Study Resources: Professional Level 2 (Student)

Learning outcomes:

1. Discuss and/or apply of knowledge, critically evaluating current thought and developments in international financial accounting and reporting, including the conceptual framework, accounting regulation and specialised entities and the ethical and professional responsibilities of an accountant
2. Use judgment in applying current international reporting requirements and regulations to complex problems
3. Prepare and interpret a wide variety of corporate accounting and reporting statements including the financial statements of groups in accordance with appropriate international financial reporting standards
4. Prepare and assess reports and other communications which aim to offer to users professional advice on a group entity’s financial performance and position

Learning outcomes:

1. Appraise and critique the implications of current professional issues and developments involving the modern-day audit, the accounting profession and corporate governance
2. Develop and justify appropriate audit and assurance responses to complex or technical corporate and other reporting needs
3. Critically appraise the importance of appropriate practice management in maintaining professional standards
4. Evaluate issues involving a wider degree of accountability reporting to a more extended stakeholder group (e.g. provide assurance for CSR/sustainability/environmental reports)

This is an optional paper, students can take either Developments in Assurance and Accountability or Business and Financial Management

Learning outcomes:

1. Apply an understanding of the role of the financial manager in determining capital requirements, capital structure, dividend policy and its implications in the capital markets along with managing relationships with relevant stakeholders
2. Critically appraise long-term investments
3. Critically appraise the operations of business organisations
4. Critically appraise the economic and financial consequences of global company operations
5. Critically appraise the working capital management practices of organisations and make appropriate recommendations

This is an optional paper, students can take either Developments in Assurance and Accountability or Business and Financial Management

Learning outcomes:

1. Explain different ethical theories and apply them to practical aspects of business and accounting decision-making
2. Identify and analyse, using different ethical perspectives, the ethical dimensions that arise in connection with aspects of business and public practice particularly relevant to accounting and auditing
3. Apply appropriate and relevant ethical guidance and standards, such as the International Federation of Accountants Code of Ethics (adopted by AIA) and the Ethical Standard for Auditors issued by the Financial Reporting Council
4. Identify threats and safeguards when evaluating alternative courses of action and make choices and recommendations that are consistent with relevant guidance and that reflect standards of ethical behaviour that are appropriate for a professional accountant

Learning outcomes:

1. Apply and integrate knowledge gained from other papers in the AIA professional qualification to a case scenario representing a practical context
2. Analyse diverse information in order to determine what is relevant, and communicate the interaction between different factors (such as ethics, law, taxation, auditing and financial accounting) in order to provide a comprehensive synthesis of a practical case, with appropriate recommendations where relevant
3. Apply appropriate professional judgement in the context of complex practical situations.

Auditing and Corporate Governance for Islamic Financial Institutions can be taken in place of Development in Assurance and Accountability.

The aim of this paper is to develop and examine the candidate’s ability:

1. To present, discuss and critique the framework and guiding standards issued by AAOIFI on governance and supervision processes (Governance standards) of Islamic financial institutions;
2. Demonstrate how to apply the shariah compliance and shariah audit and assurance framework for Islamic financial institutions including the guiding standards issued by AAOIFI on external auditing and assurance practices of Islamic financial institutions (Auditing standards);
3. To discuss and critique the guiding standards issued by AAOIFI on shariah permissibility and rules for specific Islamic finance products and mechanisms (Shariah standards);
4. Discuss and critique the code of ethics for employees, professional accountants and auditors of Islamic financial institutions (Codes of Ethics) issued by AAOIFI and IFAC which contravene with Islamic rules and principles.

Each subject is tested by a 3 hour online exam.

Once you have passed the required papers in Professional Level 2 you will be awarded the AIA Advanced Diploma in Accountancy.

This Advanced Diploma is attainable in approximately 12-18 months depending on prior learning.

Once you have completed the AIA work experience requirements you can apply for Associate membership and are a qualified accountant.