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Business, Technology & Finance > 6.3 Structure of the Accountancy profession > Flashcards

6.3 Structure of the Accountancy profession Flashcards

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1
Q

CCAB? How many members? what does it allow

A

Consultative Committee of Accountancy Bodies 5

allows the profession to speak in a unified voice to government.

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2
Q

What are the five members of the CCAB?

A

ICAEW England Wales
ICAS Scotland
CAI Ireland
ACCA (Association of certified chart accounts)
CIPFA (chart institute of public finance and accountancy)

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3
Q

what is the AAT? and who spondsers them?

A

CIMA (managment accountants) ICAEW,ICAS, CIPFA

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4
Q

IFAC? aims?

A

gloabl organisation for accoutnacy

protect the public interest
best practice guidance
memberships compliance programme

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5
Q

IFAC emphases the importance of?

A

Strong inerntional econamies

adhere to high qualityprofessional standards in the areas of audit, education, ethics, and public sector financial reporting

convergence of professional standards

seeking out on public interest nad public policy issues

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6
Q

why is regulation of proffessions necassary?

A

provide public interest with protection and assurance in situations where issues are too complex for the public to be reasonably expected to look after their own interests (many professions fall into this)

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7
Q

regulation should not?

A

protect vested interests from competition
be for personal gain
satisfy prurient interest
distort competition

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8
Q

methods of regulation?

A

goverment legislation
delegated legislation (separate angences est. by gover)
self-regulation (profession/industry)
combination of methods

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9
Q

oversight mechanism?

A

ensures that a body is achieving what is set out to achieve

particularly important in self regulation - counter accusations of self -interest

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10
Q

participants in oversight mechanism?

A

goverment
regulators
members of profession
members of public

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11
Q

who regulates accountants?

A

Goverment
the porfession (self-reg)
oversight mech

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12
Q

role of goverment in accountacy reg

A

legislative elements

(FRC act as advisor to goverment

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13
Q

role of self reg in accountancy reg?

A

CCAB have a regulatrory responsbility for supervision of their members acting in a professional capacity

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14
Q

oversight mech for accountacy reg?

A

PO (proff Oversight) Team
independent oversight
statuary oversight of the supervision of audit process
satuatry monitoring of the quality of the auditing

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15
Q

in non auidt areas (po have no powers) what recommendations can they make?

A 
education
traiing
continuing professional education nd devlopment
standards
ethical matters
professional conduct
professional discipline
registaion
monitoring
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16
Q

CCAB bodies ahve a commintemtn too…

A

consider PO team recommendations carefully and either

  • implement them within reasonable period
  • give reasons on writing for not doing so.
17
Q

PO team ahve statutory powers in audit it can…

A

agree amendments tp their procedures
recomm. tot he recognised supervisory bodies for appropriate regulatory action
refer matters tot he profeessaionl discipline (PD) ad corp reviewing board (CRB)

18
Q

What does FRC do?

A

sets standards for corperance governance, financial reporting and audit adn assurnace

monitors adn reviews the quality of audit and financial reporting

regulation of audit profession

overseeing self regulation in accountancy

ultimate disciplinary body

19
Q

FRC is split into two anvues?

A

Conduct commitee

codes and standards commitee

20
Q

FRC conduct committee?

A

Professional oversight
professional disciplen
corperate reporting review
audit quality check

21
Q

FRC Codes adn standards commitee?

A

acturial policy
Audit and assurance
accounting and reporting policy
cooperate governance

22
Q

FRC - ARP?

A

Accouting adn reporting policy

makes amendments and withdraws accoutig standards

23
Q

FRC AA?

A

Audit and assurance
develops standards for audting n assurance services and their effective application
develops ethical stanardsfor Indep Objec Integ of auditors

24
Q

FRC - CRR?

A

make enquireies into departures fro requirements from financial statements

voluntry remedial action

25
Q

types of remedial action?

A

volentary withdrawal

correction of the comparative figures

26
Q

FRC - Audit quality review?

A

monitors the quality of the auditing function in relation to “economically significant entities” (major public interest entities

27
Q

FRC - PD?

A

professional discipline
independant investigative adn disciplinary body for accountants and acturaries in the UK.

responsible for operating and adminsiatrying an independent disciplinary scheme covering CCAB

28
Q

FRC - AP?

A

Actuarial Policy

estblish and improve actuarial standards - ensure coherent, consistent and comprehensive high quality practice

29
Q

how is the finacial services indstry regulated?

A

Bank of Englands Prudential regulation Authority (PRA)

independent financial conduct Authority (FCA)

30
Q

PSD?

A

professional standards departments

implimenting the ICAEWs disaplinary systems.- i.e.handling of complaints.

31
Q

what are the common complains?

A 
breaching regulations (not principle)
departing from guidance
bringing discredit (on ICAEW/profession on its own)
32
Q

are fee disrupts on avolemary basis only?

A

yes - by the fee arbitration service

33
Q

serious complaints are refered where?>

A

FRC professional dicipline (PD)

34
Q

what is the iCAEWs complaints procedure?

A

conciliation - identifies a problem and find practical solution

investiagtion - if concilitaion can not be achieved)

Disciplinary proceedings - by disci commitee

35
Q

what is the AC and how many people involved?

A

appeals commitee

5 - 3 chartered accoutants, one non-accoutant and chairman wth legal quals.

36
Q

how are FRC cases dealt with?

A

refferals from an accountancy body

self-refferal

Business, Technology & Finance (14 decks)

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