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Level 4 Diploma in Accounting and Business

Accounting Regulation and External Audit Fundamentals

AB403 · Principles of Financial Accounting — Week 11 of 16

CourseAB403
Week11 of 16
SemesterI
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This week’s topics

Accounting Regulation and External Audit Fundamentals

  1. Role and powers of national professional regulatory bodies
  2. Statutory frameworks and standard setting
  3. Legal requirements for statutory external audit
  4. Core audit procedures and auditor reporting
  5. Regulatory Framework - ACCA Financial Accounting (FA) lectures
  6. CIMA BA4 Internal and external audit

What you will be able to do

  • 4.3 Explain the role of regulatory bodies for accountancy in a specific country.
  • 4.4 Identify the requirements for external audit and the basic processes undertaken.

Activity

Start with this week’s 2 videos, then: Seminar, guided reading and a short written task: explain the role of regulatory bodies for accountancy in a specific country.

Study materials

Videos

  • Regulatory Framework - ACCA Financial Accounting (FA) lectures · YouTube · OpenTuition · 6 min · for registered students
  • CIMA BA4 Internal and external audit · YouTube · OpenTuition · 30 min · for registered students
  • CIMA BA4 Ethics, Sources of professional rules and guidance · YouTube · OpenTuition · 31 min · for registered students

Further resources

  • Financial Accounting, ch. 6: Why Should Decision Makers Trust Financial Statements? · PDF · Saylor Academy, textbook chapter; pp. 175–206 · for registered students
  • ISA (UK) 200: Overall Objectives of the Independent Auditor (updated September 2025) · PDF · Frc, framework · for registered students
  • ISA (UK) 700 (Revised May 2026): Forming an Opinion and Reporting on Financial Statements · PDF · Frc, framework · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
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Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

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Course plan
  • Week 1: Foundations of Financial Accounting and Record-Keeping
  • Week 2: The Double-Entry Bookkeeping System
  • Week 3: Period-End Financial Concepts and Trading Performance
  • Week 4: Accounting Adjustments for Accruals, Prepayments, and Recei…
  • Week 5: Capital Expenditure and Depreciation of Non-Current Assets
  • Week 6: Financial Statements for Sole Traders
  • Week 7: Partnership Accounting and Reporting
  • Midterm: Midterm evaluation
  • Week 9: Financial Statement Analysis and Interpretation
  • Week 10: Professional Ethics and Conduct in Accountancy
  • Week 11: Accounting Regulation and External Audit Fundamentals
  • Week 12: Applying Principles of Financial Accounting in practice: ca…
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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