AAT Level 3 – Business Awareness (BUAW)
In this unit, you will gain a profound understanding of the intricate dynamics between a business, its environment, and the consequent impact on an organisation’s structure, accounting function, and overall performance. A thorough examination of diverse business purposes and types, as well as the rights and responsibilities of essential stakeholders, will be undertaken.
£29.90
- Description
Description
The unit delves into the micro- and macro-economic environments, imparting insights into how fluctuations in these domains can profoundly influence an organisation’s performance and strategic decisions. Furthermore, you will familiarize yourself with the basic business law related to the preparation of financial statements for various entities.
A crucial aspect covered is the concept of risk, encompassing its types and effective risk management strategies for businesses. Understanding the importance of professional ethics and ethical management in the finance function will be emphasized, alongside exploring how the finance department collaborates with other key business functions to optimize operational efficiency.
You will be introduced to the core principles of the ethical code for accountants and encouraged to apply these principles to analyse and navigate ethical dilemmas that may arise in the workplace. Moreover, they will comprehend how ethical behaviour stems from both individual and organisational values, while also gaining insights into the legal and regulatory framework for anti-money laundering.
Considering the evolving role of accountants, the unit addresses the significant influence of emerging technologies on the accounting profession. You will explore various technological advancements impacting performance, data analysis, and accounting processes. Acquiring the skill to analyse, interpret, and comprehend information presented in diverse formats is vital for accountants, and the unit will facilitate such proficiency.
Special attention will be given to understanding the use and impact of big data, the fundamental attributes of blockchain, artificial intelligence (AI), and cloud accounting. You will be equipped with the essential skills to visualize and interpret data effectively, enabling you to provide valuable insights and support strategic decision-making for businesses.
Learning outcomes
- Understand business types, structures and governance, and the legal framework in which they operate
- Understand the impact of the external and internal environment on businesses, their performance and decisions
- Understand how businesses and accountants comply with principles of professional ethics
- Understand the impact of new technologies in accounting and the risks associated with data security
- Communicate information to stakeholders
