Experience is one of the three main components of the ACCA qualification. The other two components are exams and ethics. ACCA members must demonstrate their competence in ten broad competency areas, appropriate for the Complete Finance Professional. To demonstrate their competence, students must complete nine performance objectives which must be verified by an IFAC qualified practical experience supervisor. All five Essentials performance objectives must all be completed plus a further four Technical performance objectives from a choice of 15.
The demonstration of the achievement of these objectives are recorded using an online tool called MyExperience.
PO7 Prepare external financial reports
You take part in preparing and reviewing financial statements – and all accompanying information – and you do it in accordance with legal and regulatory requirements.
PO9 Evaluate investment and financing decisions
You advise on alternative sources of finance. And you evaluate and review the financial viability of investment decisions.
PO11 Identify and manage financial risk
You identify, measure, and advise on the financial risks to the organisation.
PO17 Tax planning and advice
You advise on mitigating and deferring tax liabilities through legitimate tax planning measures.
PO18 Prepare for and plan the audit process
You plan and control the engagement process, including the initial investigation. You also plan and monitor the audit programme – legally and ethically.
PO19 Collect and evaluate evidence for an audit
Carry out an internal or external audit from collecting evidence, through to forming an opinion. You demonstrate professional scepticism and make sure judgements are based on sufficient valid evidence.
PO20 Review and report on the findings of an audit
You complete an audit, preparing the formal documentation and reporting any control deficiencies to management. You report back to managers in a formal audit report.