Professional Accounting Practice

Introduction

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.

Course content

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.