BØK 3629 Professional Accounting Practice
BØK 3629 Professional Accounting Practice
The overall purpose of this course is to satisfy the educational requirements outlined in the accountant regulations, n 1, paragraph 1d, which covers chartered accounting regulations, accounting organization, and business understanding. In this course, the term "business understanding" will be understood as the knowledge and skills that students acquire to develop systems for internal control and accounting organization that take into account relevant industry-specific, business-specific, and situation-specific conditions.
The learning objectives of the course are tailored to point 4d of the recommended plan of the Universitets- og høyskolerådet dated June 22, 2023, for a Bachelor's degree in Business and Administration with a specialization in accounting (BØA-RF). According to this plan, the course topics should provide students with insights into aspects necessary for an accountant to conduct accounting activities in a responsible manner.
1. Accounting Regulations
Students shall acquire knowledge of:
- The accounting law with regulations, good accounting practices, and other rules governing the rights and obligations of certified accountants, including professional liability and ethical guidelines.
- Requirements for the accounting company's procedures in light of GRFS, risk management regulations, anti-money laundering legislation, and data protection regulations.
- Ethical issues related to both one's own professional performance and the client's business.
2. Accounting Organization
Students shall acquire knowledge of:
- The roles and responsibilities of the board and managing director in limited liability companies.
- Various perspectives on risk and the need for a risk-based approach, both towards clients and in one's own accounting business, including conducting risk analyses.
- COSO and COSO-ERM frameworks for internal control and risk management.
- General control activities, including controls for managing IT-related risks.
- Key business procedures.
- The role and tasks of auditors.
- The role of the accountant and possible tasks as a controller and advisor.
3. Business Understanding:
Students shall acquire knowledge of:
- Different types of business models and how industry- and company-specific factors affect the company's value creation processes.
- How the company's risk profile and internal control systems are affected by its business model and external factors.
- Fundamental differences and similarities between internal control in the private, public, and voluntary sectors.
1. Accounting Regulations
Students shall acquire skills in:
- Applying relevant legislation and standards for professional practice in order to perform the accounting profession in a purposeful and professionally sound manner, where ethical considerations are also well addressed.
- Discussing and communicating practical issues related to the client's operationalization of accounting procedures, documentation, compliance with obligations, and assessment of risk and materiality.
2. Accounting Organization
Students shall acquire skills in:
- Applying the COSO and COSO-ERM frameworks to discuss challenges related to internal control and risk management.
- Developing business procedures that contribute to good compliance and facilitate profitable operations.
3. Business Understanding
Students shall acquire skills in:
- Proposing systems for internal control and risk management that meet the requirements for targeted and efficient operations, relevant and reliable internal and external information, and high compliance with laws and regulations, taking into account industry-, company-, and situation-specific factors.
- Being able to communicate effectively in writing with the client about relevant matters related to the accounting assignment and the client's business.
Students are expected to develop a thorough understanding of the regulatory requirements for the accounting profession, as well as frameworks and tools that contribute to managing risk and ensuring effective business governance. The course focuses on both the student's future role as an accountant and the operations of various clients within an accounting firm.
Part 1 - Accounting Regulations
This part of the course covers the point in UHR-ØAs curriculum that addresses the topic of accounting regulations: Understanding the role of the accountant and good accounting practices, the risk management regulations, anti-money laundering laws, and data protection regulations.
Key topics in the first part of the course include:
- Regulatory requirements for the accounting profession, including the accounting law, regulations on risk management and internal control, the personal data act, and the anti-money laundering law.
- GRFS and the industry's own ethical regulations.
- Organization of the accounting business.
- Establishment and planning of accounting assignments, including risk assessment of the assignment.
- General assignment execution and documentation, including the accountant's assistance in the audit process.
- Specifically, execution and documentation related to bookkeeping, invoicing, payroll, payment orders, and year-end financial statements.
- Termination of accounting assignments.
Part 2 - Internal Control, Accounting Organization and improved Business Understanding
This part of the course covers the point in UHR-ØA's curriculum which deals with the topics of accounting organization (insight into corporate governance, organization, and internal control) and business understanding (overview from an accountant's perspective of various types of business activities).
Key topics in the second part of the course include:
- Different perspectives on risk.
- The COSO and COSO ERM frameworks.
- Development and implementation of appropriate control activities.
- Key regulatory requirements that internal control must consider.
- Risk management and internal control from an overarching corporate governance perspective.
- Understanding how industry- and company-specific factors affect the business model and therefore also the systems for internal control and risk management. Industry-specific topics include issues relevant to trade, service provision, and the construction sector.
- Appropriate business procedures, including procedures for trading (purchasing/stock/sales), service sales, periodic payroll, and preparation for year-end financial statements.
- Developing advisory skills in economics and business management.
The course is offered as an online program spanning 14 study weeks. Foundational theory and conceptual understanding are covered in webinars, while the course videos are primarily utilized for more advanced topics and skill development. Students are required to work independently on the course's assignment and case program to a significant extent.
Completion as an online course
In the implementation of the course as an online study, the lecturer, in collaboration with the study administration, will organize an appropriate course implementation, with a combination of various learning activities (compulsory work requirements and voluntary submission tasks) and digital elements (introductory videos and webinars) on the learning platform. Online students are also offered a study guide that will contribute to progression and an overview. The total recommended time consumption for completing the course also applies here.
Higher Education Entrance Qualification
Disclaimer
Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.
BØK 3430 Innføring i bedriftsøkonomi og finans and BØK 3532 Finansregnskap og regnskapsanalyse, or similar
| Assessments |
|---|
Exam category: School Exam Form of assessment: Written School Exam - digital Exam/hand-in semester: First Semester Weight: 40 Grouping: Individual Support materials:
Duration: 4 Hour(s) Comment: Mid-term exam that tests learning outcome from the first eight weeks of the course Exam code: BØK 36291 Grading scale: ECTS Resit: Examination when next scheduled course |
Exam category: Submission Form of assessment: Submission PDF Exam/hand-in semester: First Semester Weight: 60 Grouping: Group (1 - 3) Duration: 2 Week(s) Comment: Case-based assignment at the end of the semester Exam code: BØK 36292 Grading scale: ECTS Resit: Examination when next scheduled course |
All exams must be passed to get a grade in this course.
| Activity | Duration | Comment |
|---|---|---|
Webinar | 20 Hour(s) | 10 sessions of two hours each |
Digital resources | 20 Hour(s) | 1-2 videos per week |
Feedback activities and counselling | 10 Hour(s) | To voluntary assignments |
Student's own work with learning resources | 50 Hour(s) | Two text books |
Group work / Assignments | 45 Hour(s) | The course exercise and case programme |
Examination | 55 Hour(s) | Mid-term exam and written assignment |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.