Can you tell me if there are any flaws with this derivation of $y = a^x$...
The assumptions are that the derivative $$\frac{d}{dx}e^x = e^x$$ and that the derivative $$\frac{d}{dx}\ln x = \frac{1}{x} = x^-1.$$
$$\begin{array}{rcl} y &=& a^x\\ \ln y &=& \ln a^x\\ \ln y &=& x \ln a\\ x &=& \frac 1{\ln (a) }\ln y\\ \frac {dx}{dy} &=& \frac {1}{\ln (a) } y^-1\\ \frac {dy}{dx} &=& \ln(a)y\\ \frac {d}{dx} a^x &=& \ln(a)a^x \end{array} $$ I find the natural logarithm in this result very odd, a bit random.
Your work is correct. Notice also that we can differentiate this function by simpler way:
$$y=a^x=e^{\ln(a) x}$$ so using the chain rule $$\frac{dy}{dx}=\ln(a)e^{\ln(a) x}=\ln(a) a^x$$