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.
PO3 Strategy and innovation
You contribute to the wider business strategy of your organisation through your personal and team objectives. You identify innovative ways to improve organisational performance – which may include making or recommending business process changes and improvements.
PO4 Governance risk and control
You contribute to effective governance in your area. You evaluate, monitor and implement risk management procedures, complying with the spirit and the letter of policies, laws and regulations.
PO8 Analyse and interpret financial reports
You analyse financial statements to evaluate and assess the financial performance and position of an entity.
PO9 Evaluate investment and financing decisions
You advise on alternative sources of finance. And you evaluate and review the financial viability of investment decisions.
PO10 Manage and control working capital
You manage cash and working capital effectively, planning for any shortfall or surplus including receivables, payables and inventories.
PO11 Identify and manage financial risk
You identify, measure, and advise on the financial risks to the organisation.
PO13 Plan and control performance
You plan business activities and control performance, making recommendations for improvement.
PO14 Monitor performance
You measure and assess departmental and business performance.
PO15 Tax computations and assessments
You prepare computations of taxable amounts and tax liabilities according to legal requirements
PO16 Tax compliance and verification
You make sure that individuals and entities comply with their tax obligations – on time, and in the spirit and letter of the law.
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.