Skills Competition Wales
On the 3 February 2022, four of the Audit Wales second-year Financial Audit Apprentices took part in the ‘Skills Competition Wales’ (Accountancy division).
This was the second time that the competition was held online (due to COVID-19) and was therefore a privilege to compete in a unique and innovative way.
We’ve asked our apprentices more about the competition, and how they found the day.
What was the entry criteria for the competition?
To enter the competition, each of the team members needed to be qualified in AAT at Level 2.
How many teams were they and what did you need to do?
In total, seven teams from across Wales took part and there were 5 tasks to complete during the allotted 2 hours.
These tasks tested our ability to:
- Analyse resource materials/data and select key information
- Communicate in both a professional and competent way
- Work together as a team
- Prepare and examine financial records
- Process transactions through a general ledger/control account
- Reconcile bank statements with the cashbook
- Correct accounting mistakes using a journal
What did you learn from the day?
We were split into two different teams. Team 1 was an all-Audit Wales team made up of Catrin Round, Daron Stewart-Jones and Eleri Davies.
This competition was a great opportunity to remind ourselves of the skills that we learnt last year, and it meant that we all had to study prior to the competition (in order to retain the knowledge learnt during AAT Level 2).
Working as a team was very important as the tasks needed to be shared between the individuals in the groups to complete them in a timely manner. We decided to share the tasks based on the different strengths we had within our group. This worked well because we succeeded to complete the work required with some time to spare and therefore, we had the opportunity to verify each other’s work.
Anna Williams-Hayes from Audit Wales was in team 3 with Phil Parsons and Jon Berrow from different organisations.
Skills Competition Wales was an exciting chance for us to showcase both our accounting abilities and our foundational knowledge that we had previously obtained in AAT Level 2. Knowing that the division of accountancy was relatively new to Skills Competition Wales, we mainly focussed on presenting ourselves in a professional manner, communicating effectively and sound teamwork as well as demonstrating our understanding of key accounting terminology and numerical skills.
The structure of the competition was a fantastic way to comprehensively test our knowledge of bookkeeping, business transactions and ethical responsibilities. We also really enjoyed demonstrating our strengths as a team as well as working together to help support our individual weaknesses.
Overall, the experience of competing on behalf of our college was a privilege and it will be indefinitely beneficial for our future careers in finance. We loved meeting the other groups who each work within the financial sector, even if it was only virtually.
After submitting our work, it was sent to be marked by financial professionals and we will find out the results in March!