AAT Level 4 Diploma in Professional Accounting

To successfully achieve the qualification, students will have to complete three mandatory and two optional units. The mandatory units include Applied Management Accounting, Drafting and Interpreting Financial Statements and Internal Accounting Systems and Controls. The optional units include Business Tax, Personal Tax, Credit Management, Cash and Treasury Management and External Audit. Newbury College offers Business Tax and Personal Tax as the optional units.

Drafting and Interpreting Financial Statements - This unit is concerned with the drafting, analysis, and interpretation of financial statements of limited companies. This builds on the Foundation and Advanced levels, where the emphasis of the financial accounting units is on identifying and recording transactions in accounts and ledgers following the principles of double entry bookkeeping and drafting the financial statements of unincorporated organisations from the accounts and records prepared.

Applied Management Accounting - This unit will allow students to understand how the budgetary process is undertaken. Students will be able to construct budgets and then identify and report both on areas of success and on areas that should be of concern to key stakeholders. Students will also gain the skills required to critically evaluate organisational performance. Students will be equipped with the knowledge and skills across a range of systems that will help to enhance the control environment of the organisation. Appreciating that there are many methods and understanding how and when it is appropriate to use each of them, will allow students to advise a business in a range of situations. Students will also gain an appreciation of the methods used to deal with the issues surrounding both short-term and long-term decision making. It is vitally important to understand the different challenges and uncertainties between the two types of decision making. Only by appreciating and incorporating those differences into the analysis produced can a management accountant consider themselves to be an integral part of the decision-making process.

Internal Accounting Systems and Controls - This unit teaches student to consider the role and responsibilities of the accounting function, including the needs of key stakeholders who use financial reports to make decisions. Students will review accounting systems to identify weaknesses and will make recommendations to mitigate identified weaknesses in future operations. Students will apply several analytical methods to evaluate the implications of any changes to operating procedures.

Business Tax - This unit introduces the student to UK taxation relevant to businesses. It is about the computing of business taxation, preparation of tax returns and how taxation has an impact on the running of a business for sole traders, partnerships and limited companies.

Personal Tax - This unit is about the key aspects of taxation that affect UK taxpayers. It covers income tax, National Insurance, Capital Gains Tax and Inheritance Tax.

Successful completion of the AAT Level 3 Diploma in Accounting or any equivalent qualification, along with GCSE (or equivalent) English and Maths.

Good levels of numeracy and literacy are essential. You also need to be confident with computerised spreadsheets and methodical and accurate with your working.

AAT Level 4 Diploma in Professional Accounting

Progression may be onto further related study and enhanced employment opportunities within this area, with certain exemptions for CIMA and ACCA.

There are five computer-based examinations. These examinations will take place at the end of each unit and are spread throughout the year. You need to successfully complete all exams in order to gain certification.

Approximately six to ten hours a week of independent study by way of homework is an essential and integral part of this course. You will also have to allow for exam preparation and revision

Students do not need to be in relevant work to undertake this course although having some knowledge of bookkeeping in a work situation would be an advantage.

A qualification fee is paid direct to AAT. These fees are set by the AAT and are subject to yearly changes without notice. Students are also expected to pay exam fees and resit fees, if required. Students are also expected to buy course books/materials. Students are also be expected to pay for any resit examinations.