The Directorate is an administrative institution in the field of education and its main objective is to improve quality and support progress in education in accordance with law and government policies, best evidence and international standards.
The M.Acc programme (Master of Accounting and Auditing) assumes that, already at the commencement of their studies, students will manifest independent work procedures, plan their own work and comply with the timing requirements laid down in the programme. Prerequisites comprise a first class average grade from a basic university programme in business studies with special emphasis on accounting. In the event that this path of study had a different area of emphasis, the student in question will have to attend a preparatory course. New recruits must have completed approximately nine BS courses, with a first class average grade, in order to be able to embark on the Master’s programme. Objectives from the European Union, on which the programme is based, specify the knowledge required of a chartered accountant; consequently there is little or no flexibility in the choice of courses.
The learning outcomes reflect the information outlined above and define the knowledge, skills and competence students gain through their course of study and are expected to have mastered upon its completion. Knowledge outcomes define the academic knowledge attained by the students during their studies, and skills outline the standards used to assess the students’ proficiency in applying their knowledge. Finally, competence illustrates the students’ professional ability after completing their studies.
1.1 The student possesses an understanding of the purpose and aim of financial reporting and auditing, both with regard to the IFRS definition and EU objectives.
1.2 The student has an understanding and knowledge of the International Financial Reporting Standards (IFRS) and the International Standards on Auditing (ISA) as well as a grasp of the professional application of those criteria for the public benefit.
1.3 The student, furthermore, has a professional perception of the key methods, both objective and subjective, applied in financial reporting and in the auditing of financial statements.
1.4 The student is familiar with the theories and methods required in the compilation and presentation of financial statements and their auditing.
1.5 The student possesses the knowledge required to embark on a course of study in auditing which may lead to an authorisation in the subject under the supervision of the FLE.
1.6 The student possesses the required knowledge and understanding of the rules of ethics adhered to by the auditing profession at any particular time.
2.1 The student is able to analyse and solve issues relating to financial statements and auditing, using methods based on both an academic and professional foundation and which comply with international standards, cf. 1.2.
2.2 The student is able to tackle issues, whether relating to financial statements or auditing, and has the competence to select a professionally appropriate method for their solution.
2.3 The student is able to present his conclusions and analysis in a lucid and critical manner, supported with sound arguments, whether it be in Icelandic or English.
2.4 The student is able to acquire certain data and documents, evaluate this evidence and arrive at appropriate and realistic conclusions with regard to financial statements and auditing in compliance with international standards of financial reporting and auditing.
2.5 The student is familiar with the compilation and implementation of a financial analysis and auditing plan in compliance with International Standards on Auditing.
2.6 The student is able to retrieve, and knows where to seek, the latest data and information in the field of financial reporting and auditing.
2.7 The student can, under supervision, plan and implement practical research projects in relation to financial statements and/or auditing.
2.8 The student can, under supervision, plan and implement theoretical research projects in relation to financial statements and/or auditing (applies to the 120 ECTS study path).
3.1 The student has the professional ability to apply the International Financial Reporting Standards (FRS) with a view to the public benefit.
3.2 The student has the professional ability to apply the International Standards of Auditing with a view to the public benefit.
3.3 The student is able to express himself/herself in an organised manner, orally and in writing, on a subject within his professional field, compile clear and lucid reports containing graphical and numerical information and present such matters orally, both in English and Icelandic.
3.4 The student is able to determine the main factors impacting the financial statements and auditing of operational units which are under examination at any time.
3.5 The student is able to apply and illustrate theoretical concepts relating to financial reporting and auditing.
3.6 The student is competent to embark on a training programme in auditing, under the supervision of the FLE, after completing his/her Master’s studies.
3.7 The student is competent to conduct professionally related research in the field of financial reporting and/or auditing as well as summing up and presenting its main conclusions.
3.8 The student is competent to conduct academic research in the field of financial reporting and/or auditing, as well as summing up and presenting its main conclusions (applies to the 120 ECTS study programme).
Accounting and Auditing