9 Flashcards
What are professional accountants
Have a responsibility to act in public interest as well as considering their client or employer. 
What Fundamental principles does the professional accountant code require professional accountants to comply with
Integrity
Objectivity
Professional Competencies or due care
Confidentiality
Professional behaviour
What is integrity
To be straightforward and honest in all professional and business relationships with need to apply Fairdealing and truthfulness
What is objectivity
Don’t allow bias, conflict of interest or undue influence of others to override professional or business judgements
What is Professional Competence or due care
To maintain professional knowledge and skill at appropriate level to ensure that client or employer receives competent professional service, based on current developments in practice, legislation and techniques and act diligently in opponents with applicable technical and professional standards
What is confidentiality
To respect confidentiality of information acquired as a result of professional and business relationships and therefore not disclose such information without proper and specific authority unless there is a legal or professional right or duty to disclose nor use information for their personal advantage or advantage of third parties
What is professional behaviour
To comply with relevant laws and regulations and avoid any action that discredits profession
What are threats
Self interest
Self review
Advocacy
Familiarity
Intimidation
What does anti-money laundering mean for accountants
Accountants are required to comply with proceeds of crime act 2002. They are required to report suspicions of money laundering. 
What is money laundering
Conceal, disguise, convert, transfer remove criminal property
Enter into or become concerned in an arrangement which they know or suspect facilities the acquisition retention, use of control of criminal property by or on behalf another person
Acquire use or have possession of criminal property
What is tax evasion
Illegal
Seeking to pay less taxes than is due by deliberately misleading HMRC
Suppressing information to which HMRC is entitled
Providing HMRC with false information
What is tax avoidance
Legal
Any legal method to reduce tax burden 
What are the further service standards that members must observe in professional conduct in relation to taxation
Client specific
Lawful
Disclosure and transparency
Tax planning arrangements
Professional judgement and appropriate documentation
ICAEW guidance
What is Client specific
Tax planning must be specific to particular clients facts and circumstances. Clients must be alerted to wider risks and implications of any courses of action
What is lawful
At all times members must act lawfully and with integrity and expect same from their clients
