Accounting and Auditing

The accounting and auditing programme is in line with exciting changes in the work environment of auditors and financial managers. The programme provides students with specialised knowledge in accounting and is primarily designed for people who work or intend to work with accounting, either as auditors focusing on financial accounting and auditing, financial reporting or financial officers and information specialists focusing on management accounting and information technology. Financial reporting and auditing relate to financial statement preparation, corporate taxation, use of standards, and regulations for financial statement preparation, as well as auditing of financial statements. This is the purview of certified public accountants, chief accountants, and individuals employed at accounting offices.


2 years full time, 120 ECTS

Language of instruction: Icelandic 

Students graduate with a MAcc degree, which is a qualification at the Master´s level. The programme does not include a 30 ECTS master thesis. The MACC financial accounting and auditing gives the right to later take a certified public accountant examination after having acquired a certain amount of professional experience, according to rules and regulations governing the training of auditors.

Dean´s Selection Grant for RU School of Business graduate students

The recipient of the Dean´s Selection Grant pays undergraduate fees instead of graduate fees. Students with the highest grade in a graduate programme each semester are applicable. In order to receive the award students must complete 30 ECTS units per semester and follow the programme structure. More information about the grant can be found here.

Information for current students


It is assumed that full-time students will take four courses per semester. Teaching is mainly conducted in the latter part of the day or during study weekends (Thursday-Saturday).

Programme structure

1. year



  • Elective

2. year


  • Elective


  • Elective

Each course is 7,5 ECTS
* Previously, Auditors, profession, risk, and ethics.

Academic staff

The focus of staff research is on innovation and entrepreneurship, finance and economics, corporate governance, marketing and human resource management. RU School of Business is committed to excellence in research and academic staff collaborates with researchers in other fields such as Computer Science and Psychology, within RU and internationally. Students also benefit from the School's extensive network of international professors and guest lecturers from the business community.   



Our University building offers an optimal study environment. Support services, study areas, coffee shop and gym.

IT facilities

Our IT Services provide a range of computer facilities to help you study. IT suites are located across campus – many with 24-hour access. IT facilities also include:

  • Wireless network 
  • Extensive printing facilities 
  • Adapted PCs for students with disabilities or additional learning needs 

Student study areas

Students have 24-hour access, during term time, to group rooms and private study desks. There is a especially dedicated study area for Graduate students.

Student Union

The University of Reykjavik Student's Union is the focus of many student activities on campus.

Sports Facilities

In the basement of the university, World Class runs a gym which offers discounts to students.

University Book shop

In the main building you can find the book store, Boksala Studenta, which stocks all the books you will need for your studies.


There are three shops and cafés in the building that sell food and beverages to students.

  • Te og kaffi (“Tea and coffee”) sells a selection of coffee drinks, light snacks and bakery products. 
  • Malið serves hot food everyday, plus snacks and refreshments. 
  • The University shop (Haskolabudin) sells groceries, household items and snacks. 

Reykjavik University Campus

Set in one of the most beautiful areas of Reykjavik right next to Iceland's only geothermal beach, the newly built campus offers students modern first-rate facilities. The building has well equipped classrooms and students have 24-hour access to the spacious study facilities.

Environmentally conscious

The campus is one of Iceland's most automated buildings designed to provide an environment optimal for working using the lowest amount of energy.

Automated blinds and windows

In the main areas of the building the blinds and windows are controlled by a weather station positioned on top of the University roof. The weather station collects information about wind direction and outside temperature adjusting windows accordingly, and blinds are automated to ensure direct sunlight does not disturb students working.

A breath of fresh air

The University building is constantly ventilated with natural fresh air using the NAVENT system. Fresh air is drawn into the building and then pumped into the rooms. Special CO2 monitors ensure the correct levels of oxygen in the rooms. Heaters ensure that the air pumped into the rooms maintains the correct air temperature. In the summer time the air pumps drag warm air from the building and pump fresh and cooler air in its place.

Intelligent lighting system

Every light in the University has its own IP address and is controlled by the automated system. Light sensors ensure lighting is only on when rooms are in use. Large windows let in natural daylight which creates a more pleasant working environment.


Beautiful surroundings

Our campus is in a unique position of being set in one of the most popular outdoor areas of Reykjavik.

  • The University of Reykjavik is located right next to Iceland's only geothermal beach,  Nauthólsvík. Students can enjoy swimming in the geothermally heated sea, or relax in the hot tub on the beach. 
  • Right next to the campus is the most environmentally friendly restaurant in Reykjavik, Nauthóll, which has been awarded the Nordic Environmental "Svan Certificate,"  and was the first restaurant in Reykjavik to receive this certification. 
  • Students can enjoy the many foot and bicycle paths in the neighbouring forest. 
  • Students can visit the nearby Perlan situated on top of the city's geothermal storage tanks.


Admission Requirements 

  • BSc degree in business administration, economics or related subjects,
  • Individuals with a degree in other fields can apply for admission to the programme, but are required to have completed undergraduate courses from business administration in math, statistics, corporate finance and accounting.
  • Generally we require a first-class grade  (GPA 7.25 or above) according to Icelandic grading scale in an undergraduate programme.
  • Further education and professional experience benefit applicants in the evaluation process.
  • Excellent Icelandic and English language skills.

Applications and accompanying documents

All applicants must submit an electronic application and attach the required accompanying documents. The following documents need to accompany applications (they should be supplied in English):Curriculum vitae with a photograph

  • Official university transcripts of records and diplomas
  • Personal statement (Why are you applying to the programme and what is your aim in pursuing the programme? [up to 300 words in English])
  • Please provide contact information for one indvidual who can assess the ability of the applicant to pursue the programme. A letter of recommendation may be required. 
  • Accompanying documents need to be submitted by the application deadline. Applicants are only summoned for an interview if they have submitted all required accompanying documents on time.

Evaluation of previous studies

If students have completed university-level courses, they can apply for those previous studies to be evaluated for transfer of credit. Rules and form for evaluation of previous studies.

Contact us


Jóhanna Vernharðsdóttir

Programme Administrator
(+354) 599 6302

Stefan Wendt

Programme Director

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