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CHAPTER IIU.K.APPROVAL, CONTINUING EDUCATION AND MUTUAL RECOGNITION

Article 8U.K.Test of theoretical knowledge

1.The test of theoretical knowledge included in the examination shall cover the following subjects in particular:

(a)

general accounting theory and principles;

(b)

legal requirements and standards relating to the preparation of annual and consolidated accounts;

(c)

international accounting standards;

(d)

financial analysis;

(e)

cost and management accounting;

(f)

risk management and internal control;

(g)

auditing and professional skills;

(h)

legal requirements and professional standards relating to statutory audit and statutory auditors;

(i)

[F1international auditing standards as referred to in Article 26;]

(j)

professional ethics and independence.

2.It shall also cover at least the following subjects insofar as they are relevant to auditing:

(a)

company law and corporate governance;

(b)

the law of insolvency and similar procedures;

(c)

tax law;

(d)

civil and commercial law;

(e)

social security law and employment law;

(f)

information technology and computer systems;

(g)

business, general and financial economics;

(h)

mathematics and statistics;

(i)

basic principles of the financial management of undertakings.

F23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .