Three of the principal theories of ethics, namely the teachings of Aristotle, Immanuel Kant and John Stuart Mill, and students presented fundamentally critical thinking.  
The relationship between legislation and morality will be examined as well as what characterizes professionalism. This will detail the ethics of auditors and how they play together with the Auditor-General's Act and relate to the community. 
Students will be given an overview of corporate governance guidelines, both in Iceland and abroad, and the role of the audit in them. What does it meen to be considered the "watchdogs" of the public and how they have performed their role in recent years as “watchdogs”.    
The legal environment for auditors will be study and including international financial reporting standards and international auditing standards and ESMA enforcement regarding IFRS, as implementation in Iceland, which is managed by the Financial Statements Registry.    

The issues and legal sources of company law will be discussed. Different categories of companies and different points of view will be covered when resolving issues. The characteristics of the main types of financial companies will be explained. For discussion will be e.g. their financial basis and rules relating to the status of their counterparts, governance, the responsibilities of management and auditors and the legal status of members. The main topic of the course concerns private limited companies and public limited companies and the fundamentals that result from the limited liability of their owners, ie. on the protection of the funds of these companies. These are rules on the payment of share capital, registration of share capital, increase and decrease of share capital, own shares and rules on disbursement of capital with dividends or on dissolution of companies. The merger and division of public limited companies and the rules that must be met in that connection will be discussed. The moratorium, composition agreements and bankruptcy proceedings of companies will also be discussed. The role of auditors in connection with their work for companies will also be discussed.

Methods for auditing data collection and how auditing takes into account risk analysis and efficiency will be introduced. The use of computer systems in auditing will be discussed in particular. In reviewing the study material, international auditing standards will be taken into account, and their value for the Icelandic environment will be discussed. The study material will be the book Auditing & Assurance Services by the author Aasmund Eilifsen et al., International standards for auditing, articles and other documents that will be presented during the course.

The course will take place in the basic concepts of financial information systems (AIS). Review the business processes, structures, and roles of financial information systems. System development and documentation methods will be accessed. Computer fraud and misuse of information systems will be discussed. Information security, labour regulations and international standards, accessibility, controls and measures will be reviewed to help increase the security of sensitive information. The nature of the review will be reviewed and an audit system will be introduced. Major corporate processes, such as revenue, charges, and manufacturing processes, will be reviewed and shown in a data flow shortage. The system development process and system development methods will be reviewed. Audits using IT audits have increased significantly over the last decade and many computer systems have seen the light of day, for example. Standadfusion and Adaptive GRC. The way information systems use affects procedures will be reviewed and will discuss how the use of artificial intelligence can affect risk assessment and assessment of the effectiveness of contemporary surveillance operations. Finally, system design, implementation and operation of information systems will be discussed. One group assignment. Efforts will be made to introduce to students the main financial information systems in use in the market. The project is based on both teaching materials and therefore material is presented in the lectures. 

The basic concepts and theories regarding ADA (Audit Data Analytics) are covered. Audit Data Standards (ADA) will also be introduced. Explore how data analytics can be used to perform automated audit procedures that are usually performed manually. Introducing the ISO PC 295 Audit Data Collection m.t.t. audit. 

Engage in the theoretical structure of companies related to Management Systems and Control Systems. Different types of units of responsibility (departments, divisions, business units.) 

Today, performance auditing is considered a necessary part of public sector auditing and is in addition to the traditional financial audit. Its aim is to provide state and local government institutions and companies with restraint in their operations with suggestions on what can be done better in their management, planning, supervision, goal setting and procedures.

Introduce participants to the nature and purpose of performance auditing, the theoretical basis on which it is based and what sets it apart from traditional financial auditing.
At the same time, participants gain insight into the methods of administrative auditing and their application in Iceland and elsewhere.

Furthermore, participants should gain some understanding of the fundamentals of public administration and the nature of the differences between the public and private sectors.
Public finances, Act no. 123/2015. The state and municipalities together form the public sector. Public finances revolve around the operation of mutual funds. The National Audit Office monitors these funds. Public finance policy is based on five core values: sustainability, prudence, stability, stability and transparency. These core values ​​are the guiding light of all policy-making and decisions of the Althingi and the government in public finances.

In this course, the purpose and objectives of performance auditing will be thoroughly presented. The methodology on which it is based will be reviewed and its tools introduced. The main topics of the course will be: Public administration, auditing in the public sector, public finances, economy-efficiency-effectiveness, presentation of results. Realistic examples will be considered.

The course will cover in detail the rules of national law and international agreements on the conclusion and interpretation of double taxation agreements. The full tax liability of individuals and companies due to domicile in a state and its termination in one of the member states of a double taxation agreement will be discussed if a person or company is domiciled in two or more countries at the same time. Rules on limited tax liability and the division of taxing rights between member states of a double taxation treaty will be explained. Methods for mitigating double taxation under national law and a double taxation treaty will be discussed when income is taxed in two or more countries. It will be discussed how double taxation agreements can be used in tax planning with the establishment of companies in different countries. The impact of the EEC or ESS Convention on the tax laws of individual states, harmful tax competition and what has been done to eradicate it will be disclosed. Students will be trained in the use of double taxation agreements with problem solving solutions and realistic tasks. At the end of the course, it is assumed that the student has a good insight into the complex system that national law and double taxation agreements can spin on the financial measures of individuals and companies in modern society.

Transfer-Pricing Methods (TPM) often predict where profits and costs fall. TPM is an important factor in globalization, but TPM is governed by the rules of the home country and also the published rules of the OECD. TPM is closely related to tax law in the country in question. TPM rules are examined and their effects analyzed.

Basic concepts related to investment and valuation are covered, and the structure of the annual accounts and how the income statement, balance sheet and cash flow are discussed. A "fundamental analysis" is argued, and comparable multiple analysis method where value can be obtained. It will be examined how cash flow, profit, excess profit, normal profit, and valuation are related, as well as the effect on yield. Analysis of profitability to approach the "right value" of the company. Growth has a major impact on valuations related to, among other things, P / E and P / B. Valuation and sensitivity analysis methods. 
Valuation is closely related to financing and operability, and covered how valuation is related in one way or another to the concepts of financial position and going concern of companies. The concepts will be examined in the light of IFRS and ISA in a broad context and understanding of continuing operations. 
Financial and performance monitoring systems is covered. Success can be related to both financial and non-financial items. Procedures as well as methodologies for evaluating results are important to get the right picture of the operating position. 
Group assignments are based on both teaching material and the material presented in the lectures.

The basic concepts and theories of automation and RPA (Robotic Process Automation Projects) is covered, and special attention is paid to how to identify processes / projects in operations, accounting and auditing that can be automated with RPA 

Concepts and basics of financial technology (Fin. Tech.) is covered. Developments and market conditions presented as well as electronic currencies. Audit risk and financial technology is specifically covered. 

Concepts related to Management Cost Accounting will be covered. The importance of management accounting has increased due to the increased complexity of cost allocation and the reliability of costs. Financial reports are based on cost accounting and are therefore the basis for reliable accounting, e.g. annual accounts. At the same time, management and control systems are examined in the context of management cost accounting. 

The course deals with accounting, methodology and ethics.
Accounting theory, will i.a. discusses: 1) standardization in the preparation of annual accounts, 2) conceptual systems for accounting, 3) development of accounting, 4) accounting concepts, 5) international accounting, and 6) various special problems in the preparation of accounts.
Methodology, will i.a. discusses: qualitative methodology, main methodology, population, data collection, quay square, presentation and structure of essays, etc.
Ethics and honesty related to work on a dissertation and its basic concepts.  

This course primarily deals with the preparation of consolidated financial statements and the accounting aspects of mergers and acquisitions. In addition, the following accounting issues are discussed: settlement of partnerships, inventories, trade receivables, goodwill, booking of agency transactions, booking of foreign transactions and conversion of annual accounts from one currency to another, bankruptcy settlement, and financial statements of municipalities and other non-profit entities.  

The course is a direct continuation of Auditing processes I. The use of computer systems in auditing will be discussed in particular. When reviewing cases, International Standards Auditing, will be in focus and their purpose and the Icelandic auditing environment will be discussed. Methods for auditing data collection, auditing risk analysis will be discussed. The use of computer systems in auditing will be discussed in particular. International Standards Auditing will have a special focus and audit process. The role of auditors and their work in accordance with the provisions of law and international auditing standards will be discussed, as well as the importance of auditing for the society.

The aim of the course is for students to acquire a better knowledge and understanding of the main issues concerning the analysis of annual accounts that are prepared in accordance with international accounting standards. Special emphasis will be placed on fair value accounting and preferably the entry of financial instruments, e.g. equities, bonds and derivatives. The rules on impairment of financial assets and other assets will also be reviewed. The main requirements of IFRS standards regarding the recognition of fixed assets at fair value will also be explained, e.g. property, plant and equipment and investment assets, as well as reference to the recalculation of lease obligations in the annual accounts. 

Special emphasis on following accounting standards, 
IFRS 9: Financial Instruments,
IFRS 7: Financial Instruments: Disclosures 
IFRS 13: Fair value measurement 
IFRS 16: Leases 
IFRS 2: Share-based Payment 
IAS 32: Financial Instruments: Presentation 
IAS 40: Investment Property 

The topic of the master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business. The thesis must equal at 30 credits to fulfill the requirements for applying to the research study fund (Rannsóknanámssjóður). The thesis must be presented at a departmental seminar.  A digital copy must be submitted online no later than the specified dates before each graduation. Grades for a master's thesis are awarded by the thesis advisor(s) and an outside reader.

Three of the principal theories of ethics, namely the teachings of Aristotle, Immanuel Kant and John Stuart Mill, and students presented fundamentally critical thinking.  
The relationship between legislation and morality will be examined as well as what characterizes professionalism. This will detail the ethics of auditors and how they play together with the Auditor-General's Act and relate to the community. 
Students will be given an overview of corporate governance guidelines, both in Iceland and abroad, and the role of the audit in them. What does it meen to be considered the "watchdogs" of the public and how they have performed their role in recent years as “watchdogs”.    
The legal environment for auditors will be study and including international financial reporting standards and international auditing standards and ESMA enforcement regarding IFRS, as implementation in Iceland, which is managed by the Financial Statements Registry.    

The issues and legal sources of company law will be discussed. Different categories of companies and different points of view will be covered when resolving issues. The characteristics of the main types of financial companies will be explained. For discussion will be e.g. their financial basis and rules relating to the status of their counterparts, governance, the responsibilities of management and auditors and the legal status of members. The main topic of the course concerns private limited companies and public limited companies and the fundamentals that result from the limited liability of their owners, ie. on the protection of the funds of these companies. These are rules on the payment of share capital, registration of share capital, increase and decrease of share capital, own shares and rules on disbursement of capital with dividends or on dissolution of companies. The merger and division of public limited companies and the rules that must be met in that connection will be discussed. The moratorium, composition agreements and bankruptcy proceedings of companies will also be discussed. The role of auditors in connection with their work for companies will also be discussed.

Methods for auditing data collection and how auditing takes into account risk analysis and efficiency will be introduced. The use of computer systems in auditing will be discussed in particular. In reviewing the study material, international auditing standards will be taken into account, and their value for the Icelandic environment will be discussed. The study material will be the book Auditing & Assurance Services by the author Aasmund Eilifsen et al., International standards for auditing, articles and other documents that will be presented during the course.

The course will take place in the basic concepts of financial information systems (AIS). Review the business processes, structures, and roles of financial information systems. System development and documentation methods will be accessed. Computer fraud and misuse of information systems will be discussed. Information security, labour regulations and international standards, accessibility, controls and measures will be reviewed to help increase the security of sensitive information. The nature of the review will be reviewed and an audit system will be introduced. Major corporate processes, such as revenue, charges, and manufacturing processes, will be reviewed and shown in a data flow shortage. The system development process and system development methods will be reviewed. Audits using IT audits have increased significantly over the last decade and many computer systems have seen the light of day, for example. Standadfusion and Adaptive GRC. The way information systems use affects procedures will be reviewed and will discuss how the use of artificial intelligence can affect risk assessment and assessment of the effectiveness of contemporary surveillance operations. Finally, system design, implementation and operation of information systems will be discussed. One group assignment. Efforts will be made to introduce to students the main financial information systems in use in the market. The project is based on both teaching materials and therefore material is presented in the lectures. 

The basic concepts and theories regarding ADA (Audit Data Analytics) are covered. Audit Data Standards (ADA) will also be introduced. Explore how data analytics can be used to perform automated audit procedures that are usually performed manually. Introducing the ISO PC 295 Audit Data Collection m.t.t. audit. 

Engage in the theoretical structure of companies related to Management Systems and Control Systems. Different types of units of responsibility (departments, divisions, business units.) 

Today, performance auditing is considered a necessary part of public sector auditing and is in addition to the traditional financial audit. Its aim is to provide state and local government institutions and companies with restraint in their operations with suggestions on what can be done better in their management, planning, supervision, goal setting and procedures.

Introduce participants to the nature and purpose of performance auditing, the theoretical basis on which it is based and what sets it apart from traditional financial auditing.
At the same time, participants gain insight into the methods of administrative auditing and their application in Iceland and elsewhere.

Furthermore, participants should gain some understanding of the fundamentals of public administration and the nature of the differences between the public and private sectors.
Public finances, Act no. 123/2015. The state and municipalities together form the public sector. Public finances revolve around the operation of mutual funds. The National Audit Office monitors these funds. Public finance policy is based on five core values: sustainability, prudence, stability, stability and transparency. These core values ​​are the guiding light of all policy-making and decisions of the Althingi and the government in public finances.

In this course, the purpose and objectives of performance auditing will be thoroughly presented. The methodology on which it is based will be reviewed and its tools introduced. The main topics of the course will be: Public administration, auditing in the public sector, public finances, economy-efficiency-effectiveness, presentation of results. Realistic examples will be considered.

The course will cover in detail the rules of national law and international agreements on the conclusion and interpretation of double taxation agreements. The full tax liability of individuals and companies due to domicile in a state and its termination in one of the member states of a double taxation agreement will be discussed if a person or company is domiciled in two or more countries at the same time. Rules on limited tax liability and the division of taxing rights between member states of a double taxation treaty will be explained. Methods for mitigating double taxation under national law and a double taxation treaty will be discussed when income is taxed in two or more countries. It will be discussed how double taxation agreements can be used in tax planning with the establishment of companies in different countries. The impact of the EEC or ESS Convention on the tax laws of individual states, harmful tax competition and what has been done to eradicate it will be disclosed. Students will be trained in the use of double taxation agreements with problem solving solutions and realistic tasks. At the end of the course, it is assumed that the student has a good insight into the complex system that national law and double taxation agreements can spin on the financial measures of individuals and companies in modern society.

Transfer-Pricing Methods (TPM) often predict where profits and costs fall. TPM is an important factor in globalization, but TPM is governed by the rules of the home country and also the published rules of the OECD. TPM is closely related to tax law in the country in question. TPM rules are examined and their effects analyzed.

Basic concepts related to investment and valuation are covered, and the structure of the annual accounts and how the income statement, balance sheet and cash flow are discussed. A "fundamental analysis" is argued, and comparable multiple analysis method where value can be obtained. It will be examined how cash flow, profit, excess profit, normal profit, and valuation are related, as well as the effect on yield. Analysis of profitability to approach the "right value" of the company. Growth has a major impact on valuations related to, among other things, P / E and P / B. Valuation and sensitivity analysis methods. 
Valuation is closely related to financing and operability, and covered how valuation is related in one way or another to the concepts of financial position and going concern of companies. The concepts will be examined in the light of IFRS and ISA in a broad context and understanding of continuing operations. 
Financial and performance monitoring systems is covered. Success can be related to both financial and non-financial items. Procedures as well as methodologies for evaluating results are important to get the right picture of the operating position. 
Group assignments are based on both teaching material and the material presented in the lectures.

The basic concepts and theories of automation and RPA (Robotic Process Automation Projects) is covered, and special attention is paid to how to identify processes / projects in operations, accounting and auditing that can be automated with RPA 

Concepts and basics of financial technology (Fin. Tech.) is covered. Developments and market conditions presented as well as electronic currencies. Audit risk and financial technology is specifically covered. 

Concepts related to Management Cost Accounting will be covered. The importance of management accounting has increased due to the increased complexity of cost allocation and the reliability of costs. Financial reports are based on cost accounting and are therefore the basis for reliable accounting, e.g. annual accounts. At the same time, management and control systems are examined in the context of management cost accounting. 

The course deals with accounting, methodology and ethics.
Accounting theory, will i.a. discusses: 1) standardization in the preparation of annual accounts, 2) conceptual systems for accounting, 3) development of accounting, 4) accounting concepts, 5) international accounting, and 6) various special problems in the preparation of accounts.
Methodology, will i.a. discusses: qualitative methodology, main methodology, population, data collection, quay square, presentation and structure of essays, etc.
Ethics and honesty related to work on a dissertation and its basic concepts.  

This course primarily deals with the preparation of consolidated financial statements and the accounting aspects of mergers and acquisitions. In addition, the following accounting issues are discussed: settlement of partnerships, inventories, trade receivables, goodwill, booking of agency transactions, booking of foreign transactions and conversion of annual accounts from one currency to another, bankruptcy settlement, and financial statements of municipalities and other non-profit entities.  

The course is a direct continuation of Auditing processes I. The use of computer systems in auditing will be discussed in particular. When reviewing cases, International Standards Auditing, will be in focus and their purpose and the Icelandic auditing environment will be discussed. Methods for auditing data collection, auditing risk analysis will be discussed. The use of computer systems in auditing will be discussed in particular. International Standards Auditing will have a special focus and audit process. The role of auditors and their work in accordance with the provisions of law and international auditing standards will be discussed, as well as the importance of auditing for the society.

The aim of the course is for students to acquire a better knowledge and understanding of the main issues concerning the analysis of annual accounts that are prepared in accordance with international accounting standards. Special emphasis will be placed on fair value accounting and preferably the entry of financial instruments, e.g. equities, bonds and derivatives. The rules on impairment of financial assets and other assets will also be reviewed. The main requirements of IFRS standards regarding the recognition of fixed assets at fair value will also be explained, e.g. property, plant and equipment and investment assets, as well as reference to the recalculation of lease obligations in the annual accounts. 

Special emphasis on following accounting standards, 
IFRS 9: Financial Instruments,
IFRS 7: Financial Instruments: Disclosures 
IFRS 13: Fair value measurement 
IFRS 16: Leases 
IFRS 2: Share-based Payment 
IAS 32: Financial Instruments: Presentation 
IAS 40: Investment Property 

The topic of the master's thesis must be chosen after consulting the thesis advisor(s), who must be full-time faculty at the School of Business. The thesis must equal at 30 credits to fulfill the requirements for applying to the research study fund (Rannsóknanámssjóður). The thesis must be presented at a departmental seminar.  A digital copy must be submitted online no later than the specified dates before each graduation. Grades for a master's thesis are awarded by the thesis advisor(s) and an outside reader.