and Maths)
- Completed all 9 papers of the ACCA Fundamentals (F1-F9) or a degree from a university accredited by ACCA
- British Council IELTS test score of 6.0 or above is preferable. Similar proficiency tests will be considered (applicable to international students only)
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