AIA news

DISCOUNT CARD

New discount card For AIA members and students

AIA is pleased to announce its latest partnership with TOTUM Pro powered by NUS, a discount platform designed specifically for professional qualification learners and members of recognised professional bodies.

With over 200 UK discounts and thousands worldwide from both famous brands and local independents, a TOTUM Pro membership opens up a whole world of fantastic savings on everything from dining out and keeping fit to fashion retail and travel abroad.

Announcing the partnership, AIA Marketing and PR Manager Carl Jepson said: “We are very pleased to be announcing this new partnership which is available to all members around the globe.

“We hope our membership will take full advantage of this opportunity to access in-store and online discounts from businesses including Amazon Prime, Boots, Fender and Halfords.”

AIA NEWS

AUDIT REFORM

AIA’s initial response to government consultation on UKaudit reform

The Department for Business, Energy and Industrial Strategy (BEIS) has published a white paper “Restoring trust in audit and corporate governance” which sets out proposals to strengthen the UK’s framework for major companies and the way they are audited.

The paper is the long-awaited result of three separate reviews by Sir John Kingman, Sir Donald Brydon and the Competition and Markets Authority, which sets out proposals for how companies should report on their governance and finances, how reports should be audited, changes to the audit and the audit market and the powers and role of a new regulator. As a Recognised Qualifying Body for Statutory Auditors in the UK, the AIA will be responding to the consultation in full. Whilst we welcome the depth of the reforms in tackling multiple issues with the ultimate purpose of restoring trust and public confidence in the profession, we will carefully consider the impact on our members and the businesses they support.

AIA chief executive Philip Turnbull said: “Since the start of the review process, AIA has worked with the wider profession in sharing our observations and ideas on the future shape of the audit profession and we welcome both the reviews and this comprehensive consultation. “Central to lasting and significant change is a set of reforms that will strengthen the UK’s position and restore both business confidence and public confidence in business and measures that set the UK apart in terms of audit quality, whilst ensuring that the audit profession remains an attractive career prospect.

“It is vital that full consideration is given to how the reforms will affect SMEs, the lifeblood of the British economy, and the accountants that serve them. We will issue a full response that highlights the standard of the AIA professional qualification and encourages meaningful and proportionate oversight of the sector.”

QUALIFICATIONS

AIA launches new Professional Qualification

Following a major review and revision of the structure of the AIA exams, AIA has launched its new Professional Qualification, designed to create a programme which leads to qualified accountants with subject specific knowledge, skills and awareness of context fit for modern commercial, public enterprise and professional environments. The new professional qualification will be examinable from November 2021. The qualification offers two pathways that leads to qualification as a qualified accountant or statutory auditor and delivers the knowledge, skills and experience to enjoy a career in your chosen field.

What’s changed? Overall, the qualification has been streamlined to reflect developments in the business environment and the general standard of students’ prior knowledge, making it both quicker to complete and more accessible and affordable.

The Foundation level is now tested through a single integrated, multiple choice exam, covering Financial Accounting, Management Accounting, Corporate Governance and Audit, and Business Management.

Taxation and Business Law are tested at Professional Level 1 with a single exam for each topic.

A greater emphasis on professional ethics has been placed in the qualification through the inclusion of a standalone paper at Professional Level 2 and the testing of the application of ethical principles to relevant situations in papers such as Taxation and Auditing. To allow further flexibility for students taking the accountancy route, there is the introduction of optional papers – Developments in Assurance and Accountability and Business and Financial Management – at Professional Level 2.

The oral test has been removed from the audit pathway.

All students now sit a Multidisciplinary Case Study at Professional Level 2.

All exams are now conducted online by Computer Based Testing. AIA Achieve Academy In line with the new qualification, 6 New qualification structure

Level Subjects Exam

Foundation Unit

Exemptions for prior learning are available. ● Financial Accounting ● Management Accounting ● Corporate Governance and Audit ● Business Management A single, multiple choice, three-hour online exam covering all components.

Professional Level 1

Exemptions for prior learning are available. ● Financial Accounting and Reporting 1 ● Principles of Governance and Audit ● Management Accounting ● Business Law for Accountants ● Taxation (UK, HK and China versions) Each subject is tested by a three-hour online exam.

Professional Level 2

No exemptions are available. ● Financial Accounting and Reporting 2 ● Developments in Assurance and Accountability (or the Islamic version)* ● Business and Financial

Management* ● Ethics and Professional Practice ● Multi-disciplinary Case Study Each subject is tested by a three-hour exam.

* Students on the Accountancy pathway can choose between two optional papers: Developments in Assurance and Accountability or Business and Financial Management.

AIA has also made developments to its online learning provision. The AIA Achieve Academy is a fully integrated online learning platform which provides a structured programme of study for all papers within the AIA Professional Qualification. Designed in conjunction with BPP Learning Media, the Achieve Academy utilises a range of teaching and learning tools proven to deliver exam success, including: ● AIA textbooks and recommended reading; ● recorded lectures: structured in line with the qualification to give you optimum results; ● AIA Learning and Practice Workbooks for each paper within the syllabus; ● practice questions; ● tutor feedback; and ● graded check point tests taken within the AIA platform to ensure that you are advancing through the programme; ● live topic workshops; and ● mock exams with performance feedback

Discussing the new qualification structure, AIA Chief Academic Coordinator Professor Stuart Turley said: “The focus on practical relevance, professionalism, understanding the integration between subjects, and progressing to higher levels of skill are all things that students should value in the revised qualification structure. The changes being introduced will provide a qualification route that students can take pride in completing and find useful and relevant in pursuing a career in professional accountancy.”

AIA President Shahram Moallemi said: “AIA members operate throughout the world helping businesses, from start-ups to global operations, reach their full potential. Their knowledge and skills base comes from the AIA Professional Qualification, which has been developed through collaboration with employers, businesses and academics to create a professional qualification that delivers world-class accountancy and business skills for today’s finance professionals.”

Throughout the syllabus review and qualification development, AIA has worked closely with regulators, including the Financial Reporting Council, ensuring that the new qualification meets all the requirements of the Companies Act and other regulatory requirements.

Existing students can access the AIA Switchover Policy via their online account, which will be updated following the May 2021 exams to reflect the new structure. Any questions can be directed to the AIA Exams Team at exams@aiaworldwide.com or via Live Chat at www.aiaworldwide.com.