ACA Syllabus and

Technical Knowledge Grids

Certificate Level
Law
FOR EXAMS IN 2024
Contents
ACA OVERVIEW 3

ACA COMPONENTS 5

Skills progression through the ACA exams  9

ACA Syllabus 13

CERTIFICATE LEVEL 14

Law15

TECHNICAL KNOWLEDGE 18

Ethics Codes and Standards 19

ACA overview
The ICAEW chartered accountancy qualification, the ACA, is one of the most advanced learning and
professional development programmes available. Its integrated components provide an in-depth
understanding across accountancy, finance and business. Combined, they help build the technical
knowledge, professional skills and practical experience needed to become an ICAEW Chartered
Accountant.
Each component is designed to complement each other, which means that students can put theory
into practice and can understand and apply what they learn to their day-to-day work.
The four components are:

ETHICS AND
PRACTICAL WORK PROFESSIONAL
EXPERIENCE SCEPTICISM

ACA qualification

15 ACCOUNTANCY,
FINANCE AND PROFESSIONAL
BUSINESS MODULES DEVELOPMENT

ICAEW constantly reviews the content of the ACA qualification to reflect real life business challenges.
Today's most urgent business challenges range from sustainability, to rapid changes in technology and
the role of ethics in the profession. We work closely with employers, tuition providers, academics and
examiners to ensure that the ACA equips the chartered accountants of the future with the skills and
knowledge they need to meet these challenges and to be successful.

THE ACA QUALIFICATION AND SUSTAINABILITY

Finance and accounting professionals need to move beyond simply measuring and reporting the
impact of climate change, environmental regulation, supply chain pressure and rising energy costs.
They must focus on understanding these and other emerging sustainability-related implications,
integrating them into financial management and business planning. ICAEW has been at the forefront
of this movement over the past decade and has adapted the ACA qualification to reflect that. We
see its role as not simply integrating knowledge and understanding the broader implications of
environmental, social and governance issues into organisations, but also seeding this thinking into the
mindset of our members.
Our syllabus and ethical and professional development framework contribute towards creating ICAEW
Chartered Accountants who recognise that sustainability is at the core of what they do and are capable
of actively using their business skills to analyse how to make the new sustainable economy work for
their business.
Despite some unfamiliar terminology associated with sustainability issues, there is much that is closely
related to the skills and experience of ICAEW Chartered Accountants; for example, the identification
and management of risks, corporate governance, compliance with laws and regulations, design and

© ICAEW 2023 3
operation of management control systems, THE ACA QUALIFICATION AND ETHICS
measurement of liabilities and impaired assets, Culture and values are central to long-term
information reporting and assurance, financial success. How a business adopts an ethical
instruments, and new forms of taxation. approach towards its staff, shareholders,
Where the technical issues extend beyond an customers and regulators, as well as within
accountant’s reach, working with other experts is its own operations, has a bigger impact than
already recognised as good practice. any performance measure or operational
improvement.
THE ACA QUALIFICATION AND Demonstrating a clear commitment to ethical
TECHNOLOGY behaviour is one of the main drivers of better
Changes in technology have automated many performance; it delivers an advantage when
routine aspects of accountancy. But with recruiting, it adds value to a brand, and it instils
changes in technology also come complexity trust and confidence in partners, suppliers and
and risk. Accountants need to adapt and others that the organisation is well run and
develop new skills to manage these changes. resilient.
While there are many new technology Achieving that is not a matter of simple
capabilities that have broad application across knowledge. Few ethical challenges will have
the business and consumer environment, simple right and wrong responses. They require
seven trends have the greatest potential to technical understanding, rigorous appraisal,
transform the accountancy profession: Artificial application of professional scepticism and skilful
intelligence, Automation, Blockchain, Cyber handling. Accountants must have the necessary
security, Cloud computing, and Data and Digital skills to apply professional judgement in a given
Disruption (ABCD of technology). situation, taking into account what has been
These and other innovations are likely to learned as an ACA student about their ethical
have a significant impact on the way that responsibilities as a Chartered Accountant.
accountants access information, transact and There will be unique ethical challenges
manage business finances. Technology tools throughout any Chartered Accountant’s process
can provide information more quickly and of learning and career. They serve a variety
often more accurately than humans, but they of masters: senior management, external
cannot replicate human intelligence and quality stakeholders, regulators; and above all the
decision making, or effectively communicate public interest responsibility of their profession.
the output of analysis. Therefore, chartered Because of the rigorous and effective training
accountants hold key roles such as validating the (and continued professional development)
source of the data, interpreting and analysing chartered accountants can speak up and take a
the outputs, and ensuring the tools support lead.
effective management of the organisation.
None of this can happen without one critical
As routine and compliance work reduces, there element: professionalism. That goes beyond
is greater focus on the development of skills merely knowing the Code of Ethics: it means
which equip professionals to work with the embodying the right behaviours and having
outputs of automated processes, with other the ability and willingness to push back against
specialists, and in a changing world. those who might compromise the integrity of
We believe that skills such as analysis, the business.
interpretation, professional scepticism, That confidence comes from a qualification
communication, collaboration, adaptability, that prioritises not only technical knowledge
resilience, and commerciality are essential of the ethical framework but also challenges
for tomorrow’s business leaders; these are accountants with scenarios that accurately reflect
imbedded throughout the ACA exams and the ethical dilemmas a Chartered Accountant
professional development framework. may face in business.

4 ACA OVERVIEW © ICAEW 2023

ACA components
PROFESSIONAL DEVELOPMENT

CE
IEN
P ER
EX 15
RK EX
O A
W M
L
A

M
C
Adding
TI

O
Communication
AC

D
value

UL
R
FP

ES
S O
D AY
450

Technical Decision
competence making

ACA

ISM
TIC
PR

Teamwork Problem

EP
OF

solving

SC
ES
SI

AL
Ethics and
O

N
N

IO
Professionalism
A

D
L

SS
EV
EL FE
O
O
PM PR
EN D
T AN
I CS
ETH

ICAEW Chartered Accountants are known for • Ethics and professionalism – behave ethically
their professionalism and expertise. Professional and sustainably while respecting others to
development prepares students to successfully uphold the values of the organisation and
handle a variety of different situations that they the accountancy profession
encounter throughout their career. The ACA • Problem solving – analyse a problem,
qualification improves students’ ability and generate options and make
performance in seven key areas: recommendations to arrive at appropriate
• Adding value – add value to the solutions
organisation, team or role in order to achieve • Teamwork – work collaboratively as a
objectives member or leader of a team to achieve
• Communication – communicate effectively shared goals
at all levels, using oral, written and • Technical competence – seek, learn and use
presentational skills to achieve positive technology and technical information to
outcomes support the achievement of organisation or
• Decision making – gather, interpret and team goals
evaluate data to make effective decisions

© ICAEW 2023 5
ETHICS AND PROFESSIONAL • Be sensitive to the integrity of information,
SCEPTICISM including the source of information and the
Ethics is more than just knowing the rules around appropriateness of its presentation
integrity, objectivity, professional competence • Withhold judgement pending thoughtful
and due care, confidentiality and professional consideration of all known and relevant
behaviour. It’s about identifying ethical available information
dilemmas, understanding the implications, • Be alert to potential bias or other
making judgements and behaving appropriately impediments to the proper exercise of
as well as using professional scepticism to build professional judgement
business trust. We integrate ethics throughout
the ACA qualification to develop students’ PRACTICAL WORK EXPERIENCE
ethical capabilities to make suitable decisions.
We embed ethics into the ACA and develop Practical work experience is undertaken as part
students’ ethical capabilities in three ways: of a training agreement with an authorised
training employer or principal. Students need to
1. ICAEW Ethics Learning Programme – complete at least 450 days, which normally takes
this online programme gives students a between three and five years. The knowledge,
fundamental underpinning in ethics. It skills and experience they gain as part of
ensures knowledge of the ICAEW Code their training are invaluable, giving them the
of Ethics, its fundamental principles and opportunity to put what they’re learning into
the ability to apply safeguards to ethical practice. Experience can be completed in at least
threats. It encourages questioning and one of the following six categories:
engaging ethical thinking in a wide range of
applications. 1. Accounting
2. Integration of ethical issues into all 15 2. Audit and assurance (audit is not compulsory)
ACA exams – students are assessed on 3. Financial management
their understanding of, and reaction to, 4. Information technology
ethical dilemmas within the context of the 5. Insolvency
subject matter of each module. Progression
6. Taxation
is made from identification of issues to
judgements on perspectives, conflicts and Student practical work experience should:
responsibilities.
• include responsibility levels that increase in
3. Practical application – having learnt the depth and scope as the student progresses
ethical principles and requirements via through their training;
the Ethics Learning Programme, applying
• be recorded throughout their training
them in context within the ACA exams,
agreement; and
students develop and apply ethical skills and
behaviours within their daily work experience • expose them to as many different practical
supported by their six-monthly reviews assignments, finance functions and/or clients
with their employer and the professional in as many different sectors as possible.
development framework.
15 ACCOUNTANCY, FINANCE AND
Professional scepticism is a key professional BUSINESS EXAMS
skill that supports effective decision making. Students gain in-depth knowledge across a
Chartered Accountants must take an enquiring, broad range of topics in accountancy, finance
questioning approach, not always accepting and business. The exams are designed to
information at face value. We embed the complement their practical work experience,
requirement to apply professional scepticism so they constantly progress through the
within exam questions; students can expect to qualification.
have to apply this skill in one or more of the
following ways: There are 15 exams over three levels – Certificate,
Professional and Advanced. They can be taken in
• Obtain and understand information relevant any order, except for the Case Study which has to
for making reliable judgements based on be attempted last, within the final year of an ACA
facts and circumstances known to them training agreement and once all other exams
• Make informed challenges of views have been attempted or received credit.
developed by others

6 ACA OVERVIEW © ICAEW 2023

 Case Study

Advanced
Level
Strategic Business
Corporate Reporting
Management

Financial Accounting Business Strategy

Business Planning
and Reporting and Technology
Professional
Level
Audit and Assurance Tax Compliance Financial Management

Accounting Management Information Principles of Taxation

Certificate
Level
Business, Technology
Assurance Law
and Finance

CERTIFICATE LEVEL day-to-day work. The Business Planning and

There are six exams at this level that introduce Business Strategy and Technology exams in
the fundamentals of accountancy, finance and particular help students to progress to the
business. Students may be eligible for credit for Advanced Level.
some exams if they have studied a qualification Alternative exams are available for the Business
we recognise. Find out more at icaew.com/cpl. Planning and Financial Accounting and
The Certificate Level exams are each 1.5 hours Reporting modules.
long, have a 55% pass mark, and can be sat The Business Planning exams provide students
throughout the year. with the opportunity to gain subject- and
sector-specific knowledge while studying for
PROFESSIONAL LEVEL the ACA. The suite of Business Planning exams
The next six exams build on the fundamentals is based on the same syllabus structure and
and test students’ understanding and ability skills frameworks, and will give students the
to use technical knowledge in real-life opportunity to demonstrate their learning and
scenarios. The exams can be taken in March, use this in the context of taxation, banking or
June, September and December. Please note, insurance. There are three to choose from –
the Business Planning alternative exams for Business Planning: Taxation, Business Planning:
banking and insurance are available at the June, Banking, and Business Planning: Insurance.
September and December sittings. Students will need to sit one of the Business
Planning exams.
The Professional Level exams are 2.5 hours long,
except for Financial Accounting and Reporting Alternative financial reporting exams are
which is 3 hours long. Each exam has a 55% pass also available for Financial Accounting and
mark. Reporting. Students can choose between
two different contexts, either UK GAAP or
Prescribed texts are permitted for Audit and IFRS Standards. This means that students
Assurance, Finance Accounting and Reporting can study the financial reporting framework
and Tax Compliance, with the Business Planning most beneficial to their employer and clients.
exams being open book. Students will need to sit one version of the
The Professional Level exams are flexible and Financial Accounting and Reporting exam.
can be taken in any order to fit with a student’s

© ICAEW 2023 7
An authorised training employer or principal PERMITTED TEXTS
will guide their students on the exams which are For some Professional Level exams, students are
right for them. If a student is studying the ACA permitted to use certain publications during the
independently, they should consider their future exam.
ambitions when selecting which exams to sit.
The Professional Level Business Planning exams
and Advanced Level exams are open book, so
ADVANCED LEVEL
students can use any material and texts during
The Corporate Reporting and Strategic Business their exam. Students will have access to their
Management exams test students’ understanding personal ICAEW Bookshelf, containing their
and strategic decision-making at a senior level. copies of the digital learning materials, including
They present real-life scenarios, with increased any highlights and notes that they have made
complexity and implications from the Professional during their study. Students may also take in any
Level exams. hard copy materials, subject to practical space
The Case Study tests all the knowledge, skills and restrictions.
experience gained so far. It presents a complex Details of the specific permitted texts, and how
business issue which challenges students’ ability materials can be accessed within exams can be
to problem solve, identify the ethical implications found at icaew.com/permittedtexts.
and provide an effective solution.
The Advanced Level exams can be taken in July DATA ANALYTICS IN EXAMS
and November. They are fully open book, so Chartered Accountants are increasingly using
they replicate a real-life scenario where all the more advanced approaches to interrogate client
resources are at their fingertips. data. Embedding these techniques within our
The Corporate Reporting and Strategic Business exams ensures that we continue to reflect the
Management exams are 3.5 hours long. The Case current and future workplace and will also help
Study exam is 4 hours long. Each has a 50% pass to develop students’ judgement, professional
mark. scepticism and critical thinking skills.
For more information, guidance and support The use of data analytics in exams is split between
on exams, visit the exam resources area on our the use of data analytics software and the use of
website at icaew.com/examresources. spreadsheet functionality, as described below.
Data analytics software
FLEXIBILITY
ICAEW has incorporated data analytics software
There are no regulations stipulating the order in
within the Audit and Assurance and Corporate
which students must attempt the exams, allowing
Reporting modules.
employers to design training programmes
according to business needs. The exception to In the Audit and Assurance and Corporate
this rule is the Advanced Level Case Study exam, Reporting exams, students will be provided with a
which must be the last exam attempted and when dataset including thousands of transactions. They
a student has entered their final year of training. will be expected to use their data analytic skills to
interrogate the data and identify areas of concern
Students will be permitted a maximum of four
or items which warrant further investigation.
attempts at each Certificate and Professional Level
exam, and unlimited attempts at the Advanced Use of spreadsheet functionality
Level exams.
A number of spreadsheet functions have become
part of the learning materials and skills required
CREDIT FOR PRIOR LEARNING (CPL) of students. These cover three categories of data
Students with previous qualifications may be analysis, namely: structuring and assimilating data,
eligible to apply for CPL for up to 12 modules statistical calculations and financial functions.
at the Certificate and Professional Levels. CPL is
not available at the Advanced Level. For more Within the Financial Management, Business
information, visit icaew.com/cpl. Strategy and Technology and Strategic Business
Management exams students may be examined in
the following ways:

8 ACA OVERVIEW © ICAEW 2023

1. Data will be provided in the question,
and the student should populate the
spreadsheet based on the data in the
question.
2. A spreadsheet will be provided in the exam
with pre-populated data for the student to
structure, assimilate, interpret and evaluate.
Details of the use of data analytics in the exams
can be found at icaew.com/das.

Skills progression through the ACA exams

The complete set of professional skills that ICAEW Chartered Accountants are required to develop
during their training are detailed in the seven key areas of skills covered in the previous section on
professional development. A subsection of these skills are embedded in the 15 modules and assessed
in exams. The following skills are present throughout the 15 accountancy, finance and business
modules:

SKILL OVERALL

Understand a business or accounting situation, prioritise by

Assimilating and
determining key drivers, issues and requirements and identify
using information
and use relevant information.

Structuring Structure information from various sources into suitable formats for
problems and analysis and provide creative and pragmatic solutions in a business
solutions environment.

Apply professional scepticism and critical thinking to identify faults,

Applying
gaps, inconsistencies and interactions from a range of relevant
judgement
information sources and relate issues to a business environment.

Concluding, Apply technical knowledge, skills and experience to support

recommending reasoning and conclusion and formulate opinions, advice, plans,
and solutions, options and reservations based on valid evidence and
communicating communicate clearly in a manner suitable for the recipient.

The level of skill required to pass each exam increases as ACA trainees progress upwards through each
Level of the ACA exams. The skills progression embedded throughout the ACA qualification ensures
ACA trainees develop the knowledge and skills to successfully operate in the modern workplace and
which are expected by today’s forward-thinking employers.

© ICAEW 2023 9
 Certificate Level Professional Level Advanced Level

Financial
Accounting
Principles & Reporting, Business
Skills Assurance, Corporate
of Taxation, Audit & Planning
Business, Reporting and
Management Assurance, and Business Case Study
Technology & Strategic Business
Information, Financial Strategy &
Finance, Law Management
Accounting Management, Technology
Tax
Compliance

Assimilating and using information

Understanding Objective Objective Scenarios Complex scenarios Unstructured

the situation testing testing complex business
and the and simple scenarios
requirements scenarios

Identifying and Information as provided Single Several Multiple information Multiple

using relevant information information sources provided information
information source sources sources including
provided provided own research

Identifying and Issues given Issues included in scenarios Issues included in Issues included
prioritising key complex scenarios in unstructured
issues complex scenarios

Structuring problems and solutions

Structuring data Specified techniques Specified Techniques Techniques inferred Unspecified

techniques inferred by by nature of techniques
nature of problem
problem

Developing Highly Specified Specified problems Specified and Defined output

solutions specified problems implicit problems but unspecified
tasks problems

Applying judgement

Applying Objective testing Specified Specified Specified Underlying

professional requirement requirement requirement in requirement
scepticism and in simple in scenario complex scenario within complex
critical thinking scenario scenario

Relating issues Objective Objective Issues in scenarios Issues in complex Issues in complex,
to the broader testing testing scenarios unstructured
business and Issues scenarios
environment, in simple
including ethical scenarios
issues

Concluding, recommending and communicating

Concluding and Objective Not assessed Specified conclusions and Specified Conclusions and
recommending testing recommendations in simple conclusions recommendations
scenarios and reasoned supported by own
recommendations evidence
in complex
scenarios

Communicating Prescribed exam format Exam requirements, Professional Professional report

including some professional presentations with appendices
presentation including reasoned
recommendations

10 ACA OVERVIEW © ICAEW 2023

PROFESSIONAL SKILLS ASSESSED IN THE ACA EXAMS

ASSIMILATING AND USING INFORMATION

Understand the situation and Identify and use relevant Identify and prioritise key
the requirements information issues and stay on task

• Demonstrate understanding • Interpret information • Identify business and

of the business context provided in various formats financial issues from a
• Recognise new and complex • Evaluate the relevance of scenario
ideas within a scenario information provided • Prioritise key issues
• Identify the needs of • Use multiple information • Work effectively within time
customers and clients sources constraints
• Explain different stakeholder • Filter information provided • Operate to a brief in a given
perspectives and interests to identify critical facts scenario
• Identify risks within a • Identify and interpret
scenario information in data analytics
• Identify elements of software
uncertainty within a scenario
• Identify ethical issues
including public interest and
sustainability issues within a
scenario

STRUCTURING PROBLEMS AND SOLUTIONS

Structure data Develop solutions

• Structure information from various sources • Identify and apply relevant technical
into suitable formats for analysis knowledge and skills to analyse a specific
• Identify any information gaps problem
• Frame questions to clarify information • Use structured information to identify
evidence-based solutions
• Use a range of data types and sources to
inform analysis and decision-making • Identify creative and pragmatic solutions in a
business environment
• Structure and analyse financial and non-
financial data to enhance understanding of • Identify opportunities to add value
business issues and their underlying causes • Identify and anticipate problems that may
• Present analysis in accordance with result from a decision
instructions and criteria • Identify a range of possible solutions based
• Use spreadsheets to assimilate, structure and on analysis
analyse data • Identify ethical dimensions of possible
solutions
• Select appropriate courses of action using an
ethical framework
• Identify the solution which is the best fit with
acceptance criteria and objectives
• Define objectives and acceptance criteria for
solutions

© ICAEW 2023 11
APPLYING JUDGEMENT

Apply professional scepticism

Relate issues to the environment
and critical thinking

• Recognise bias and varying quality in data • Appreciate when more expert help is required
and evidence • Identify related issues in scenarios
• Identify assumptions or faults in arguments • Assess different stakeholder perspectives
• Identify gaps in evidence when evaluating options
• Identify inconsistencies and contradictory • Retain an overview of the business issue or
information scenario
• Assess interaction of information from • Appraise corporate responsibility and
different sources sustainability issues
• Exercise ethical judgement • Appraise the effects of alternative future
scenarios
• Appraise ethical, public interest and
regulatory issues

CONCLUDING, RECOMMENDING AND COMMUNICATING

Conclusions Recommendations Communication

• Apply technical knowledge • Present recommendations in • Present a basic or routine

to support reasoning and accordance with instructions memorandum or briefing
conclusions and defined criteria note in writing in a clear and
• Apply professional • Make recommendations in concise style
experience and evidence to situations where risks and • Present analysis and
support reasoning uncertainty exist recommendations in
• Use valid and different • Formulate opinions, advice, accordance with instructions
technical skills to formulate recommendations, plans, • Communicate clearly to a
opinions, advice, plans, solutions, options and specialist or non-specialist
solutions, options and reservations based on valid audience in a manner
reservations evidence suitable for the recipient
• Make evidence-based • Prepare the advice, report, or
recommendations which can notes required in a clear and
be justified by reference to concise style
supporting data and other
information
• Develop recommendations
which combine different
technical skills in a practical
situation

12 ACA OVERVIEW © ICAEW 2023

ACA Syllabus
The ACA syllabus is updated annually. The aim of the annual update is to ensure that the syllabus
remains fit for purpose and can include amendments to cater for technical changes, clarification of
learning outcomes, inclusion of new areas of knowledge impacting ICAEW Chartered Accountants,
and removal of content for subject areas where there is duplication, repetition or content no longer
relevant within the qualification. The process includes consultation with all key stakeholder groups and
covers the skills, learning outcomes, and technical knowledge grids of each module.
This document presents the learning outcomes for each of the ACA exams. The learning outcomes
in each exam should be read in conjunction with the relevant technical knowledge grids and, where
applicable, the skills development grid.

UNDERSTANDING THE SYLLABUS FOR EACH MODULE

Each module has the following syllabus components:

Module These are a series of abilities which trainees will possess once they complete
aims the learning and assessment for this particular module.

Method of
This sets out the length and structure of the exam for each module.
assessment

Students are assessed on their understanding of, and reaction to, ethical
Ethics and
dilemmas within the context of the subject matter of each module. The
professional
application of professional scepticism and critical thinking are a crucial part of
scepticism
the exercise of ethical judgement.

Each module aim creates a syllabus area of technical and skills-based

Specification learning. The specification grid assigns an assessment weighting to each
grid syllabus area, which indicates the proportion of learning represented by each
syllabus area in the exam.

Learning outcomes are detailed statements which identify what the learner
Learning will know and be able to do by the end of the module, and which will be
outcomes demonstrable on passing the exam.

Skills Each module identifies the specific skills that are assessed and how they are
assessed assessed.

The Technical Knowledge Grids show the technical knowledge in the

disciplines of assurance and audit, business analysis, ethics codes and
standards, financial reporting, taxation, banking and insurance covered in the
Technical ACA syllabus by module. For each technical area, the level of knowledge
knowledge required is indicated by a letter from A to D, as follows.
grids • Level D – awareness of the scope of the standard
• Level C – general knowledge with a basic understanding
• Level B – working knowledge with a broad understanding
• Level A – thorough knowledge with a solid understanding

© ICAEW 2023 13
Certificate Level
Law
MODULE AIM METHOD OF ASSESSMENT
To provide students with an understanding of The Law exam is 1.5 hours long. The exam
the principles of English law. consists of 50 questions worth two marks each,
covering the areas of the syllabus in accordance
On completion of this module, students will be
with the weightings set out in the specification
able to:
grid. The questions are presented in the form of
• explain the nature of contractual multiple choice or multi-part multiple choice.
agreements, the agency relationship and the
consequences of negligence; ETHICS AND PROFESSIONAL
• understand the legal implications of SCEPTICISM
incorporation, including the roles of The consideration of ethical decision-making
shareholders and directors, and the main is intrinsic to the study of law. In this module,
implications of insolvency law; students will examine the impact of criminal law
• identify instances of criminal behaviour on business and professional services, focussing
that may be encountered by professional on fraud, bribery and money laundering.
accountants; and They will also explore the relationships and
• identify other key areas in which the law interaction between legal principles, legislation,
affects the role and work of the professional case law, ethics and ethical codes.
accountant.

SPECIFICATION GRID
This grid shows the relative weightings of subjects within this module and should guide the relative
study time spent on each. Over time the marks available in the assessment will equate to the
weightings below, while slight variations may occur in individual assessments to enable suitably
rigorous questions to be set.

SYLLABUS AREA WEIGHTING

1 The impact of civil law on business and professional services 35%

2 Company and insolvency law 40%
3 The impact of criminal law on business and professional services 10%
4 The impact of law in the professional context 15%
The following learning outcomes should be read in conjunction with the relevant sections of the
technical knowledge grids at the end of this document.

© ICAEW 2023 15
1 THE IMPACT OF CIVIL LAW ON BUSINESS c. identify the administrative consequences of
AND PROFESSIONAL SERVICES incorporation or the formation of a limited
Students will be able to explain the nature of liability partnership including requirements
contractual agreements, the agency relationship regarding statutory books, accounts, meetings
and the consequences of negligence. and the role of the company secretary;
In the assessment, students may be required to: d. identify the procedures for the issue of
shares, including issues at a premium and
CONTRACT pre-emption rights;
a. recognise when a legally binding contract e. identify the requirements of the Companies
exists between two parties and how a Act 2006 in respect of companies’
contract may be enforced; statutory accounts and audit, including the
exemptions for small and medium-sized
b. identify the circumstances under which a
companies and micro-entities;
contract can be terminated and possible
remedies for breach of contract; f. identify aspects of capital maintenance
including:
AGENCY • reduction of capital
c. identify the role of agents, their duties and • redemption and purchase of a
rights, and their authority to enter contracts company’s own shares
on behalf of principal; • financial assistance for the purchase of a
d. identify the nature of a partnership and the company’s own shares
authority given to partners; • distribution of profits;
NEGLIGENCE AND LIABILITY g. identify share transfer requirements and
e. identify instances and consequences disclosure requirements;
of negligence (particularly negligent h. recognise how a shareholder can influence
misstatement) in a given scenario; and the management of a company through
f. identify instances and consequences of meetings and resolutions, including
vicarious liability in a given scenario. shareholders’ rights to requisition a meeting;
i. identify the various statutory rights of
2 COMPANY AND INSOLVENCY LAW shareholders to challenge the management
Students will be able to understand the of the company under the Companies Act
implications of incorporation, including the roles 2006 and the Insolvency Act 1986;
of shareholders and directors, and the main j. identify the rights and duties which a member
implications of insolvency law. of a limited liability partnership possesses;
In the assessment, students may be required to: k. identify the ways in which a director may be
appointed and removed;
a. identify the differences between
unincorporated businesses (sole l. identify directors’ duties, including
traderships and partnerships), limited responsibility for maintaining sustainable
liability partnerships and companies, business practices, explaining the
show the advantages and disadvantages consequences of any major breach;
of incorporation and recognise the m. identify the powers of directors and in what
circumstances when the veil of incorporation circumstances they will bind the company in
can be lifted; a contract with third parties;
b. identify the procedures required to n. identify the nature of fixed and floating
form a registered company or a limited charges, the rationale for the selection of a
liability partnership, including any particular type of charge and the procedures
practical considerations, and the nature for registering them;
and contractual force of a company’s o. identify the nature and function of:
memorandum and articles of association and • company voluntary arrangements
identify the advantages and disadvantages
• administration orders
of off-the-shelf companies;
• receivership

16 CERTIFICATE LEVEL © ICAEW 2023

 • compulsory and voluntary liquidation In the assessment, students may be required to:
(including relevance of secured debt);
and INFORMATION AND ITS LEGAL ENVIRONMENT
p. identify the main implications of insolvency a. identify the key requirements of the Data
law, including: Protection Act 2018, on the use of personal
• the principal means of termination of information and how the Act can affect the
companies or other business entities manner in which information systems are
used by businesses;
• the priorities on a liquidation of the
distribution of assets including rights EMPLOYMENT LAW AND SOCIAL SECURITY LAW
of creditors and employees (including
b. identify who is an employee and the main
secured assets)
legal consequences of employment status;
3 THE IMPACT OF CRIMINAL LAW ON c. identify the key features of employment
BUSINESS AND PROFESSIONAL SERVICES contracts and recognise circumstances in
Students will be able to identify instances of which an employment contract may be
criminal behaviour that may be encountered by terminated and the consequences arising;
professional accountants. d. identify when dismissal constitutes:
In the assessment, students may be required to: • a wrongful dismissal
a. recognise the relationships and interaction • an unfair dismissal;
between civil and criminal law, legal e. identify the circumstances where an
principles, legislation, case law, ethics and employee can claim a statutory redundancy
ethical codes; payment;
b. explain the role of arbitration as a means of f. identify employers’ obligations under social
alternative dispute resolution; security law; and
c. identify offences and their consequences g. identify the responsibilities of employers
under the anti-money laundering legislation, under the Equality Act 2010 and
identify the obligations on professional sustainability regulations.
accountants to detect and help prevent
money laundering, and select appropriate INTERNATIONAL LAW AND REGULATIONS
courses of action to protect professional h. recognise situations when laws and
accountants from criminal liability; regulations other than English law may be
d. identify instances and consequences of applicable to an organisation, including:
bribery; • international regulation of trade between
e. identify instances and consequences of organisations (International Chamber
fraud in a given scenario, including: of Commerce (ICC) Incoterms, the
UN Convention on Contracts for the
• the effect of the Fraud Act 2006 International Sale of Goods)
• threats to consumers through cybercrime • Sharia law relating to Islamic finance
• offences created under the Computer
Misuse Act 1990
• fraudulent trading
• insider dealing; and
f. identify circumstances where accountants
will be protected from dismissal and
victimisation if they raise concerns about
malpractice in the workplace.

4 THE IMPACT OF LAW IN THE PROFESSIONAL

CONTEXT
Students will be able to identify other key areas
in which the law affects the role and work of the
professional accountant, and understand when
relevant laws and regulations may be applicable.

© ICAEW 2023 17
Technical knowledge
The tables contained in this section show the technical knowledge in the disciplines of financial
reporting, audit and assurance, business analysis, ethics and taxation covered in the ACA syllabus by
module.
For each individual standard the level of knowledge required in the relevant Certificate and
Professional Level module and at the Advanced Level is shown.
The knowledge levels are defined as follows:

LEVEL D
An awareness of the scope of the standard.

LEVEL C
A general knowledge with a basic understanding of the subject matter and training in its application
thereof sufficient to identify significant issues and evaluate their potential implications or impact.

LEVEL B
A working knowledge with a broad understanding of the subject matter and a level of experience in
the application thereof sufficient to apply the subject matter in straightforward circumstances.

LEVEL A
A thorough knowledge with a solid understanding of the subject matter and experience in the
application thereof sufficient to exercise reasonable professional judgement in the application of the
subject matter in those circumstances generally encountered by chartered accountants.

KEY TO OTHER SYMBOLS:

→ The knowledge level reached is assumed to be continued

18 TECHNICAL KNOWLEDGE © ICAEW 2023

Ethics Codes and Standards
ETHICS CODES AND STANDARDS LEVEL MODULES

IESBA International Code of Ethics for Professional Certificate Level

Accountants (2021) C/D Accounting
(parts 1, 2 and 3 and Glossary)
B Assurance
ICAEW Code of Ethics C/D Business, Technology and Finance
D Law
C Management Information
C Principles of Taxation

Professional Level
A Audit and Assurance
B Business Strategy and Technology
B Financial Accounting and Reporting
B/C Financial Management
B Tax Compliance
B Business Planning

Advanced Level
A Corporate Reporting
A Strategic Business Management
A Case Study

FRC Revised Ethical Standard (December 2019) and B Assurance

Erratum (January 2020) and Glossary of Terms – Ethics A Audit and Assurance
and Auditing (Updated December 2019)
Advanced Level
A Corporate Reporting
A Strategic Business Management
A Case Study

© ICAEW 2023 19