This unit teaches you about the role and importance of internal controls within an organisation. You will explore the purpose and components of internal controls and understand how they impact organisations. All organisations must guard against fraud through good internal control systems, and a key aim of this unit is to provide you with the tools to identify fraud risks and assess how internal controls can be used to mitigate those risks.

You will also cover the concepts and principles of audit and assurance, gaining a clear understanding of the regulatory environment and the role of corporate governance — from planning and risk assessment through to the completion and production of the audit report.

• Understand the role of internal controls within an organisation
• Understand fraud risk and how internal controls mitigate it
• Understand the audit and assurance framework
• Evaluate the planning process for audit and assurance
• Evaluate procedures for obtaining sufficient and appropriate evidence
• Review and report findings

Note: this unit combines what was previously two separate Q2022 units — Internal Accounting Systems and Controls, and Audit and Assurance — into a single mandatory unit.

As this is a self-study option, there are no prerequisites. AAT itself sets no prerequisites for the L4PAT qualification, though we’d recommend you have either completed Level 2 & 3 previously, or have sufficient knowledge to embark upon this level of study.

Basic numerical skills and a good understanding of the English language is also an advantage.